Hey guys, long time lurker and first time attempting to lease. I have emailed many dealers in my area and finally got a good starting point with zero negotiation. I will be going in later today to check out their inventory and would like some guidance on what my next move should be.
in my initial email i asked for the MSRP, sale price WITHOUT REBATES OR INCENTIVES, MF, RV and monthly and this is what i got…
Sale Price- $19,911
RV- 60% (10k)
Term- 36 months
Monthly Payment- $187 per month.
Now, i know there is $3,000 lease cash and another $500 sales cash right off the top. There is also something called “boost up” where they match your down payment up to $500. When i put the dealers numbers into the calculator, i get a much different payment projection, almost like they are already using the lease cash in their initial offer.
Now, the kicker is, i have a trade in with negative equity that i didnt want to disclose immediately so i could get all of the numbers straight. I’m estimating about $2,000 in negative equity being on the conservative side. How should I play this? My goal is to be at $200 per month with tax and my negative equity, does this seem possible?
Thanks a lot guys
MF looks pricy, about 35$ a month, does Hyundai allow MSD’s ? 2k/36 is about 55 more pm. should be doable with the 3500 incentives
according to all the dealers i have contacted, it seems to be standard hyundai finance rate. And the only way to get that extra $500 is through them so its pretty much a wash. It only comes out to about 2.8% or so.
But i just got an email back from them and they said, as long as its an instock vehicle, that is the payment + $480 up front. He claims hyundai doesnt do true sign and drives, which i find hard to believe
Base Mf is .00072 from edmunds forums. which is about 20/month, dealer marked up the MF, if ur credit is tier 1, make sure u get base rate.
This is what i’m seeing in the calculator. with 55 -ve equity, under 200 looks pretty doable
It seems like you know your numbers pretty well. If you want to show up and roll your negative equity in, you better know your numbers forwards and backwards. It should be simple math depending on what they offer you from the $2k and just know the worse case and best case scenarios.
For example, do the math for $1k neg equity, then $2k and then $3k and you should get an idea of how much more per month each will cost. Maybe even $4k rolled in. That way, you will be prepared if they offer something in between these numbers. Do your homework before you show up at the dealer!
I did see that on edmunds, but i also saw the residual was much lower than 60%. I figured they were increasing the MF in order to have a higher RV.
Also, in your calculations, you shaved $800 off of the sale price. Its $19,911 lol
Yes sir, thats why I am here lol
Lol, my bad, also 1300 off msrp is very low of course it depends on your region. In my place true car is showing avg 3k off msrp (m in chicago), $21,085 MSRP value edition true car certificate to 18,052. of course u can do better than this by another 500-1000 if u go directly and negotiate.
Also, RV is not something dealer can offer, however it does change from region to region set by Hyundai. As chrisgo said, run all the scenarios and numbers and go in to the dealership and try to get as close as to the perfect scenario as possible. If not, try another dealership until u have a comparitively best offer in hand.
thanks guys, i appreciate the pep talk… I will report back with what i get offered
I was just informed, for the value edition, the MF is .00117 and for the standard SE the MF is .00072
If I’m not mistaken when checking incentives, “boost up to $500”, the account should have had the balance for at least 30 days.
Ask if Hyundai does MSD’s. Putting a 1000 as security deposit can save u another 1000 or so (25-30 off on mf compared to 35) over 36 months
Also, try and negotiate for a better selling price. Check truecar and edmunds for avg off MSRP in ur area
you are correct. Thank you
I still haven’t been to the dealer yet but I think I have negotiated my best offer via email and will most likely be pulling the trigger soon. Again, this is for a 2017 Hyundai Elantra Value Edition
Monthly- $119 / mo. + $730 upfront for fees
Not terrible for a compact that comes with a sunroof, push button start, heated seats, apple CarPlay/android auto and blind spot warning standard.
Looks good, i’ve helped a friend reach about the same numbers
Can i ask where you guys are located? I’m in 18301 and lowest i got so far is $165 on SE with Popular package.
You are in east stoudsburg PA, I’m in Lancaster PA. About 2.5 hours southwest of you.
For $800 or so, i would make the drive lol