Lease or buy?

[Paul32]

Yea you're right, can't do much now. I will just enjoy it. Just out of curiosity how many miles for your deal? and which state?
Thank you

I don't think it was that bad a deal. The 20k miles could have added $50.00 to the monthly cost. The residual for a 10k lease for 36 months is 53% my lease 12k was 52%, yours must have been around 49 or 50%. What's your tax rate? The only area I think you may have been able to do better in is the discount/rebate. Mine was $7.5k on a $46.3 GT1. Just my take on it.

 

[max2382]

I don't think it was that bad a deal. The 20k miles could have added $50.00 to the monthly cost. The residual for a 10k lease for 36 months is 53% my lease 12k was 52%, yours must have been around 49 or 50%. What's your tax rate? The only area I think you may have been able to do better in is the discount/rebate. Mine was $7.5k on a $46.3 GT1. Just my take on it.

Thank you, I appreciate. The tax rate here is 9.5%. I asked for a better discount/rebate but I could not getting anything better. My choice at the end was between an A5 fully loaded (a bit more expensive) and the GT2. The deal for the Audi was ca. $100 more per month so I thought those were my numbers and I went for the Stinger. I don't remember the actual residual, but was lower than 49%, I need to check. As you said, I am sure I could have gotten better, but I spent too much time behind negotiations and at certain point I just wanted to drive away

 

[Paul32]

Thank you, I appreciate. The tax rate here is 9.5%. I asked for a better discount/rebate but I could not getting anything better. My choice at the end was between an A5 fully loaded (a bit more expensive) and the GT2. The deal for the Audi was ca. $100 more per month so I thought those were my numbers and I went for the Stinger. I don't remember the actual residual, but was lower than 49%, I need to check. As you said, I am sure I could have gotten better, but I spent too much time behind negotiations and at certain point I just wanted to drive away

I know the feeling.....

 

[Paul32]

Thank you, I appreciate. The tax rate here is 9.5%. I asked for a better discount/rebate but I could not getting anything better. My choice at the end was between an A5 fully loaded (a bit more expensive) and the GT2. The deal for the Audi was ca. $100 more per month so I thought those were my numbers and I went for the Stinger. I don't remember the actual residual, but was lower than 49%, I need to check. As you said, I am sure I could have gotten better, but I spent too much time behind negotiations and at certain point I just wanted to drive away

My tax rate in Florida is 6.5% on cars, big difference. That would also make your payment higher. My payment is $600.00 including tax on a $46.3k car. Your car must have been $52k before discount. Another area of cost is the dealer fee. There is a wide range from dealer to dealer.

 

[max2382]

what type of insurance did u guys add to the lease (if any)? just out of curiosity...

 

[Mach_Tuck]

what type of insurance did u guys add to the lease (if any)? just out of curiosity...

KMF covers GAP insurance if that is what you are asking. It is included with all their leases.

I did add it (GAP) as well via my Credit Union as part of the buyout package only because they offered me such a great deal...have bought a few cars with them so i got a nice break on this one from the underwriter.

 

[Paul32]

what type of insurance did u guys add to the lease (if any)? just out of curiosity...

One major change on this lease is, the dealer told me I no longer am required to carry 100,000/300,000 Liability coverage. Don't know if that is a state change or Kia Finance change. I did not reduce my coverage.

 

[Mach_Tuck]

One major change on this lease is, the dealer told me I no longer am required to carry 100,000/300,000 Liability coverage. Don't know if that is a state change or Kia Finance change. I did not reduce my coverage.

Proof of State Minimum should be all that is required.

My credit union, on the buyout, also required that my deductible be no higher than $1000. Interestingly enough, they did NOT impose this deductible limit on the Sorento i also financed with them?

 

[max2382]

One major change on this lease is, the dealer told me I no longer am required to carry 100,000/300,000 Liability coverage. Don't know if that is a state change or Kia Finance change. I did not reduce my coverage.

Oh really!? that's great! here in California apparently I am still forced to have it. Hopefully they'll change soon.
Regarding the insurance I meant wear/tear, tires/rims, prepaid services..etc. Basically all those packets that Kia is offering

 

[Paul32]

Oh really!? that's great! here in California apparently I am still forced to have it. Hopefully they'll change soon.
Regarding the insurance I meant wear/tear, tires/rims, prepaid services..etc. Basically all those packets that Kia is offering

None, Don't buy anything Kia Finance tries to sell me. It that is what you are referring too.

 

[Mach_Tuck]

Agr

None, Don't buy anything Kia Finance tries to sell me. It that is what you are referring too.

Agreed, UNLESS you get a smoking deal on them.

For instance i bought a 4yr/60k Mechanical Breakdown Package that just about includes everything on the car for $400. It ALSO included all of the following: 1 battery, 1 set of brake pads, 1 set of wipers, 1 alignment, unlimited lights/bulbs including headlights, replacement of all hoses and belts, car rental, 1 key fob replacement/yr. Just on the "included" stuff alone i will more than make my $400 back. I think it was call the Platinum Care Package. It is underwritten by Fidelity and i even called them to discuss the included items. They were awesome on the phone and the guy even reminded me that all the "included" items are included even if there is no mechanical breakdown. He said to have all the hoses and belts done just before the warranty expired and that i could use any shop of choosing. I figured this based on how the contract is written but nice to hear them actually say it to me on the phone. Not certain what this package typically goes for but i had good rapport with the finance guy and basically told him "you've made your money off all the other suckers today so let me get the deal or we can just move on."

That being said, i think there is benefit to be had.

 

[max2382]

yea, I was referring to that. Thank you