I’m looking to lease a 2021 Hyundai Sonata SE and after some negotiation, I have the below quote from the dealer for a 36 month lease and 12000 miles/yr with $0 down. ($287.51 / month)
I have an excellent credit score so that put me in Tier 1. Below is the residual and Money Factor for the car:
I’ll really appreciate it if any of the experts here can help me to determine whether this is a deal or no deal? Or how is it that I can negotiate? Please. Thank you.
Also please let me know if you need any more details on this.
I know that part is putting me off. I tried to tell them that I don’t need the dealer installed options, and they said we can take it out, but we will hike the car price by 1K lol.
Sonata numbers aren’t that great right now down in Florida. There’s a $2500 incentive from Hyundai. These cars were going for about $225 the end of last month, not sure if dealers will give stronger discounts as the month goes on, or if higher prices are here to stay. They are saying there is $5450 in discounts but then adding back in $999 as options. So really $5450-999-2500 leaves you with a ~$2k dealer discount right now. Take a sharpie right thru that $999. The $799 is unfortunately good old Florida dealer fee BS. Also do you qualify for first responder, veteran, or recent college grad? There’s another 400-500 incentive if you do which I believe Hyundai stacks them as well.
The MF in West Palm Beach is .001160 which shouldn’t be that far off in the Orlando area if not the same altogether.
Exactly. I did talk to the general manager about taking it off. I guess in this case I’ll just have to tell him no unless he can get the price down in the $260’s.
I don’t qualify for the first responder, veteran, or recent college grad unfortunately.
Another thing is that the MF is super high for an excellent credit and I don’t get why. They say that they got the value from the bank, but with a TIER 1 it should be fairly low.
Do you guys think Memorial day might have better deals if I wait until then? Or it wouldn’t make much of a difference?
Usually Memorial Day (holiday sales in general) sales are gimmicky- only difference would be if they need to meet some sort of end of month volume bonus target or some other sales quota. I have noticed prices get better later in the month for Hyundai, at least what I have seen thru RODO. Create an Edmonds account and verify incentives for your area-
Excellent credit does not entitle you to a deal at the base rate mf, it makes you eligible for a deal at the base rate mf. Many dealers will mark up the mf as a source of revenue regardless if you have an 850 credit score. It’s why LH Instructs you to go to the Edmunds forum, create an account, and ask for the info with your zip code. Then you will know if it’s being marked up or not and what lever to pull in order to possibly counteract that.
I leased a Sonata N-Line last month, you can look at my post history for a peek at the numbers. Residual and MF aren’t as good as what I got but I agree that the dealer options and admin fee are sinking your deal.
What % MSRP discount are you getting before incentives? 8-9% is a reasonable target on the Sonatas in my opinion. Plug your numbers into the calculator and see what you come up with. I’d definitely shop around with other dealers.
You can call a few other dealers in your area and see if you can get it to $250-$260.
Honestly, we’re talking about a few hundred bucks here. This is a transportation appliance really. If your content with driving this thing for 3yrs, don’t sweat the few hundred bucks.
