What did you pay for your Kia Stinger?

[TheAlien666]

Bought my Canadian 2018 Kia Stinger GT Limited slightly used (22 000 km on it), at a local Kia dealer back in August of 2019 for $44K CAD (everything included, tax, interest on car loan, etc). It came with an additional set of brand new 4 mags (Fast Wheels Aristo machine black)
and 4 winter tires (18" General Tire Altimax Arctic) and an extension of the full warranty to 8 years (from the initial 5). Not a bad deal IMHO.

 

[AYip31]

So, do you lease the car first and then buy it?

Basically yes

 

[AYip31]

Found it. I will check with them

Don’t check with the dealerships!!
0% the sale person will know anything about it.
Maybe 10% of sale managers will know about doing a lease buyout
Your best bet is to research and read the thread. Watch the YouTube video

 

[AYip31]

Cliff notes on lease buyout
You will need very good to great credit score to do a lease buyout, about 760+
Always ask for 24 months, 12k miles on the lease terms
Start at Manufacturer MSRP, do NOT pay for addendum sticker,(dealer MSRP)
- 10% off for dealer discount
- lease rebate
- any trade-in
+ tax, tag, doc fees, acq fee (Beware of BS fees, don’t pay them)
= balance = Adj Cap Cost

Lease payment, money factor, residual does not matter
When signing the lease agreement, make sure your Adj Cap Cost is the same as the balance you and the dealer agreed to.
Also read sections 9, 22D, 23B

Congrats you now are driving away in your brand new stinger.

Once you get a email from KMF. Login, verified VIN, find and click get buyout quote.
Do not wait to buyout the lease, every lease payment you make, reduces your rebate.
You will have to have to pay a some fees and taxes.
also depending on some states, like FL (which I’m in) you will have to visit a dealership to buyout.
Also depending on which states, taxes will be more.
Read the sticky thread on the leases buyout, lots of good info.
also see my post #1122 in that thread about my deal I got.
Also there is a YouTube video: Kia stinger lease buyout. A little long winded. But very helpful.

 

[5t1ng3r]

Cliff notes on lease buyout
You will need very good to great credit score to do a lease buyout, about 760+
Always ask for 24 months, 12k miles on the lease terms
Start at Manufacturer MSRP, do NOT pay for addendum sticker,(dealer MSRP)
- 10% off for dealer discount
- lease rebate
- any trade-in
+ tax, tag, doc fees, acq fee (Beware of BS fees, don’t pay them)
= balance = Adj Cap Cost

Lease payment, money factor, residual does not matter
When signing the lease agreement, make sure your Adj Cap Cost is the same as the balance you and the dealer agreed to.
Also read sections 9, 22D, 23B

Congrats you now are driving away in your brand new stinger.

Once you get a email from KMF. Login, verified VIN, find and click get buyout quote.
Do not wait to buyout the lease, every lease payment you make, reduces your rebate.
You will have to have to pay a some fees and taxes.
also depending on some states, like FL (which I’m in) you will have to visit a dealership to buyout.
Also depending on which states, taxes will be more.
Read the sticky thread on the leases buyout, lots of good info.
also see my post #1122 in that thread aIbout my deal I got.
Also there is a YouTube video: Kia stinger lease buyout. A little long winded. But very helpful.

Thank you. That was well detailed! However, the challenge I have is w.r.t trade-in. If I go with the lease buyout rebate, they could ding me on trade-in value. I'm getting 2.5 K over my KBB for the car as we speak. This becomes a major factor in my payment. My goal is a certain payment/month for 66 months. I'm thinking to negotiate from that. I don't care how they adjust APR, trade-in, MSRP. I am looking for a certain monthly payment.

Also, I will read the thread. Thanks again! Appreciate it !!

 

[AYip31]

Thank you. That was well detailed! However, the challenge I have is w.r.t trade-in. If I go with the lease buyout rebate, they could ding me on trade-in value. I'm getting 2.5 K over my KBB for the car as we speak. This becomes a major factor in my payment. My goal is a certain payment/month for 66 months. I'm thinking to negotiate from that. I don't care how they adjust APR, trade-in, MSRP. I am looking for a certain monthly payment.

Also, I will read the thread. Thanks again! Appreciate it !!

They are just basically shifting money around.
not giving you a bigger dealer discount, instead giving it as a “bigger trade-in”

 

[5t1ng3r]

They are just basically shifting money around.
not giving you a bigger dealer discount, instead giving it as a “bigger trade-in”

Exactly. Which is why I'm going with the monthly payment calculation. Give my final deal for xx amount for 66 months. I don't care how they shuffle. At this point, if I can get $380 a month for 66 months, I'll be happy as a clam.

 

[AYip31]

Exactly. Which is why I'm going with the monthly payment calculation. Give my final deal for xx amount for 66 months. I don't care how they shuffle. At this point, if I can get $380 a month for 66 months, I'll be happy as a clam.

With doing a lease buyout, you can still get financing, doesn’t have to pay in full.

 

[ZZ-8]

With doing a lease buyout, you can still get financing, doesn’t have to pay in full.

From my understanding, you set up the lease buyout through a loan from a bank, right? Or does KMF finance lease buyouts as well?

 

[heyheyal]

Dang dude. Can you give a breakdown on that?

Here you go. Apparently the dealer said they made an error when they quoted me but made good on it. 42k was my out the door target on a GT2 and I got it. Wasn’t easy.

 

[AYip31]

From my understanding, you set up the lease buyout through a loan from a bank, right? Or does KMF finance lease buyouts as well?

I’m not sure, since I’m Florida, had to visit a dealership to buyout.
but I’m sure your able to secured a traditional car loan from a bank or credit union and pay KMF off

 

[therican]

Here you go. Apparently the dealer said they made an error when they quoted me but made good on it. 42k was my out the door target on a GT2 and I got it. Wasn’t easy.

Nice! I'm having trouble getting a GT1 OTD with that - eff you Virginia dealers

 

[ZZ-8]

Nice! I'm having trouble getting a GT1 OTD with that - eff you Virginia dealers

I have an MA dealer quoting 43.7k on a 2020 GT1 AWD that has been on their lot since March (not counting doc fee, etc)

At this point I'm waiting for more 2019s to trickle into the CPO market. 35k CPO is an easier pill for my wife to swallow than 44k new

 

[jimmyjames]

Cliff notes on lease buyout
You will need very good to great credit score to do a lease buyout, about 760+
Always ask for 24 months, 12k miles on the lease terms
Start at Manufacturer MSRP, do NOT pay for addendum sticker,(dealer MSRP)
- 10% off for dealer discount
- lease rebate
- any trade-in
+ tax, tag, doc fees, acq fee (Beware of BS fees, don’t pay them)
= balance = Adj Cap Cost

Lease payment, money factor, residual does not matter
When signing the lease agreement, make sure your Adj Cap Cost is the same as the balance you and the dealer agreed to.
Also read sections 9, 22D, 23B

Congrats you now are driving away in your brand new stinger.

Once you get a email from KMF. Login, verified VIN, find and click get buyout quote.
Do not wait to buyout the lease, every lease payment you make, reduces your rebate.
You will have to have to pay a some fees and taxes.
also depending on some states, like FL (which I’m in) you will have to visit a dealership to buyout.
Also depending on which states, taxes will be more.
Read the sticky thread on the leases buyout, lots of good info.
also see my post #1122 in that thread about my deal I got.
Also there is a YouTube video: Kia stinger lease buyout. A little long winded. But very helpful.

This is incredibly helpful thank you! I am confused as to why credit score matters for the lease buyout... doesn't it only impact the money factor? Also, when negotiating down is it best to wait until an agreed upon price before telling the dealer that you intend on leasing? Or will they require that you tell them if you are buying or leasing before negotiating?

 

[ZZ-8]

This is incredibly helpful thank you! I am confused as to why credit score matters for the lease buyout... doesn't it only impact the money factor?

I assume it also matters when applying for the payout and getting a good rate on that loan.

 

[AYip31]

This is incredibly helpful thank you! I am confused as to why credit score matters for the lease buyout... doesn't it only impact the money factor? Also, when negotiating down is it best to wait until an agreed upon price before telling the dealer that you intend on leasing? Or will they require that you tell them if you are buying or leasing before negotiating?

Negotiate 1st on getting the best DEALER DISCOUNT off manufacturer MSRP, do not have them add any rebate to this discussion.

do not pay for dealer added stuff to the MSRP, ie paint or interior protection, nitrogen filled tires, pin stripe, etc
do know the numbers of invoice of a car. kick back,
Watch out for BS fees, do question the fees if you don’t understand them.
don’t pay for vehicle destination fee twice, it’s already mandatory added to the manufacturer MSRP
Once you get to a dealer discount you like, then tell them you plan on leasing, get the lease rebate applied.
I’m not sure why, but credit score does mattter on getting the best lease rebate.

 

[AYip31]

I assume it also matters when applying for the payout and getting a good rate on that loan.

Yes credit score matter on getting the best rate for a loan

 

[NightNurse]

I showed this to my local dealership to try to get them to offer a similarly sweet deal on a 2020 AWD GT2 and the best they said they could do was matching the 2021 customer cash ($2500) plus like a $3000 dealer discount. They said they couldn't understand how or why Jim Ellis would sell that far below invoice.

I guess I don't understand either. Are they basically just trying to cut their losses, or are there some back end incentives that Kia corporate may be giving dealerships?

From 1/05/2021 till 3/01/21 there is a $5,000 dealer incentive. I think that combined with trying to get rid on the late models is how they are doing it. Also the one remaining 2020 white Stinger GT2 that they still have is now down to $41,598 plus tax. So they are trying to get rid of it before that $5K incentive runs out. Great deal for somebody.

 

[Felicia1970]

My 2021 Stinger GT2 AWD will cost me about $56,348 US dollars after I pay it off (after a 2 year lease and then pay the residual in full upon completion of the lease). Supposedly that includes taxes but who knows? I am in Florida so there is more than likely more taxes once I title it in my name.

 

[5t1ng3r]

What if you adjusted cap cost ( sales price - trade in value) is less than residual? My case is like this.
Say

MSRP - $35,000
Rebates - $5,000
Sale price - $30,000
Trade in value - $14,000
Title and doc fee - $200

Adjusted Cap Cost = $16,200
RV - 50% off MSRP
Residual Value = $17,500

How does that $1300 get offset? Also, at that point, I'd be putting a lot of money upfront for a lease?