Lease then Buyout - Contract Explanation

[AYip31]

Question on the text bolded above. Do you really need to pay tax on the same vehicle twice - once on the lease and once on the buyout? That doesn't seem right. That's at least a $2k extra charge. Is everyone encountering this?

I'm also in Florida, like @AYip31 , but doesn't seem like that should vary by state.

Unfortunately, in FL, yes, double sale tax
Where in FL are you located?

 

[AYip31]

See attached

 

[AYip31]

If your in central FL Regal Kia did not charge me a dealer fee for the buyout

 

[MattMN]

Unfortunately, in FL, yes, double sale tax
Where in FL are you located?

If your in central FL Regal Kia did not charge me a dealer fee for the buyout

I'm in the Sarasota/Venice area. I'd be willing to go most anywhere in FL to get the vehicle, especially the Tampa/StPete area (an hour north of me) as needed.

 

[AYip31]

I'm in the Sarasota/Venice area. I'd be willing to go most anywhere in FL to get the vehicle, especially the Tampa/StPete area (an hour north of me) as needed.

what trim are you looking at?
2020 are going fast
Are you set on a color and trim or are you not picky

 

[AYip31]

I

what trim are you looking at?
2020 are going fast
Are you set on a color and trim or are you not picky

I’m in Wesley chapel

 

[MattMN]

what trim are you looking at?
2020 are going fast
Are you set on a color and trim or are you not picky

Not picky on trim, just price. GT-Line is base for 2020 and most likely to work for my price range. Hoping for a deal on a 2020 since the 2021's are out, but you are right, they are clearing out fast. Love the dark gray (Panthera Metal), but would do white or black.

 

[AYip31]

Not picky on trim, just price. GT-Line is base for 2020 and most likely to work for my price range. Hoping for a deal on a 2020 since the 2021's are out, but you are right, they are clearing out fast. Love the dark gray (Panthera Metal), but would do white or black.

the dealership I got my GT Stinger, Friendly Kia in NPR, they have a last 2020 GT-line, AWD, in white.
Carl Joyner is the sale manager, I’m sure they are willing to get raid of the last 2020, they already have 4 2021 GT-line on the lot

Looks like they are giving a dealer discount of $5,168, that almost 14% off MSRP. If you can get that discount and doing a lease buyout.
This month lease rebate for GT-line AWD is $7,300
So without any more negotiation, your looking at $24,502 before Tax, tag, fee.

 

[AYip31]

how is your credit score?

 

[MattMN]

the dealership I got my GT Stinger, Friendly Kia in NPR, they have a last 2020 GT-line, AWD, in white.
Carl Joyner is the sale manager, I’m sure they are willing to get raid of the last 2020, they already have 4 2021 GT-line on the lot

Looks like they are giving a dealer discount of $5,168, that almost 14% off MSRP. If you can get that discount and doing a lease buyout.
This month lease rebate for GT-line AWD is $7,300
So without any more negotiation, your looking at $24,502 before Tax, tag, fee.

The dealer discount of $5168 includes a Kia promotion of $4500. I don't think Kia is going to give both the $4500 on a new car, plus the $7300 on a Lease. So really, I'm only going to save the difference - an extra $2800 on the GT-Line lease, vs buying new.

I still need to watch the YouTube video posted about leasing, to see if $2800 difference is worthwhile to lease. Given that in Florida I'll probably have to pay sales tax twice on the leased vehicle (another $2000), then it seems I'm only coming out $800 ahead going the lease-buyout route.

 

[AYip31]

The dealer discount of $5168 includes a Kia promotion of $4500. I don't think Kia is going to give both the $4500 on a new car, plus the $7300 on a Lease. So really, I'm only going to save the difference - an extra $2800 on the GT-Line lease, vs buying new.

I still need to watch the YouTube video posted about leasing, to see if $2800 difference is worthwhile to lease. Given that in Florida I'll probably have to pay sales tax twice on the leased vehicle (another $2000), then it seems I'm only coming out $800 ahead going the lease-buyout route.

Oh yeah.
But I can bet they will give at least 10% or more off

It’s still worth it. My lease rebate was $7,100
Go back to post #1122 in this thread and see the deal or see the pic of the deal I

yes lease buyout would be better deal if we didn’t have to deal with a dealership

 

[AYip31]

Oh yeah.
But I can bet they will give at least 10% or more off

It’s still worth it. My lease rebate was $7,100
Go back to post #1122 in this thread and see the deal or see the pic of the deal I

yes lease buyout would be better deal if we didn’t have to deal with a dealership

Whichever route you go. Buy vs lease buyout.
remember. Manufacture rebate is different then dealer discount.
Get the most off dealer discount

 

[AYip31]

The dealer discount of $5168 includes a Kia promotion of $4500. I don't think Kia is going to give both the $4500 on a new car, plus the $7300 on a Lease. So really, I'm only going to save the difference - an extra $2800 on the GT-Line lease, vs buying new.

I still need to watch the YouTube video posted about leasing, to see if $2800 difference is worthwhile to lease. Given that in Florida I'll probably have to pay sales tax twice on the leased vehicle (another $2000), then it seems I'm only coming out $800 ahead going the lease-buyout route.

I was going back through my text messages, just in luck I still have the TrueCar text message and Friendly Kia link and it updated with their current inventory
For the 2020 GT-Line. Dealer discount is $3,455

 

[MattMN]

I was going back through my text messages, just in luck I still have the TrueCar text message and Friendly Kia link and it updated with their current inventory
For the 2020 GT-Line. Dealer discount is $3,455

Thanks, I really appreciate all the info you are able to share!

 

[AYip31]

Thanks, I really appreciate all the info you are able to share!

Hit up Carl Joyner. Never know what kind of deal they will give.
Tell him I sent you, remind him I got the last 2020 GT they offer. And did the lease buyout

 

[Gautam Beri]

Does this deal look legit ?
or I am missing something?
the residual I used to get was 49. They put it to 54.
I don’t know if that matters. I am going to lease/buyout

 

[AYip31]

Does this deal look legit ?
or I am missing something?
the residual I used to get was 49. They put it to 54.
I don’t know if that matters. I am going to lease/buyout

Residual and MF does not really matter, but do buyout ASAP. Every lease payment you make, then it will start to matter.
Your getting 8% off MSRP
You might be able to do a little better.
It’s a ok deal.

 

[donalric]

Does this deal look legit ?
or I am missing something?
the residual I used to get was 49. They put it to 54.
I don’t know if that matters. I am going to lease/buyout

I agree that this is just an ok deal especially since the 2021s are out and it looks like they are padding some of the fees. See if you can get them to take another 1-1.6k off given its last years model then I’d say go for it. Otherwise you can get a similar deal on a 21 since it’s the same car so might as well get the newer year. Regardless I’d hold out until next week then see if the dealer is more willing to move on the price to meet their numbers.

 

[Sine Qua Non]

how is your credit score?

What kind of credit score is needed to do a lease buyout? I assume it is going to be a hit on the credit score twice. One for letting Kia hit you and drop the credit score what (25-50pts?) and then the credit union to run credit again so that they can cut you a check for the buyout a week later? This correct?

 

[AYip31]

What kind of credit score is needed to do a lease buyout? I assume it is going to be a hit on the credit score twice. One for letting Kia hit you and drop the credit score what (25-50pts?) and then the credit union to run credit again so that they can cut you a check for the buyout a week later? This correct?

I would think a credit score of 780+ should get you the highest leases rebate.
I was helping someone through the lease buyout, and a score of 740 was not cutting it.
I think each time a hard pull on your credit, is about 10 point hit.