Hi, I live in NY - Zip Code 12540.
Currently in a 2018 Hyundai Santa Fe AWD with 2 more payments left.
Looking to get into the 2021 Santa Fe SEL AWD w/convenience package (or both) for close to $350 or less. I have excellent credit. Also, I am way under my miles < 29,000. (36 mth/12k lease)
I’m just wondering if I should try to get a new lease now or wait for another 2 months?
Thanks in advance for your time.
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Have you ran the numbers to see what it would take discount wise to get to $350 or less? Rolling in two payments from your current lease certainly won’t make it easier to get that price.
Check if you have any equity
Do you have information on the MF, residual value, and any discounts/lease cash.
I relocated to NY from Ohio and the dealer that I dealt with in Ohio took over my last two payments last time so I did not have to roll over. Was hoping for a similar deal (if possible). If not, no worries. Just thought I do a preliminary shop around.
Having current, accurate information for residual value, money factor, and incentives is important in understanding you deal. As such, going directly to a source that has access to that data from the captive banks is your best option. The forums at Edmunds are where we go to get that information, as they have direct access to it from the captive banks. You’ll want to post of the model specific thread for the vehicle you’re interested in and request the most current numbers for your zip code. It is often easiest to find that thread by searching Google for “Edmunds lease” followed by the model of vehicle you’re interested in.
Humm, not sure how to do that.
Compare the current buy out price on your lease from Hyundai financial with what places like carvana/shift/vroom will pay you for it
Great. Thank you.
Ahhh…okay.
Can someone help me make sense of this dealer’s offer please? It doesn’t make sense to me. I am getting a monthly payment of roughly $355. (Residual Value - $20,423, MF .00129). Granted, this is the MF I got from Edmunds…I don’t know what MF the dealer is using. He also said the acquisition fees of $650 is missing off of the worksheet. Regardless, I still don’t get to $471/mth. I plan on paying the fees and taxes upfront.
It would help if you post a link to your calculator so we can help digest what could be going wrong.
My best guess is that they marked the MF up from .00123 (according to Edmunds) to .00188, which gets you similar numbers:
The MF mark up increases total lease cost by ~$1,300.
Essentially they’re giving you a ~$1,300 discount but making it up on on the backend.
Interesting. I’m still trying to understand the calculation using my Excel spreadsheet. Thank you for your help.
So…is this a good deal?
Thanks for responding. Attached is my spreadsheet. https://docs.google.com/spreadsheets/d/1b5_tpCA0TjGwtRJZPzwAowXTbzQAs1oaOCgbE7N_PXI/edit#gid=0
Your spreadsheet is set to private, so I can’t view it.
As to whether it’s a good deal… essentially you’re getting $0 discount on this car. I don’t know the market on 2021 Santa Fe in NY, but I imagine getting some kind of discount is possible. This isn’t a Kia Telluride or some other car with crazy demand and a wait-list.
I’d search the Marketplace to see if you can get some datapoints to compare it against.
Oh, sorry about that. I am new to google sheets. Let me see if I can figure out how to change the setting.
Okay, I think I unlocked it.
I would target 280 -310 w 2000 das
you mean 2,000 DAS including fees and taxes, right?
You really think the monthly price can come down to $310? That some kind of negotiating. I don’t have those kind of skills. I love that price, though.
Your spreadsheet math looks fine to me.
The deal quote shows $3,000 drive-off and $379/month. Your spreadsheet shows $2,765.92 drive-off with $385.50/month if the MF were .00188. Put another $235 down and you get the same $379/month.