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2013 and earlier Kia Sorento Lease Questions

124

Comments

  • Car Man,
    Can you please provide the February money factor and residual for?

    2012 Sorento EX V6 FWD, 36 months, 12,000 miles

    Any lease incentives for February?
  • Hi soroka24. Kia's February buy rate lease money factor and residual value for a 36-month lease of a 2012 Sorento EX V6 FWD with 12,000 miles per year are .00181 and 53%, respectively for consumers who qualify for its top credit tier.

    Kia is currently providing a $1,000 cash incentive on leases of this vehicle.

    Car_man
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  • What is money factor and residual value for 36 month lease of 2012 Sorento SX V6 AWD, 12,000 miles.

    Thanks
  • Car Man,
    I am being told Kia is no longer doing 36 month leases and have moved to 39. Is this accurate? Can you please provide the money factor/residual for 12K a year for 39 months?
  • Hi sephrath. Kia Financial Services' February buy rate lease money factor and residual value for a 36-month lease of a 2012 Sorento SX V6 AWD with 12,000 miles per year are .00156 and 51%, respectively for consumers who qualify for its top credit tier.

    When negotiating your deal on this truck, make sure to take advantage of the $1,000 cash incentive that is currently available on leases of it.

    Car_man
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  • What you were told is indeed correct, soroka24.

    Kia Financial Services' current buy rate lease money factor and residual value for a 39-month lease of a 2012 Sorento EX V6 FWD with 12,000 miles per year are .00181 and 53%, respectively for consumers who qualify for its top credit tier.

    Car_man
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  • Looking to see what is wrong when I walked into the dealer, he changed his word of what we talked about on the phone.
    we talked to get me at 220 a month with taxes included.
    So to say it was 24,500 MSRP, 20,500 fac invoice. 54% residual. 39 month. 12K miles.
    3,000 down and that covers all, ALL, Fees tax, title, license, reg, doc fees +.
    Walked in and the dealer first said we will sell you the only one we have in our lot instead of what you are asking for. I said WHAT!!!. then I said show me the worksheet. now he had me paying 229 a month and 3,200 down and that didnt even cover ANYTHING, and just to make the monthly payment to 220.00 a month. Not only did he go against his word, but said and talked about how all other dealer ship do that and he is straight forward and never changes what he said. They are now getting a bad dealer rating. Please tell me if it was a good deal to find somewhere else.
  • danny14danny14 Posts: 12
    Could you please refresh the residuals and money factors for 36k miles/3-year lease of a 2012 I4 AWD EX with Premium Plus Package? Please, also indicate what special offers and cash incentives are applicable/combineable to/with this lease. The purchase will be made in Northern Virginia/Washington DC metro area. Thanks in advance for the help.
  • patwhitepatwhite Posts: 4
    Hello, do you have the residuals and money factors for April? Wife is looking at the 2012 Sorento EX V6 with the premium package and 12K mile per year. We're in the Raleigh NC area. Thanks!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    I certainly do patwhite. Kia Financial Services' April buy rate lease money factor and residual value for a 36-month lease of a 2012 Sorento EX V6 with 12,000 miles per year are .00105 and 53%, respectively for consumers who qualify for its top credit tier.

    Car_man
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  • azdogmamaazdogmama Posts: 1
    edited July 2012
    My husband and I currently trying to negotiate a lease on a 2013 Sorento LX basic package. We've had trouble getting information from the salesman we're dealing with, and since this is our first time leasing, I was wondering if anyone had any tips. Although we've asked him twice now for the money factor and residual value, he's hemmed and hawed and said he'd have to get that for us, then never calls back. We walked out of initial negotiation on Friday because we had to leave, and they weren't coming close on the payment I want. We're trying to negotiate no out of pocket, out the door $300 max total monthly payment, 12k miles per year, 36 month lease, excellent credit for both of us. Am I way off base here? :(
  • bsyahbsyah Posts: 8
    edited October 2012
    Carman

    Hi, Do you have the money factor and residual for 2013 Sorento EX 4 cyl w/ premium plus package for 36 month/15,000 miles. Tier 1 credit. Also are there current incentives? Not sure if if matters but this is Western NY

    Thanks
  • Yes I do, bsyah. Kia Financial Services' October buy rate lease money factor and residual value for a 36-month lease of a 2013 Sorento EX 4-cylinder with 15,000 miles per year are .00117 and 57%, respectively for consumers who qualify for its top credit tier.

    In your state, New York, I believe that there is currently a $1,500 cash incentive on leases of this vehicle.

    Car_man
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  • jackadamiajackadamia Posts: 1
    edited October 2012
    I was looking to lease a 2013 LX V6 Sorento. I asked for the MSRP, the net capitalized price, the residual value and the money factor and was told $28,325, $25,500. $16,428 (58%) and .00059 for top credit tier. Then the payments were disclosed as 36 payments of $378 with zero down. So I did the math, and using those inputs, the payment should be a lot lower. Upon questioning, the sales person said to add in $595 acquisition fee and $48 registration fee. Again, the numbers came out different so another Q & A sesssion with the salesperson. The response, "oh my mistake - the money factor is really supposed to be .00172 for that model". Anyway, I again did the calculations, including state sales tax on each payment, and although the payment matched using that factor, with zero down it included capitalizing the first payment of $378 (cap cost has to be $25,500 + $595 acq. + $48 title + $378 1st payment for these numbers to work right). Another "oops" from the sales person.
    Anyway, at this point, I am not sure if I should do business with this dealer, as I think maybe they are hoping to disclose one set of terms and deliver another. Second, I would like to know, for October delivery, what are the correct residual and money factor for a 2013 Sorento SXV6. Thanks!
  • blutopblutop Posts: 5
    Hi Car_Man,

    I'm trying to find out what I should be paying for the base model of the 2013 Kia Sorento EX (I would like the bumpers and homelink rear view, but that's another issue...). I'm planning to lease with 15,000 miles per year, and I'm in the 91601 zip code (California). I'm pregnant, so the idea of going into a dealership right now is... yikes! I'm going to try to negotiate online as far as I can go, so please any advice would be great here as well. I've had trouble nailing down dealers over email so far.

    Also, is it safer to lease through an outside lender or through the dealership? I heard on these forums from one guy that they give you a lower OTD price, but trade for a worse leasing deal to get you to pay more in the end... thanks!
  • Hi jackadamia. It sounds like the salesperson that you're dealing with is either very confused or trying to mislead you. Either way, it wouldn't give me a good feeling about working with this dealership. If there's another one in your area it probably would be a good idea to check it out.

    Kia Financial Services' October buy rate lease money factor and residual value for a 36-month lease of a 2013 Sorento LX V6 with 15,000 miles per year are .00132 and 60% for consumers who qualify for its top credit tier. The numbers for the SX 4WD are .00133 and 58%.

    Car_man
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  • Congratulations on the soon to arrive little one, blutop. The easiest way to get a good deal on a leased vehicle is to shop around for the lowest possible selling price and then have the dealer that you decide to go with calculate your vehicle's monthly payment using its buy rate lease money factor.

    Look up the dealer invoice price of the exact model that you want over in the New Vehicle Pricing section of Edmunds.com and offer a couple hundred dollars over that minus the $1,000 cash incentive that is currently available on leases of this model.

    Once you have this vehicle's MSRP and approximate selling price either let me know and I can work up a payment on it for you, or you can calculate one on your own using the formula that is outlined in the following article Calculate Your Own Lease Payment, a money factor of .00117 and a residual value of 57% (for 36 months with 15,000 miles per year and top credit tier).

    You're definitely better off dealing directly with the dealership than involving a third party that just has to profit from your deal as well.

    Car_man
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  • Hi, group! I saw the residual and money factor for the LX V6, but I wasn't sure if they were the same or not for the 4cyl. If you could let me know if they're the same, or what they are if they're different, I'd appreciate it. Thanks!

    Chris
  • Hi, everyone...
    My in-laws are looking to lease a new Sorento after totalling their old one (only 2 months old). But they're having a hard time locating what they want....dealerships in our area can't seem to find any 2013 LX with all wheel drive and the convenience pkg and 3rd row seat within a 300 mile radius. Is this spec a bit of a unicorn? I recall when I was shopping last year, we were told finding the 3rd row in an LX was virtually impossible.
  • blutopblutop Posts: 5
    Hi Car_Man,

    I had a very tough time getting dealers to talk straight with me on email. I did this before with my BMW lease about 5 years ago, no problem, but this time around they have been incredibly cagey. Getting an OTD purchase price was nearly impossible and they kept leaving out information and not getting back to me with either the true OTD prices or alternately the included specs of what they were quoting.

    I got a little desperate and called Authority Auto. They can get me into a Kia Sorento EX base model for a purchase price of $27,150 (this does not include any rebates). Money factor was .00117 like you said, but he insisted the bank gave him a residual of 55% for 15,000 miles per year. Could you confirm? Also, he told me this price was $100 over the dealer's invoice. I grilled him about all the details, but ultimately, even with a rebate - which he mentioned as $1500 I thought, not $1000, but could be wrong - was 378.13 per month.

    This is way over what I had hoped - I was trying to keep this car under $300. I mentioned I had gotten a BMW way back for $34000 purchase price and leased at $404 with nothing down, but of course couldn't remember money factor and residual, so this was a disappointment. He said BMW has better leases and Kia just doesn't incentivize enough. Is this true? Is this deal right?

    Am wondering if I should regret going with Authority Auto and not trying to stay the course on email, but being pregnant, I really felt like I lacked the time and leverage to go into the dealer on my own to negotiate. Seems like a nice guy but I'm new to working with a broker.
  • Hi Car_man,

    It seems you have a lot of knowledge on this topic and I wanted to see if I could get your input - would greatly appreciate it! I, too, am a pregnant mom working this deal and it has been challenging, but I think I'm almost there.

    I am thinking about leasing for the first time and am wanting a 2013 Kia Sorento front wheel drive LX. Leasing is new to me, so it has been a learning curve. Here are the details I have been negotiating - meeting with the dealer again in the morning:
    -12,000 miles, 36 month, base model (no third seat)
    -Down payment of $2999 plus tax, tags and fees ($1,363.50) minus a $2,500 trade = $4,362.50
    -Monthly payment of $174 (includes vehicle tax)
    -Total cost of lease - $8,126.50
    -Money factor of 0.0010
    -$1,500 in customer cash incentives were factored in for cap cost reduction to get to the monthly payment of $174

    Is this a good deal? Anything I could/should be pushing for or asking about?

    The only changes I am considering are adding the 3rd row seat (am told that adds about $30/month to lease) and/or raising to the 15,000 mile cap (also told this adds another $30/month). Really having a hard time figuring out if I need either of those - particularly the mileage cap. Concerned that 12K may not be enough, but not sure.

    Many thanks for your help.
  • Car_man: I should have added that the MSRP on this offer is $24,160 and the Invoice is $23,335.

    Thank you!
  • Hi Chris. The numbers for the 4-cylinder version of this vehicle are indeed different. Kia Financial Services' October buy rate lease money factor and residual value for a36-month lease of a 2012 Sorento LX 4-cylinder AWD with 15,000 miles per year are .00113 and 58%.

    Car_man
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  • Thanks, Car_man...I was using the info for my in-laws. Somehow, they made the jump from looking at an LX 4-cyl to leasing an SX. Not exactly sure how you make that sort of jump, but...
  • Hi blutop. It's strange that they're quoting you a different residual value because they don't have the authority to alter them. The residual through Kia Financial Services is definitely 57%, not 55%.

    BMWs usually do lease better than Kias, but the current lease program for the Sorento isn't terrible.

    I personally would never use an auto broker, to me they merely add another party that has to profit off of my deal, many people do and are happy with them.

    Something seems off with the pricing here. This isn't truly a base Sorento. It must have some options. The base Sorento EX has an MSRP of $27,750 and a dealer invoice price of $26,345. $100 over the invoice price would be $26,445 before incentives and $25,445 after the deduction of the $1,000 cash incentives on leases.

    Car_man
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  • Hi pearl278. The easiest way for me to evaluate this deal would be to look at this van's MSRP and selling price. Do you have those figures?

    I see that you are considering using equity from your trade as a down payment on your new lease. There's nothing wrong with trading in an old vehicle when leasing a new one, however you would be much better off having the dealer cut you a check for any equity that you have rather than using the proceeds from it as a capitalized cost reduction. I always advise consumers to put as little money down as possible when leasing. Consumers who make large down payments on leased vehicles risk losing part or all of the money that they laid out if their vehicle is totaled in an accident or stolen and never recovered.

    Car_man
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  • Ah ha. Good info. All we need is the selling price that the dealer is charging you for the Sorento. Let me know.

    Car_man
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  • When you can, would you post the December finance numbers for the Kia Sorrento SE and the SE V6 with 12k miles or 15k miles? Any december incentives as well. Thanks Car_man
  • Hello Carman,

    I'm looking for the lease numbers for 12K leases of the EX and SX 2013 Sorrento models. Also any incentives you know about would be appreciated as well.

    Thanks!
  • Hey sprinkler13. I can't say that I am intimately familiar with the Sorento trim levels, but I don't think that there is an SE. There's an EX, LX and an SX. Did you mean one of these?

    I can tell you for now that all 2013 Sorento models have a $1,500 cash incentive available on leases of them.

    Car_man
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