Is this too good to be true?

[GenesisG70]

A dealer in Florida is giving me the following for a 2019 GT2:

MSRP:$51,815
Discount $10,000 discount
After discounts and addition of taxes and fees it will be 44,000 out the door of the dealer.
They say I have to pay 3 monthly payments then I can pay off the car totally which I will definitely do.

Can you guys help me with these:

1.Those 3 monthly lease payments before I pay off the car would that money go towards the $44,000 or would I loose that money

2. Is this a good deal?


The second dealer is giving me this discount:


Is the first or second deal a better deal?

Appreciated so much your help.

 

[robz32]

Wow...$1360 just in fees? That's crazy (on option two)

The first three payments go toward your balance. Not really required to make three, I think after the first payment you can buy it out. The way to do it is, as soon as your info is available on the KMF website, go ahead and start the buyout process.

 

[GenesisG70]

Wow...$1360 just in fees? That's crazy (on option two)

The first three payments go toward your balance. Not really required to make three, I think after the first payment you can buy it out. The way to do it is, as soon as your info is available on the KMF website, go ahead and start the buyout process.

Thanks so much for your answer, appreciated. Do you think option #1 is a good deal or just average? Should I ask for more price cut? Thank you

 

[davkiz]

You don't have to wait till after the first 3 payments to pay it off. You can do it any time you want regardless what the dealer says.

 

[robz32]

The first option is good. If you can lock it at 44k OTD it will be a great deal.

 

[MisterMac]

The first deal ($44k OTD) is great. Take it and don't wait three payments to refinance the balance. Refinance it as soon as you can.

Just an FYI, Kia Finance will pay your dealer a "sum of money" known as a reserve, just for sending the deal to KFA. If you pay the balloon off within 90 days, KFA will take that money back from the dealer. That is the only reason your dealer wants you to wait 3 payments before refinancing.

 

[GenesisG70]

Thanks guys! Orlando Florida here I gooo!

 

[Callum]

I was able to scoop my GT2 for $12.5K off MSRP...

If you are leasing, you need to post up the MF, RV and the mileage. The massive discounts look great, but if the dealer marks up MF it's a bad deal and they recoup that $10K

 

[Paul32]

Thanks guys! Orlando Florida here I gooo!

In Florida, you have to buy out the lease through the dealer. KIA finance will not give you a buyout quote.

 

[GenesisG70]

Oh....in Florida we don't get to buy it from Kia?...

I was able to scoop my GT2 for $12.5K off MSRP...

If you are leasing, you need to post up the MF, RV and the mileage. The massive discounts look great, but if the dealer marks up MF it's a bad deal and they recoup that $10K

Can you please tell me how you managed to get 12k off? WOW!
What would be a good MF and RV for the offer above to be prime time to pull the trigger? Thank you so much guys appreciated all your help.

 

[Callum]

Oh....in Florida we don't get to buy it from Kia?...

Can you please tell me how you managed to get 12k off? WOW!
What would be a good MF and RV for the offer above to be prime time to pull the trigger? Thank you so much guys appreciated all your help.

When it comes to a lease the dealer can skew the numbers heavily and still make it seem like a "blow out deal"

The first thing is the MF (Money Factor). It's a confusing looking number, something like .00203 (APR: 4.87%). That isn't an actual MF from KIA, but you do need to find out the base MF, which is what the dealer pays and the MF that you are being charged. Dealers can, and will mark up the MF so they can make money off you.

RV is not negotiable and they cannot adjust that.

The base MF on the 19 Stinger AWD is .00199 (APR: 4.78%) is what the MF should be. Demand to see what MF they are charging you. Anything higher than that is a no deal.

RWD models have different MF, RV and rebates. Please post up exactly what you are looking for and I can better help you

My deal is not a repeatable lease. It's a one off "hack" that allowed me a sub $450 payment on a GT2 AWD

1% Rule is also important. You're lease payments should be 1% of the MSPR. So a $100,000 vehicle should have a monthly payment of $1,000. It's not always going to happen. KIA's usually land 1.1%-1.4% of MSRP due to garbage MF and RV that KMF refuses to fix. Horrible lease programs

 

[GenesisG70]

I called the dealer and they said they are not willing to give me that info unless I'm there physically. When I get that info will post it thanks so much.

 

[Callum]

I called the dealer and they said they are not willing to give me that info unless I'm there physically. When I get that info will post it thanks so much.

None of the information is secret. If they won't release it, tell them thanks for your time. That seems like a bait and switch type dealio.

Best of luck!

 

[GenesisG70]

Yes, is fishy will not buy from them

 

[Callum]

Yes, is fishy will not buy from them

Generally if a dealer is not willing to release information regarding your lease, or financial purchase they don't want you to know it.

They are going to get you in, and pressure you into taking the car home. That's not normal. Every dealer I've ever talked to is willing to share that information upfront. Nobody wants to waste anybody's time, except a few dealers here and there.

 

[CaliSting]

Yes sales slowing inventories growing ....hit them hard. $12k discount not out of question .

 

[GenesisG70]

When it comes to a lease the dealer can skew the numbers heavily and still make it seem like a "blow out deal"

The first thing is the MF (Money Factor). It's a confusing looking number, something like .00203 (APR: 4.87%). That isn't an actual MF from KIA, but you do need to find out the base MF, which is what the dealer pays and the MF that you are being charged. Dealers can, and will mark up the MF so they can make money off you.

RV is not negotiable and they cannot adjust that.

The base MF on the 19 Stinger AWD is .00199 (APR: 4.78%) is what the MF should be. Demand to see what MF they are charging you. Anything higher than that is a no deal.

RWD models have different MF, RV and rebates. Please post up exactly what you are looking for and I can better help you

My deal is not a repeatable lease. It's a one off "hack" that allowed me a sub $450 payment on a GT2 AWD

1% Rule is also important. You're lease payments should be 1% of the MSPR. So a $100,000 vehicle should have a monthly payment of $1,000. It's not always going to happen. KIA's usually land 1.1%-1.4% of MSRP due to garbage MF and RV that KMF refuses to fix. Horrible lease programs

So the dealer finally gave the numbers which are the following MF 0.00204 and Residual 57%. I plan to buy out the lease after 3 months so it shouldn't be that bad right? They say there is no other hidden fees. Does this sound reasonable? Again thank you so much for you advice sir.

 

[Callum]

So the dealer finally gave the numbers which are the following MF 0.00204 and Residual 57%. I plan to buy out the lease after 3 months so it shouldn't be that bad right? They say there is no other hidden fees. Does this sound reasonable? Again thank you so much for you advice sir.

What trim level? RWD, AWD? Zip codes can change everything, rebates, MF and RV. Rust belt is much different than non rust states.

.00019 - 4.78%
.00204 - 4.9%

It's not a huge markup, that can affect payments. RV isn't really a concern since that can't be adjusted.

This is a fantastic tool to calculate your payments:
Leasehackr Calculator — LEASEHACKR

 

[GenesisG70]

It's a 2019 RWD 2019 GT2, non rust belt state. Thanks for this tool!

 

[Callum]

Here's the MF/RV for that.

.00192 MF and 51% residual
$6200 lease cash (I may be wrong on the lease cash, it varies from zip to zip, you can check on KIA.com if you build the car and click on the payment tab with your zip code)

If you combine the dealer discount + their holdback + dealer cash I'm sure you can get a little over $10K off MSRP. Once the deal is funded and you have the KMF loan packet you can do a payoff.