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Sedans Hyundai Sonata Hyundai Sonata: Lease Questions
144 messages, Last post on Jul 17, 2009 at 1:51 AM
You are in the Hyundai Sonata Forum. Your Hosts are pat & karens
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Hi everyone. Please use the following discussion to post any questions that you have about leasing a Hyundai Sonata. Thanks. Car_man Host Smart Shopper / Prices Paid Forums |
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Replying to: Car_man (Aug 31, 2005 3:11 am)
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Replying to: neeyo (Sep 11, 2005 7:11 am) |
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Replying to: Car_man (Aug 31, 2005 3:11 am) |
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Hi infielder. Hyundai Finance charges a lease acquisition fee of $595 and a lease-end disposition fee of $300 on every vehicle that it leases. Individual dealers do not have the authority to waive these charges. For a while, Ford Credit was one of the few banks out there that did not charge an acquisition fee on leases, but I believe that it even does so now. When visiting dealers, keep in mind that the selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Even manufacturers' advertised lease payments usually leave a little room to negotiate. It would be in your best interest to find out the exact MSRP and selling price that the lease that you are interested in are based upon and to try to negotiate the price down even further if possible. The $2,138 that you mentioned includes a $1,999 capitalized cost reduction and this car's $199 first month's lease payment. The $595 acquisition fee was rolled into the capitalized cost of the lease that Hyundai is currently advertising on the 2006 Sonata. If you pay it at lease signing, your vehicle's cap cost should be at least $595 lower which would result in a slightly lower monthly payment. Car_man Host Smart Shopper / Prices Paid Forums |
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Dear Car_man, Thanks for your information. I hope you can answer some additional questions for me. Is GAP insurance included free of charge on the 06 Sonata lease? The Hyundai website states that all leases thru Hyundai Finance Co. comes with GAP insurance automatically. That is vague as to wether it is free or is available for a fee. I went to a dealer in Indiana (6% sales Tax) and requested they include my down payment into the lease payment. Also, I was able to qualify for the Competitive Bonus of $1,000.00. and asked for that to be considered in reducing my monthly payment. They agreed to sell me the 06 Sonata GLS 2.4L for $18,696. They told me that this was $300.00 below their cost. The sticker on the vehicle I was interested in was $19,995. They showed me an invioce of $17,896 for the vehicle, $600.00 for destination, and an advertising fee of $500.00 for a total invioce of $19,996. My questions are as follows:1) Are dealers actually charged $500.00 in advertising fee for this vehicle? 2) Does this sound right as their true dealer invioce on this vehicle? 3) Should I still have to pay for the acquisition fee of $595 since I asked them to include the $1,939( which included the acquisition fee) into the monthly lease payment? 4) What would you estimate my monthly payment to be based on the above information? 5) Do you sell Hyundai's in this country and if so what state? I contacted Hyundai Financing and Hyundai customer relations earlier today and they could not tell me that they require their dealers to charge an acquisition fee and an end of lease disposition fee. They suggested I contact the local dealer to get my questions asked. How ironic is that. Thanks for your time and patience and hopefully my wife and I will lease one of these cars in the next few days.
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Replying to: infielder (Sep 27, 2005 3:45 pm) Re: Lease/Gap coverage, check with your auto insurance company first. Some ins. companies offer an optional "package endorsement" for about $30 a year (in CT). Several coverage enhancements in the package endorsement, including great rental car provisions, OEM parts, Lease/Gap, locksmith service, etc. An alternative to leasing is buying a car using a home equity loan, for homeowners having a good amount of equity in their homes. Find out what a lease would cost and up front money. Negotiate a purchase price and put down the same amount as the lease would require. Then make monthly home equity payments equal to the lease payments (in addition to any other H.E. payments). The interest on the H.E. should be income tax deductible. At the end of the "lease period" the buyer can decide to sell the car or continue to make payments. If the car is worth more at the end of the lease period (likely) than the remaining balance on the loan, the buyer is ahead of the game and can sell the car or keep it and continue payments. The buyer can also get out early if for some reason he is dissatistifed with the car...on a lease the "buyer" is usually stuck for the duration. Also, at the end of the lease, the "buyer" has paid "all that" money and gets to walk away with "nothing." IMO, most leases are bad deals for the consumer. Use a H.E. loan or even a long term car finance and then turn it in if a new car is wanted every 3 years, etc. |
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| Thanks for the information. I've leased Ford vehicles for years and never have i obtained a Home Equity loan. We have always turned in our vehicle at lease end and leased a new vehicle. I have new avenues to explore. The $18,696 price did not include sales tax(6%) and doc fees (90) and acquisition fee (595) and disposition fee (300). I appreciate the assistance and realize that this deal was not the best i could get. Also, the dealers around where I live don't seem to have any 06 Sonata GLS 2.4L's in inventory. Is this vehicle that hard to find? Is it in such a demand? | |
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You have to very careful with these... To get the lowest rate, you have to have a variable rate line of credit... Currently, most HELOCs are at prime rate... You can usually beat that rate with a lease.. To put it in perspective.... just three years ago, the prime rate was 2.75% lower than it is today... On a 60 month loan with a $20K balance, that would raise the payment by $25/mo... just for extra interest.. regards, kyfdx Host-Prices Paid Forums
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Replying to: infielder (Sep 27, 2005 3:45 pm) |
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