Lease then Buyout - Contract Explanation

[Mach_Tuck]

That MSRP for a GT1 RWD without the drive wise package or accessories is correct, don’t know why you think it’s $1k off.That is the actual price. The September lease number on my side of the country shows $6000 for the GT1 plus, if you qualify for it, there is the $3k for either the conquest or loyalty program. Sweetens the pot even more!

Perhaps the Loyalty and/or conquest programs are market specific as i didnt receive either when getting my Stinger. Currently have a Sorento (Loyalty) and BMW (Conquest) and neither were offered. I just checked the KMF website and using my zip code, it shows neither of these as available for Stinger. That being the case, def worth a look. Another $3K off would have been very nice "icing on the cake"

 

[Waynerm002]

You forgot the Destination charge.

 

[Waynerm002]

Perhaps the Loyalty and/or conquest programs are market specific as i didnt receive either when getting my Stinger. Currently have a Sorento (Loyalty) and BMW (Conquest) and neither were offered. I just checked the KMF website and using my zip code, it shows neither of these as available for Stinger. That being the case, def worth a look. Another $3K off would have been very nice "icing on the cake"

Wasn’t there until this month. I’m the the DC area and it shows for us. Would be nice to get that but knowing my color was in short supply, I decided to take the one I found instead of waiting.

 

[shaggystinger]

I've noticed KIA has been pushing hard to sell the Stinger in the North East region. Tougher sell to the Audi, BMW, Merc loyalists up this way perhaps? I am not that surprised though as there are dealerships in the area that have GT2's sitting on their lots since the Stinger was first offered in the region. I've heard that in the South East region the dealers are still playing markup games which is interesting to me and they must be selling more down that way, hence the adjustment in incentives.

 

[Waynerm002]

I think the mark up game is killing them as some of them are there from the beginning. It's on them to make the deals and get those things out.

 

[GronkSoyFiesta]

So if I waited 2 days I would have saved $800. I’m only a little bitter

 

[Waynerm002]

KIA's site has been updated to say the Conquest and Loyalty rebate cannot be applied to leases. It's not on the payment calculator though so they need to change that.

 

[MerlintheMad]

So if I waited 2 days I would have saved $800. I’m only a little bitter

You are not a prophet. So you cannot foretell a profit.

 

[GronkSoyFiesta]

You are not a prophet. So you cannot foretell a profit.

Amen my friend. There was always a risk this could happen and a risk that the $7900 would evaporate and be replaced with nothing. I got a freaking Stinger! I'm a happy dude. I called a shop about PPF today and they asked "a Kia what?"

 

[Waynerm002]

lol!

 

[CDv6]

GOOD GRIEF! 63 days???? Talked to my credit union and they said if they don't receive the title from the lienholder within 30 days they will deal with KMF directly. I hope it doesn't come to that but I've heard both good and bad stories on here with regard to KMF and the lease buyout process. We'll see.....

My buyout took 15 weeks, which forced me to request an extension with the credit union, as the loan terms required me to deliver the title within 90 days. My case was an anomaly, due to a titling error by the dealer, but KMF was not the easiest to work with. They were very polite, but there is no way to talk to anyone other than their call center staff, who can only provide status information, or deliver information to the back-office people that handle the actual paperwork. KMF also does not contact you or proactively provide any information; you must call to find out what is going on, even if there is an error in your buyout process.

 

[PJG]

This is an amazing and complex thread! Has anyone done the lease buyout in NJ?
I couldn't find information on whether New Jersey double taxes like Texas. It looks like I can get a great lease cash deal and conquest rebate if that can still be added to leases. Thanks.

 

[Waynerm002]

The conquest and loyalty rebates cannot be added to leases however, you can shoot to get 10% or more off MSRP then apply the lease cash after your state taxes are applied to the discount.

 

[SteveDMV]

1) I'm in VA and don't see any lease cash offers on kia.com for our area- I looked for Arlington and Woodbridge.

2) Does the 0% APR offer negate the benefit of lease buyout plan, if you are financing the buyout portion? I'm a Navy Fed member.

 

[Waynerm002]

Hi Steve, build a car, then look in the upper right section of the site for the payments (Payment Calculator), click on that, then click on Calculate payments, it will open another page or popup with the info.

 

[shaggystinger]

1) I'm in VA and don't see any lease cash offers on kia.com for our area- I looked for Arlington and Woodbridge.

2) Does the 0% APR offer negate the benefit of lease buyout plan, if you are financing the buyout portion? I'm a Navy Fed member.

The lease cash amounts are so high, even with 0% APR on a standard loan you wouldn't see these kinds of savings through the life of the loan. Get the dealer as far below MSRP as possible, take advantage of the lease cash, do the lease buyout with Navy Fed (or whichever credit union with low APR) and run.

 

[Czar99]

I am trying to get a deal like structured below for a GT2 AWD.

Sticker Price :$52800
Dealer discount: $4800
Lease Cash: $8700
Dealer handling and Acquisition fee:$1350
Down Payment/Trade-in: $2000
Tax Rate:8%

I am trying to figure out what will be purchase price on KMF website after the 1st month payment. I trying to figure out these formulas but they are too hard to understand. Please help. I am trying to figure out how much I would be saving if I lease and buyout. PLease help.

 

[MerlintheMad]

@Czar99 I didn't understand the formulas either. Little to no chance of that ever happening. I saw the lease buyout in its logical comparison to going to the end of the 36 months when the numbers added up to over $4K that I would be paying for the "privilege" of leasing. If I bought it out, that money would still be mine 33 months later (I made two monthly payments before buyout, three if you count the initial cash down and first month). Though I hate the idea of selling a car, I'd gladly pay myself the savings of over $4K for the pain of having to do it (should I want to buy a new Stinger, for instance).

I don't think that you need to understand the formulas of leasing. Once you have secured a great dealer discount and applied the Kia rebate cash, your car is going to be a good deal. If you can pay cash to buyout, that is the best scenario. If you have to finance the balance through a credit union at a good low interest rate, you'll still be thousands of dollars ahead by the time you've paid off the loan.

 

[Waynerm002]

It should be, in my state taxes are up front so none at the end, some states you pay partial and the rest at the end. With that in mind it should be like this, selling price - trade + fees, that number is taxed, so you add taxes then take out the lease cash, you always pay the first payment up front so that gets taken out. What is left will be your buyout price (if your taxes were partial on the lease, then you have to add the rest).

 

[DanielN]

It is double taxes in Texas for leases. The only way to escape them is do the balloon financing option rather than a lease. Learned the hard way and paid double.