Hi All, this is my first lease and need your advise if this is a good deal or not. I do want to put a larger down payment to keep the monthly as low as possible. The payments do include gap coverage. I know the residual is very low, but this is the car I want: Hyundai, Elantra Sport. Here’s what I’ve been given so far:
MSRP: $26,385
Sell Price: $25,950
Gov/Fees: $288.43
Proc/Doc fee: $80.00
Acquisition Fee: $650.00
Gross Cap Cost: $26,968.43
Residual Value: $12,665.00
Rebate: $5,000.00
Cash Cap Reduction: $4,550.00
Net Cap Cost: $18,430.12
Down Payment: $4,550.00
Monthly: $200.00
36mo lease
12,000 miles/annually
Also, sorry but there is no logic to putting a large down payment so that your monthly is lower. The outlay is the nearly same - you can afford the higher monthly payments if you can afford the high down payment, and you won’t be screwed in the unlikely event you total the vehicle.
It’s hard to hack a lease when you box yourself into a corner with “I must have model xxx”, even when it’s leasing poorly that time. Search old threads, the Elantra Sport was a well hacked deal last summer.