Kia Stinger Introductory Lease Deal

[Gilgamesh]

How do you have a deposit down on a configuration that according to the Kia website doesn't exist? You're in the US, correct? I'm just curious cause it would be cool if we could custom order stuff.

The dealership I'm working with said they're able to configure that model with those exterior/interior colors with their ordering system and the person who they go through that allocates the Stingers in their district accepted the order.

It's definitely still a matter of waiting to see if they actually make the car I want/ordered, but like I've been saying the entire time I see no reason as to why it wouldn't be able to work this way to begin with.

 

[Jayce]

The dealership I'm working with said they're able to configure that model with those exterior/interior colors with their ordering system and the person who they go through that allocates the Stingers in their district accepted the order.

It's definitely still a matter of waiting to see if they actually make the car I want/ordered, but like I've been saying the entire time I see no reason as to why it wouldn't be able to work this way to begin with.

Interesting. I'll have to follow your results to see what's possible. You are definitely right though about it should be able to work that way.

 

[Shivir]

Was at the dealer today and got a quote for a GT2 AWD.
MSRP: 52720
Discount: 4500
Lease Cash: 7200
Trade Equity: 3650
Taxable Fees: 675
Doc Fees: 176
Tax: 1823
Non Tax Fees: 196
For 36/12K with .00198 mft and 51% residual they are asking $600 first payment and $510 for the remaining.

This would be my first venture into leasing, so want to see what others thought of this.

 

[Armen212]

Was at the dealer today and got a quote for a GT2 AWD.
MSRP: 52720
Discount: 4500
Lease Cash: 7200
Trade Equity: 3650
Taxable Fees: 675
Doc Fees: 176
Tax: 18723
Non Tax Fees: 196
For 36/12K with .00198 mft and 51% residual they are asking $600 first payment and $510 for the remaining.

This would be my first venture into leasing, so want to see what others thought of this.

just from a pure numbers perspective its horrible. but we have to keep in mind that this is a new car but on the otherhand with the numbers youve given thats equal to around 480 a month with 2k due at signing.

 

[midlife crazy]

Was at the dealer today and got a quote for a GT2 AWD.
MSRP: 52720
Discount: 4500
Lease Cash: 7200
Trade Equity: 3650
Taxable Fees: 675
Doc Fees: 176
Tax: 18723
Non Tax Fees: 196
For 36/12K with .00198 mft and 51% residual they are asking $600 first payment and $510 for the remaining.

This would be my first venture into leasing, so want to see what others thought of this.

Sounds like a good deal. I have a lease at15k miles/yr. $549/ month for 4 yrs. I traded and got $8k for 2011 Optima Turbo.

 

[BarryLI]

Sounds like a good deal. I have a lease at15k miles/yr. $549/ month for 4 yrs. I traded and got $8k for 2011 Optima Turbo.

$649 x 36 for me.

 

[MarkyMark]

Was at the dealer today and got a quote for a GT2 AWD.
MSRP: 52720
Discount: 4500
Lease Cash: 7200
Trade Equity: 3650
Taxable Fees: 675
Doc Fees: 176
Tax: 18723
Non Tax Fees: 196
For 36/12K with .00198 mft and 51% residual they are asking $600 first payment and $510 for the remaining.

This would be my first venture into leasing, so want to see what others thought of this.

– 51% of MSRP leave you a residual of $26,887.
– 36mo x $510 + $600 = $18,690.
– Total of the two: $45,847

Now, if that is accurate, that's about as good as a lease will ever get. There is usually a fee/s when you turn in the car, so read the details. And if there are scratches, any issues with the car, you'll pay to fix all of that at the end of the lease, and the Lessor will decide how much that costs.

Looks like if you purchased it outright it would be: $48,220 - if the dealer gave that $4500 off sticker if you purchased.

Did you:
– Negotiate the Money Factor (the lease interest rate of .00198, etc?) Do you know that that rate is?
– Did you negotiate the Residual cost of the car to 51%? The Lease chart shows 52% and a .00199 rate.

I've run the numbers for the GT, which only provides $4,800 Lease Cash and it doesn't pencil. Cheaper to purchase. But you've got something good going here if there isn't something being missed, then personally, I'd do a same day lease/purchase of the car.

 

[Shivir]

– 51% of MSRP leave you a residual of $26,887.
– 36mo x $510 + $600 = $18,690.
– Total of the two: $45,847

Now, if that is accurate, that's about as good as a lease will ever get. There is usually a fee/s when you turn in the car, so read the details. And if there are scratches, any issues with the car, you'll pay to fix all of that at the end of the lease, and the Lessor will decide how much that costs.

Looks like if you purchased it outright it would be: $48,220 - if the dealer gave that $4500 off sticker if you purchased.

Did you:
– Negotiate the Money Factor (the lease interest rate of .00198, etc?) Do you know that that rate is?
– Did you negotiate the Residual cost of the car to 51%? The Lease chart shows 52% and a .00199 rate.

I've run the numbers for the GT, which only provides $4,800 Lease Cash and it doesn't pencil. Cheaper to purchase. But you've got something good going here if there isn't something being missed, then personally, I'd do a same day lease/purchase of the car.

No negotiating on the mft or residual. Both those match up to the Kia financial pdf floating around.
https://uploads.tapatalk-cdn.com/files-2531/01201820KMF20Stinger2028129.pdf

I've read just a little about same day lease/purchase. I inquired when I was at the dealer and the sales person was shocked at why anyone would want to do that. My understanding is that if I went that route I would have to finance it myself, and forego the current Kia 0.9%. Is that assumption correct? A quick check at rates only are showing 2.9% for 60 months, not great/not horrible.

Thanks for reply and any additional advice is greatly appreciated.

 

[CtK]

Was at the dealer today and got a quote for a GT2 AWD.
MSRP: 52720
Discount: 4500
Lease Cash: 7200
Trade Equity: 3650
Taxable Fees: 675
Doc Fees: 176
Tax: 18723
Non Tax Fees: 196
For 36/12K with .00198 mft and 51% residual they are asking $600 first payment and $510 for the remaining.

This would be my first venture into leasing, so want to see what others thought of this.

So they are giving you a discount of $4500, Lease Cash $7200, and $3650 for your trade in?? Thats $15350 off of $52720 = $37370?? Am I missing something?? It should not be that much to lease a $37K car.

What is Tax: 18723??

 

[Shivir]

So they are giving you a discount of $4500, Lease Cash $7200, and $3650 for your trade in?? Thats $15350 off of $52720 = $37370?? Am I missing something?? It should not be that much to lease a $37K car.

What is Tax: 18723??

That was a typo on my part. I have updated my original post to the correct amount of $1823.

 

[A Member Who Left]

Hi All,

Newbie here. Just picked-up a silky silver base 2 days ago, leased for 36 months at $336 per month with $4000 down and 12,000 miles per year. This INCLUDED trading-in my Sonata where I was upside down on equity.........owed $16,300, they "gave" me $14,600. I'll take the 336 per month. Hopefully it will prove reliable enough to buy it out at lease end.

David

 

[Shivir]

That was a typo on my part. I have updated my original post to the correct amount of $1823.

Thank you to everyone for the feedback. I knew something didn’t look right. I used a few more online calculators and even ran the math out myself and came back with numbers in the $475-480 range with rolling all the fees in and only the first payment at signing.

 

[jconnlefty]

Was at the dealer today and got a quote for a GT2 AWD.
MSRP: 52720
Discount: 4500
Lease Cash: 7200
Trade Equity: 3650
Taxable Fees: 675
Doc Fees: 176
Tax: 1823
Non Tax Fees: 196
For 36/12K with .00198 mft and 51% residual they are asking $600 first payment and $510 for the remaining.

This would be my first venture into leasing, so want to see what others thought of this.

where can i get a deal like this???

 

[MarkyMark]

No negotiating on the mft or residual. Both those match up to the Kia financial pdf floating around.
https://uploads.tapatalk-cdn.com/files-2531/01201820KMF20Stinger2028129.pdf

I've read just a little about same day lease/purchase. I inquired when I was at the dealer and the sales person was shocked at why anyone would want to do that. My understanding is that if I went that route I would have to finance it myself, and forego the current Kia 0.9%. Is that assumption correct? A quick check at rates only are showing 2.9% for 60 months, not great/not horrible.

Thanks for reply and any additional advice is greatly appreciated.

That IS correct, because you are no longer buying a new car. It' been rented. Thus, it is a used car. Same physical day, but sorry, it's used, even if by 1 minute, it's been rented, and now being purchased. You should be able to get about 3% out there for a used car loan with good credit. Thus, the residual should be factored with that rate.

NOTE: The financial lease and rate sheet is a fantastic cheat-sheet! But I believe the dealer has the "Reserve" of .00040 to use if they need to lower the Money Factor rate with. If they don't need to lower the .00196 (etc...) then that .00040 is the dealers profit area (or one of them). So they won't likely want to mess with the money factor, but they could if pushed a bit and are willing to dicker in that space.

 

[CtK]

That was a typo on my part. I have updated my original post to the correct amount of $1823.

Oh OK, they usually charge you tax on the monthly payments on lease deals. What is your sales tax??

 

[Jayce]

That IS correct, because you are no longer buying a new car. It' been rented. Thus, it is a used car. Same physical day, but sorry, it's used, even if by 1 minute, it's been rented, and now being purchased. You should be able to get about 3% out there for a used car loan with good credit. Thus, the residual should be factored with that rate.

NOTE: The financial lease and rate sheet is a fantastic cheat-sheet! But I believe the dealer has the "Reserve" of .00040 to use if they need to lower the Money Factor rate with. If they don't need to lower the .00196 (etc...) then that .00040 is the dealers profit area (or one of them). So they won't likely want to mess with the money factor, but they could if pushed a bit and are willing to dicker in that space.

From what I've read, it is the opposite. The .00196 etc is the best rate and the reserve is how high they're allowed to mark it up. So it's not going to get any better than what's on that chart.

 

[Ryan Autry]

Was at the dealer today and got a quote for a GT2 AWD.
MSRP: 52720
Discount: 4500
Lease Cash: 7200
Trade Equity: 3650
Taxable Fees: 675
Doc Fees: 176
Tax: 1823
Non Tax Fees: 196
For 36/12K with .00198 mft and 51% residual they are asking $600 first payment and $510 for the remaining.

This would be my first venture into leasing, so want to see what others thought of this.

GT2 AWD for $48,220, not bad.

What dealer and who was your salesman?

 

[MarkyMark]

where can i get a deal like this???

Ah Trade Equity. That's where the missing savings came from. I was racking my brain trying to figure out the

From what I've read, it is the opposite. The .00196 etc is the best rate and the reserve is how high they're allowed to mark it up. So it's not going to get any better than what's on that chart.

Interesting, you may be right. I asked a dealer tonight (email) their is their best Money Factor they can offer, and their best Residual rate, so we'll see...

 

[Jayce]

Interesting, you may be right. I asked a dealer tonight (email) their is their best Money Factor they can offer, and their best Residual rate, so we'll see...

Sounds good. Yeah, I've been following leases for a while now and it seems they markup the manufacturers rate when they want to make some extra profit. However, the MF on this car is so high right now that they just might not be marking it up most of the time. I'll be happy when the rate drops.

 

[ralzod]

It' been rented. Thus, it is a used car. Same physical day, but sorry, it's used, even if by 1 minute, it's been rented, and now being purchased.You should be able to get about 3% out there for a used car loan with good credit.

Loan requirements probably vary by bank. I've been using Navy Federal as my baseline, and they have the following qualifying tiers for loan types. My interpretation is that a lease buy-out loan prior to the 7500 mile mark would qualify for the new car rates.

New Vehicle

Year models 2017, 2018 and 2019 with 7,499 miles or less​

Late Model Used Vehicle

Year models 2017, 2018 and 2019 with 7,500-30,000 miles​

Used Vehicle

2016 and older model year or any model year with over 30,000 miles.​

​