Lease offer opinions..

[RC80]

Hey everybody, just signed up to get some help with buying a 2020 GT2 awd. First time trying a lease/buyout and want opinions on the initial offer I got from the dealer.

Attached a screen shot of the email below, what do you guys think?
Got this from kyfdx at Edmunds today fwiw.
".00207 MF and 53% residual. $10200 lease cash"

 

[MerlintheMad]

None of that scares me. But then, buyout kind of makes numbers moot, as long as the final price is reasonable. Which that is by the look of things.

There are others on here who know leasing inside and out. Come on guys, help out!

 

[RC80]

Thank you Merlin for the response, I'd appreciate any other input...here's an initial offer I got from another local dealer on a similar MSRP GT2:

 

[Chark]

Doesn't look like they discounted the vehicle at all before applying the rebates and trade in.

 

[RC80]

The first one is down to $50,200 from an MSRP of $53,685. Edmunds shows an invoice of $50,400 for that car. How much more should I be able to get off?

 

[Chark]

2020 Kia Stinger Prices: MSRP, Invoice, Holdback & Dealer Cost

This shows dealer cost at invoice + destination - holdback.

Your second dealer quote did not discount the vehicle at all. Your first quote gave a decent discount, but there is room for them to do better if they are motivated to sell. Some sites will tell you how long a vehicle has been on their lot, so if it has been there a long time, they should be more motivated. Sometimes, there are additional hidden incentives to help clear out particular models or trim levels that aren't as popular. Those usually go directly to the dealer.

If you do the lease buyout, do not think that you're only paying the residual amount. That's only for the end of the lease after you have made all of your payments. The advantage is that there is more lease cash available than for a loan. After the first month or so, you would call KMF and request a payoff amount. That amount (plus any fees) is what you would be getting the vehicle for. If you're financing the buyout, you would have to factor back in the interest you would be paying on that loan and compare it to whatever interest rate you could get through KMF or another lender. I don't think you can combine low-interest loans from KMF with the bonus cash they are offering.

Do your homework. Compare the different scenarios and if one has an advantage over another and you are comfortable with the payments, then pull the trigger.

Good luck

 

[RC80]

From dealer:

"For a 24 month lease, $50,200 sale price, plus $650 acquisition fee = $50,850 less $10,200 lease cash rebate for a net of $40,650 before taxes and fees."

How much lower can I get them to be a deal to pull the trigger on?

 

[MerlintheMad]

From dealer:

"For a 24 month lease, $50,200 sale price, plus $650 acquisition fee = $50,850 less $10,200 lease cash rebate for a net of $40,650 before taxes and fees."

How much lower can I get them to be a deal to pull the trigger on?

Do you need OTD to be lower in order to afford this, or just to feel better about your haggling skills?

 

[RC80]

I don't like handing over more of my money to a car dealer than I have to, but if this is about the best deal I can expect then fine by me and I'll do the deal
Just figured I'd check with people that have been there, done that.
Not getting a ton of feedback though, so oh well.

 

[stasek]

It seems like some people were able to get close to 10% off MSRP before incentives. I guess it depends on how motivated the dealer is and the local inventory.

 

[scandorama]

That's funny - I just leased (on 5/31) a GT1 in ceramic silver (with the STILLEN GT400 performance package) from Chuck Olson KIA. I pretty much solicited lease quotes from every dealer in the Pacific NW that had a GT1 in ceramic silver on the lot.
The offer/quote I got from Chuck Olson was by far the BEST among all KIA dealers. They gave me an awesome deal on my trade-in, never any BS stuff in their quote, I did everything via email before I went to the dealership in person and once I got there -I was done and out in less than 2 hours. They honored the numbers they quoted me via email and NO BS whatsoever.
I must say this was the most pleasant new car buying experience I've had in my whole life - and I purchased a few new cars thru the years.

 

[RC80]

Nice scan , that ceramic is my favorite color actually but I'm working with them on a Micro blue which is a close 2nd. The guy I've been dealing with has been awesome, and so far giving the most off MSRP out the 3 I've got quotes from. Feel like I can get him down just a bit more..

Are you doing the lease buyout at some point? I'm just stating to research some credit unions around here.

 

[MerlintheMad]

View attachment 45882
That's funny - I just leased (on 5/31) a GT1 in ceramic silver (with the STILLEN GT400 performance package) from Chuck Olson KIA. I pretty much solicited lease quotes from every dealer in the Pacific NW that had a GT1 in ceramic silver on the lot.
The offer/quote I got from Chuck Olson was by far the BEST among all KIA dealers. They gave me an awesome deal on my trade-in, never any BS stuff in their quote, I did everything via email before I went to the dealership in person and once I got there -I was done and out in less than 2 hours. They honored the numbers they quoted me via email and NO BS whatsoever.
I must say this was the most pleasant new car buying experience I've had in my whole life - and I purchased a few new cars thru the years.

Excellent! Another good dealer story. They do outnumber the bad ones. But complaints attract more attention. Welcome into the open!

 

[scandorama]

Are you doing the lease buyout at some point? I'm just stating to research some credit unions around here.

I got a 36m/12K miles lease - and only paying $188/month - and at some point I'll probably do a buy out. The lease incentives KMA has going on right now - if you got excellent credit - beats any other finance offer.

 

[Gautam Beri]

I am also going the lease buyout strategy and has dealt with one of the nicest dealers who has been nothing but helpful given the amount of questions and queries I asked , with all thanks to this forum. I am still thinking we can get a better deal post 7th July because new stinger 2021 is going to be showcased in South Korea and I am expecting either the dealer discount or KMF balance is going to increase. I know its a month wait but I am thinking to hold on to that.

 

[MerlintheMad]

I got a 36m/12K miles lease - and only paying $188/month - and at some point I'll probably do a buy out. The lease incentives KMA (Kia Motors America) has going on right now - if you got excellent credit - beats any other finance offer.

That is, without argument, the lowest monthly shared on here; by three times less. My 36 month lease was $627/month. I haven't seen anyone claim anything less than $500-something. Want to share particulars?

 

[stasek]

That is, without argument, the lowest monthly shared on here; by three times less. My 36 month lease was $627/month. I haven't seen anyone claim anything less than $500-something. Want to share particulars?

I’ll go out on a limb and say that scandorama used the trade in as a down payment .

 

[RC80]

View attachment 45882
That's funny - I just leased (on 5/31) a GT1 in ceramic silver (with the STILLEN GT400 performance package) from Chuck Olson KIA.

What did Chuck Olson charge for that Stillen GT400 package?

 

[scandorama]

What did Chuck Olson charge for that Stillen GT400 package?

Well - the agreed upon MSRP of $49,000 included the STILLEN pkg - which should be around a $3K value installed.
And to answer @stasek question as well - I did trade in my 2016 Mazda 3 Hatchback Grand Touring - with a stick, 32K miles in very good condition - that I owned outright. So with trading my Mazda in (checking my lease contract) I'm paying $182/m for 36m = $6,552 and the residual value is $24,825 I could probably have negotoated a bit more - but all in all I'm very happy with the deal I got.

 

[Theft victim]

Hello so when I heard that Kis was giving 10k off on their Stinger I guess it for a lease and not a purchase, is that true? I am looking for one in Bright Blue and a V6.