Amazing deal! Can you post the first three pages of your “New Jersey Lease” with personal info obscured?
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Thanks! I won’t, I’m 12,000 under my mileage for the past year and was just trying to do as much homework as possible
Make: Hyundai
Model: Santa Fe 2021
Trim: Limited
MF: 0.00128
RV: 62%
MSRP: $41,820
Discounted Price: $36,762
Incentives: $1250 lease, $500 1st responder. Threw in 3yr tire protection free.
Down: 1st month
Monthly: $374
Term: 36 mo/10k
Lease Copy:
https://drive.google.com/file/d/1dpEcnRdZ5ItMqNP-8STLbprQe_npS7JQ/view?usp=sharing
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Here we go!!!
You traded in 2019 Santa Fe. Have You checked the market value and/or equity on this car?
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Had about $2000 in equity
So $375 with $2k das then
1750 incentives + $375 first month is what was paid at signing. So out of my pocket was just first month.
And $2000 worth of trade equity it appears, so $2375 das essentially, not $2k
It’s all in the lease I posted.
Exactly. You gave them $375 in cash and the keys to your trade with $2k+ in equity at sale. Rather than show positive equity on the trade, they gave you a larger discount on the new car and processed the trade as a wash. You can’t just ignore the trade equity in the deal.
I see what you’re saying. Honestly, I’m very happy with what I got. No other dealer got anywhere close to this.
I’m not saying if it is or isn’t a good deal still, just making sense of the numbers. Explains the earlier conversation about them selling at invoice despite showing numbers way off of invoice, etc.
Yeah, that’s true. I think it evens out in the end. They may not have applied the equity to the down payment but I’m sure it played out in lowering the selling price of the vehicle. Im not as savvy with numbers as I’d like to be. This forum has been a big help.
If I would have trade in and $2k equity on it I would ask them to write me a check for it.
Unfortunately if the car will be stolen or totaled $2k is gone.
This concept is new to me. They will write a check to me on a vehicle I’m leasing?
If there is positive equity in the vehicle you’re trading in, they can buy it out and write you a check for the equity, just like any other vehicle they buy.
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Trade in does also saves you on taxes in NJ. This is a great deal, great data point, and I appreciate you sharing! This is a $500/month car without a trade. Given the lease equity in the previous Santa, and the fact that the dealer probably wanted your car for their used car inventory, it’s a great feeling to roll into the newer, nicer Santa, and probably lower your payment.
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