Lease Numbers

[cle0950]

I am looking to lease a 2011 V8 or 2012 V6 depending on what the better lease deal is. I see some people on Edmunds got a 2012 V6 with PP and TP for around $405/month sign and drive including tax.

Can anyone here outline the lease deals they received and where?

Thanks,

CLE

 

[cle0950]

First Offer on Base 3.8

Zag Price: $31,720.00 (includes competitive rebate)
Residual: 60% (15K Miles)
MF: .00199

Looks like someone in SoCal got their pricing down to $29.7K on the 2012; kind of hard to believe.

How do these numbers look?

Thanks,


CLE

 

[Rambler16]

$29.7 in S.CA is not that hard to believe. My price was $29,875 after the Competitive rebate. That was based on the ZAG pricing.

 

[nextcar]

First Offer on Base 3.8

Zag Price: $31,720.00 (includes competitive rebate)
Residual: 60% (15K Miles)
MF: .00199

Looks like someone in SoCal got their pricing down to $29.7K on the 2012; kind of hard to believe.

How do these numbers look?

Thanks,


CLE

those numbers seem correct for Hyundai motor financing lease terms, based on what i remember.
someone on this forum knew a website that listed all the lease terms for various auto makers, including Hyundai.

i don't think you can haggle on the lease residual or MF, but you can certainly haggle more on the selling price.

btw, MF .00199 x 2400 = 4.78% APR.

 

[Gen0814]

If we take Circle price as an example, the numbers are:

http://www.ridewithg.com/index.php/2011/07/2011-12-hyundai-lease-rates-july-2011/

MSRP $35050 - 3.8 base
Circle price - $30294 (includes competitive rebate)
Acquisition cost - $500 (not sure, approximately)
Down payment - $0
Net Cap - $30794
Residual - 61% (for 12K) - $21381
Money Factor - .00199 (4.78%)
36 months
Monthly payment $365

MSRP $35050 - 3.8/premium
Circle price - $34518 (includes competitive rebate)
Acquisition cost - $500 (not sure, approximately)
Down payment - $0
Net Cap - $35018
Residual - 61% (for 12K) - $24309
Money Factor - .00199 (4.78%)
36 months
Monthly payment $415


MSRP $43850 - 3.8/tech
Circle price - $38078 (includes competitive rebate)
Acquisition cost - $500 (not sure, approximately)
Down payment - $0
Net Cap - $38578
Residual - 61% (for 12K) - $26749
Money Factor - .00199 (4.78%)
36 months
Monthly payment $458


MSRP $45350 - 4.6
Circle price - $39119 (includes competitive rebate)
Acquisition cost - $500 (not sure, approximately)
Down payment - $0
Net Cap - $39619
Residual - 61% (for 12K) - $27664
Money Factor - .00199 (4.78%)
36 months
Monthly payment $466

This doesn't include sales tax or TTL as these numbers will differ a lot based on your location.
You cannot negotiate residual value or MF, but you can and have to negotiate Cap cost. The lower you can get it, the lower your payment will be. Don't put anything towards your down payment, these money are lost if your car is totaled.

 

[cle0950]

Can someone outline how you can get Circle pricing. My dealer is asking me for a code or something?

Thanks for your help.

CLE

 

[Gen0814]

You can get Circle Certificate by being Hyundai Think Tank member for either 30 or 60 days, can't recall. Then you can request CID code from administrator and use it to generate Circle Certificate with unique Pin number.
Yes, it is illegal to use Circle if you are not a member, but I don't think anyone checks it. So if you search in web, or may be in this forum you can find CID and use it to print certificate.

 

[cle0950]

My dealer basically told me my lease calculations are wrong. I used the lease guide lease calculator. He said his computer is right. Can anyone else run these numbers:

MSRP: $35,085.00
Price: $30,470.00
Added: $1,350.00 (acquisition, government fee's, license, +150 trade)
Down: $1,000.00
Adj Cap: $30,670.00
Residual: $21,051.00
MF: .00199
Term: 36 Months
Tax: 7.25%

Monthly Payment: $396.95

Dealer is coming up with $415.00/month.

Thanks,

CLE

 

[Gen0814]

Your calculations seem to be correct.
Looks like your monthly payment excluding 7.25% tax is $370. If your state calculates tax only on leased portion $14034 then add $27, bringing it to $397. If your state calculates tax on full cap price of the car then sales tax is ($2223.58/36) + 370. That is about $431.
Ask dealer for a detailed breakdown, if he refuses walk away.
I've had same experience when I leased my Infiniti. Dealer insisted his numbers are correct while my calculations were about $65 less. When I said I've had enough and walked away he stopped me at the exit, and said they will go through the numbers again. As discovered later, even though lease manager told me what MF he is using, in fact he was using the inflated rate in his software thus making the payment higher. This rate doesn't appear in the lease contract so they can tell you pretty much anything. And it works, majority of buyers don't care about those numbers as long as they are satisfied with monthly payment. The dealership I leased from is quite big and has been in business for years, but I was the first one who used Infiniti multiple security deposits to bring MF rate down. The finance manager never heard about it and had to call IFS to find out what the hell this is. Would be quite nice if Hyundai offered the same, but they don't.
Lesson learned: do not trust dealer (unless you are happy with numbers)
Question: why are you putting $1000 down?

 

[nextcar]

using bankrate.com, i also came up with $397.
the dealer could be rolling in other fees or inflating the MF.
i would ask to see the actual numbers from the finance guy.
is your residual based on 15k or 12k miles?

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[cle0950]

15K miles

I will have to check the tax thing; I thought MN pays taxes not he payment, not the whole amount.

 

[jstrickphoto]

Also being from MN and having just leased a 2011 4.6, the way they explained it to me, you are taxed only on the part being financed in the lease, not the whole car. My current statement from Hyundai Finance shows my lease payment but has $0 sales/use tax.

Jamie

 

[Aquineas]

My dealer basically told me my lease calculations are wrong. I used the lease guide lease calculator. He said his computer is right. Can anyone else run these numbers:

MSRP: $35,085.00
Price: $30,470.00
Added: $1,350.00 (acquisition, government fee's, license, +150 trade)
Down: $1,000.00
Adj Cap: $30,670.00
Residual: $21,051.00
MF: .00199
Term: 36 Months
Tax: 7.25%

Monthly Payment: $396.95

Dealer is coming up with $415.00/month.

Thanks,

CLE

Although my story doesn't involve leasing, I always take my laptop (with spreadsheet) in with me to sign the final papers on a car. On one car I was buying, there was a discrepancy between the monthly payment calculations. It turns out they were charging me more than the previously agreed upon price (they'd added a thousand dollars in dealer add-ons, such as underbody spray and paint protectant). When I threatened to walk out, they relented, but only after the finance guy went back to "check with the manager" (I don't remember if it was the finance manager or sales manager he checked with).

Lesson: You are right to double-check their numbers, and it doesn't hurt to have a laptop with you when you sign the papers. I try to never sit across from someone who has more tools or information at their disposal than I do.

 

[Gen0814]

That's a nature of their business. Yes, there are honest ones (so I've heard, but haven't met one yet), the rest is trying to make a few bucks behind your back. Don't rush, take as much time as you need, go for each number with magnifying glass, and, absolutely, you need your own device to do that: calculator, laptop, ipad, iphone, there are some very good apps on ipad and iphone for lease/sales calculations. By the time you sign your lease or sales contract it's too late.
I have a coworker who proudly told me she leased Toyota Avalon for ONLY $785/month for 48 months with ONLY 3K down! I almost fell of my chair But she was so happy that I simply swallowed what I really wanted to say and congratulated her!
I'm now educating my 16 year old so that when time comes for him to buy his own car he knows exactly what to do.