Hello Everyone,
I am completely new to leasing and I am pretty sure I did ok on this deal considering the hot market right now. The “deal” was $0 DAS but I paid around ~$1500 at signing which the dealer said was for 1st month, bank fees, and DMV fee. I am not sure if this is how it works or I got scramboozled. Hopefully I can get some insight from you gents, thanks in advance.
2021 Hyundai Sonata Limited
$460 a month
36mo/10k miles a year
If you paid $1500 at signing, it was $1500 DAS, not $0 DAS.
Beyond that, if you want to evaluate the deal, it’s best to look at the specifics rather than just the monthly/das. Do you have a contract that you can post with your personal details blocked out?
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Stop trolling new people trying to learn @vhooloo
Isnt the payment DAS to reduce the monthly cost? This payment was just for 1st month & associated fees.
DAS=Due at sale. Doesn’t matter what it goes to, the amount due at sale is the amount that is due, at sale.
What you’re talking about is a capital cost reduction, often referred to as a down payment. Unfortunately, “down payment” is a term that gets used ambiguously; sometimes it’s referring to a cap cost reduction and sometimes it’s referring to all the money paid upfront, so it can be confusing.
Thank you again for taking the time to answer heres is what I have, to put in persepctive I was in need of a car urgently and could not wait due to starting a new job:
To work out how good or bad it is, you’d want to start by extracting the normalized pre-incentive discount. This would be the listed “agreed on sales price” compared to the MSRP after adjusting for any BS dealer add ons (window etching, protection packs, other BS) and any money factor mark up. Then, you’d need to look at other deals/marketplace listings here to get an idea of how that compares pricewise vs what is actually possible in the current market.
What is the MSRP and agreed on sales price here?
I am not home at the moment so I have to look at the paperwork when I get home. Just so I can get an example of how you’re calculating things lets assume MSRP at ~$34k.
Not scammed but let’s say this isn’t your finest moment. 5/10
You are getting confused. @mllcb42 does not use MSRP. I am the one who uses MSRP and payment info to give a lease score
Let’s say the agreed on selling price was $31k, but there was $800 for window etching added and mf was marked up by .0004 over buy rate. The normalized sales price there would be about $32500 after accounting for the mark up and the add ons, or about 4.5% pre-incentive. You’d then want to compare against other deals on sonata limiteds here to see how that stacks up. That let’s you adjust for things like incentives that different people qualify for, different sales tax, etc, that would confuse things if you just looked at the monthly payment/das amount.
Generally, it’s best to work these things out before signing.
We always recommend the following method before you ever contact a dealership. If you do all of the work up front, you’ll have a stress free dealer experience and set yourself for success.
With a target price determined, you now have a deal to pursue and compare dealer offers against. More importantly, you have a solid foundation to work from.
It’s more work than just randomly picking a made up value and saying “that’s good”, but it gives you a real answer to your question.
Just for reference I have inquired with AutoLeaseNinjas on the same car. See the below link and you can adjust how much DAS you’d like to use to compare. With $0 DAS it’s showing approx $466/month.
I have the opportunity to get a 2022 Sonata Hybrid Limited for $459 a month with 0 DAS and 36/12. That’s here in Florida.
Just to give you some reference.
