What did you pay for your Kia Stinger?

[bizzle]

Here's what I ended up with a few days ago for a new 2019 GT2 RWD:
- MSRP: $51,945
- Negotiated Price: $46,519 (before incentives)
- Incentives: $11,500 (I thought it was supposed to be less, but dealer claimed to have some extra)
- Effective Selling Price*: $35,019
- Total Paid**: $41,069
- No trade-in, zero down payment, no dealer add-ons, baseline doc fees, etc. It was pretty clean.
- 24 month lease+buyout hack.

* Before all taxes and fees.
** Represents literally every penny that leaves me. Includes sales tax, govt fees, lease acquisition fee, early purchase fee, one month of lease rent charge, etc.

I've seen a bunch of people do better, but I didn't have time to keep shopping around. Honestly, I feel like I was the sucker in the room, but I'll just try to put it all behind me.

Can someone please walk me through this deal as to how he was able to achieve $41k total OTD?

The absolute best I've been able to achieve, and received a full sheet on, is this:

Market Value
51,395.00

Discount Savings
-4,674.00

Vehicle Selling Price
46,721.00

Document Prep Fee
85.00

License / Title
582.00

Tire/Battery/VTR Fee
8.75

Acquisition Fee
650.00

Tax on Collected Items
966.90

Capitalized Initial Fees
635.92

Total Cap
49,649.57

Rebate Savings
-11,720.00

Net Cap
37,929.57

Base Payment
587.45

Monthly Tax
48.47

24 Month Payment
635.92

Capitalized Initial Fees
-635.92

1st Payment
635.92

Due On Delivery
0.00

Rate
0.00187

Annual Miles
10,000

Initial Mileage Adjustment
65

Residual % [51,395]
49+3=52%

Residual Amount
26,725.40

Tax: 8.25% TAX
8.25 %

Is my total cost out of pocket $(635.92x24)+26,725.40+(26,725.40*.0825) = $44,259.14?

 

[namja]

Can someone please walk me through this deal as to how he was able to achieve $41k total OTD?

The absolute best I've been able to achieve, and received a full sheet on, is this:



Is my total cost out of pocket $(635.92x24)+26,725.40+(26,725.40*.0825) = $44,259.14?

Two comments/speculations:

1. Hard to compare based on @stingerbeagle 's lack of breakdown... calling @stingerbeagle ... would you be able to provide a detailed lease sheet?
2. It looks like the TTL are rolled into your lease which is subject to the MF rate...although it shouldn't matter if you lease buyout (Correct me if I'm wrong)

I've been spreadsheeting the numbers and I can't seem to get beagle's stated OTD price. With your formula, it seems to calculate beagle's OTD as $44K lol

Also, it looks like they taxed your incentive ($966.90) - which Edmunds mods later confirmed it's a customer incentive

 

[bizzle]

Yes, they taxed my incentive. I agree that's how it should have been.

The TTL should be rolled into my lease unless I pay a drive-away cost. Although, it does make me consider that when I pay off the lease the next day, I don't think I'd pay 635.92x24, but rather the residual from the remaining 23 payments or however I would say that I should be removing the money factor on the remainder if that makes sense.

Basically, I've potentially mis-calculated it as paying off my lease in a lump sum without accounting for the fact that I should have removed the finance charges if that makes sense.

I'll have to recalculate it to see if I can close that $3K gap, but I don't understand how his and my numbers are so far apart. There are hundreds here and there that could be pinched potentially but I can't see how to get from $44 to $41 based on what's in front of me. That's by far the cleanest offer I've received from literally dozens of dealerships but I just can't fathom how I'm getting a worse deal now than he did months closer to year end...and that's ignoring we seem to be starting at the same initial price point. I'm like $100 more on the negotiated price but a couple hundred less on the incentives so his deal is just not making sense to me for some reason.

 

[stingerbeagle]

calling @stingerbeagle ... would you be able to provide a detailed lease sheet?

Sorry, I'm swamped at work, but just so I don't leave you hanging, here's a screenshot of my own spreadsheet.

For the lease details section, those numbers are calculated by spreadsheet formula but they match the lease contract exactly. For the buyout section, I tried to calculate it myself, but you'll see that I couldn't actually get it to match. However, $41,069.96 represents every penny I sent to Kia, so unless they send me a bill for more money, that is the total. I paid $0 at signing, and chose to use a portion of the rebate to cover all DAS. So basically the buyout quote is the full amount I paid Kia.

Hope that helps.

 

[bizzle]

Thank you for providing that. I have to admit, I'm so confused. My numbers are around the same as yours but I'm calculating and extra $3K in taxes. Unless they send you a bill or I'm calculating wrong I should be jumping on the deal I got or I guess waiting another week to see if it gets better? Doesn't look like much meat left on the bone, though.

 

[bizzle]

OK, well I called the manager and we re-ran the numbers through his system and it turns out that we were calculating the payoff incorrectly. I should expect a payoff of 37K and then tax on top of that...my rate is 8.25 compared to stingerbeagle's 9.75.

This is for Panthera with white interior. What do you guys think? I haven't even seen this color combo except in one other place. Not sure it's worth trying to squeeze another $1K out of someone if that's even possible. I'm about two hours from the dealership and my wife is already headed home (been on the road for an hour) but they'll deliver it tonight and bring the paperwork. What do you guys think? :O

 

[stingerbeagle]

OK, well I called the manager and we re-ran the numbers through his system and it turns out that we were calculating the payoff incorrectly

Nice. Ya I was going to say that if you were ending up with $3k more in taxes than me, then it was almost certainly just some kind of silly double-taxation error.

What do you guys think?

You're basically getting almost the same deal that I got I believe. We have almost identical "Net Cap" and MSRP. Whether that's good enough for you, is up to you As I mentioned in my post, I don't think I got an amazing deal by any stretch of the imagination. I'd say it was "decent".

I will say that if they're willing to deliver it tonight, then it seems you have them by the you-know-what. You can probably just say something like: take another $500 off and we have a deal.

 

[bizzle]

I don't know...I've been beating the bushes of every single dealer I looked up from San Diego to LA to Palm Desert and this is the best deal I've been able to get. I'm not getting anything like you got from anyone. Closest dealership is over 100 miles away...and the rest are three+ hours. I could try and get $500 off, but I could also put myself in a corner where I have to pack up both kids, the wife, and myself and drive two hours in, sign the paperwork, and then drive back with my family in the rental all the way back home. If I'm getting a couple more thousand off, that is worth considering but $500 bucks is only fun for the chase This is Panthera with white interior...I haven't seen more than a couple in our area.

I was working on another one yesterday and the manager straight up told me that he wasn't going any lower (and it was a worse deal than this) and they haven't called me back. Not a peep. Some of these dealers still have 2018s and won't work deals on those, either. It's starting to seem like they'll just hold onto them.

 

[stingerbeagle]

but $500 bucks is only fun for the chase This is Panthera with white interior...I haven't seen more than a couple in our area.

Ya, my personal philosophy is that if the dealer has been straight-up with no tricks or hidden fees, then I don't try to squeeze every last bit from them. FWIW panthera was my first color choice but I couldn't find it (had to settle for 2nd choice silver)

 

[namja]

Ya, my personal philosophy is that if the dealer has been straight-up with no tricks or hidden fees, then I don't try to squeeze every last bit from them. FWIW panthera was my first color choice but I couldn't find it (had to settle for 2nd choice silver)

Based on your philosophy, then, we MUST squeeze as much then! Making us run around all these dealerships (running digitally, at least for me)

 

[UWMad]

Sorry, I'm swamped at work, but just so I don't leave you hanging, here's a screenshot of my own spreadsheet.

For the lease details section, those numbers are calculated by spreadsheet formula but they match the lease contract exactly. For the buyout section, I tried to calculate it myself, but you'll see that I couldn't actually get it to match. However, $41,069.96 represents every penny I sent to Kia, so unless they send me a bill for more money, that is the total. I paid $0 at signing, and chose to use a portion of the rebate to cover all DAS. So basically the buyout quote is the full amount I paid Kia.

Hope that helps.

View attachment 35276

I've been trying to do the same as you have here. Your comment about using a portion of the rebate to cover all DAS...does this them reduce the sales tax on that rebate? I would think you would still pay tax on the rebate at the full amount ($11,500)...but then your calc's would be way off. Dealer told me they are going to use a portion of my trade-in equity to pay the rebate tax...but if we can do as you are saying...I would rather use up the rebate?

 

[stingerbeagle]

I've been trying to do the same as you have here. Your comment about using a portion of the rebate to cover all DAS...does this them reduce the sales tax on that rebate? I would think you would still pay tax on the rebate at the full amount ($11,500)...but then your calc's would be way off. Dealer told me they are going to use a portion of my trade-in equity to pay the rebate tax...but if we can do as you are saying...I would rather use up the rebate?

The way that the rebate is reflected in the lease agreement is confusing, but here's hopefully a simple way to think about it:
You owe taxes on the negotiated sales price before the rebate is applied. In my case this number was $46,519, labeled gross "Capitalized Cost". So if you get a rebate that further reduces cap cost, they have to "charge" you taxes on it, otherwise it's a violation of regulations.

This is no different than if you use a mail-in rebate for a pack of energizer batteries at Costco. You ultimately paid taxes on the full price of the batteries.

Whether you choose to use the rebate to cover this "tax on credit" on the day ultimately doesn't matter. The net total will be the same.

 

[JFWALSH]

Loving this car so far! You will enjoy it when you get it...

So many options. Very comfortable.

May end up liking it more than my 2016 BMW 435 Gran Coupe...

And I am very impressed by the audio quality...

Good luck...

 

[stingerbeagle]

Odd. I just received a $220 check in the mail from the dealership, but there's no explanation. My best guess is that this is because the rebate had gone up by $220 (from $10,500 to $10,720). I was a bit annoyed because I didn't notice this rebate increase before I went in to do the deal, and figured the dealership had pocketed the difference. I guess there must be some kind of rule that states that I get the full incentive.

 

[G-902835]

White w/ black leather 1 yr old base model 6,200 mi, 4 cyl. Like new, drove better than a new G70 I tested- faster and no turbo lag. $32,750

 

[me&stinger]

Loving this car so far! You will enjoy it when you get it...

So many options. Very comfortable.

May end up liking it more than my 2016 BMW 435 Gran Coupe...

And I am very impressed by the audio quality...

Good luck...

Another satisfied owner! In the end that's all that matters.

 

[namja]

View attachment 35276

Dude I just saw your leasehackr post. Did this dealer also hide the acquisition fee up in the cap cost as well?

 

[stingerbeagle]

Dude I just saw your leasehackr post. Did this dealer also hide the acquisition fee up in the cap cost as well?

No IIRC the one I posted on LeaseHackr is not what I ended up going with. The dealer I chose had everything laid out up front. And as you can see, I managed to work it down a bit more.

 

[namja]

No IIRC the one I posted on LeaseHackr is not what I ended up going with. The dealer I chose had everything laid out up front. And as you can see, I managed to work it down a bit more.

Oh sorry, I meant did the dealer you finalized with hide the Acq fee as well?

But I see now...bank doc fee.

 

[Stinger Enthusiast]

The Stinger GT1 would be my first new car, so kinda want to keep my deal at the possible numbers.

As I reside in Texas I have heard that the taxes will have to be paid twice in case of a lease buyout and couple of fellow Texans have suggested the balloon purchase option instead. I’m yet to break that out to my dealer, would I still get to take advantage of the lease cash though ?

The below are the numbers I received from the dealer, how would these stack up against the buyout in terms of double taxation and the balloon purchase ?

MSRP : 47,115
Sale : 43,105
Lease cash : 9700
MF : 0.00191
Residual : 24, 970.95
Net cap cost : 34,874
Payment : 537.86

In cases of a regular buyout(states without double taxation) the buyout amount would be Net cap cost* taxes + lease buyout fee right ? What would happen to these numbers in Texas ?

And how would balloon purchase help me save the double taxation ?

Would be really helpful if somebody could break this Down.

The dealer here has been telling me he exempted the initial tax by giving me the tax break. Is this true at all? Can dealers do that ?