topic Re: ????? Hyundai Motor Finance ????? to be or not to be? in Auto Loans

????? Hyundai Motor Finance ????? to be or not to be?

dk2003 — Tue, 23 Jun 2015 06:02:05 GMT

So I'm thinking about Leasing a Hyundai! Just want to know if anyone has had experience with their financing? My credit is rather decent (for the most part). I've got several new credit cards with a total CL at 30k! My Fico hovers around 690 ish (give or take)...

Re: ????? Hyundai Motor Finance ????? to be or not to be?

Jeff532003 — Tue, 23 Jun 2015 08:38:02 GMT

You should be fine. They may try and get you with a higher APR though. Hyundai, at least on their car loans, seems to bag people with pretty lousy rates. I see lots of 9.9% on the approvals thread.

Re: ????? Hyundai Motor Finance ????? to be or not to be?

Anonymous — Tue, 23 Jun 2015 14:13:50 GMT

I just leased a 2015 Sonata. I have a BK7 that closed Nov 2014 and the credit score they pulled for me was only 617. Still got the lease at a fairly decent rate. The money factor was .00210 which equates to about 5%. With your scores you should do much better.

Re: ????? Hyundai Motor Finance ????? to be or not to be?

dk2003 — Tue, 23 Jun 2015 17:00:45 GMT

oh really??? what was your downpayment if I'm not being too forward. Was it on the promo that they have now?

Re: ????? Hyundai Motor Finance ????? to be or not to be?

dk2003 — Tue, 23 Jun 2015 17:02:18 GMT

@Jeff532003 wrote:
You should be fine. They may try and get you with a higher APR though. Hyundai, at least on their car loans, seems to bag people with pretty lousy rates. I see lots of 9.9% on the approvals thread.

hmmm... I'm want to check to see because I just lost an inquiry and I understand that they use transunion!

Re: ????? Hyundai Motor Finance ????? to be or not to be?

Anonymous — Wed, 24 Jun 2015 06:32:59 GMT

My trade was $2000. The only other money I had to come up with was the first month payment.

I don't think I got any kind of lease promotion. But you need to be careful on those. The fine print usually has a capital reduction cost. I think the Hyundai one was $2999 for the last one I looked at. Then it says plus taxes, title and license. Well if your tax rate is 8% and the car you're buying is $25K, that's another $2k. Add doc fees, title and license and you could be looking at another $600 easily. So to get that promo monthly payment you'd need to come up with about $5600. It's not a good idea to put that much down on a lease.

Re: ????? Hyundai Motor Finance ????? to be or not to be?

javonz3 — Sun, 28 Jun 2015 03:00:59 GMT

Hello there. I am a finance manager for a Hyundai dealership and wanted to assist you a bit. Hyundai Motor Finance will use the highest score out of the 3 (Auto Industry Fico 08). A 640 and up is needed for the month of June for you to get leased. Anything over 700 will get you leased at a tier 1. You will be fine with your scores but i do recommend you negotiate with zero down. I have tracked myfico for several months now and I am living proof that your fico purchased here will be the exact fico Hyundai Motror Fincance will see. Hope that tidbit helped...

Re: ????? Hyundai Motor Finance ????? to be or not to be?

dk2003 — Sun, 28 Jun 2015 03:09:13 GMT

@javonz3 wrote:
Hello there. I am a finance manager for a Hyundai dealership and wanted to assist you a bit. Hyundai Motor Finance will use the highest score out of the 3 (Auto Industry Fico 08). A 640 and up is needed for the month of June for you to get leased. Anything over 700 will get you leased at a tier 1. You will be fine with your scores but i do recommend you negotiate with zero down. I have tracked myfico for several months now and I am living proof that your fico purchased here will be the exact fico Hyundai Motror Fincance will see. Hope that tidbit helped...

Oh Really... This is awesome news BUT... I think I may hold off for maybe another 6 months or so! I'd rather get a house Good looking out though!

Re: ????? Hyundai Motor Finance ????? to be or not to be?

Ford725 — Sun, 28 Jun 2015 08:10:56 GMT

@javonz3 wrote:
Hello there. I am a finance manager for a Hyundai dealership and wanted to assist you a bit. Hyundai Motor Finance will use the highest score out of the 3 (Auto Industry Fico 08). A 640 and up is needed for the month of June for you to get leased. Anything over 700 will get you leased at a tier 1. You will be fine with your scores but i do recommend you negotiate with zero down. I have tracked myfico for several months now and I am living proof that your fico purchased here will be the exact fico Hyundai Motror Fincance will see. Hope that tidbit helped...

That helps tremendously!!! Would it be the same for Kia Motors?

Re: ????? Hyundai Motor Finance ????? to be or not to be?

Jeff532003 — Sun, 28 Jun 2015 13:16:16 GMT

Kia and Hyundai are both use the in house Hyundai fianance arm so it might be unless it's a brand specific promo. It's been my experience that Kia will actually offer better rates and finance with lower scores as they are in less demand than the Hyundai brand.
Also remember you don't have to go in house. The finance manager at your dealer might be able to find you a better deal through a different lease agency. Depending on your credit it might be worthwhile to shop around on your own as well. When I bought my Subaru in February they couldn't beat my credit union so that where my buisness went. They had a .9 apr promo but chase who does their financing dislikes me for some reason I can't figure out haha.

Re: ????? Hyundai Motor Finance ????? to be or not to be?

Anonymous — Sun, 28 Jun 2015 15:11:05 GMT

@javonz3 wrote:
Hello there. I am a finance manager for a Hyundai dealership and wanted to assist you a bit. Hyundai Motor Finance will use the highest score out of the 3 (Auto Industry Fico 08). A 640 and up is needed for the month of June for you to get leased. Anything over 700 will get you leased at a tier 1. You will be fine with your scores but i do recommend you negotiate with zero down. I have tracked myfico for several months now and I am living proof that your fico purchased here will be the exact fico Hyundai Motror Fincance will see. Hope that tidbit helped...

I leased a new Sonata through HMF on June 10th. They only showed me one score and it as only 617. Maybe they got a higher number from one of the two agencies and only showed me the lowest. They also also mentioned I was tier 5. Either way, I suspect I was well under that 640 minimum.

Re: ????? Hyundai Motor Finance ????? to be or not to be?

javonz3 — Sun, 28 Jun 2015 16:29:40 GMT

That is exactly what they did. "Get me dones" are a finance managers best friend. The trick is, we can hold points and make more gross profit on the back end when you don't know exactly what your qualified for. Your scores vary and you were probably around the 640 to 650 on one of your bureau's to get tier 5 financing...Therefore we show you your lowest score and tell you " it's was a long shot but I got you done" ... Now sign your life away! Lol.

Re: ????? Hyundai Motor Finance ????? to be or not to be?

Ford725 — Sun, 28 Jun 2015 19:45:01 GMT

@javonz3 wrote:
That is exactly what they did. "Get me dones" are a finance managers best friend. The trick is, we can hold points and make more gross profit on the back end when you don't know exactly what your qualified for. Your scores vary and you were probably around the 640 to 650 on one of your bureau's to get tier 5 financing...Therefore we show you your lowest score and tell you " it's was a long shot but I got you done" ... Now sign your life away! Lol.

That's why it's important to be self educated on your finances prior to entering the shark tank, whew! Thanks for your honesty and candor. My question is when you have substantial negative equity, is it better to roll that into a lease deal or extended finance?

Re: ????? Hyundai Motor Finance ????? to be or not to be?

javonz3 — Sun, 28 Jun 2015 20:00:31 GMT

Its the "Nature of the Beast".. Always go into a dealership strapped like the Feds... The best way to purchase is go in with a Pre approval from your Credit union or Bank and mention that to them. Next thing out of there mouth will be what rate are they giving you. Then they will try to match or beat what you have.. As to your negative equity, it's best to roll it into a lease, for no longer than 36 months or less. It will become part of your "Cap cost" and you will pay on it based on the Residual value of the new car... Then after the term you are done and start with a clean slate..Get into a vehicle with a high residual and strong rebates ie. Hyundai Sonata is our sweet spot. What are you looking to lease or purchase?

Re: ????? Hyundai Motor Finance ????? to be or not to be?

Ford725 — Sun, 28 Jun 2015 21:13:42 GMT

@javonz3 wrote:
Its the "Nature of the Beast".. Always go into a dealership strapped like the Feds... The best way to purchase is go in with a Pre approval from your Credit union or Bank and mention that to them. Next thing out of there mouth will be what rate are they giving you. Then they will try to match or beat what you have.. As to your negative equity, it's best to roll it into a lease, for no longer than 36 months or less. It will become part of your "Cap cost" and you will pay on it based on the Residual value of the new car... Then after the term you are done and start with a clean slate..Get into a vehicle with a high residual and strong rebates ie. Hyundai Sonata is our sweet spot. What are you looking to lease or purchase?

You are the man!!!! Here we go:

1. Purchased a 2011 Ford Fusion 2 years ago when my credit sucked royally. The interest rate was over 18%. Refinanced this year to 6%. Didn't do my research and found out it had been in two accidents thus, the trade in value is about 2 to 3,000 less than current values. It has 70,000 miles excellent condition with Appearance Package and sunroof. I owe $16,400.

2. Looking to lease 2015 Sonata Sport 2.0T or 2015 Kia Optima SXL for up to 36 months, NO MONEY DOWN!

3. FICO08 AUTO SCORES: 725 TU, 684 EQ, 652 EX

Did I cover everything? What do you think?

Re: ????? Hyundai Motor Finance ????? to be or not to be?

dk2003 — Mon, 29 Jun 2015 01:51:48 GMT

@Ford725 wrote:
@javonz3 wrote:
Its the "Nature of the Beast".. Always go into a dealership strapped like the Feds... The best way to purchase is go in with a Pre approval from your Credit union or Bank and mention that to them. Next thing out of there mouth will be what rate are they giving you. Then they will try to match or beat what you have.. As to your negative equity, it's best to roll it into a lease, for no longer than 36 months or less. It will become part of your "Cap cost" and you will pay on it based on the Residual value of the new car... Then after the term you are done and start with a clean slate..Get into a vehicle with a high residual and strong rebates ie. Hyundai Sonata is our sweet spot. What are you looking to lease or purchase?

You are the man!!!! Here we go:

1. Purchased a 2011 Ford Fusion 2 years ago when my credit sucked royally. The interest rate was over 18%. Refinanced this year to 6%. Didn't do my research and found out it had been in two accidents thus, the trade in value is about 2 to 3,000 less than current values. It has 70,000 miles excellent condition with Appearance Package and sunroof. I owe $16,400.

2. Looking to lease 2015 Sonata Sport 2.0T or 2015 Kia Optima SXL for up to 36 months, NO MONEY DOWN!

3. FICO08 AUTO SCORES: 725 TU, 684 EQ, 652 EX

Did I cover everything? What do you think?

Eww... Those scores are nice I'm jelous! I've got one baddie to get off of mine and I should be significantly higher! I'll try PFD...

Re: ????? Hyundai Motor Finance ????? to be or not to be?

Anonymous — Mon, 29 Jun 2015 03:31:51 GMT

@javonz3 wrote:
That is exactly what they did. "Get me dones" are a finance managers best friend. The trick is, we can hold points and make more gross profit on the back end when you don't know exactly what your qualified for. Your scores vary and you were probably around the 640 to 650 on one of your bureau's to get tier 5 financing...Therefore we show you your lowest score and tell you " it's was a long shot but I got you done" ... Now sign your life away! Lol.

I didn't have my auto adjusted scores when I went in. But I did have TU and EQ scores of 636 and 634 before I went in. Since the 617 was TU I have to assume my EQ adjusted would have been lower too. I didn't have any EX scores.

I did go in with pre-approval from Cap One at 4.5%. My lease rate equates to about 5% (.00210). I was really leery about buying a first year model Sonata so I was very happy to get a reasonable (for my credit) lease of any kind.

Re: ????? Hyundai Motor Finance ????? to be or not to be?

Anonymous — Tue, 14 Jul 2015 01:48:42 GMT

@javonz3 wrote:
Hello there. I am a finance manager for a Hyundai dealership and wanted to assist you a bit. Hyundai Motor Finance will use the highest score out of the 3 (Auto Industry Fico 08). A 640 and up is needed for the month of June for you to get leased. Anything over 700 will get you leased at a tier 1. You will be fine with your scores but i do recommend you negotiate with zero down. I have tracked myfico for several months now and I am living proof that your fico purchased here will be the exact fico Hyundai Motror Fincance will see. Hope that tidbit helped...

Hi,

I just found this post and I am in need for a bit of guidance and sounds like you are the person to speak with. I was debating between leasing a Sonata or Elantra. Besides a bit more HP, a bit more cost, I couldn't understand any reason to upgrade to a Sonata. I think they are both sharp looking cars.

My credit scores as of 6/22 were EQ 668, TU 671, and EX 686. At the same time my Auto 8 scores were EQ Auto 8 688, TU Auto 8 694, and EX Auto 8 699

Since 6/22 I had a couple items removed and my regular scores have risen to EQ 682, TU 686, EX 686. I DID not pulled new Auto 8 scores. Additionally, if I wait another 2 weeks or so, my CC utilization will drop from under 30% to under 9% as I recently made a payment, but the bureaus won't be updated for a couple weeks as my statement close date is 7/19. That drop in Util rate combined with the couple items dropping off my report should provide another small boost to just around 700-701 (if myFico simulators can be trusted) which I am assuming may also boost the Auto 8 scores. As far as my credit history, I am showing my mortgage (no lates), student loans (no lates), 1 credit card (no lates). My only ding is a unpaid charge off from 6+ years ago.

I went to (2) dealerships today to start the process of getting an idea of where pricing was going to be for a 2016 Elantra Value Edition MSRP sticker is just a touch under $21k for the 6 different ones I saw today. All are +/- $100-$400 for stupid add-ons that I don't need. I informed them that my FICO should be in in the 685 now to the 700 area (if I wait a few weeks).

My DTI is about 24% this includes my mortgage and my CC payment. I guess the DTI% takes into consideration only my income and if I am responsible to pay the mortgage myself (even though my wife is on the note). I make just over $80k/year.

Dealer A came back with a buy price of $17,010 after their $1,375 discount and $2,500 in rebates and incentives off a $20,885 sticker. This was their "best price". I then mentioned lease for the first time. They came back with the following numbers:

MSRP $20,885

LEV% 59

LEV $12,304.45

Initial Cap Cost of $19,510

Bank Fee of $595

Rebates Incentives were slightly less than buy price at $1,800

Adjusted Cap of $18,305

Base Monthly Rent: $200.04

Tax $12.50 (based on 6.5% for MA)

There are 3 boxes of fees, 2 of which I can't figure out what they are as of yet....

Annual Fee $60

Total Initial Fees: $608

Amount Due at Start: $880.54

Best I can figure is that the amount due at start is the doc fee of $498, Tag+Title+Inspection of $170, and the first month payment. I can't figure out where the $608 came from (I have an email into them for an explaination).

If my excel spreadsheet is accurate and I reversed the numbers properly, it looks like the MF will be 0.00109 (2.61% APR)

I then left and went to Dealer B

I asked them for "best price" and they came back at $17,345. I told them they were way above Dealer A. They said what was my "do it today right now price" of course I didn't give them a price but they then came back at $16,500. I told them I would think it over and did not mention any terms or anything about leasing.

The dealership wouldn't really tell me whether or not they would pull a straight credit score, or the auto enhanced score. The did mention TransUnion and perhaps Experian if necessary. I don't know why they wouldn't tell me specifically which score they would start with or if the deal with auto enhanced unless they intend to play games with the finance terms.

My questions are...

1) Does the Sonata offer a better residual over the Elantra? I don't really need the Sonata but if it means saving money with a higher residual I would consider it.

2) Does a salesperson EVER know what the final, absolute rock bottom price of any vehicle is? Or is the the finance guy's job to provide it?

3) Approximately what % off the MSRP can I expect to get on average before any rebates/incentives?

4) Will I qualify for Tier 1 rates, if not, which Tier? What exactly can I expect for APR/MF for the Tiers? Or am I better off waiting a few weeks until my CC uitlization figures update and I get the base score boost as close to 700 as possible in order to get the best finance rate?

5) Can you recommend anything else to get the best deal possible?

TY very much