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2013 and earlier Kia Sorento Lease Questions

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Comments

  • This is a good question, motorhead1996. It's impossible to say what Kia's programs will be like on this truck in September at this point. I certainly wouldn't wait until then in the hope of getting a better deal. If you need a new vehicle now, I don't see any reason not to go for it.

    Car_man
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  • I sure can, tamzab123. Kia Motors Finance's February buy rate lease money factor and residual value fore a 36 month lease of a 2011 Sorento EX 4-cylinder FWD with 15,000 miles per year are .00178 and 47%, respectively.

    There's lots of different ways to calculate sales tax on leased vehicles. They vary from state to state. I don't believe that you have to pay sales tax on the price of the entire vehicle in New Jersey. If the dealer told you that then they were mistaken.

    Car_man
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  • Car_man,

    Can you please post the lease rate details on the 2011 Sorento LX 4cylinder - 36 months 12kmi/mo? Can you also confirm if the $1500 cash incentive for leases is still availabel in March?

    Bobcat2k1
  • spagballspagball Posts: 20
    Hey Car_man. Could you please post the buy rate lease money factor and residual value for the SX AWD for 10K and 12K?

    From the research I've done, can you explain why it seems leasing SUVs and CUVs seems so relatively expensive respective to comparable sales prices for vehicles of other classes? Seems many have noticeably lower residuals and banks also seem to be offering some similarly high MFs.

    As always. Thanks.
  • karchkarch Posts: 42
    I believe the residual for the 12K is 50%, with a mf of 0.00131, but perhaps Car_Man can chime in.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    I'd be happy to Bobcat2k1. Kia Motors Finance's March buy rate lease money factor and residual value for a 36 month lease of a 2011 Sorento LX 4WD with 12,000 miles per year are .00054 and 49%, respectively.

    Yes, Kia is offering the $1,500 cash incentive on leases of this truck right now.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Here you go spagball. Kia Motors Finance's March buy rate lease money factor and residual value for a 36 month lease of a 2011 Sorento SX AWD with 12,000 miles per year are 00131 and 50%, respectively.

    I'm not sure if KMF offers leases with only 10,000 miles per year, but if it does, its residual values for that mileage allowance are likely 1% higher.

    Car_man
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  • spagballspagball Posts: 20
    edited April 2011
    Thanks Car_man.

    I leased an SX AWD just yesterday. Feel I did pretty well, but could likely have done better.

    Details:
    SX AWD
    panoramic sunroof
    $32,550
    -
    $3,000 total incentives (competitive, lease $, and some other)

    Sub Total
    $29,550

    Residual
    50%

    Money Factor
    .00171*
    *guess I got jobbed here - bitter

    $3,418 down (includes T,T & T plus dest)
    my state requires sales tax on full sale price, so paid that out upfront.

    Monthly - $413.

    Overall Impression and advice:
    While at the surface that price and deal are pretty good - first offers where as high as $550/month - I feel pretty beat up after my experience with Kia. It took about a week to ten days get to this point of countless emails and dealings with ambivalent (at best) to straight smug dealers. Regret going with my final selection in dealer. Felt they're weren't very up front with their pricing, were not remotely helpful or understanding before, during or after the process was complete. While not rude, they left me with a bad taste.

    Seems all the Kia dealers may have been taught the same tactic (via email at least) of playing the, "this price - (minus) this rebate - this incentive = this final sale price". Then saying, "see it's a great deal". What I'm getting at is they seemed to be heavily leveraging the incentives in their sales tactics while still protecting their bottom line sale and even their dealer cash and holdback.

    My biggest regret and urge all readers to check how the taxes and processing fees are disclosed prior to the deal or going into the dealership. Turns out I was given one buyer's order with a solid sale price, BUT the fees were completely fabricated. As you may know, this can have a very profound effect on how the lease is calculated. So, when I got in the showroom, all the numbers had changed. On top of that; get this, the finance manager wouldn't let me look at the lease agreement until I agreed on the terms displayed on his computer screen. To the point where he snatched it from me when I reached over to review it. On top of this when I showed him the buyer's order I had faxed to me prior to my visit, the Finance Manager said, "He [salesman], told me just to put this retail, and this sale price on here, and the rest I just guessed at (paraphrase)" Unbelievable.

    So, I had to take down their numbers and run it through a spreadsheet I brought and also ran it by hand. Had to factor in the destination/acquisition fee which originally they omitted and told me was included in the sale price of the vehicle and said never shows up on the lease agreement , never correct and a blatant lie. I had to itemize certain fees that were lumped together. Finally had to find fees that were listed on the original buyer's order, but not on the final lease agreement. Since it was close to close GM and FM started getting all antsy telling me "this is just how the computer generates the lease". Not to mention I was told by a few salesmen and even a GSM, that they didn't understand lease calculations when I questioned them and said, "Finance deals with all this". Unbelievable.

    Ultimately, I needed to be sure I was cool with the numbers. Here's where I should have left and I encourage you to leave if you find yourself in this situation. It's really not worth the hassle. If ever you feel uncomfortable just get outta there.

    I finally figured out the they originally had me putting more down up front in their made up first buyer's sheet, thus making my monthly lower than I expected. But, when I got in there the up front money had decreased enough to push the monthly above my expectation. So, all in all it was pay now or later and the overall amount I was paying was the same. It just raised flags and made me nervous until I sorted it all out.

    So, my final advice is to just be sure you get your figures clearly sorted before you get in the dealership or just don't go. Have all the fees clearly itemized and explained. And if you feel uncomfortable at any point when in the dealership, LEAVE IMMEDIATELY. It's so much better for your nerves. There's always going to be a deal at the next place.

    Guess this advice is sound for any lease agreement, not just with Kia. I just seemed to have a ton more headaches with Kia than I ever had with other car makers' leases (Toyota, VW, Lexus). Don't know if they're just hyper competitive knowing they're closing the gap with Japanese auto makers. Or that they have much smaller margins than other auto makers. But, it was just a really unpleasant process from beginning to end. Which is a shame b/c the Hyundai/Kia brand is really hot right now and the product is a great value. I've even recently negotiated a Sonata purchase for a family member and that was a really smooth enjoyable deal. Just something about Kia.

    My long-winded two cents.
  • karchkarch Posts: 42
    spagball, thanks for sharing your experience here.

    I've only leased two cars in my life, bought a bunch more.
    My first lease was years ago, didn't want the car (it was for my then wife), and had a bit of fun doing it.

    The last one was in 2005, and was an Infiniti, and I had a positive experience. Enough so that I would rather lease another Infiniti this time, but it's for my wife, and they don't have an SUV she likes or wants.

    Even here in Cali you only pay tax on the payment on the lease (maybe cap reduction, not sure, but I won't pay a cap reduction).

    I agree, a lot of these Kia dealers really show they are feeding off the less-informed. The ones I have been dealing with have, for the most part, fit the stereotype of (used) car salesperson.

    They don't seem to realize that Kia doesn't have a great name, yet they are smug enough to act like it does. This is not to say anything negative about Kia, but it doesn't have a decade or more of a great, reliable car and steady resale value.

    Regardless, I appreciate your comments and candor, and wish you well with your Sorento.
  • spagballspagball Posts: 20
    edited April 2011
    karch, stick to your guns and don't move on pricing. They will eventually break. If you have access to Zag pricing via USAA, Consumer Reports, Amex, Costco, BJs, and a few others' buying programs, try to get your quotes through that route. The prices there are *drastically* under invoice - to the point that I think it might even eat up most of the holdback. But I also know there's been dealer cash recently so it's not a total loss.

    Like you said, while Kia is still working on improving its rep, I have to say the Sorento and Kia autos in general are a hard deal to pass up considering the cost/value. This is especially true in this compact/mid-sized market segment. And my two days with the SX (not much to go on I know) have been very pleasing.

    The dealerships just need to shift their mindset that Kia is no longer selling itself as a bargain brand to the first-time car buyer and those who need a budget car. Salesmen even told me the clientele is shifting to include more "upscale" car buyers. However, they're still selling cars like they're dealing with those with poor or no credit (frankly not an excuse to treat any buyer poorly, but traditionally is the case with lower income shoppers).

    For example, when I went to pay the cap reduction (just fees and tax, I too refuse to put any cash in a lease and no one ever should IMHO), they told me they would only accept $2K of the payment in credit and the remaining $1,400 had to be cash or check. Really...really? From what I can recall, that was a first for me lease or purchase. Lost 1,400 points right there.

    Until Kia starts to recognize their market demos are changing in lock-step to their newly refurbished brand and in turn respects these new customers they're really not going to get much positive PR. We were considering an Optima lease on our next car coming due soon. After this experience, we're much more likely to seriously consider other options. We'll see if the headache is gone and if Kia starts to retrain it's workforce.

    Until then I'm afraid they're going to get a lot of, "Kia? Yeah, it's a fabulous car, but.....".
  • Car_Man -- Do you have the money factor and residual value numbers for April for both Kia Sorrento EX V6 AWD and LX V6 AWD?

    Your help is most appreciated!
  • apsonapson Posts: 4
    I was just quoted by Kia of Elk Grove (Sacramento, CA region) with a money factor of .00058 and a residual value of 50% along with the $1500 cash incentive for the I4 LX 2WD in Titanium Silver. Dealer says won't go below MSRP because there are only two of this color in this trim within 100 miles. Amounted to $3k due at signing and $289/mo. Kia.com has this model (#72222) special at $2999 down, $239/mo. The only way I can see one achieving this monthly price is if you qualify for $1k bonus cash (on top of $1500 incentive) and get the dealer to come down on selling price. In California, with 8.125% sales tax I came up with this:

    MSRP: $23590
    - Cash Incentive of $1500: $22090
    Due at signing: $2999 (fees + cap reduction)
    (Cap reduction: $2150)
    Money Factor: .00058
    Residual: 50%
    Sales Tax 8.125% ($897.41 I think?)
    Monthly: $276.80

    I'm not sure where lic/doc fees are going to go. This would be added to the selling price or subtracted from the cap reduction, right? "Due at signing" is $2999 which includes fees leaving you with a cap reduction of $2150

    Dealer quoted me $2999 at signing and $289/mo. Would feel a lot better for a 2WD LX at $260.
  • karchkarch Posts: 42
    If dealer won't go below msrp, I'd find another dealer. Just my opinion.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    I sure do thesignal. Kia's current base lease rate and residual value for a 36 month lease of a 2011 Sorento EX V6 AWD with 15,000 miles per year are .00129 and 50%, respectively.

    The numbers for an otherwise identical lease of a Sorento LX V6 AWD are .00054 and 48%.

    When negotiating your deal on this truck, make sure to take advantage of the $1,500 cash incentive that is currently available on it.

    Car_man
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  • raduderadude Posts: 50
    Car_man,

    What it the the current MF and Residual for a 36 month/10K lease on a 2011 Kia Sorento AWD 4dr I4 LX w/AUTO?

    Thanks
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi radude. Infiniti Financial Services' May buy rate lease money factor and residual value for a 36 month lease of a 2011 Kia Sorento AWD LX I4 with 10,000 miles per year are .00094 and 52%, respectively.

    When negotiating your deal on this vehicle, make sure to take advantage of the $1,500 cash incentive that is currently available on leases of it.

    Car_man
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  • andy2812andy2812 Posts: 67
    Hi Car Man,

    Can you please let me know what the residual and money factor is on the Sorento LX V6 w AWD for a 36 month lease and 12k miles per year?

    Thanks
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    I'd be happy to andy2812. Kia Finance's June buy rate lease money factor and residual value for a 36 month lease of a 2011 Sorento LX V6 AWD with 12,000 miles per year are .00154 and 50%, respectively.

    When negotiating your deal on this truck, make sure to take advantage of the $1,500 cash incentive that is currently available on it.

    Car_man
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  • andy2812andy2812 Posts: 67
    Car_man,

    Thanks for your help.
  • tjcolvintjcolvin Posts: 2
    Car_man,

    Do you have the residual and money factor for a 36/12,000 lease on the 2012 (not '11) Sorento EX AWD. I just read that the residual rate is now 58% and wanted to confirm and get the MF if that is true.

    Thanks.
  • ashwenashwen Posts: 23
    CAR_MAN,
    Do you have the June lease rates for both the 2011 and 2012 Sorento FWD SX? I am looking for a 36 month /12,000 miles lease. Thanks for all your help.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    You're very welcome andy2812.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    I certainly do tjcolvin. Infiniti Financial Services' June buy rate lease money factor and residual value for a 36 month lease of a 2012 Kia Sorento EX 4-cylinder AWD with 12,000 miles per year are .00144 and 57%, respectively.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi ashwen. Kia's June buy rate lease money factor and residual value for a 36 month lease of a 2011 Sorento SX FWD with 12,000 miles per year are .00164 and 51%, respectively.

    The numbers for an otherwise identical lease of a 2012 model are .00126 and 54%, respectively.

    Kia is currently providing a $1,500 cash incentive on leases of the 2011 model, but no cash on the 2012 model.

    Car_man
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  • tjcolvintjcolvin Posts: 2
    Thanks, Car_man! Much appreciated.
  • ashwenashwen Posts: 23
    Thanks Car_Man. I was hoping the 2012 to have a higher residual value. :( From what I understand, the main difference is the addition of UVO in 2012, so I won't be missing out much going with a 2011.

    From my interactions with a couple of dealerships here in Houston, looks like the $1500 competitive cash can be applied to leases in addition to the $1500 lease cash that is being offered on the 2011s.

    Also, there seems to be a $1000 competitive cash available on the 2012s.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    You're very welcome tjcolvin.

    Car_man
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  • j_smith1j_smith1 Posts: 14
    Car_man

    Do you have the July money factor and residual for for Sorento SX Awd 36mo 12k? Any incentives this month?

    Thanks!
  • brianf1997brianf1997 Posts: 23
    Car man,

    Can you please provide the current money factor and residual value for the 2012 EX V6 AWD? Also, I presume the residual % doesnt change based on the options in the EX (e.g., navigation system vs no navigation system)?
  • vegasqvegasq Posts: 2
    Car_Man,

    I am looking to close a deal on a Kia Sorento this week. I am looking for the lease rates on both a 2012 Sorento EX FWD 4 cylinder 15k and a Sorento LX FWD 4 cylinder 15k. Also, is there any dealer cash for July? Thanks for all the great information you provide!
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