2020 GT2 AWD - Advice Needed

[playmaker023]

@Fahadddddy thanks! I'm heading down now I'll update what happens in a few hours. I'm stopping by a carmax on the way just to have extra ammo for my trade in value.

 

[playmaker023]

Ok so the TLDR version is I am a stinger owner now, and I don’t know who won me or the dealership. I have a lot of patience as I was handed off as soon as I walked in on time to my appointment. I bought the car because I wanted it but I was really close to just leaving the store altogether. I don’t know why they put the MSRP so high when I told them our agreed number was much lower. They didn’t let me see any numbers at all and were upset that I wanted to register my car out of state by myself because I’m active military, and that I showed up and didn’t want to test drive it right away. I spent almost 4 hours at the dealership and missed dinner. I asked several times what the number would be to buyout of the lease and the finance manager got mad and said I couldn’t then I busted out the forum knowledge and he walked out to talk to his boss. I paid 0 dollars because they covered it for me with some rebate stuff. They didn’t really tell me anything about the rebates only that I got some.

 

[playmaker023]

I think to answer my own question .. I lost lol

 

[STINGDADDY]

I think to answer my own question .. I lost lol

Return it and say you can't make sense if the numbers
Don't lose 10k just because

 

[Lonz]

As far as I can tell, you paid $46,857 for the Stinger. I arrived at this number by subtracting line "N" from line "L" under section "Maximum Advance Calculation," since we should not include sales tax. Looks like they gave you $5,188 for your trade-in, bringing your Adjusted Capital Cost down to $42,667 (this is your lease buy-out number).

Also, the MSRP is so high b/c they probably had some stupid dealer add-ons on there for a total cost of $1,557 ($55,712 - $54,155). Just guessing... Not sure... Whenever I negotiate a deal, I always say right up-front, "No dealer add-ons! I cannot get those back on resale!"

Bottom line, hate to say it, but this was not a good deal . If you have the possibility of unwinding the deal, you should. Sorry to be so direct .

 

[playmaker023]

@Lonz I live 2 hours away from the dealership I read everything last night about how there’s no law saying I can get out of the contract. I got the car at like 54 miles now I have almost 120 something then to get back down there is going to be almost 200.

 

[playmaker023]

So I learned in Washington the price is the price and all negotiations are "price after rebate, like costco". When we negotiated a deal I was assuming that that would go in the 7A line of agreed upon price. I really love the car though I just feel a little mislead on the way the financial part went down, as they were rushing me and pressuring me to get a deal done. I had no intention on buying the car unless I got the sale price before rebates down to the 46 range on line and then the lease rebates as discussed. There is nothing I can do about reworking the deal as there is no grace period in the state of Washington on cars. My thing is now is it worth it just to stick with the lease or do I still do the buyout?

 

[Phly23]

Hey, I saw you were able to get the lease buyout from Kia Woodbridge? I am also looking there because I have had no luck with other dealerships near me. Are you able to provide me the name of the sales manager? I want to avoid all of the BS as I am so tired of dealing with these sales associates. I am looking at a GT1 that has an Eprice of $40,467. If I add the lease incentive for $8,200 then should come out to $32,267 to *excluding taxes and fees correct? I appreciate any help you can provide me!

Edit:
Woodbridge is saying they don't lease out of state....

 

[Blingen]

I am sure people have done better and people have done worse(paid sticker). Keep the lease or buyout depends on what your end goal is. Keep it for a couple years, turn it in and start fresh, or buyout and keep it for however long you want.

 

[Jay B.]

@Phly23 The Woodbridge eprice includes all the rebates. No easy win there. You will still have to negotiate down to a fair price. They seem to be giving about 8% off MSRP to those who do negotiate in person.

 

[MTStinger]

I think to answer my own question .. I lost lol

You paid over sticker for your Stinger. You only got the $9700 rebate from Kia. They marked it up to $55,712(Must have had accessories of something). The dealership didn't discount the car. Keep in mind that the Costco program is just another lead source for the dealership. They just want you sitting in the dealership after a wonderful test drive and you fall in love with the car. You put $6000 down, too. If you were just going to do the lease buyout then put $0 down or just your 1st months payment. Reduce the amount you were going to finance with your new lender.

They got you with those Stinger sparkles.

 

[playmaker023]

The 6000 down was a trade in which they said would be rebated and used as a tax incentive in the state of washington. I was misinformed from everything they said they went back and forth and rushed me at the end. I knew I wanted a stinger I didn’t even want to test drive it I’ve been calling corporate about them for about a week now. They didn’t even give me a costco rebate at all. It was not a pleasant experience.

 

[MTStinger]

Call Costco directly and complain. If the dealership doesn’t follow through they can lose the Costco program. They will want to know the date you bought it and they can look up the lead.

 

[playmaker023]

everything about this deal stinks but I love the car

 

[MDStinger87]

The 6000 down was a trade in which they said would be rebated and used as a tax incentive in the state of washington. I was misinformed from everything they said they went back and forth and rushed me at the end. I knew I wanted a stinger I didn’t even want to test drive it I’ve been calling corporate about them for about a week now. They didn’t even give me a costco rebate at all. It was not a pleasant experience.

Back in 2010 I purchased a Hyundai Tuscon and was mislead. I received an online quote that was guaranteed and when I went in person, they gave me a completely different price. When I brought this up to them, they started talking in circles and mentioning how it was actually the price they quoted me, but it just wasn't reflected on the lines I thought it should be, etc... but assured me the numbers did match up.

Fast forward a few hours, I'm sitting at my house with a new car and going over the paper work and now that I'm not pressured and can finally do the math without someone trying to explain it to me, I find that they completely lied. I made multiple attempts to get the dealership to address the issues and they refused to, so I went to Hyundai Corporate and complained. I probably went back and forth with them for a few weeks and had to show all kinds of e-mail evidence of the online exchanges I had regarding the price vs. what they had me sign and in the end, the dealership, Corporate and myself agreed to meet in the middle and they refunded me ~$1200.00

I chalked this up to being young and naive and assuming that dealerships would be honest. I no longer let myself feel out of control when going to dealerships and handle most of the negotiating online and if I do go and they start their tricks, I've walked out on them without hesitation. I'd keep hitting up Corporate if I was you, but I'd also expect them to come back saying you signed a contract. Hopefully you will get lucky and can work something out like I was able to. Good luck.

 

[MerlintheMad]

everything about this deal stinks but I love the car

So, did you decide to stick with the lease? The buyout only works if you get a super lower interest rate on the loan to do the buyout, or you have cash to do the buyout.

 

[playmaker023]

I still haven’t heard anything from kia regarding the lease I was just about to ask in my situation does it make sense to buy it out even with what happened? I’d get a super low interest rate and pay it off in a year or 2. It was never about the money more of the principal.

 

[MerlintheMad]

I still haven’t heard anything from kia regarding the lease

Kia doesn't communicate any info other than the posted buyout figure on your online Kia account. There is a buyout amount that changes with each month as you are paying off the lease.

Any dealership which tells a customer "we don't do buyouts here" is lying, in so many words. Because the dealer does not process the buyout; Kia does, through Hyundai the parent company. I made my buyout cheque to "HCA Exchange, Inc." The dealer doesn't even know when you do this.

As for what's best: as already suggested, if you want to get something else soon enough, then just stick with the lease and turn the car in. Otherwise, like me, plan on keeping the car for a bunch of years and do the buyout to avoid the lease rent; the buyout saved me well over $5K I would have paid over the remaining 33 months of the lease.

Your "deal" wasn't fair. But it also wasn't an egregious ripoff. They gamed their system to maximize their profit, but they do this as part of the business. I don't think that you got taken. You "gave" them a bit more is all. And, you have a car that you enjoy.

My philosophy about "killer deals" is that word "killer" is not a euphemism: it literally happens: good feelings are killed when one party gets the better of the other. You won't go back to a dealership that you got a killer deal from, when the way to it was acrimonious and adversarial. And the same applies the other way: you won't return to that dealership to buy another ride. They know it, too, which is the really stupid aspect of this: for each "killer deal" that they make (or make a customer feel that they got out of them) they create a walking negative campaign agent, who will, at any opportunity, say: "Don't go to them! They are shysters!" So, for each car they sell using those tactics they lose X-number of potential sales going forward. It's no mystery why so many car sales places go out of business. They burn their own bridges.

So, when I went in to buy this car (my only brand new car, so far), I engaged in negotiations based only on what I was willing to pay: which was what they were asking for what I wanted. I got the options I wanted and avoided the options I didn't want, i.e. I got the kind of trim that gave me what I was looking for.

And the dealer announced up front that they were giving a c. 6.5% dealer discount before anything else got discussed. I thought, okay, that's cool but I didn't come here looking for any discounts.

We had offered to pay cash up front, and what would they further discount for doing that? Our surprise was that they were not interested in cash up front; they wanted to lease. The cash discount would only add another $500 to their dealer discount. The (then) lease rebate was $5,900 on a GT1, so leasing seemed a no-brainer.

At three months in, after reading about the buyout on this forum, and seeing what we'd save on lease rent: and seeing also that a yearly mileage limit of even 15K miles wasn't going to cut it; and I was so pleased with the car as-is that I no longer cared what might come out in 2021, I decided to do the buyout and keep the car indefinitely. And, here we are.

The bottom line is: pay what you are willing to pay and enjoy the car that you wanted and will always enjoy: no amount of revealed future trims and features will detract from your car: if it satisfies now because of what it is, why would that go away later? I don't see it happening. I paid a fair price, without haggling, which made me happy and the dealer happy. My "honeymoon" relationship with their service department continues, 28 months old.

 

[Jertom08]

The deal I got was via the 24-month lease rebate, and then immediate buy-out. There is an interest rate as part of the lease (called the money factor in lease jargon). Not sure what the rate is for my deal. It's probably at least 3%-5%, but I don't really care what it is, since I'll be buying out the lease in the next 2 weeks (as soon as I get my paperwork from Kia Finance). I could go to a bank and get a loan for the buy-out, but luckily, I have the cash to buy it out now, so no need for a loan. I'm not a very big fan of loans. I hate owing people money. But that's just me .

Bottom line, the only way you'll get to the $39k mark is via the lease buy-out trick that I'm doing (and have already done last October).

Hope this helps!

Do you mind sharing the breakdown of your deal if you don't mind?

 

[Lonz]

Do you mind sharing the breakdown of your deal if you don't mind?

Sure, please see attached pics. I was able to complete my buy-out in under 30 days. Just waiting on the title and lien release now. Should arrive any day now.