Lease then Buyout - Contract Explanation

[rci3044]

Market? Are you asking where I bought it?

 

[andyecon]

Market? Are you asking where I bought it?

Yes, sorry, what state (and if you'd like to provide the dealer, maybe somebody else can get a deal!)

 

[rci3044]

No, it's cool. I got my Stinger from a dealer in Salt Lake City. It was the only 2021 GT2 in Utah as far as I know. I found some in Colorado. The dealer in Littleton made a deal that matched mine from Seiner Kia. There was also one at Billion Kia in Missoula Montana that was at about the same deal. There is also a fully loaded red GT2 in Colorado Springs but I didn't want red or the remote start. It did have puddle lights...I will probably install those soon!

 

[MerlintheMad]

No, it's cool. I got my Stinger from a dealer in Salt Lake City. It was the only 2021 GT2 in Utah as far as I know. I found some in Colorado. The dealer in Littleton made a deal that matched mine from Seiner Kia. There was also one at Billion Kia in Missoula Montana that was at about the same deal. There is also a fully loaded red GT2 in Colorado Springs but I didn't want red or the remote start. It did have puddle lights...I will probably install those soon!

Oh, cool, another Utah Stinger! You guys are popping up more lately. Where are you "based"?

 

[rci3044]

I am up in Bothwell

 

[Izzmit]

Been lurking here since the stinger first got announced...about ready to pull the trigger. I think.
A bit skittish on this, because its a 6hr drive away.
Car sticker: $37,815
The price we agreed upon, 10% off sticker. So, the car should be $34,035. (looks like they have that price as $34,385. Sigh)


So that leaves me with a line item [11.L] at 36,670.
Is this the final price of my car?

Then, i want to do the lease, and a buyout in the near future.
Line item [6.B.2] calls out the 5500. But that 5500 will be taken off of the price the 36,670, moving the cost down to $31,170
Then the $2,000 down expected [6.B.3] would take the total buyout to be bringing my total buyout to $29,170?

I am in Utah, this car is coming from Colorado. It looks like tax is paid on the payments, and no tax on the initial lease. But, I see tax of $511 [11.B]. Can you explain what that one is?



View attachment 57177

Got the Key Replacement taken off, and they gave me a better than expected trade in on my old Mazda 3.
So, after years of lurking here, I finally own one! It is such a huge upgrade from my last car, i cant really compare the two. But no regrets, even on the engine size. Its just so much faster than my last car. Perhaps i'lll get used to it someday, but for now i actually WANT to drive, instead of just being a point a -> b person.

I expect to get the buyout going shortly, but my trade in title is being transferred to UT, and so that is slowing things up. Also, its been a week and I still cant register on Kia's site. Sigh.

I'm picking this apart bit by bit.
Theres the "worry free maintenance" for $119 and the "Key Replacement" for $399. Theres $500 in bs right there.

Which dealership are you getting it from? I have a great connection in northern colorado.

Thanks again for the help and suggestion. I decided not to bother your person -- i just really had to have that gray color, and they only had GTs in stock, none of the base models.

I am up in Bothwell

Layton. Lots of Utah activity this month!
I wound up driving to Red Rock Kia in Grand Junction to get my car. They were helpful via email and we were able to work everything out ahead of time. Drive 5 hrs, spend 30 minutes @ dealership, drive 5hrs back home.

I was told by their finance person (from Ogden) that I dont need to go into a dealership to buy out, but it would "be easier". I will still probably do the buyout on my own.

 

[MerlintheMad]

Layton. Lots of Utah activity this month!

I'll say! And even more because I ask more than once where you're from (looking at you, @rci3044 ). My oldest son works at Hill (he's a chaplain) and lives in Sunset, so, you're neighbors.

I was told by their finance person (from Ogden) that I dont need to go into a dealership to buy out, but it would "be easier". I will still probably do the buyout on my own.

I don't know what could have been easier than one phone call and writing out a cheque along with the odometer statement. On your own should be a snap.

 

[rci3044]

I just completed my lease buyout and am set up with a traditional car loan. I took the buyout amount form from Kia Finance and their odometer statement and gave it to my bank who took care of the rest. Right now, I am waiting for my license plates, but I don't think it's time to worry about that. I am expecting to receive them sometime next week.

 

[captainstevo]

I just completed my lease buyout and am set up with a traditional car loan. I took the buyout amount form from Kia Finance and their odometer statement and gave it to my bank who took care of the rest. Right now, I am waiting for my license plates, but I don't think it's time to worry about that. I am expecting to receive them sometime next week.

The lease cash is on the lower side right now isn't it? I was seeing 6700 on a GT2 AWD. I guess it could still be worth it if your state doesn't double tax.

 

[rci3044]

Yeah, you're correct. The lease cash isn't what it once was, but it still turned out being a good deal for me.

 

[LLAS]

Hello all,

Signed up to pose this question. I live in NJ these days and I'm in the market for a Stinger GT. There are still some 2021's floating around, and I've seen a GT1 as low as $40k. I've sacrificed a long time for my kids (still driving my 2007 Charger RT) and I'm ready to splash and my budget is around $45k. I'm not the most fiscally intuitive person, so talk of the lease buyout strategy really gets my head spinning. I'm totally happy negotiating and grabbing a GT1 in the $40k range, but if anyone is kind enough to break down the whole strategy of lease buyouts (I actually have no idea of how it works) maybe it would still be feasible to get into a GT2. I know this is a big ask but I wanna really be armed with all the info before I begin negotiations. This would be my first true car negotiation and I'd love to get it right.

 

[andyecon]

Hello all,

Signed up to pose this question. I live in NJ these days and I'm in the market for a Stinger GT. There are still some 2021's floating around, and I've seen a GT1 as low as $40k. I've sacrificed a long time for my kids (still driving my 2007 Charger RT) and I'm ready to splash and my budget is around $45k. I'm not the most fiscally intuitive person, so talk of the lease buyout strategy really gets my head spinning. I'm totally happy negotiating and grabbing a GT1 in the $40k range, but if anyone is kind enough to break down the whole strategy of lease buyouts (I actually have no idea of how it works) maybe it would still be feasible to get into a GT2. I know this is a big ask but I wanna really be armed with all the info before I begin negotiations. This would be my first true car negotiation and I'd love to get it right.

It is hard to find sales prices from the last few weeks, but at the end of March I was able to get 8.5% dealer discount on a 2021 GT2. I’m guessing that is near the upper end of discounts in this crazy market... then you get the incentives/allowances from Kia on top.

 

[rci3044]

There is a strong possibility you could get a GT2 for around 40K. I bought a GT2 last month and got it financed for 40,350 after the lease buyout. I don't remember the exact numbers here, but I got about 10% off the MSRP (which the dealer claimed was several hundred below their invoice) and then did the 24 month lease to get the maximum rebate for leasing. So, between the lease rebate and the markdown from MSRP, I got a GT2 for about $14000 off!

There's a good YouTube video going into the details of the lease buyout. I would add to that by saying you must be shopping and comparing prices between several dealers. Now is a great time to get a 2021 Stinger because the 2022's are available and dealers seem to be more willing to get rid of their old inventory. Once the dealerships figured out I was looking at other dealerships, they started trying to give me a better deal and it was rather easy to get the MSRP knocked down by a few thousand dollars. I hope this helps. The GT2 is an amazing car.

 

[rci3044]

There is a strong possibility you could get a GT2 for around 40K. I bought a GT2 last month and got it financed for 40,350 after the lease buyout. I don't remember the exact numbers here, but I got about 10% off the MSRP (which the dealer claimed was several hundred below their invoice) and then did the 24 month lease to get the maximum rebate for leasing. So, between the lease rebate and the markdown from MSRP, I got a GT2 for about $14000 off!

There's a good YouTube video going into the details of the lease buyout. I would add to that by saying you must be shopping and comparing prices between several dealers. Now is a great time to get a 2021 Stinger because the 2022's are available and dealers seem to be more willing to get rid of their old inventory. Once the dealerships figured out I was looking at other dealerships, they started trying to give me a better deal and it was rather easy to get the MSRP knocked down by a few thousand dollars. I hope this helps. The GT2 is an amazing car.

Sorry, I caught a typo. My total savings was more around 12000 off, not 14000.

 

[LLAS]

Hey Thanks for all the info. Def checked out the video and found some other resources in the process. This is definitely getting my process kickstarted, I'll try and post updates if things go well

 

[rci3044]

For me, the hardest part was getting the discount off MSRP. That took some negotiating. The rest was easy. Getting the info from Edmunds was easy. The dealer had no trouble sharing all the lease details like the residual. It was also easy getting all the add ons to the car removed. Originally, they had almost $2K in stuff added on. The only thing left for me is waiting on the state to process my registration so I can get my plates. But that is likely due to the fact that it started with Kia Finance as the lien holder, but that changed when I had my bank finance the car and now they are the lienholder. I'm glad my temporary tag on my window still has 3 weeks before it expires!

 

[andyecon]

For me, the hardest part was getting the discount off MSRP. That took some negotiating. The rest was easy. Getting the info from Edmunds was easy. The dealer had no trouble sharing all the lease details like the residual. It was also easy getting all the add ons to the car removed. Originally, they had almost $2K in stuff added on. The only thing left for me is waiting on the state to process my registration so I can get my plates. But that is likely due to the fact that it started with Kia Finance as the lien holder, but that changed when I had my bank finance the car and now they are the lienholder. I'm glad my temporary tag on my window still has 3 weeks before it expires!

It is crazy how quickly a dealer will go from 0% discount with adds to a big discount and no adds when you bring them a competing offer.

 

[rci3044]

I hear ya! I walked out of the first dealer because they wouldn't budge on the sticker price. They ended up being the one I bought my GT2 from because they beat the other places AFTER showing what they were offering.

 

[OiMateWTH]

Sorry, I caught a typo. My total savings was more around 12000 off, not 14000.

How much you think a new 2021 AWD GT1 would cost by doing that trick?

 

[andyecon]

How much you think a new 2021 AWD GT1 would cost by doing that trick?

Take 0.9*MSRP, subtract lease cash (check Edmunds or Autobytel), add acq fee and any misc.