Looking to Lease and Need Advice

[Robo]

I've been browsing these forums on and off for the past month as I'm looking into leasing a 2020 Stinger GT or GT1.

For starters, I'm kind of shocked at some of the prices yall have been saying you paid out the door for one of these.

I've been bouncing back and forth between two dealers.
The one near me has a GT1 MSRP $46,585. When I was initially looking into this they weren't interested in budging a single cent from that price because of the $6,300 rebate that was going at the time. Is this normal? That dropped it down to $40,285 before TTL. Is that what you would refer to as your OTD price or are you getting them to take thousands off on top of that?

Similarly, the dealership two states over has a GT1 and a GT. That GT1 is listed at $46.730. They agreed to drop that down to $45,363 before the $6,300 rebate. But again not a cent more because of that rebate. And their GT is listed at $40,830 but they agreed to bump that down to $39,830 but once again the instant I brought up knocking that price down even just to $39k flat I got hit with this whole song and dance about how the $7400 24 mo lease offer was about as good as it can get.

Is this true? These lease offers are from Kia Motors, not the dealership, right? Why would they be stopping the dealer from coming down any further on their price? Are they just using it as an excuse not to play ball? Because that's the impression I'm getting. Hell, the place near me even has a dealership cash lease offer of $3k that I inquired about. They claimed it couldn't be applied on top of the manufacturer lease offer.

Regarding the place two states over again, the way their paperwork lists out the price confuses the hell out of me. I'm not familiar with leasing at all. I've only ever bought/financed. So this is what I'm scratching my head looking at from that paperwork:

GT1
($7k down (yes it's high, it's part of the value of my totaled last car) and 36mo 10k miles)
MSRP/Retail - $46,730
Selling Price - $45,363
Rebate - $6,300
Govt Fee - $16
Proc/Doc Fee - $695
Acq Fee $650
Gross Cap Cost - $46,724
Cash Cap Reduction - $5,111
Cap Cost Reduction - $11,411
Adjusted Cap Cost - $35,312
Paid By Customer - $7,000
Total Due At Signing - $7,000


GT
($6.5k down 24mo 12k miles)
MSRP/Retail - $40,830
Selling Price - $39,830
Rebate - $7,400
Govt Fee - $16
Proc/Doc Fee - $695
Acq Fee $650
Gross Cap Cost - $41,191
Cash Cap Reduction - $4,579
Cap Cost Reduction - $11,979
Adjusted Cap Cost - $29,211
Paid By Customer - $6,500
Total Due At Signing - $6,500


From my basic understanding, the Gross Cap is what I'm primarily concerned with. And that's why I feel like I'm being taken for a ride. They talk like they're doing me some huge favor knocking off a whole $1000 when in reality that doesn't even take the Gross Cap under MSRP. Meanwhile I'm seeing people on here talking about picking up current model year GT2s for $40k or GT1s for $35. How? Are yall talking about after rebate offers and down payments/trades?

And are these numbers actually decent or are they playing games, as I suspect? Hell, if I could get either GT1 down to $40k before any rebate or TTL I'd be happily signing paperwork.

Sorry if this is a lot it's just frustrating to me trying to figure this out. I generally hate car dealerships for things like this. Honestly the only thing that has stopped me from pulling a trigger on a Tesla and skipping all this nonsense is their 4-8 week waiting period and their boring, soulless interiors. But these games are making me reconsider toughing it out another few months and dealing with that soullessness.

Thanks in advance for any advice.

 

[stasek]

I've been browsing these forums on and off for the past month as I'm looking into leasing a 2020 Stinger GT or GT1.

For starters, I'm kind of shocked at some of the prices yall have been saying you paid out the door for one of these.

I've been bouncing back and forth between two dealers.
The one near me has a GT1 MSRP $46,585. When I was initially looking into this they weren't interested in budging a single cent from that price because of the $6,300 rebate that was going at the time. Is this normal? That dropped it down to $40,285 before TTL. Is that what you would refer to as your OTD price or are you getting them to take thousands off on top of that?

Similarly, the dealership two states over has a GT1 and a GT. That GT1 is listed at $46.730. They agreed to drop that down to $45,363 before the $6,300 rebate. But again not a cent more because of that rebate. And their GT is listed at $40,830 but they agreed to bump that down to $39,830 but once again the instant I brought up knocking that price down even just to $39k flat I got hit with this whole song and dance about how the $7400 24 mo lease offer was about as good as it can get.

Is this true? These lease offers are from Kia Motors, not the dealership, right? Why would they be stopping the dealer from coming down any further on their price? Are they just using it as an excuse not to play ball? Because that's the impression I'm getting. Hell, the place near me even has a dealership cash lease offer of $3k that I inquired about. They claimed it couldn't be applied on top of the manufacturer lease offer.

Regarding the place two states over again, the way their paperwork lists out the price confuses the hell out of me. I'm not familiar with leasing at all. I've only ever bought/financed. So this is what I'm scratching my head looking at from that paperwork:

GT1
($7k down (yes it's high, it's part of the value of my totaled last car) and 36mo 10k miles)
MSRP/Retail - $46,730
Selling Price - $45,363
Rebate - $6,300
Govt Fee - $16
Proc/Doc Fee - $695
Acq Fee $650
Gross Cap Cost - $46,724
Cash Cap Reduction - $5,111
Cap Cost Reduction - $11,411
Adjusted Cap Cost - $35,312
Paid By Customer - $7,000
Total Due At Signing - $7,000


GT
($6.5k down 24mo 12k miles)
MSRP/Retail - $40,830
Selling Price - $39,830
Rebate - $7,400
Govt Fee - $16
Proc/Doc Fee - $695
Acq Fee $650
Gross Cap Cost - $41,191
Cash Cap Reduction - $4,579
Cap Cost Reduction - $11,979
Adjusted Cap Cost - $29,211
Paid By Customer - $6,500
Total Due At Signing - $6,500


From my basic understanding, the Gross Cap is what I'm primarily concerned with. And that's why I feel like I'm being taken for a ride. They talk like they're doing me some huge favor knocking off a whole $1000 when in reality that doesn't even take the Gross Cap under MSRP. Meanwhile I'm seeing people on here talking about picking up current model year GT2s for $40k or GT1s for $35. How? Are yall talking about after rebate offers and down payments/trades?

And are these numbers actually decent or are they playing games, as I suspect? Hell, if I could get either GT1 down to $40k before any rebate or TTL I'd be happily signing paperwork.

Sorry if this is a lot it's just frustrating to me trying to figure this out. I generally hate car dealerships for things like this. Honestly the only thing that has stopped me from pulling a trigger on a Tesla and skipping all this nonsense is their 4-8 week waiting period and their boring, soulless interiors. But these games are making me reconsider toughing it out another few months and dealing with that soullessness.

Thanks in advance for any advice.

Keep looking! For some reason, some Kia dealers decided that they are doing you a favor by selling you the car. You should be able to get close to 10% off MSRP prior to any incentives. Also - even if you are doing the lease buyout, don’t put ANY money down (well, maybe a first payment or taxes if your state requires it, but that’s about it).

EDIT: besides slightly delusional dealers, your biggest obstacle right now MIGHT just be the supply.... I just checked the inventory of new AND used Stingers around Chicagoland, and there are only 4 used/82 new ones available. That's the lowest EVER I've seen since I started tracking the numbers about a year or so ago.

 

[Robo]

Keep looking! For some reason, some Kia dealers decided that they are doing you a favor by selling you the car. You should be able to get close to 10% off MSRP prior to any incentives. Also - even if you are doing the lease buyout, don’t put ANY money down (well, maybe a first payment or taxes if your state requires it, but that’s about it).

EDIT: besides slightly delusional dealers, your biggest obstacle right now MIGHT just be the supply.... I just checked the inventory of new AND used Stingers around Chicagoland, and there are only 4 used/82 new ones available. That's the lowest EVER I've seen since I started tracking the numbers about a year or so ago.

Thanks. Yeah that 10% off MSRP figure is what I've read and what first gave me reason to pause with the dealers I'm talking to. Because I'm having to haggle just for 4%.

As for the down payment, the goal is to keep monthly payments down. I'm not looking to buyout the lease at any point. I do not intend to own this car. And I would rather put something down up front rather than end up in a situation where I'm stuck with a sky-high monthly payment, though I realize I could hold onto my money in an account specifically for lease payments.

The difference in what I'm paying over over the 24-36 months with nothing down is negligible. The only potential risk is the story I keep hearing about how you'll lose all that money if the car gets immediately totalled. But I question the legitimacy of that. If I'm actually getting this lease at a significant discount from MSRP and given the car's high residual value it seems unlikely the total amount would be so far below what you owe that you'd get nothing or have to rely on GAP to fill in. Am I mistaken there?

Regarding supply, I haven't been tracking this area so I don't know how it is. I can say just from the past month or so that I've been looking, the existing supply of Stingers in this region isn't moving. None of the cars I've looked into have sold and none of the dealers have even mentioned other interested buyers. The supply may be low but so is the demand here. And that's likely about to get even worse given our current economic climate and upcoming changes to unemployment pay. Not to mention a refresh around the corner.

Edit:
Just got off the phone with the dealer again. Laid out everything I've found regarding average market value and discounts I'm seeing here. I explained if they can get these cars down by anywhere near 5 grand or so before incentives we'll talk, otherwise everything is on pause.
In the meantime, I have looked into that lease buyout deal. It's actually kind of interesting. I'm not great with any of this stuff but from my basic level of understanding I can basically buy the car for it's lease price. And have that figure financed. Essentially having a lease minus the typical lease limitations on mileage and concerns regarding damage/totalling. And in the end I actually have some significant equity to trade with.

If I do end up getting one of these, I will definitely be reading up on that process.

 

[MTStinger]

Don't put money down on a lease. You're putting $7000 at risk. Here's what happens. You take the car home after working out your great deal. 3 months later you get into a total loss accident. Kia's lease has GAP insurance and you're protected from owing Kia anything even if your lease payoff is higher than the value your insurance company gives you. Here's the thing. You don't get your $7000 back you put down. You start from scratch just like you are sitting right now, just lighter in the wallet.

 

[Travis Wills]

Keep looking! For some reason, some Kia dealers decided that they are doing you a favor by selling you the car. You should be able to get close to 10% off MSRP prior to any incentives. Also - even if you are doing the lease buyout, don’t put ANY money down (well, maybe a first payment or taxes if your state requires it, but that’s about it).

EDIT: besides slightly delusional dealers, your biggest obstacle right now MIGHT just be the supply.... I just checked the inventory of new AND used Stingers around Chicagoland, and there are only 4 used/82 new ones available. That's the lowest EVER I've seen since I started tracking the numbers about a year or so ago.

My local dealer has 26 2020 Stingers sitting on the lot right now for our tiny little suburb. They will sell you a Stinger for whatever you want to pay. They have zero Tellurides though.

 

[Travis Wills]

Don't put money down on a lease. You're putting $7000 at risk. Here's what happens. You take the car home after working out your great deal. 3 months later you get into a total loss accident. Kia's lease has GAP insurance and you're protected from owing Kia anything even if your lease payoff is higher than the value your insurance company gives you. Here's the thing. You don't get your $7000 back you put down. You start from scratch just like you are sitting right now, just lighter in the wallet.

This is the correct answer. Money down on a lease is just prepaying the payments. Don’t pay rent in advance is what this amounts to. You should only pay upfront what you are required to pay upfront.

These cars No longer hold their value well. Do not buy a Stinger thinking you won’t be underwater for a very long time. The resell value on all sedans is pretty bad right now.

Watch this video I did on leasing. If you aren’t comfortable with all of the intricacies of Leasing then either do the lease buyout or Just purchase it outright. The no interest financing was what worked best for me but the lease buyout is technically the most sound financial proposition unless the bottom really does fall out on the resell values of sedans.