Been lurking for a while and learned a ton. Thanks for that.
Attended the Detroit Auto Show today, thinking I was going to show my wife the X3 I was going to get for her. Instead, we loved the Hyundai Santa Fe Limited Ultimate AWD. Did a little surfing when we got home and found a local dealer offering vehicles for about 25% off sticker.
Gave them a call and below is the deal they gave me. The bottom line seems okay, but I’m not thrilled with how they got there. I got an MF of .00030 and an RV of 65% from Edmunds for a 24/12 lease.
The dealer’s telling me it’s .00185 and 62%. I know they can mark up the money factor, but it seems strange that their residual differs.
I’ve posted a separate thread in RV/MF to see if I can confirm Edmunds’ numbers.
Using the calculator and numbers from dealer (including MF and RV) gives a lower payment. So you need to
a) ask them to explain their numbers
b)highlight discrepancy between their MF and RV (could be for different lease companies but ask them for the Hyundai Lease)
They are advertising a big discount on the front end (sales price) because they make much of that back on the back end (financing w/ the other bank).
If they (or another dealer) can get 15% off MSRP plus the 1,500 lease cash using Hyundai Finance numbers, you’d be at 356/m + tax, with DMV and doc fee D.A.S.
At 13% off, you basically ‘break even’ with the current offer:
If you can get this vehicle for around $350/mo, please update this forum. We currently have an Infiniti QX60, but with 3 kids we really want captain’s chairs in the 2nd row. The new Sante Fe checks all the boxes, and we both love my 2016 Genesis sedan. If the price is right, I may consider making a move.
I ended up taking the deal at $412/mo. all in. Called a couple of dealers and got the same story. The deal is through Hyundai finance. I can have the big discount and the jacked-up rates or I can have the promotional rates and a jacked-up price.
Figured I’m under the 1% rule and it’s only a 24 month lease, so I’m good. Wife loves the vehicle. Packed with tech for the price. As a bonus, we’re turning in a VW TDI early, getting out of a terrible lease and will be saving >$100/mo.
Thanks for the feedback everyone. This forum is fantastic.
Enjoy the vehicle. One thing to always consider on a lease is that if you can get to the same monthly payment with a higher residual or a lower residual, rare since ordinarily you are limited to the captive finance company, lower is better since you are more likely (still unlikely) to have equity at lease end.
