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Kia Sportage Lease Questions

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Comments

  • Car_man, thank you for your help. Parked in my driveway is a brand new 2011 Kia Sportage SX (AWD) model in Signal Red with the Premium w/ Leather Package and the Navigation Package. Great car, and already have 850 miles on the odometer. Thanks again. :)
  • Car Man,

    Good afternoon. I'm looking to set up my Fiance with a 36 Month lease on a Kia Sportage EX (Clear White) in 2 Wheel Drive.

    Trying to figure out what Zero Down (or little down as possible) lease payments would look like for this vehicle and how to get the local dealerships to work with me on this lease. Great Credit (750+ FICO). This'll be our first lease so thanks in advance for your help!

    Andrew
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    You're very welcome, mike_in_nepa. Thanks for taking the time to stop back and let us know how everything turned out. Enjoy your new ride!

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Welcome Andrew. Since you are new to leasing, you definitely should check out the following informative articles on the subject that are available here at Edmunds.com: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    In short, 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.

    I would be happy to work up a sample lease payment on the exact Sportage that you are interested in for you, but in order for me to do so I need you to provide me with its full MSRP and dealer invoice price. You can find this data over in the New Vehicle Pricing section of Edmunds.com.

    Car_man
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  • CanMan,

    Thanks for your help. Read the posts (great help btw as I'm looking to purchase my own used vehicle soon)

    The vehicle in questions is the 2011 Kia Sportage EX in 2WD.

    Full MSRP: $23,990
    Invoice: $22,565

    (Note: There is a $695 Destination Fee built into both of those #'s).

    Thanks again

    Andrew

    PS - What's the best way to find the residual value and MF for vehicles?
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    You're welcome Andrew. According to my calculations, if you were to lease a 2011 Kia Sportage EX 2WD that has an MSRP of $23,990 and a selling price of $23,065 ($500 over dealer invoice) through Kia Motors Finance right now for 36 months with 15,000 miles per year, your zero down, pre-tax monthly payment would be around $311.

    I used a money factor of .00027 and a residual value of 51% to calculate the above payment.

    Car_man
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  • recruitsvc1recruitsvc1 Posts: 2
    edited July 2011
    Hi--looking for the money factor for 2011 Kia Sportage SX 2WD sticker is $25795 and invoice is $24,070. Want a 36 mo lease with 12K a year...live in Philadelphia, PA. no money down if I can help it. Thanks!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi recruitsvc1. Kia's current buy rate lease money factor for a 36 month lease of a 2011 Sportage SX 2WD is .00075 for consumers who qualify for its top credit tier.

    Car_man
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  • cgsteelcgsteel Posts: 1
    I'm currently trying to find a great lease deal for a Kia Sportage 2WD - SX model w/ premium package. The MSRP of the car is $29,540 and the price provided by the internet salesperson is $26,540. I would figure that he will try to add on fees but I'm not wanting to pay those fees.

    I was not able to locate the projected ALG residual value for this car but I'm thinking it is around 53%.

    I'm credit rating is 850. What is the best money factor I could get on this car? I'm hoping for an APR of under 1%. Is this even possible?

    I'm needing the dealer to increase the percentage of the residual value on this car because I would like my payments to be below $250 w/ NO out of pocket.

    Am I completely off the mark?

    I know that depreciation in the first year is significant and the cars I'm looking at have been sitting on their lot for over 2 months since I've been checking.

    Let me know what you think.
  • im2bradim2brad Posts: 2
    I am somewhat atypical in that I plan to purchase the new vehicle with no financing. My question is what discount to msrp should I expect (in the Columbus, Oh area) on a 2011 v. a 2012 Kia Sportage. Right now, I am considering an EX with Premium Package since I require the following features: heated seats, backup warning, telescoping wheel. I do not require either AWD or Navigation, since I have found that AWD is "overkill" in Columbus and that Navigation changes so often that my iPhone Nav software updates quicker and is always in my pocket anyway. In the past, I have moved up a model in order to access a more powerful engine and depending upon incentives might consider an SX. Thoughts?
  • The Kia salesman said the 2012 Sportage models have better resale than most cars, but could not give the specific numbers.

    Do you have the money factors and residuals for the 2011 & 2012 and SX models with 12k & 15k in SoCal?
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Greetings herko2225. Kia Motors Finance's August buy rate lease money factor and residual value for a 36 month lease of a 2011 Sportage SX AWD with 15,000 miles per year are .00042 and 48%, respectively.

    The residual value for a lease with only 12,000 miles per year would be 1% higher.

    I haven't seen the numbers for the 2012 Sportage yet. I'll have to see if I can find them out for you.

    Car_man
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  • Car_man,

    For a 2011 Sportage SX, AWD, loaded, is 0.00065 MF and 44% residual a good deal? MSRP on the vehicle is $32740 with a sale price of $29182 before $1500 in rebates. Also, should the lease be calculated on the sale price before or after the rebates are applied?
    Thanks,
    Jason
  • Hi Jason. The residual value that you were quoted is correct, but the money factor looks a little high. According to the latest information that I have seen, Kia Motors Finance's buy rate lease money factor for this truck is only .00015.

    I believe that Kia is currently providing a $1,000 cash incentive on leases of this truck.

    Your vehicle's capitalized cost for the purpose of calculating its monthly payment would be the selling price minus any cash incentives that the dealer is giving you.

    Car_man
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  • WOW! A money factor of .00015 would be great! The dealer is quoting me .00055. Is there any official documentation I could take with me to negotiate a better MF? and, yes, they are giving me the $1K incentive + a $500 rebate I qualify for. All said, final price is $27682 for an SX AWD loaded.
    Jason
  • How much is your monthly payment?
  • I appreciate all the financial terms, but for someone that does not understand math in any way shape or form other than the very basics, it would be great to see:

    Model Leased:
    Option Package Selected:
    Total Actual Cost Paid:
    Monthly Payment:
    Length of Lease:
  • Hey Car_man,

    Can you please tell me what the October lease rates are for a 2011 and 2012 Kia Sportage SX (both 12/k and 15/k per yr mileage)

    Thanks!
  • that1dudethat1dude Posts: 1
    edited October 2011
    Hello,

    I am new to leasing and would like to know if this is a good deal. We are looking at a 2012 Sportage EX with the Premium/Nav package. Here is what we were offered:

    - MSRP = $28675
    - Money Factor = .00128
    - Residual = 55%

    After some haggling, they said they could bring our payment down to around $430. I have read that the residual is high and that supposedly is good, but what about the Money Factor? Is this a good idea? I read on this site that the TMV for this vehicle is $27,913. Any feedback would be much appreciated. We may be buying two as well. What kind of additional discount would that warrant? Thank you in advance.
  • Hey havemercy_xo. Kia Motors Finance's October buy rate lease money factor and residual value for a 36-month lease of a 2012 Sportage SX 4WD with 15,000 miles per year are .00119 and 50%, respectively for consumers who qualify for its top credit tier.

    The numbers for an otherwise identical lease of a 2011 model are .00015 and 43%.

    The residual value for a lease with only 12,000 miles per year would be 1% higher.

    Car_man
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