Deal Check 2020 Santa Fe SEL 2.4 AWD

2020 Hyundai Sante Fe
MSRP: $31,055
Sales Price: $28,779
Incentives: $4625
Residual: 58% (Confirmed with Edmunds)
MF: .00103 (Confirmed with Edmunds)
Zero Down payment, only first month due at signing
Payment with Tax: $279

This is the numbers I get based on what they have told me. But they’re payment is around $341. But then wont send me the complete break down of all incentives. MSRP, Sales Price, MF and Residual all are correct. These are the numbers the sales manager verbally gave me over the phone. Incentives are correct just don’t know how it full breaks down.

Any help, thoughts, opinion’s on this deal?

This was discussed in your previous thread. Not specifically this deal, but the methodology of how to evaluate any deal.

How does the pre-incentive discount compare to what you’d find by searching this forum?

Hard to tell without the breakdown from the dealer, but taking 1k from incentives and adding to discount puts you at only 4.1% discount and mo payment right about $341. They’re including part of incentives as discount not the full 7% discount you thought you’d be getting. Still not bad deal for this vehicle. I’d politely push for the pre-incentive 7% you’re originally asking for and transparency of the quote for you to review. I’d also cast a wider net to get them to compete against each other to try to leverage your best opportunity.

I’d think that a bit more than 7% would probably be doable, considering the 2020 is the outgoing model and has already been replaced.

One thing I forgot. He mathematically walked through how he got the $341 but it confused me.

He took $30,288(forgot what he referred to this number as). Then minus the residual, and then dividing that answer by the months.

So $30,288 - $18,012 = $12,276

$12,276 \ 36 = $341

Payment of $341

Does that seem off? Once again i forget the special name he called the $30,288 number.

This isn’t how lease payments are calculated, and this example doesn’t take into account any interest you’re paying along the way.

Have you received a formal quote yet?

They won’t give me one. The finance guy will verbally go over them on the phone. Which my calculator attached above is the numbers he told me over the phone. They will not email anything, just keep saying come in and we’ll talk and walk through all the numbers.

Sounds like they said “move on to a dealer that’ll actually try to earn your business”.

But seriously, do this:

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.

  1. Read Leasing 101 (Blog | LEASEHACKR) to understand how to calculate a lease payment and the variables. Monthly payment is an output, not an input!!
  2. Pick a specific vehicle that you want to target
  3. Gather the current MF, RV and incentives from Edmunds forums for your zip code
  4. Research the LH marketplace and other deals that have been made recently on your vehicle - what was their pre-incentive discount? How did their lease terms differ?
  5. Plug your numbers into the LH calculator, and use a pre-incentive discount similar to what you have seen
  6. Create a target deal, this is what you’re trying to negotiate to. You can try different terms, selling price discount, etc. and see how your monthly payment is affected. It is also possible that different trims of your vehicle may have different MF and RV (i.e. this is very common with GM), so make sure that you look into that. Come up with a set of inputs that give you the output that you want - your desired monthly payment.
1 Like

Yeah that’s what I’ve been thinking. I’m going to call them when they open and basically tell them either you give me this information via email, or there is no deal.

Cause I know I’m still new to lease hacking but with all the other dealerships we went to and got printed prices on I can get within $20 on the calculator of what they quoted but with this dealer I’m like $100 less on the calculator than they have quoted.

Don’t bother. Walk away, start fresh, build yourself a solid foundation before talking to another dealer.

If you ever find yourself with dealer numbers wondering if it’s a good deal or not, you’ve jumped the gun. You need to know exactly what to pay before you ever talk to them. Talking to dealers is for finding someone to do your deal, not for finding out what something should cost. That can only happen if you sort that out first.

Yeah, my wife started the conversation since she went in during her lunch to just test drive one. And well she isn’t good at walking away. Luckily she won’t sign anything unless I’m present. But at the moment when I talked to the dealer the deal sounded to go to be true but they kept assuring me it was true. I should have walked away at that point. And after looking on here and reading the reviews on google of the dealership, I’m walking away now.