Kia Stinger GT2 Lease/Finance Prices

[LeOK]

Hello, I've been in the process of asking for pricing/quotes from dealers the past two weeks and I was wondering if you guys could share some of the prices that you guys have financed/leased your GT2's at to compare?

Right now the lowest quote I have received is as follows:

Finance - 0 down
60 months = $933/mo
66 months = $863/mo
72 months = $817/mo

Lease - 0 down
24 month lease / 15k = 835/mo
36 month lease / 15k = 733/mo

I feel as though these quoted prices are still pretty high and would love to see what deals you guys got when leasing/purchasing your GT2s!

 

[Kodiak]

For leases go to the edmunds Kia stinger forum and get the money factor and residual value for the model and lease terms you are looking at. Then plug it into the leasehackr calculator to figure out what the lease should be with out padding. Depending on your zip code and configuration you should be able to get zero down for under 600 now if you get full 10200 rebate. These are not selling right now don't settle for discount less than 10% before rebates with no padding. You may need to travel to a fair deal be prepared to.

 

[Rob M]

I feel as though these quoted prices are still pretty high and would love to see what deals you guys got when leasing/purchasing your GT2s!

That's because they are payments, not prices. You never want to negotiate payments. You want to negotiate a price and have complete understanding of all taxes and fees that will be added to that price as well as know the interest rates you qualify for at a given term. Then you can easily calculate (using an online loan payment calculator) the actual payment based on the best price (and interest rate) you can get. Kodiak's advice above is sound. You need to get a breakdown of all the figures that result in those payment amount. I'd bet they are based upon full msrp.

 

[LeOK]

Thanks for the information!

I was interested in possibly doing a lease buyout that I've seen others do on the forum, but it turns out that my state (MN) taxes you when you lease and when you buyout the lease. I'm not sure if would still be a viable option for me anymore?

I'll ask the dealers around to give me some more detailed quotes with fees/taxes included in the total price.

What would you recommend in this scenario? Lease or finance?

 

[Rob M]

The huge lease incentives (especially on 24 month lease) will yield the best overall deal (assuming identical agreed upon price before incentives) in most US states if you do a buyout right away, in particular if that buyout is with cash. If you buyout and then finance the purchase you have to compare interest charges to what you wouldn't have paid if, for example, you qualify for 0% Kia financing.

Do not take my info as official in any way, but if you read MNs pdf on state taxes on motor vehicles, it seems that each lease payment is individually taxed (state and any local tax). I interpret this to mean that you are only taxed on the rent amount, not the entire vehicle. At buyout, you would pay taxes on the buyout amount, which is reduced by any lease payments you made (minus the tax on those payments). You would end up paying roughly the same tax as if you purchased, so no double taxation like in TX. Maybe someone from MN that did a buyout could verify?

A lease is a little more complicated than a purchase, and you need to understand what all the lease terms mean and how they affect your strategy. But ultimately, the agreed upon price is the most important factor if you are planning to do an early buyout. If you were keeping the leased vehicle for the entire term, money factor and residual value are key factors.

 

[LeOK]

Thanks guys, this has been super informative for me!

If I'm digesting this information correctly, if trying to complete a lease buyout I should try to aim for the following:

• 10% off MSRP (around $5.3k)
• $10,200 lease incentive (24mo/10K miles)

Could you let me know if the math below checks out?

MSRP: $53,710

Dealer Discount: -$5,371

Lease Incentive: -$10,200

Pre-Taxes/Fees Price = 53,710 - 5371 - 10200 = $38139 before taxes and fees

Also, would the Competitive Bonus and Owner Loyalty bonuses stack on the lease incentive? I have a 2014 Nissan Altima currently and my mom drives a Kia, so I was wondering if I could get even more off on vehicle price (probably not though, right?)

TAXES
Anyone from MN have experience with lease buyouts?

Maybe I'm misinterpreting the wording, but on the Minnesota Department of Revenue site (sorry can't post links yet, new user!), it shows that for Motor Vehicle Leases the total lease price is taxable and "must be collected up-front." (attached two screenshots for the PDF vs website)

+ Vehicle Value
- Rebates
- Residual Value
+ Taxable add-ons
+ Interest/finance charges
= Total Lease Price * 6.875% sales tax = Sales tax

I'm not sure if my math is correct, but even if I get the GT2 at around 47K through financing, I think I will still be paying less with the lease buyout?

Again, thanks for all the help!

 

[Clipse2141]

Just wanted to thank everyone for posting their examples, just bought a Ceramic AWD GT1 for $4,900 off MSRP & stacked the $8,300 lease rebate on top of it. Waiting on papers to process to finish the buyout.

 

[Jij]

Just wanted to thank everyone for posting their examples, just bought a Ceramic AWD GT1 for $4,900 off MSRP & stacked the $8,300 lease rebate on top of it. Waiting on papers to process to finish the buyout.

Please post your lease details here so that it can benefit some of us who are looking for a lease.

 

[Brendan]

White GT2 w/ Red interior and AWD:
36 month lease/ 10k mi/year
$7000 down - $399/mo
Final Buyout price: $26433
Total to buyout car: $26433 + 35 x $399 + $7000 = $47398 (1st payment is included in down payment)

Note that I'm 23 with no credit, about 667 credit score.

 

[CVD]

I’m also in MN and I was able to get a GT2 AWD for $37,600 plus taxes and fees (24mo lease with intent to buy). To me the MN DMV website reads as if you should not have to pay taxes twice but we will have to see how that goes.