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Kia Optima Lease Questions



  • haggardhaggard Posts: 63
    I'm gonna go out on a limb here and suggest this is not a very good deal.

    Not sure what "working cash" is. Looks like total out of pocket?

    As for your trade, you say they are giving you more than actual value. What is it worth? Not how much you owe, but how much is it worth? Work the deal without the trade, then you will know how much you are actually getting for your trade. You will likely see a huge difference, not in your favor, I'm afraid.

    No way you should be at that payment with only 12K miles/year AND 4K out of pocket. You may not get to the absolute best deals you'll find in this thread if your market is tough. At face value, though, I'd pass on that deal.
  • jackals02jackals02 Posts: 2
    CarMan! Ready to jump... can you tell me what the payment should be with NJ 7% Sales tax in payment.

    MSRP: 31,800

    Selling price: 27,000 (including $1000 competitive rebate)

    Miles per year: 15k

    36 month term.

    Money Factor of 0.00060

    Residual Percentage of 0.53

    $550 due at signing (1st month payment and DMV)

    7% New Jersey sales tax.
  • rotoberryrotoberry Posts: 4
    edited May 2012
    Greetings all. I have read many posts here and it appears that many of you are going for the great loaded cars and figuring out the best lease price you can get for those. I have a very basic question: Can I get a better deal than the bottom line lease deal being offered by Kia on their main website for the Optima? Currently Kia is offering $189 for 36 months, $2499 down. The rest of the basic details are here (the end date has been updated to the end of May):

    My question is, if I walk into a dealership (or email a number of dealerships) how open would they be to going LOWER than that Kia offer? For example, do you think some dealer would accept $170.00 per month payment (with all the other options in that deal being the same)? Or would I perhaps be more likely to be able to get them to allow me to put less down than the $2499 (all of these changes would assume the dealer taking less money away from the deal for themselves than is currently built into the lease by Kia financing). I guess I am wondering if the deal as presented on the Kia website is basic bones with barely any profit out of it or if you think there is a good chance that I could succeed in getting a better deal than that at various local dealers. I just want the basic car that is noted in that Kia offer. I have already test driven the base car and it is perfect for what I need. No need to option it up.

    Thanks for any advice that you guys can provide.
  • haggardhaggard Posts: 63
    edited May 2012
    Manufacturer's promotional lease deals are basically MSRP with a low money factor. In other words, this is a full price deal and the dealer is also getting any loyalty and/or lease cash incentives from the manufacturer.

    You can do a lot better. How much depends on the competition in your market, supply and demand, etc.

    My bet is that if you go in and say "I'll take your advertised lease deal but for $19 a month less, everything else stays the same", you will be the proud owner of that 2012 Kia Optima LX before you can finish the dealer's "free" cup of coffee!

    If you've really read through this thread, you know the process as it has been explained by many. Whether the car is "loaded up" with options or stripped, the process is the same: Get your MSRP and INVOICE information for your model/options from Edmunds TMV pricing, the money factor and incentive information presented here, and plug it into one of the recommended lease calculators. Start with invoice (or under if you are a tough negotiator) as your base capitalized cost and go from there.

    Good luck!
  • d_leasingd_leasing Posts: 1
    your looking at about 375 a month, with the acquisition fee and NJ taxes capped.
  • rotoberryrotoberry Posts: 4
    edited May 2012
    Thanks for the reply. I am looking at leasing a Kia Optima 2012, LX base automatic.

    MSRP in the current Kia offer is $21,750.00
    ( )

    Edmunds TMV for my area on this car is $21,101.00
    Residual is at $12,397.50
    (but that is for 12K miles per year... I plan to ask for 15K per year)

    I used this calculator:
    But I am a little stuck when it comes to entering the new car lending rate?
    Could you tell me the current money factor and residual percentages that are available for this car?

    Also is there any lease cash still available as mentioned earlier in the thread ($1000.00?) and would lease cash offered have a specific known expiration date (possibly the same date as the July 5th expiration date listed on the website for the current lease deal being offered?)

    If lease cash is currently offered, would this be already assumed to be calculated into the current deal to make the deal work, or would that just be pure additional profit for the dealer that can be bargained down (for example if $1000 lease cash is available, would that mean I could theoretically put down $1500 rather than the $2500 listed at for the deal to remain the same?)
  • rotoberryrotoberry Posts: 4
    edited May 2012
    Does anyone know if there is a website that shows current money factor and residual percentages for the various car manufacturers (in this case Kia for the Optima)?

    Is there possibly a section somewhere here on Edmunds that has such info or is that something only a car dealer or salesman affiliated with the brand would know? Thanks all. :)

  • johngettlerjohngettler Posts: 12
    edited May 2012
    Hi Rotoberry and all,

    1. Unfortunately, there isn't a law requiring auto makers to publicly disclose their lease money factor rates (interest rate) or their residual rates 9calue of car after duration and miles are put on.) This makes it *very* difficult to compare lease incentives across different comparable makes, models and trims. I wish there were a law enacted that would force this information to be as clear as auto loan interest rates are today.

    2. Somehow, Car_man who is a "host" on these excellent Edmunds Forums, seems to thankfully have access to nearly unlimited lease money factor and residual info from most makers, and for years has been reporting very accurate information in reply to each individual request. But he is only one man, and it can take some days for him to get back to each person. I have always been super curious, Car_man, where *do* you get this information, and how come we all can't just get to the data directly? I know of course, it's not up to you, but can you give us some insight on how you gather this info? And why can't or won't just publish this extremely valuable data in an open manner? Of course, thank you for all the information that you *do* pour out every day Car_man.

    3. The best always accessible website that I have found that has a good amount of detailed lease info for many cars, is this link below (sorry Edmunds, it's from It is *not* always accurate, and should be taken with a grain of salt, but I have found it to be helpful, but not nearly as accurate as Car_man. Note that this site lists money factors as a percentages, which is actually the money factor number times 2400 (for example MF 0.0006 x 2400 = 1.44%) to get a fairly comparable number to standard auto loan interest rates. Just enter you zip, and then click into each model and trim to see detail lease info.

    4. Each dealer *should* be able to provide you MF and Residual for a specific car, with a specific lease length in months, and miles per year. But you have to "get involved" with a sales guy to begin to extract this kind of info. Ugh.

    5. There is a company called ALG that publishes a "residual guide" each quarter of what they recommend as the residual for each model and trim, after different lease lengths of time, and different mileage usage. They *will sell* you a single copy of their "Residual Percentage Guide 2012 Models National" book for about $50 by calling the number on this link, 1-805-898-8400. The manufacturers *do not* always match these residuals all the time, but it *is* a fair way to generally see what models and trims would give you a relatively cheaper monthly payment, due to holding their value better.

    Hope this helps everyone.
    John Gettler
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Let's crunch some numbers and see what we come up with, jackals02. According to my calculations, if you were to lease a 2012 Kia Optima SX Turbo through Kia Financial Services right now for 36-months with 15,000 miles per year, your zero down, pre-tax monthly payment would be around $309.

    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi rotoberry. Manufacturers' official advertised leases usually leave a little meat on the bone so to speak. Savvy consumers who are in an area that has a decent level of competition are often able to beat manufacturers' advertised payments by shopping around and negotiating a lower selling price than the one that was used to work up the lease.

    Kia is currently providing a $1,000 cash incentive on leases of the 2012 Optima. If I was in the market for one right now, I personally would shoot for a selling price of a couple hundred dollars overt dealer invoice minus this cash incentive. Once you have arrived at a selling price that you are comfortable with have the dealer work up a lease payment using KFS' buy rate lease money factor of .00049 (for consumers who qualify for its top credit tier) and you're in business.

    Prices Paid: Buying & Leasing Experiences Forum
  • psoricapsorica Posts: 15
    I'm having buyers remorse. We just leased a 2012 Optima LX base w/cargo mat, net, rear bumper appliqué for $252 plus tax (6% in Hallandale FL). I believe MSRP was $22090. But the order was written up and cap cost was $24000 something, if I remember correctly. I don't have the paperwork with me now. But I feel like we didn't make such a great deal. Can't tell you what the MF was, but residual was I believe $14576. We put nothing down, just paid first month and tag for $517, and qualified for competitive rebate ($1000) and college grad ($500). We traded my 2010 focus and they showed us $10,000 for which $8915 was owed. We had our 7 week old baby with us, who was crying off and on, and so we didn't have the time or patience to look over everything thoroughly. In addition to that, we didn't do the deal in one day, we had to leave on Saturday (because of work and the baby) and had them put everything together and we just went and signed on Sunday (yesterday).

    My question is, is there anything we can do at this point to get a better deal? I know with financed cars you can take the car back. I'm not sure with leasing as this is my first lease. But what was advertised was $175 a month for 36 months and 12k miles a year with about $3000 for inceptions etc, and that included $2000 of rebates for which we qualified only for $1500. I just feel that our payments should be lower, somewhere between $200-225. Am I correct? And what can I do about it now?
  • psoricapsorica Posts: 15
    Btw, our term is 36 months with 12k miles and we didn't add any service or protection plans. I know that $25-50 isn't much of difference, and I wouldn't mind paying it for more features. But it's a basic car (although still fairly decent), we have a new baby and $50 extra a month is $240/year, $720/3yrs. Still not a bank breaker but we have 2 kids (a teenager and a baby) so every dollar counts.
  • spohiospohio Posts: 13
    could you please provide the MF and residual for an Optima SX with premium touring package? I am looking for a 36 month lease with 12k miles/year.
  • jules215jules215 Posts: 2
    I'm new here...And new to negotiating my own car deals, ( ex always took care of it)...So please be gentle with me!! :)

    I have read through this whole thread and the "what did you pay" thread too...Several times in fact...And am still a little unsure how to proceed.

    I'm probably looking at an LX or perhaps a very low-end EX, ( that's what fits my budget)...I'll also need to lease to keep the payments lower...So far I've been contacted by 2 salesman online...One very local to me and the other about 100 miles away.

    The 2nd dealer shot me a figure very quickly of $21661 for an LX, saying he either has or can obtain any LX in the color of my choice for that price...I came back with a price of 20,800 ( and don't even have a clue if that was a good come-back)...He says he's searching all "incentives" right now, but we have figured out that I DON'T qualify for the competitive whatever of $1000...And that's where it stands at this point, ( just waiting for him to get back with me).

    The 1st dealer told me he had 1 LX for $22,110 and another for 22,800...He also has an EX for $22,845...I haven't actually offered him anything on any of the above, but ask him if he could make any of those work with the advertised Kia lease deal of $189, ( perhaps not the right move on my part I know)...His reply is he'll do whatever he can to make something work and to CALL HIM...So that's where I stand with him.

    Here is what I haven't shared with them, but will here, in hopes of getting some input...While the $189 lease deal would be ideal for me, I could be pressed to go to $225...Also, the lease deal says it requires $2500 upfront...I can do that, but would prefer to put as little as possible up...Perhaps $1000-$1500.

    I would appreciate any thoughts and/or input as to how some of you would proceed with this whole thing...What you think is realistic, etc.

    Finally, I see many of you referring to the invoice price and how much over or under you're paying...But, are you usually referring to the factory invoice or the dealer price/invoice??...That would be helpful to know.

    Thanks for any advice!! :)
  • rotoberryrotoberry Posts: 4
    Thanks Car_man & johngettler for the helpful replies & links!

    I have a follow-up question: You mention the $1000.00 cash incentive that is currently available for Kia leases. Looking at the lease deal that is currently posted on the website ( ), I am assuming that this means that the $1000 lease incentive that you are talking about would reduce my "cash due at signing" from the listed $2499 to $1499? I am only asking in advance as I want to be fully prepared when I approach the dealerships (I can imagine them either denying the existence of the incentive money or possibly stating that the $1000 incentive is already factored into the deal). Thanks if you guys can comment on this part. :)

  • illfillf Posts: 1
    I will let those that have completed purchase of an Optima chime in, but as a general word of advice, do not put money down on a lease (making first payment, taxes, and fees is not considered money down). Also, Car_Man has posted several good tips in this thread in regards to where to start negotiations ...
  • haggardhaggard Posts: 63
    edited May 2012
    Ditto what illf suggests. You can do the lease without any money out of pocket up front, "Sign and Drive" as they say. The payment will be higher than you may have originally wanted, but if the car goes down in an accident, insurance only pays off what is still owed and you will be out whatever you paid at delivery. You are better off putting that money to use paying off other higher interest debt, investing it, or keeping it in your savings account than putting it at risk in a car lease.

    Watch out for the 100 mile away guy. I went that route for awhile, the deals always changed when we got to the table. They counted on me not wanting to waste the trip. And, at today's gas prices, multiple trips to far away dealers can quickly eat into any savings you are able to negotiate on the car itself. Also, check with other dealers and/or KIA to confirm you are not eligible for the competitive rebate. Dealers lie about that all the time, thinking you will take their word for it and they make another easy 1K.

    Good luck.
  • jules215jules215 Posts: 2
    Thanks for the responses!!...The 100 mile away guy seems to have lost interest today...No biggie really...I did question if the deal might change once we got up there and what a hassle that would be.

    My local guy has come back with a lease of $237 a mo. ( this includes taxes (?) and 15K miles per year)...However, that is with a $1500 down-payment...AND is for a "spicy red", NOT a color I'm interested in...On their website it's only priced $30 less than a car I have expressed interest in...So not sure what the deal is with that.

    I understand the reasoning behind trying to get out the door with a lease and no down-payment, but I may need to make one to have a payment I feel comfortable with...Out of curiosity has anyone gotten out the door with no down-payment and a payment in the very low 200's??

    I'm also trying to nail down a color...Originally liked the Satin Metal, but then saw the Dark Cherry and fell in love...However, there don't seem to be any Dark Cherry LX's , nearby so I'm now back to looking at the Satin Metal or the Titanium perhaps...Anyone have any thoughts pro/con on those??...( Also I don't have a garage and am wondering if the Dark Cherry won't be similar to black in trying keep looking nice).
  • bschmidt25bschmidt25 Posts: 8
    edited May 2012
    Hey Car man-

    Can the lease cash and competitive rebate be combined? Also, what is the current MF and residual for a SX Turbo, 3 years / 15K?

  • haggardhaggard Posts: 63
    I know you directed your question to the host, but I can tell you the rebate and lease cash can be combined. I got the loyalty rebate and lease cash. Either rebate (loyalty or competitive) is in addition to the lease cash.

    However, the loyalty and competitive rebates cannot be combined (say you own a KIA Sorrento and a Nissan Altima, for example). You would get either the loyalty or the competitive rebate, and then the lease cash on top.
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