If you have to have the car now. The lease is by far the better deal. (It is not a great deal by any means though - if you can wait 6 months odds are high you would get a better one)
Kia Stinger Introductory Lease Deal
- Thread starter Larry Denen
- Start date
Mhol
Member
I can wait. It will be a few months.
IMO = In My Opinion
Kia Stinger
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I've never run into the issue myself but somewhere around here we had a conversation about this and the conclusion was you would NOT pay any penalty for miles over the limit if you purchase the car at the end of the lease. Welcome to the community! Thank you for signing up...
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So a dealership a couple hours away is saying that they'll be able to order the Stinger I want (White/Red) in the GT1 AWD and said that the lease deal is the better option due to $5,300 lease cash and I can buy out the lease after 3 weeks (never heard of this before).
I was told that the lease has estimated fees built in such as:
$650 - Aquisition Fee
$500 - License Fee
$98.50 - Document Fee
$25 - Title
$10 - Lien Fee
$1057 - Taxes
They also said some interest will be involved.. Anyone who has experience with leases are these fees normal and have you heard of being able to buy the lease out without like massive fees? Are these fees negotiable? I was told that when I buy out the lease I will have to pay taxes on the buyout amount which sounds normal, but I find it weird I would have to pay the original $1057 in taxes as part of the leasing fee.
Also from my understanding the Destination Fee is many times pure profit for the dealer any experience with getting this waived? The Destination Fee sounds a lot like the Aquisation Fee covered in the leasing fee..
I was told that the lease has estimated fees built in such as:
$650 - Aquisition Fee
$500 - License Fee
$98.50 - Document Fee
$25 - Title
$10 - Lien Fee
$1057 - Taxes
They also said some interest will be involved.. Anyone who has experience with leases are these fees normal and have you heard of being able to buy the lease out without like massive fees? Are these fees negotiable? I was told that when I buy out the lease I will have to pay taxes on the buyout amount which sounds normal, but I find it weird I would have to pay the original $1057 in taxes as part of the leasing fee.
Also from my understanding the Destination Fee is many times pure profit for the dealer any experience with getting this waived? The Destination Fee sounds a lot like the Aquisation Fee covered in the leasing fee..
What state are you in? Some states make you pay taxes on the full amount of the car when you lease it. Most don't. Based on your numbers listed I would assume that 1000 is only the sales tax on the lease amount.
Destination fee is usually non negotiable.
Taxes title and license fee are all set by your state or city you live in. Non negotiable.
Acquisition fee is BS
Document fee is BS
Lien fee sounds like BS
You can buy out a lease whenever you want. 3 weeks or 3 months or whenever. People trade in leased cars all the time before the lease is up. This is basically buying out the lease. You will have to pay whatever you still owe on the lease + a disposition fee. (I believe this is 400 for the stinger) you will have to pay finance charges for the leased amount. You should also check with your bank you plan to get the note from. Most banks charge more for used car loans then new. I'm not sure if they would see that as a new car or used car. Also check with them to see if they will even loan you that amount. A new car drops in value like a stone when you drive it off the lot. If your 40k car is only worth 32k because it is "used" will they give you a loan for that full 40k amount?
I live in Iowa and the $1000 for taxes doesn't sound bad, but when you take into account you plan on buying it out after 3 weeks (the soonest they allow it) then have to pay sales tax on the buy out amount it doesn't sound like that good of a deal in terms of what you're paying overall for taxes.
Taxes, titling, and licensing would have to be paid again once you actually purchase it, right? I've only bought used cars before and have never leased so I'm used to going to the treasurer's office and paying the sales tax, titling, and registration myself. I've talked to my credit union and they're willing to approve me for the loan so I'm all good on that front I just really want to get the best deal possible since I'm going to be spending a lot on this car and it's going to immediately start depreciating by a ton.
Any fees/costs I can cut out or other deals I can get would definitely be great.
You will not have to pay to retitle the car or to relicense it. Those will still be good. The 1000 pays the sales tax on the leased amount. When you pay sales tax when you buy it you should only have to pay tax on the residual not the buyout. They won't tax you twice. So you should end up paying the same tax doing it this way as you would if you bought it outright. Most states tax the monthly lease amount. So they tell you taxes are 1000 bucks for 36 months. They then break that amount in to 36 payments and add it to the lease amount. This is how Utah works I know. I moved to MN half way through my lease every month Kia would refund me the 21 because MN is one of the crappy states where they tax the entire lease amount. So if this is the case in your state, and I bet it is, you will have to pay the first months lease. That month 20 bucks or whatever if your payment will be for taxes. When you buyout the lease the buyout amount will not include the rest of that 1000 they told you the taxes would be. At that point, you have paid 20 in taxes and will owe whatever 6% of the total of the car was - the 20 you paid for your first payment. Make sense? Either way you won't have to pay taxes twice...
Why would someone buy out the lease? Are people really willing to take a big loss because they don't like the car any more? Or maybe they just don't want to go over the mileage?
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From interior to exterior to high performance - everything you need for your Stinger awaits you...
All kinds of reasons, like you've mentioned. It's not always a big loss though. Just have to look at the numbers on your individual lease.
Kia Stinger
5000 Posts Club!
Absolutely.
Florida only taxes the monthly lease amount. If the monthly amount before taxes is 600 you would pay 636. (36 is 6 percent of 600) in some ways this is a screenshot as you are paying taxes on finance charges which you don't do on a loan, but they certainly can't tax you the full amount.
From interior to exterior to high performance - everything you need for your Stinger awaits you...
I know this and you know this, but Ali Peterson from Sunshine Kia does not!! LOL!! Check out what he wrote to me...
He still has the tax % wrong. LOL!!
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I just hope this cars lease program wont be similar to the g80 sport where the lease payments will never go down. at least the stinger has some good incentives, in a couple of months I think you could get the gt2 awd for around 500 and under 500 as an employee. you just need to go a little under invoice which is pretty common for most cars. 6800 lease cash plus under invoice sale price=sub500 payment
The lease numbers im getting for the G80 Sport is ridiculous!! lol $678 a month Residual 54% MF .00059 36/10K $2500 rebate. So about $52K
im just now finding out that my lease was not to great actually. 2k due at signing and 630 a month. there was a guy on leasehackr whowas offered 550 and didnt take it. but if your looking for it under 600 is possible with a 51k sale price. mine was 53k btw
From interior to exterior to high performance - everything you need for your Stinger awaits you...
