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Discussion Starter · #1 ·
Wondering how the Santa Cruz leases. I would expect them to have a pretty aggressive residual to encourage sales, but you never know.

So, if you leased, do you feel you got good terms? What was the residual number?
 

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Wondering how the Santa Cruz leases. I would expect them to have a pretty aggressive residual to encourage sales, but you never know.

So, if you leased, do you feel you got good terms? What was the residual number?
Here is one example, the rates do not look that good to me - $425/mo for 36 months and $4,000 down with 60% residual value. And only 10,000 miles/yr allowed
BASE MODEL

$28,745
Packages and Options
$3,560
  • Activity Package $3,270
  • Carpeted Floor Mats $195
  • Wheel Locks $65
  • First Aid Kit $30
Manufacturer Destination Charge $1,185
MSRP (Sticker Price) $33,490
SCHOMP HYUNDAI PRICE $33,490
TOTAL PURCHASE PRICE $33,490

LEASE SUMMARY

Term
36 months
Annual Mileage

10,000
Residual Value (60%)

$20,094
TOTAL DUE AT SIGNING
$4,000
  • First Payment
    $425
  • Capitalized Cost Reduction

    $3,373
  • Estimated administrative fees
    $41
  • Sales Tax (4.75%)$160
MONTHLY PAYMENT
$425.10
 

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Residual seems to be~60% from posts and my experience. MF is high from what I have seen. .00215~ 5.6% if I have learned anything. Not much of an incentive by Hyundai to lease at this time due to inventory be and current market. My .02
 

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This isn't a good time for leasing. Wait until the market settles and the demand for the SC lowers. Pretty sure Hyundai will post nicer leasing deals.

PD: In before the first smarty pants comes out saying "Leasing is bad".
 

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Discussion Starter · #5 ·
Here is one example, the rates do not look that good to me - $425/mo for 36 months and $4,000 down with 60% residual value. And only 10,000 miles/yr allowed
BASE MODEL

$28,745
Packages and Options
$3,560
  • Activity Package $3,270
  • Carpeted Floor Mats $195
  • Wheel Locks $65
  • First Aid Kit $30
Manufacturer Destination Charge $1,185
MSRP (Sticker Price) $33,490
SCHOMP HYUNDAI PRICE $33,490
TOTAL PURCHASE PRICE $33,490

LEASE SUMMARY

Term
36 months
Annual Mileage

10,000
Residual Value (60%)

$20,094
TOTAL DUE AT SIGNING
$4,000
  • First Payment
    $425
  • Capitalized Cost Reduction

    $3,373
  • Estimated administrative fees
    $41
  • Sales Tax (4.75%)$160
MONTHLY PAYMENT
$425.10
I presume that's from a come-on dealer ad, because it sucks. That $4,000 down equates to about another $110/mo., so that's actually the same as $535/mo. ... too much for that vehicle.

I DO like the 60% residual, though. That's better than most cars out there.

A quick starting point for estimating a 36-month lease payment is about 1% of MSRP. So that monthly payment with zer down should be in the vicinity of $400 or so. $525 is robbery.
 

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I presume that's from a come-on dealer ad, because it sucks. That $4,000 down equates to about another $110/mo., so that's actually the same as $535/mo. ... too much for that vehicle.

I DO like the 60% residual, though. That's better than most cars out there.

A quick starting point for estimating a 36-month lease payment is about 1% of MSRP. So that monthly payment with zer down should be in the vicinity of $400 or so. $525 is robbery.
Exactly why I walked away
 

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2022 Santa Cruz LTD AWD Hampton Gray
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We've worked a couple lease deals at our dealership-most people have opted for the financing. The Palisade is the same way right now-they offer a lease, but it's not "special". And the inventory levels definitely have something to do with it. They are just not being aggressive with the leasing because they know they don't have to. People will buy them regardless. I've seen it quite a bit when they introduce a new model.
 

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I presume that's from a come-on dealer ad, because it sucks. That $4,000 down equates to about another $110/mo., so that's actually the same as $535/mo. ... too much for that vehicle.

I DO like the 60% residual, though. That's better than most cars out there.

A quick starting point for estimating a 36-month lease payment is about 1% of MSRP. So that monthly payment with zer down should be in the vicinity of $400 or so. $525 is robbery.
From one of the largest family of dealers in Colorado. Schomp Hyundai - the numbers are real and you can expect that kind of a deal at most Hyundai dealers for a lease on the SC.
 

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From one of the largest family of dealers in Colorado. Schomp Hyundai - the numbers are real and you can expect that kind of a deal at most Hyundai dealers for a lease on the SC.
That was the exact residual and MF that I was quoted in Virginia for a lease. the MF killed the deal for me as that adds nearly $60/mo. to your typical lease payment when other vehicles have under 3% effective interest rates on their leases. I ended up financing mine through Hyundai at 3.5% for 72mo. to get the $500 rebate, and then will re-finance with my credit union which is offering 2.19% for 60 months or 2.29% for 72 months and also throws in a $200 bonus for refinancing with them.
 

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Discussion Starter · #10 ·
That was the exact residual and MF that I was quoted in Virginia for a lease. the MF killed the deal for me as that adds nearly $60/mo. to your typical lease payment when other vehicles have under 3% effective interest rates on their leases. I ended up financing mine through Hyundai at 3.5% for 72mo. to get the $500 rebate, and then will re-finance with my credit union which is offering 2.19% for 60 months or 2.29% for 72 months and also throws in a $200 bonus for refinancing with them.
That's good strategy, flipping the Hyundai financing to your credit union or bank. Not only for any rebates, but going through Hyundai Finance will get you out of the dealership quicker, and then you can let the credit union do the harder work of refinancing, payoff, title transfer, etc. after the fact.
 

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That was the exact residual and MF that I was quoted in Virginia for a lease. the MF killed the deal for me as that adds nearly $60/mo. to your typical lease payment when other vehicles have under 3% effective interest rates on their leases. I ended up financing mine through Hyundai at 3.5% for 72mo. to get the $500 rebate, and then will re-finance with my credit union which is offering 2.19% for 60 months or 2.29% for 72 months and also throws in a $200 bonus for refinancing with them.
What credit union are you working through? The best that I found was 2.24 for 60 and 2.49 for 72.
 

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Discussion Starter · #14 ·
To answer my own question, I tried to lease my S C, and the dealer flat out told me their leases suck so bad, especially on the Santa Cruz, that he couldn't even give me numbers. On the other hand, they have a 1.9% interest rate for 60 months, and that's a deal.
 

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To answer my own question, I tried to lease my S C, and the dealer flat out told me their leases suck so bad, especially on the Santa Cruz, that he couldn't even give me numbers. On the other hand, they have a 1.9% interest rate for 60 months, and that's a deal.
1.9% doesn't get you the $500 financing Rebate. If you have excellent credit, you should be able to get 2.5% for 60 months AND the $500 Rebate through Hyundai Motor Credit if the offer hasn't ended yet.
 

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Discussion Starter · #17 ·
1.9% doesn't get you the $500 financing Rebate. If you have excellent credit, you should be able to get 2.5% for 60 months AND the $500 Rebate through Hyundai Motor Credit if the offer hasn't ended yet.
This dealer said the rebate was either/or, and I took the 1.9%. But he reduced my payment $15/mo by applying tax credits, then gave me GAP for nothing (and that's a $17/mo item). I had already gotten the Sales Mgr to reduce the monthly by another $15, so I was happy.

($15/mo over 60 months equates to $900, so between the negotiation reduction and the tax credits, they shaved $1800 off the deal, and the free GAP coverage saved me another $1020 over the life of the loan. I left feeling like I'd done as well as I could.)

By the way, the dealer's package of legit stuff (Wheel and Tire, paintless Dent Repair, Windshield Damage, Tint, etc.) was $1350, and the reductions more than wiped that out.
 
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