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Discussion Starter · #1 ·
My driving habits have changed drastically and with all of the new technology (specifically safety related) I was looking into leasing through Hyundai. I drive between 10-12k a year and my 14' Santa Fe has only 34k on it. Even though my husband's 18' Elantra is much smaller, I feel more safe with all of the new technology. Heck, my Santa Fe doesn't even have a simple back-up camera.

Just looking for your thoughts and/or personal experiences.
 

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I love leasing and you can always buy the car. Check the residual value.

If you don’t like it, just walk away when the lease expires.

I’ll never buy again. You can trade in just like a purchase. If your car you are trading in, you will more than likely to cover the initial costs and have value left over.

You can also have equity just like a purchase.

Hyundai has an excellent financial site. You can keep up with the payoff as the car is paid down to the residual amount at the end of the lease.

You might want to look at a single payment lease. After that is paid you will have no monthly payments. Our G80 has $0.00 month payments.

BTW, Santa Fe should have considerable value. Even the older ones don’t stick around very long and hold their value very well. If that is the one you are thinking of trading.

Do your homework as to the value. And look up the selling price and incentives offered. It is a two step process. Get the firm out the door price. Then get the price for your trade-in. Subtract the two. And don’t be afraid to walk out the door. I usually use the internet for initial contact.

I agree totally about the latest safety features. The backup camera is now mandatory. The cross traffic alert is very much appreciated. Adaptive speed control, emergency braking alert, individual tire pressure displayed, and lane change alert.

I have those on my Kona except the adaptive speed control. But it is only useful in highway travel. Not missed.
 

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Discussion Starter · #4 ·
I love leasing and you can always buy the car. Check the residual value.

If you don’t like it, just walk away when the lease expires.

I’ll never buy again. You can trade in just like a purchase. If your car you are trading in, you will more than likely to cover the initial costs and have value left over.

You can also have equity just like a purchase.

Hyundai has an excellent financial site. You can keep up with the payoff as the car is paid down to the residual amount at the end of the lease.

You might want to look at a single payment lease. After that is paid you will have no monthly payments. Our G80 has $0.00 month payments.

BTW, Santa Fe should have considerable value. Even the older ones don’t stick around very long and hold their value very well. If that is the one you are thinking of trading.

Do your homework as to the value. And look up the selling price and incentives offered. It is a two step process. Get the firm out the door price. Then get the price for your trade-in. Subtract the two. And don’t be afraid to walk out the door. I usually use the internet for initial contact.

I agree totally about the latest safety features. The backup camera is now mandatory. The cross traffic alert is very much appreciated. Adaptive speed control, emergency braking alert, individual tire pressure displayed, and lane change alert.

I have those on my Kona except the adaptive speed control. But it is only useful in highway travel. Not missed.
They are giving me 12K for my Santa Fe and that's with them knowing that I had to have the hood repainted due to a large paint chip that hit me behind a truck.

I was looking at the kona but no incentives right now (only 1.9% and then their lease special). I know the Tuscon has some really great deals with close to 3K or over incentives right now.

I do have 2 questions: If you have a lot left over from your trade (which I will have) can I choose whether to put some down or have them give that back to me in cash? My 2nd question is did you get any protection plan added to your lease like the wear & use plan (pays up to 5k when your lease is over to pay for any scratches/dents/interior stains or rips/windshield, etc.)?

I am going to stop by the dealership today and get a copy of their lease contract to get familiar with it. Shouldn't be an issue since this is the 5th vehicle with the same dealership.

I'll be awaiting your replay and thanks!

 

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They are giving me 12K for my Santa Fe and that's with them knowing that I had to have the hood repainted due to a large paint chip that hit me behind a truck.

I was looking at the kona but no incentives right now (only 1.9% and then their lease special). I know the Tuscon has some really great deals with close to 3K or over incentives right now.

I do have 2 questions: If you have a lot left over from your trade (which I will have) can I choose whether to put some down or have them give that back to me in cash? My 2nd question is did you get any protection plan added to your lease like the wear & use plan (pays up to 5k when your lease is over to pay for any scratches/dents/interior stains or rips/windshield, etc.)?

I am going to stop by the dealership today and get a copy of their lease contract to get familiar with it. Shouldn't be an issue since this is the 5th vehicle with the same dealership.

I'll be awaiting your replay and thanks!
You should but you need the two numbers, outright and trade in.

Tell me more about your Santa Fe.

Is there anything about on CARFAX?

I wouldn’t get any additional coverage that you wouldn’t already have.

Virtually all old models have very few incentives early on.

Assume you have good credit rating.

Have you checked other dealers for their prices?
 

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So far as I can determine there is a $100 incentive.

But I would check lease payments and interest rates and incentives.

Also you might be able to get the Allstate Hyundai $500 check for listening to the sales pitch.

There is no requirement to purchase the insurance.
 

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Discussion Starter · #7 ·
You should but you need the two numbers, outright and trade in.

Tell me more about your Santa Fe.

Is there anything about on CARFAX?

I wouldn’t get any additional coverage that you wouldn’t already have.

Virtually all old models have very few incentives early on.

Assume you have good credit rating.

Have you checked other dealers for their prices?
I'm guessing it has a clean Carfax because it was never in an accident.

My credit rating is over 800.

Other dealers prices are about the same "+" or "-" $200 difference but there is one more dealer I plan on physically visiting.

 

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I'm guessing it has a clean Carfax because it was never in an accident.

My credit rating is over 800.

Other dealers prices are about the same "+" or "-" $200 difference but there is one more dealer I plan on physically visiting.
You should be able to get a reasonably good deal. There are currently about 4,600 Konas in the United States.

Try to look at the original MRSP sticker. You want to compare apples with apples.

What is your zip code?

You need to know what your car is worth before you make a deal. Don’t rush into anything.

What model are you looking for? FWD or AWD? What trim level?

One dealer not far from me has a $1,000 discount. I found one with AWD for $28,775 with all options I believe.

What colors are you looking for?
 

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Just leased my 18 Sports Edition (DCT) in February. I got $3k in trade-in for my 10.5 year old Azera Limited (147k miles) and was out the door $175/month, $0 down, $0 tax/title, and first month payment paid. I was shopping on the Honcker app for two months before I found the price and car combo I wanted. I went to my local dealership to test drive the Sport ($194/month - best price on Honcker) and Value Edition ($153). The dealer offered me $189 for the Sport and $148 for the VE. The dealer only had two black Sport's on the lot and I was looking for a silver or gray one. The manager offered to cut me a check for $350 to pay for a car wash membership (my complaint about black cars getting dirty), and I countered with asking him to reduce the price on the lease. He came back with $175/month and we had ourselves a deal. I am not sure if Honcker is available for use in your state (mostly North East), but it was an excellent pricing tool for me.

As far as Pro's and Con's:

Pro's: 1. I don't want to keep a car longer than 3 years with my driving habits. For me, my daily commute is really short (2.2 miles each way locally), so my car never warms up. Long term, that is murder on the car. 2. With technology changing so rapidly, I like have all the modern safety features on the car, and I am sure there will be new safety features when my lease is up in 2021.

Con's: As a first time leaser, I am a bit paranoid about getting nicked up and now tend to park away from other cars. This was never a thought before I leased.
 

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People lease for all kinds of reasons. I am not going to judge.
In the USA, tax laws give financial incentives to leasing for business use.
A realtor, business owner, self-employed...can write-off to lower taxes.
However, leases are inflexible and I don't like that.
If life changes a year from now, e.g. health, job, relationship, geo-politics...you're still bound to the contract.

Some big and some little things annoy me like no tinting allowed.
 

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Discussion Starter · #11 ·
People lease for all kinds of reasons. I am not going to judge.
In the USA, tax laws give financial incentives to leasing for business use.
A realtor, business owner, self-employed...can write-off to lower taxes.
However, leases are inflexible and I don't like that.
If life changes a year from now, e.g. health, job, relationship, geo-politics...you're still bound to the contract.

Some big and some little things annoy me like no tinting allowed.
No, I hear ya on all of that. All I was looking at was the fact that I can get a newer car every 2-3 years and my miles are pretty low. My main focus as to why I want a newer vehicle is because of the safety features. Most all auto makers have come a long way and my current ride has nothing like the newer Hyundai models.
 

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Discussion Starter · #12 ·
I went over to the Hyundai dealer yesterday and got a copy of their lease agreement. The finance manager had time to talk to me about the pros and cons. Also helped me a great deal in what would be best for me. Some of the things that was brought up was:

1. Higher amount of insurance coverage on a lease vehicle

2. They do have special insurance coverage to help with end-of-lease expenses like paintless dents/tire wear/wheel damage but there is NO such thing as coverage for scratches. Be prepared to pay wear & tear penalties.

3. Some leases do NOT come with GAP.

4. Lower monthly payments but finance charges are almost always higher.

5. Any money you put down you will automatically lose if lease vehicle is ever totaled in an accident.

6. Leasing costs more in the long run than purchasing. You will have endless car payments for vehicles you will never own (unless you decide to purchase after lease term ends).

7. If you know for the next 2-3 years that you will NEVER go over the allotted mileage, you park your car in a garage or drive around in bubble wrap then leasing could be a good option.

8. If you are use to driving only 10 miles a day to work and then you lose your job and your new job is 50 miles away, your basically screwed! A contract is a contract and leases are VERY hard to get out of.

9. You only pay finance charges on your monthly payment, NOT the total price of the vehicle like you do when you purchase. Bad thing is that some states add on an additional 2% tax on top of your state's regular tax.

10. If your not one for restrictions, then DO NOT lease a car.

A friend of mine did a lease with Toyota. Her job moved to a neighboring state almost doubling her mileage. Before she knew it, she was over her allotted mileage amount. She went to the extent of carpooling, using Uber and renting cars. So now she has a monthly lease payment for a vehicle she cannot drive because she is WAY over her mileage. Talk about a total mess!

End of the lease she ended paying 4k for wear & tear plus mileage overage. That doesn't include all of that money used on other ways of transportation (Uber, rental cars, etc) plus her monthly payment. A nightmare I do NOT wish on anyone!
 

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I have leased three vehicles, the past two being Hyundai's. My current is a 2017 Limited Ultimate AWD with a sticker price of $40,000. I am almost two years into a three year lease and I just turned 12000 miles. I would expect that when I get ready to end the lease I will have a good offer due to the low mileage and the current resale value of the Santa Fe. Will probably step down to a Sport when I lease again as I know longer need a 7 seat vehicle and I like the Turbo Option on the Sport model. I will never purchase again. On a side note, depending what your looking for Volvo is just starting to offer a Volvo Ownership Program which gets you a decent SUV with EVERYTHING covered including insurance. Need wipers, covered, brakes, covered, oil changes, covered. You have two models to choose of the same vehicle. The 1st is $600 a month and the other FULLY LOADED is $700 a month, once again includes insurance. If this was offered when I leased my last Hyundai I probably would have went with the Volvo.Now that I am getting ready to retire I don't want a $600 car payment.
 

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My first lease was a 2014 Sonata through Hyundai Finance. Never had issues with turning the car in when the lease was over, we knew our driving habits and mileage and used it to the fullest extent of that. There is actually quite a bit of leeway in minor things wrong with the vehicle and turn in process was easy. The only negative, and it was a biggie to me is the fact that I do monitor my credit and keep things in check...however it took almost 6 months for Hyundai to show the car was paid off (whatever) and remove it from my credit report. I called them numerous times and was told that it takes up to 6 months or until the car is re-sold. Made no sense to me but it hung on my credit report as well as the new Kia vehicle I leased and both showed up as a debt and did impact my credit report. I will say the same with Kia...my wife turned in her 2014 Soul lease for a 2017 Sportage and once again, it took Kia Finance (actually it's still Hyundai finance) almost 6 months to remove the 14 Soul from her credit report.
Is leasing worth it, I do believe so without question. I'm sure if I 'purchased' a car that my payments would be higher and yes, I would own it when it''s paid off, but I don't know if I would want to keep a car for 5, 6 or 7 years with all the technological advances, so I would still have a payment regardless...might as well be cheaper by leasing. Agree or disagree...that's how I feel
 

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Discussion Starter · #15 ·
Everyone's lifestyles and where they currently are in life make a huge part of such decisions. My father-in-law leased for years, but, he was retired when he decided to take the lease option. I was also very surprised when the finance manager over at the dealership told me that only 29% at their dealership are leases (very low). She told me that mostly this is due to the most recent award that Hyundai received from KBB; 5 year cost to own winner for best brand. This is their 2nd award in 3 years which is surprising without Honda, Subaru or Toyota in the running. She also told me that out of the 29% that lease, 25% are 55 or older or retired.

Decision, decisions, decisions...
 
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