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Need quick advice on lease numbers

JavaDoc

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#1
Hey all!

New to the Kia world, so I could use a hand on some lease numbers.

GT2 AWD
MSRP $52,300
Dealer Price $49,300 (5.7% off)
Rebates $7,200
Quoted MF .00198
52% residual

Zero down
Local tax rate is 7.5% ($2,151.67)

Doc Fee $399

Resulting payment $660

Yay or nay?

Thanks!
 

ghedoicy

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#2
Hey all!

New to the Kia world, so I could use a hand on some lease numbers.

GT2 AWD
MSRP $52,300
Dealer Price $49,300 (5.7% off)
Rebates $7,200
Quoted MF .00198
52% residual

Zero down
Local tax rate is 7.5% ($2,151.67)

Doc Fee $399

Resulting payment $660

Yay or nay?

Thanks!
Nay for me... MF on an 800+ credit score is ridiculous... Almost 5%.

-Matt

Sent from my SM-N950U using Tapatalk
 
OP
J

JavaDoc

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Thread Starter #3
True, however it seems that's sort of the point of the rebates/incentives they provide. The MF is also set by FS and not negotiable unless it's been further marked up by the dealer over the buy rate.

The main questions are:
1) Is this a decent discount off msrp before incentives? Is there more room to come off the $49,300?
2) Has the MF been marked up? (I don't know the buy rate).
3) Do these numbers really add up to the listed payment or has something been added behind the scenes to inflate the monthly payment?

Thanks again!
 

ghedoicy

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#4
True, however it seems that's sort of the point of the rebates/incentives they provide. The MF is also set by FS and not negotiable unless it's been further marked up by the dealer over the buy rate.

The main questions are:
1) Is this a decent discount off msrp before incentives? Is there more room to come off the $49,300?
2) Has the MF been marked up? (I don't know the buy rate).
3) Do these numbers really add up to the listed payment or has something been added behind the scenes to inflate the monthly payment?

Thanks again!
The MF is correct, so that's fine. The incentive gets eaten up IMO over the 36 months... 4.75% on any amount financed is not a good deal. Period.

Based on your numbers it would be almost $900 a month if they had no lease cash included. Let that number set in...

I got a quote on a RWD GT 2 with $2900 off MSRP. Then another $250 incentive plus 15% off any dealer add-ons. That was through the Costco buying program. Total was $47, 607 before TTL and doc fee and before the $6500 lease incentive.

I didn't do the deal, again, because the MF/residual is insulting. No other way to put it.

In 6 months to a year there will be some better lease deals for sure.

-Matt

Sent from my SM-N950U using Tapatalk
 
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#5
Here are the numbers I know from my own purchase:

The MSRP including the $900 "Inland freight and handling" is $52,300 on a GT2 AWD. The dealer invoice for that car is $49,113. A difference of $3,187 plus. That does not include any other dealer incentive or quota allowances that no one knows but which dealers get under the table. $595 for window tint is insane and is a pure profit item added to your cost. Also be aware that any "lease cash" rebate is strictly between you and Kia Corporate. The dealer may use it to advertise your net cost, but the dealer has nothing to do with it, and you do NOT want to get that signed over to the dealer to play with numbers embedded into your lease or finance payments. If you do lease or finance the car, make sure you get a complete and total accounting of each and every fee, charge and add-on that goes into making that monthly payment. Dealers can hide all kinds of things in there if you are not watching them every second, and most people are so focused on the monthly payment that they get hosed on the details. Be careful, very careful.
 
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2018 Blue Stinger GT2 AWD
#6
Hey all!

New to the Kia world, so I could use a hand on some lease numbers.

GT2 AWD
MSRP $52,300
Dealer Price $49,300 (5.7% off)
Rebates $7,200
Quoted MF .00198
52% residual

Zero down
Local tax rate is 7.5% ($2,151.67)

Doc Fee $399

Resulting payment $660

Yay or nay?

Thanks!

So i am sure people will have their opinions and comments. Some of these numbers I agree are or have been outlandish. I will say my lease is up end of april. I've been shopping for the stinger since end of january and waiting for the color to become available. I have an 800+ score but manage to work out 3500 down to include all fees, taxes and first month payment. The stinger now has a residual of 54% instead of 52% and my lease payment I am looking at would be $555 a month. And my tax rate for where i reside is about 8.8%. Make of that what you will. I have had dealers give me quotes at or above 600 a month with the same amount down or closer to 570 a month but with anywhere from 4250-5250 down. Neither of which I was going to do. If you can wait. I am sure the deals will get better. Seeing as how depending on where you live like the east coast tri-state area the GT2 are slow to sell right now. So dealers on sitting on inventory for 100+ days now and have to pay interest. So they are going to want to eventually get rid of the cars at some point especially when the 2019s become available later this year
 

MurlinatoR

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#7
Hey [MENTION=901]Randy_NyC_BK[/MENTION], welcome to the house! LOL

The statement that you are making will ALWAYS apply to car sales. What you're missing is that the majority of the deals and changes that happen to a cars price over a calendar year are FACTORY driven and not dealer driver. That said, when speaking about leases, as the car ages throughout the year, the residual WILL lower continually and the money factor will also increase. So, it's really a zero sum game in many parts. With the Stinger, the sales are about to pick up. For this car, it sits in the winter more and will begin picking up steam this summer. I don't personally expect much to change on the incentives of the Stinger now for the next 5 or 6 months probably.
 

ghedoicy

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#8
Hey [MENTION=901]Randy_NyC_BK[/MENTION], welcome to the house! LOL

The statement that you are making will ALWAYS apply to car sales. What you're missing is that the majority of the deals and changes that happen to a cars price over a calendar year are FACTORY driven and not dealer driver. That said, when speaking about leases, as the car ages throughout the year, the residual WILL lower continually and the money factor will also increase. So, it's really a zero sum game in many parts. With the Stinger, the sales are about to pick up. For this car, it sits in the winter more and will begin picking up steam this summer. I don't personally expect much to change on the incentives of the Stinger now for the next 5 or 6 months probably.
I agree with you, although I don't want it to be true. I want a GT2 for as little as possible or a super aggressive lease deal like $399 or something like that.

The residual going down makes the one pay lease that much more lucrative though, right?

-Matt

Sent from my SM-G965U using Tapatalk
 

MurlinatoR

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#9
I agree with you, although I don't want it to be true. I want a GT2 for as little as possible or a super aggressive lease deal like $399 or something like that.

The residual going down makes the one pay lease that much more lucrative though, right?

-Matt

Sent from my SM-G965U using Tapatalk
Well, it really won't make a difference on the one pay. It's still the same numbers.

And for the lease payment, there's no way a $50k car is getting to a $400 payment without a chunk of equity buying the payments down. LOL
 

ghedoicy

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#10
Well, it really won't make a difference on the one pay. It's still the same numbers.

And for the lease payment, there's no way a $50k car is getting to a $400 payment without a chunk of equity buying the payments down. LOL
Wouldn't the MF going up to come sate for a lower buyout price at the end make it less?

-Matt

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MurlinatoR

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#11
Wouldn't the MF going up to come sate for a lower buyout price at the end make it less?

-Matt

Sent from my SM-G965U using Tapatalk
So, mathematically, the higher the money factor, the worse the lease deal.

The one pay lease option simply lowers your money factor 1%. When the residual changes, all it's doing is raising the payment. If your residual is 50%, then you're paying for the other 50%. If you residual is 30%, then you're paying for the other 70%. The GT2 would have to have a 36 month residual of like 65%-70% for it to have payments around $400 and nothing in the market carries that kind of residual. LOL
 

ghedoicy

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#12
Wouldn't a sky high MF not matter since you're paying it off and bringing a fixed interest rate over?

The instrument they are using to offset a more aggressive lease deal becomes irrelevant.

-Matt
 

MurlinatoR

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#13
Wouldn't a sky high MF not matter since you're paying it off and bringing a fixed interest rate over?

The instrument they are using to offset a more aggressive lease deal becomes irrelevant.

-Matt
Okay, so you're not talking directly about lease/rent, you're talking about lease/buy. Gotcha. In that case, yes. The money factor is null and void.
 


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