Mack-VA
Member
Ok so one day Joe walk into a Kia dealership and met Billy Bob
Billy Bob: Waassssuuuppp man - you want a stinga? I got a deal for you that you can't refuse
Joe: Yeah man, you read my mind. I heard you got dis killer sale going on plus some crazy mucho loco lease cash rebate... wassup with that? is that a finger discount or some S#!T. Do I need to go around the back to make this deal?
Ok.... I'm kidding, but here's a short version of it from how I understood it.
1. If you want to see what the current offers there are for the stinger, one good source will be autobytel.com
2. Right now the lease cash rebate is 7900 + 1000 manufacturer rebate (I heard this is only on the east coast as some states don't offer this)
So how this works very short version.... there is a sticky on this forum explains it in more detail so I suggest you read up on that and learn all the terminology and how things are calculated.
1. Negotiate the selling price of the car. Nobody wants to buy at MSRP so why should you? This should be before incentives and rebates, before any taxes/fees.
2. You can let them know you want to lease the car in order to take advantage of the lease cash + rebate - it's not a trade secret, so you don't need to go around the back
3. Work the numbers to get the final cost of the car (i.e. tax 4.15%, acquisition fee 650, doc fees 700-800 in VA) if you have trade-in, negotiate it separately. Check KBB and NADA sites to see what your trade-in value.
4. Once you agree on the final price of the car - you'll need to pay up your first month's rent which includes interest on the car (first month's lease is usually paid up front).
5. Wait about a week for your paper work to show up on KIA Motor Finance (KMF) then request for the buyout amount of the car + a 300 buyout fee. This would be the remaining value of the car (ex. if the total selling price is 40k and lets say you paid about 20k with trade in including first months rent, the rough estimate of your remaining value will be around 20k) so you pay the remaining 20k + 300 buyout fee.... once that's paid, you now own the car... hurray!
So do most people go this route? 7900 lease cash vs. 2000 cash bonus, I think you'll know why. Ok. So what's the catch.... you don't really get all of the 7900 rebate because you paid interest on the car each month you make a lease payment - this is why the sooner you buy out the lease, the more money you save. If you let your lease mature, KIA gets all that rebate back from interest + could potentially cost you more than the MSRP if you decide to buy the car when the lease is up so DON'T DO THAT! Also, there's the buyout fee that you have to pay, but the savings is still a lot. If you can't write a check for the remaining value of the car, you can set one up a new car loan with your bank to pay the remaining balance, then you're back to regular financing on the car for a lower interest rate.
I think that's pretty much the gist of it. Other members, please feel free to chime in if I got something wrong.
Hey Guys, I'm new here and looking to purchase a GT2 RWD in the next few weeks. I also know nothing about leasing. I understand your explanation regarding the discount but the only question i have is when i request the buyout amount (IE: $20k) is this something I need to pay cash money on, or can I get a car loan from my bank to pay it?
Wash
