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Kia Optima Lease Questions

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  • I think i got a great deal on my lease but doesn't everybody think they get a great deal? haha

    I don't know the specifics but here goes, maybe this will be able to help some people who are browsing.

    2013 Optima EX with Premium package only. I believe MSRP is 27,xxx. I don't know the specifics as far as money factor etc but these are the bottom line numbers.

    $2k down total out the door
    36 month
    12k miles
    $242 + 7.75% tax brought the payment to $259

    Did not qualify for any of the rebates (loyalty or competitive)

    It was hard to get this deal for me, walked out (respectfully) of a couple of dealers. Took me about a week to negotiate this deal. 800 FICO scores.

    As for the car, i'm totally impressed with all the value. Gas mileage is a little misleading. Only averaging 24.5 combined driving very gently.
  • If you live in nY go to Yonkers,ask for Rich Palmeri or joe.P there great and will help you tell them gw told you to come
  • Hi Car_man,

    Very much appreciate your assistance in this forum...it's been a great help. But, need a bit more information before I head to the dealerships tomorrow.

    I'm looking to lease a 2013 Kia Optima EX w/ Premium Pkg. which has MSRP of a bit more than $27K. Going for 36mth and either 12K or 15K.

    Can you provide the current (Sept.) residual value, MF and if there are any cash incentives for this trim?

    I bought a Kia Sportage last October so was hoping I could get a loyalty bonus as well. Are there any others I should be aware of?

    Thank you!!
  • Hey Car_man,

    Do you have an update on what Kia did for 3 year leases, 12k miles in October? Looking to buy an EX within the next two weeks or so. Also if you have the highest credit tier residual values and finance factors, that would be helpfull.

    Thanks for you help!
  • If you search my member name you will be able to see what i just negotiated for an '13 EX with premium package. Hope it helps.
  • Thanks, Frank. I did see your post a couple of days ago and it was a big help in giving me an idea of what to shoot for. Thank you for posting it.

    Since i didn't pull the trigger in September, I was curious to find out if the $1,000 lease support was still valid or if any other incentives popped up. Also wanted to make sure I didnt get any dealer BS about them changing the MF or residuals values befroe i go back to negotiate.
  • mtl40mtl40 Posts: 3
    edited October 2012
    Have a look at some of these numbers and give your honest opinion on anything.
    I used TrueCar and this forum to negotiate, but ran into some issues as I was not prepared enough.

    One tip I can give...be aware that the dealer incentives do not reduce the agreed upon value of the vehicle (Base Cap Cost). Negotiate that first...then add in the incentives (cap cost reductions). It's tough to do when the dealer shows them to you up front and says what a great deal you're getting. Try to ignore this and focus on getting the agreed upon value of the vehicle as low as you can. Getting up from the chair and walking out helps in getting what you want. It will also give you some time to work the numbers and formulas I've provided below.

    MSRP = $29040 (28,265 + 775 freight/handling)
    Base Cap Cost = $28388 (I feel I should have gotten this lower...*sigh*)
    Fees added = $1194 (Lease Aqu. Fee = 595 / Doc Fee = 599)
    Cap Cost Reductions = $3700 ($2000 from dealer + $1700 cash down payment (of which $684 went towards first month and reg fees...I don't remember agreeing to that) So, actually CCR was $3015.85.
    Adjusted Cap Cost = $26566.15
    Residual Value = 55% of MSRP
    Money Factor = .00041
    Term = 36 mnths / 12K miles
    Tax = 7%
    Depreciation = 10595
    Rent Charge = 628

    Total of all Payments = $12009
    Total Lease cost = $15235.05

    Monthly payment w/o tax = $311
    Monthly payment w/tax = $333

    Also, some formulas you should know and have on hand with you while dealing with Sales and Finance...
    Your monthly payment before taxes can be calculated by adding the Depreciation Fee and the Finance Fee for the lease.
    Depreciation Fee = (Adjusted Cap Cost - Residual Amount) / Term (36 mnths)
    Finance Fee = (Adjusted Cap Cost + Residual Amount) * Money Factor

    Ask the salesman to give you the exact Residual Value and Money Factor UP FRONT (assuming you're Tier 1 you'll get the published rate).

    Please don't feel bad about providing criticism of this deal or if you have any questions. It can help the next person get a better deal.

    Thanks!
  • bsyahbsyah Posts: 8
    edited October 2012
    So I am just starting to read and learn about all the ins and outs of leasing. I am looking at 2 leases (1 for me and 1 for my wife) so I am hoping that helps motivate the sales guy.

    Looking at SX w/ premium package MSRP 30,825. Could you please tell me the residual and money factor for a 36 month/15,000 lease and any incentives?

    I asked the dealer and he gave a vague answer of 56-58% and 3-4% interest. Part of my problem is i have some negative equity in my trade in. I owe 25,500 and they were offering me 22,800 as trade-in but with 2,000 down were qouting me $481 per month

    Also looking at a 2013 Sorento EX 4 cyl with Premium plus package MSRP 30,950 (also 15,000 miles). At this point the dealer tried combining the 2 together factoring my negative trade and total of 3k down (1.5k per car) they were qouting 875/month. I need to separate these out so I can more accurately compare what they are offering but it seemed a little high.

    Thanks
  • I am new to the leasing thing and do not understand how all of the formula's work that I have seen in some of the answers. I am hoping someone can help me out.

    Looking to lease a 2013 KIA OPTIMA EX BRONZE EXT/BEIGE INT.

    ADDITIONAL EQUIP :

    REAR BUMPER APPL
    CARGO MAT
    CARGO NET
    WHEEL LOCKS
    ALSO HAS AFTER MARKET CHROME MOLDING

    MSRP $24545.00
    HERE ARE THE LEASE DETAILS:

    MSRP $24.545.00
    SAVINGS: 995.00
    REBATE: $2000.00

    CAP COST $23,550.00
    SALES TAX; 543.88
    DEALER FEE; 383.50

    TOTAL: 24,577.38
    NET TRADE: 500.00
    CUSTOMER CASH 1000.00
    NET RESID; 14,481.55

    They said the best they can do is $254.72 per month on a lease... Is this a decent deal?

    My friend said I should never put any of my own cash down on a lease.. is this correct?

    I appreciate any help.
  • therastheras Posts: 44
    Hello All,

    I am debating whether to get an '12 Optima Hybrid Tech package now or wait until April when my current lease expires. It seems the deals on the '12 are quite good and there are several in my area that fit the bill.

    This site was helpful 2 months ago when I leased my wife's S60, so here goes. Does anyone have the residual and money factor on this car for October (36 mos, 12K)? Also, there seem to be several additional incentives. Could someone confirm these, and if they are eligible with leasing??

    Thanks in advance!!
  • Hi,
    I just came back from a Kia dealer in NJ and got a deal for top of the line optima sx-l with premium package and technology package (navigation, etc)
    Here's the deal I got:
    $2000 down
    $347 per month including taxes for 36 month/ 12K miles per year
    Residual: ~$20K
    I believe the money factor was 0.00099

    Dealer told me I qualify for $1500 competitive rebate and $2000 lease rebate (these rebates are included in the above deal)

    Is this a good deal? Any tips/advice?
  • Hi lukesdaddy. Kia Financial Services' October buy rate lease money factor and residual value for a 36-month lease of a 2013 Optima EX with 12,000 miles per year are .00117 and 60%, respectively for consumers who qualify for its top credit tier.

    When negotiating your deal on this car, 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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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    edited October 2012
    Welcome bsyah. Here's the information that you're interested in.

    Kia Financial Services' October buy rate lease money factor and residual value for a 36-month lease of a 2013 Optima EX with 15,000 miles per year are .00117 and 59%, respectively for consumers who qualify for its top credit tier.

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

    $875 per month seems outrageous to me, even with some negative equity. Definitely make sure to have the dealer break out the transactions separately.

    To be honest with you, unless you have a really good reason to do a deal right now you would be better off waiting until you are less upside down on your current vehicle to get something new.

    Car_man
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  • Hi beezer41. The dealer discount and cash incentive that you were quoted for this car look good to me. The payment that you were quoted looked good as well.

    Your friend was right about not putting money down on a lease. I always advise consumers not to make any sort of down payment on leased vehicles. Consumers who put money down risk losing part or all of that money if their vehicle is totaled in an accident or stolen and never recovered.

    Car_man
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  • Hi theras. I personally don't see any advantage to getting out of your current lease six months before its scheduled end date. Consumers who exit their leases early usually end up paying more than if they had negotiated a deal free and clear. Any savings that you generate by getting an Optima Hybrid now (and one doesn't even know for certain if the deals that are available on it now are better than the ones that will be out there in April) will likely be beaten up by the costs that are typically associated with getting out of a lease early.

    Kia financial Services' October buy rate lease money factor and residual value for a 36-month lease of a 2012 Optima Tech Hybrid with 12,000 miles per year are .00041 and 55%, respectively for consumers who qualify for its top credit tier.

    There is currently a $2,000 cash incentive on leases of this car through KFS.

    Car_man
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    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • therastheras Posts: 44
    Thanks for the info and advice Car_man!! I am leaning towards waiting, as you recommended.
  • Hey there,

    Looking for a little lease advice on the 2013 SX-L. Here's the deal. $396 per month with $1032 out of pocket...12k miles per year and 24 months...the 36 month version was $374 per month with the same $1032 ou front costs...I personally thought it a no brainer to pay the extra $22 per month and take the 24 month lease. 66% residual....that's insane.

    Thoughts....
  • Thank you for the reply. I am currently negotiating with a dealer and am being offered the car at just over invoice minus the $1,000 lease cash. The dealer is also then trying to add in both a $699 deliver fee and a $595 Acquisition fee. Can you tell me how negotiable these are?

    Regards,
  • You're very welcome theras.

    Car_man
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  • No problem lukesdaddy. The $595 acquisition fee is not negotiable. Kia Financial Services charges it on every vehicle that it leases. The $699 dealer fee on the other hand is really nothing more than fluff. If you are at invoice, then you're really at around $700 over once the fee is added in. That's still not bad, but just be aware of how it works.

    Car_man
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  • Hey There Car-Man,

    To keep it short though, could you please provide the current leasing rates for a 2013 Kia Optima EX with Premium Package and Tech Package with 15k/yr for a 36 month lease. I see that multiple people asked about 12k/year, but I have yet seen one for 15/k.

    The MSRP, residual and money factor and monthly payment would greatly be appreciated. Thanks so much!
  • paowowpaowow Posts: 7
    I was offered following lease deal from

    Kia dealer in Southern California.

    2013 Kia Optima EX w/ Premium Pkg (non-white color)

    $0 Drive-off

    $325 per month (including tax 8.25%)

    36month / 12,000mi. per yr

    $1000 lease cash and $1000 competitive cash were applied in the deal.

    Is this good deal?
  • Car Man,

    Please let me know how this deal stacks up (and what October rates should be).

    Base car.

    MSRP $26,550
    Dealer Discount $24,823
    Residual %56
    Lease End $14,868
    $ Factor .00081
    Rebate $3000
    First Payment down, 12K miles, 36 months at $245 a month

    Thanks so much.
  • I am in the process of leasing a Kia Optima and I was told that if there was an emergency due to loss of job or couldnt afford the car due to that anymore during your lease that there is a buy out option. I was told it was $400 and then the difference of what the total price was and what the car is worth. I am not saying I will need to get out of the lease but due to my job I just never know what will happen! Is this true? Thanks
  • bsyahbsyah Posts: 8
    Thanks very much Car_man.

    I will be posting my results soon and would love to hear what you think of the numbers. I did not have much choice because my wife's car's engine blew and we needed 1 new car. And since I did not want to add a new payment to my already high payment on my 2 year old Maxima, I decided to trade it in (and deal with the neg equity of about 2.5k) and get 2 leases so overall we would be less per month and not have to worry about much maintenance on my Maxima when it got out of warranty.

    Thanks,
    Bsyah
  • Got my lease last Saturday and have to say after just a week, I am really enjoying the car. I opted for the EX with both Premium and Tech package in Black Cherry. My first time having SIRIUS and Navigation in a car and I do think it adds a lot to the vehicle. On a 3 year lease, the tech package adds about $18 a month to the payment.

    Dont have all the details of my lease in front of me, but it was 3 years at 12k per. 59% residual and .00117 lease factor. With $1500 down my payment is $317/ month. Esentially I got the car at invoice plus a $599 dealer fee. Not the very best deal I have seen on here, but within a few $ a month.

    My experiance in dealing with several dealers on the EX is it was easy to get the car at invoice or very close. It's the extra dealer fee's you have to pay attention to.

    Good luck yall.
  • Just finalized a deal on 2013 optima SXL with premium, tech and chrome package
    $292/month for 36 months
    15K miles per year. No security deposit
    $2000 down (this includes first month payment, MV fee, registration fee and every other fee)
    Residual: around $19K
    2 years of free oil change/car wash
    I believe the final total price for the car was around $33K incl taxes and fees

    Can anybody comment on if this was a good deal?
  • Hi honda_ig,

    Could you please share with me which dealership (state/city)
    did you get this deal on 2013 Optima SXL?

    Thanks,
    Dennis
  • Here you go mpeacock122. Kia Financial Services' October buy rate lease money factor and residual value for a 36-month lease of a 2013 Optima EX with 15,000 miles per year are .00117 and 59% for consumers who qualify for its top credit tier.

    You can look up the MSRP and dealer invoice price for this car exactly as you want it equipped over in the New Vehicle Pricing section of Edmunds.com. Once you have those figures, let me know and I'll gladly work up a payment for you.

    Car_man
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  • Hi discostew. The selling price that you were quoted looks great. However, if your credit is in good shape, then the money factor that you were quoted is too high. KFS' current buy rate for this model is only .00041.

    Car_man
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This discussion has been closed.