2016 Hyundai Sonata Plug-in Hybrid $180+Tax Per Mo, Less than $0 Down (factoring in $1500 State EV Rebate) 3Yr 36K Lease

Ask the Hackrs
1

Ok. I finally leased the car and I got a fantastic deal on it. Although, it took calling/e-mailing nearly all dealers in California, it paid off with me getting a great deal. At the bottom is the original deal I posted when I was shopping around but since some people have asked me about what kind of deal I got I will post it here. Following is the deal I ended up getting.

Retail Price:35,640.00
Sales Price: 31,738.00
Government Fees: 344.05
Proc/Doc Fees:80.00
Acquisition Fee:595.00
Gross Cap Cost:33,778.79
Rebate:8,419.00
Cash Down:1,000.00

Basically, what I ended up getting is 36 month 12k per year lease with 35 monthly payment of $180+tax with less than $0 for drive off when factoring in $1,500 State Electric Vehicle cash rebate ($1500 was the drive off and included first month payment). To get the lease down as much as possible I used Boost up account for $500 and also got $1000 UBER rebate.

I got this deal from hyundai dealer in San Diego which was by far lowest with all other dealers contacted.

P.S. I just got a mail from California State notifying me of my application for the $1500 EV rebate has been approved and check will come in 90 days.

P.S. #2 I found out that local utility company also gives $300 rebate for purchasing an electric car. So taking that +state rebate means, I got paid $500 to drive off on this lease.

I’ve been checking on lease deals for Hyundai Plug-in hybrid. I’ve gotten a quote of $280 per month with 0 down for 36mo, 12k.

This includes $1000 uber & $500 boost up rebates. And I am current Hyundai owner so I am not sure if any discounts are given for that. I believe I can get back $1500 back from California EV rebate on this.

This seems like a good deal since this car has $35,500 price tag. What do leasing experts on the forum think of this deal?

2 Likes
2

I think loyalty rebate is $1000 and also you can signup for boostup $500 rebate which is down payment matching.

3

Yes, they included the loyalty Rebate and boost up and uber rebates in the lease quote.

4

Ok, I got the final break down on the lease. If any of the lease experts can look at the number below and to see if it makes sense I would appreciate. I am new to leasing so these don’t make much sense to me.

MSRP $35,630
Discount $2,494
Selling Price $33,136
Processing Fee $117.75
License/Registration $305.38
Aqutition Fee $595.00
Rebate $10,419
Adjusted Cap $24,750
Due at Signing $0
Residual Value $16,746 (47%)

Monthly Payment $251+Tax, I get $1,500 back from State EV Rebate which makes this lease much cheaper probably in low $200…

5

I was under the impression that the Uber rebate cannot be used towards a lease.

1 Like
6

Few dealers that sent me the quote did not mention anything about Uber rebate not being valid on leases. The quotes included Uber rebates.

Where did you hear or see this information?

7

This is a good deal. Go for it.

8

When I leased my 2016 Kia Optima, the Uber rebate was showing as available. I noticed that TruCar did not allow it to stack when calculating the lease, although it did not say finance only anywhere. When I leased the car, the dealership insisted that it was not applicable on a lease. I thought that they were pulling my chain and checked with two other sources online and both said only available on finance.

9

Thanks for that info. Can anyone that leased a car recently and used UBER rebate confirm this?

10

Here are a few recent examples of people who said they were able to use the uber discount:

However, there are also other posts with people saying they couldn’t do it.

11

Thanks for the information. It looks like there is some different experiences on this. Some said they couldn’t get the UBER rebate and some said they could get Uber rebate on leases.

Few Hyundai dealers I spoke with, most said they should have no problem with Uber rebate on leases and one said it would be a problem. Again, conflicting info.

12

I think a big part of it is them not wanting you to use your leased vehicle for ride-sharing. If a dealer denies the uber discount, you might try telling them that you have no plans to use your leased vehicle for that, and that they should try applying it anyway.

13

Jmac, good point. I only got the UBER account few days ago just for the car purchase purpose. I have no plans of becoming an UBER driver so maybe I can use that argument to see if that will go through.

14

Ok. I leased the Sonata Plug-In and I got even better deal than originally posted. I was able to get the UBER discount. According to the dealer, UBER qualification also depends on your credit score. If you have good credit, they will give you UBER discount even on a lease. Just sent out for $1,500 EV rebate from State and another $300 EV rebate from local utility.

1 Like
15

@Sacchoe. What dealer did you go to?

16

Please see my post from top of the topic. I updated the post with great deal I got.

1 Like
17

That’s a fantastic deal. Congrats!

18

Thank You. I literally talked with all the dealers in California to get this deal. I tried True Car and Costco buying service also and they could not even come close to the deal I got.

I had to do a bit of work to get this deal but $180 per month with less than $0 down on a $36,000 car is a fantastic deal I think. Best deal I’ve ever got on a car. Very happy indeed and this Plug In Hybrid is a fantastic car. This car gets 99.9 mpg in EV mode and I get 50+ mpg on hybrid mode.

19

Sweet deal. I’m curious about the rebate (of $8k odd). The federal rebate is around $5k or thereabouts. Where does the rest come from?

20

Hyundai was offering $6919 lease cash on the leasing of Plug-In. Then I got owner/competitor rebate of $1,500 on top of $6,919 lease cash. That came out to $8.5K,