Lease deal check for 3-car deal on a Hyundai Tucson and 2 Sonatas

Ask the Hackrs
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Right now, I’m working with these numbers from a NC dealer. I’m in SC but close enough to do business with dealerships in SE-NC, and eastern SC. I don’t have money factor info.

2 2022 Sonatas (SEL w/convenience package), 36K miles, $500 down for $328.00/mo., 36 month lease (MSRP = $30,140)
1 2022 Tucson, Limited, 36K miles, $500 down for $356.00/mo., 36 month lease (MSRP = 32,855)

Dealer says Hyundai doesn’t do rebates anymore, so he can’t get the numbers down like he did 3 yrs ago.

I currently have 3 Sonatas leased, two Sports @ $240/mo. and a third Sport with the safety package at $295/mo.

I’m being offered a trade-in value of ~$22,500 on each, with payoffs at ~$16K on each.

Not really an apples to apples comparison, but this feels like quite a jump in payments on the Sonatas.

Any insight is appreciated. Thanks!

2

Someone will jump to conclusions and say this looks good but maybe that’s because you pay hardly any tax in SC.

Set up a LH calculator for each.

The forums at Edmunds have always been the place to get MF, RV and any lease cash.

  1. Go to: Forums.Edmunds.com

  2. Click on make & model dropdown menus to find the appropriate thread.

  3. Sign up or log in.

  4. Make a post asking for your specific model, trim, AWD/2WD, etc with your zip code and the desired lease term in months and miles.

Alternately, you can try the Lease Program Query tool on the Leasehackr Calculator, available to Super Supporters.

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It is practically impossible for us to tell you what a “good” monthly payment is for your specific lease as lease programs are highly dependent on region, personal qualifications, tax rates, etc.

We always recommend the following method before you ever contact a dealership. If you do all of the work up front, you’ll have a stress free dealer experience and set yourself for success.

  1. Read Leasing 101 (EDITORIAL | LEASEHACKR) to understand how to calculate a lease payment and the variables. Monthly payment is an output, not an input!! While you’re at it, be sure to watch the LH video (How to Use Leasehackr - YouTube) to brush up on how to most efficiently use the resources here.
  2. Pick a specific vehicle that you want to target
  3. Gather the current MF, RV and incentives from the LH Calculator - Lease Program Query or Edmunds forums for your zip code
  4. Research the LH marketplace and other deals that have been made recently on your vehicle - what was their pre-incentive discount? How did their lease terms differ?
  5. Plug your numbers into the LH calculator (CALCULATOR | LEASEHACKR), and use a pre-incentive discount similar to what you have seen
  6. Create a target deal, this is what you’re trying to negotiate to. You can try different terms, selling price discount, etc. and see how your monthly payment is affected. It is also possible that different trims of your vehicle may have different MF and RV (i.e. this is very common with GM), so make sure that you look into that. Come up with a set of inputs that give you the output that you want - your desired monthly payment.

With a target price determined, you now have a deal to pursue and compare dealer offers against. More importantly, you have a solid foundation to work from.

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Do you have equity in the 3 Sonatas you are turning in?

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Thanks, I’ll check it out.

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Good info. Thanks, I’ll check it out.

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I would guess yes, the sonatas probably have an rv of ~$15k. I guess that’s all that needs to be said

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Yes, the three cars have a payoff of ~$16K, but I’ve been offered $22,500 on two at trade-in and $23K on the other because of low mileage and the increased value of used cars.

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Yes, minus the payoffs, I have ~$6,500 equity in each with 5 lease payments remaining on each.

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Where is that money in this deal? Are they cutting you a check

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No, they want to “roll it into the new deal”.

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Then none of these are $500 down, they’re about $7000 down each

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So it’s $21,000 down ~$1,100/month for ~$95,000 worth of vehicles?

This is awful. Run away fast

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Yes, looking back, I should have posted the turn-in info so I edited the OP. Apologies.

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No need to apologize. We’re pointing it out to make sure that you’re properly evaluating the deal at hand.

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Yes, and I sincerely appreciate it! I need all the help I can get, lol.

I think the current inventory situation has blinded me a bit because all you hear about is how difficult it is to get cars (at least where I am).

17

There’s a reason so many of us are leasing 4xes instead of other vehicles.

Generally, with Hyundais, you’re better off purchasing than leasing at the moment. If you really need to lease these, I’d start by working out what each of them should lease for, assuming an at msrp sales price, and no mark ups. You need to know where they should be before you start mixing in any complications.

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Have you thought about buying out your leased cars instead?

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