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Kia Optima Lease Questions

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Comments

  • bschmidt25bschmidt25 Posts: 8
    Thanks Haggard! I appreciate the answer.
  • ropap3ropap3 Posts: 1
    edited June 2012
    Purchased an optima LX today with convenience package for $255/month,36 month lease, 12k miles, no money down, just first months payment and registration fee. Colors were getting pretty limited and they had the one I wanted. Do you think this was a good deal?
    thanks for any imput
  • jch190jch190 Posts: 2
    Hi car guy. Love this forum, tremendous resource.

    I am trying to lease a 2013 Kia Optima SXL, fully loaded. Dealer is offering me the following
    MSRP - $35,275
    Initial Cap Cost - $32,772
    Less $1,000 rebate (for Tier 1 credit) - adjusted cap cost of $31,772

    MF - 0.00153 (seems steep to me)
    Residual - 58%

    For a base monthly rental (pre-tax) of $394.

    Where should i try to negotiate here? They told me they have given me below their invoice cost. Seems like there is some cushion on the money factor but not sure how much.

    For comparison - i got their quote to lease an Optima SX and they gave me a MF on an Optima SX of .00021 (which seems fantastic).

    They are trying hard to move SXL's and have made it clear they have more cushion (they wouldnt go below invoice on the Optima SX, for example).

    Thanks,
    Justin
  • ahossa1ahossa1 Posts: 51
    In what State is SXL available? I believe SXL are considered 2013 models. R there any changes U R aware of that's different than the 2012 other than the bling factor such as wheels, leather and chrome? In other words what are the tweeks for 2013?
  • jch190jch190 Posts: 2
    I'm in California. You're right - the SXL is a 2013 model.

    Its all bling - wheels, napa leather seats (very nice), some chrome, and also LED lights on the front. Its quite a bit of bling, and at least the dealership I went to was willing to part with way more on the SXL than an SX (a few hundred below invoice on the SXL versus a few hundred above on the SX).

    I'm not a big fan of the wheels that come with the other packages, otherwise might not make the jump to the SXL.
  • jt1012jt1012 Posts: 1
    I'm just starting to look into leasing a Kia Optima LX. Stopped in at dealer and they said $3,500 down (total of $4,100 after all taxes, fees, etc) and $115 per month. I don't qualify for the military discount but do for the competitive. I've never leased a vehicle before, always bought low mileage used, so I'm new to the leasing game. Can you please give me insights into how to determine what is the best lease deal and how to get it? Anything I should know about leases please let me know. Thanks!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Greetings jt1012. 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.

    That's it in a nutshell. Let us know if you have any other questions. Thanks.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • rp8rp8 Posts: 8
    I have a White 2012 Kia Optima EX with Prem and Tech 2.4 NonTurbo coming in this weekend that I have done numbers on to LEASE with the dealership and it is mine if I want it. I just want to get your take on it before I pull the trigger. I don't have all the exact numbers off hand, but here is what I remember. Please give me your opinion:

    MSRP: $28640

    Invoice: $26839

    Negotiated Price: $26239 + $600 = $26839 (excessive wear warranty)

    Rebates: -$2000 (loyalty and lease cash)

    Trade In Equity: -1700 (Owe 8300, got 10,000 for it)

    New Price: $23139 (All Rebates and Trade included)

    Sales Tax: 7.75

    Acuisition: $595

    MF: .00051

    Residual: 54% (36 Month/15,000 miles)

    Monthly: $296

    I know there are a few missing things that will determine exact numbers, but hopefully this is enough information to give me a ball park amount of what my monthly should be and if the deal I am getting is decent. Please let me know as soon as you can as I will be finalizing the deal this weekend.

    Thanks CarMan, your knowledge has really helped me when searching for this car.
  • rp8rp8 Posts: 8
    CAR MAN PLEASE HELP!

    I have a White 2012 Kia Optima EX with Prem and Tech 2.4 NonTurbo coming in this weekend that I have done numbers on to LEASE with the dealership and it is mine if I want it. I just want to get your take on it before I pull the trigger. I don't have all the exact numbers off hand, but here is what I remember. Please give me your opinion:

    MSRP: $28640

    Invoice: $26839

    Negotiated Price: $26239 + $600 = $26839 (excessive wear warranty)

    Rebates: -$2000 (loyalty and lease cash)

    Trade In Equity: -1700 (Owe 8300, got 10,000 for it)

    New Price: $23139 (All Rebates and Trade included)

    Sales Tax: 7.75

    Acuisition: $595

    MF: .00051

    Residual: 54% (36 Month/15,000 miles)

    Monthly: $296

    I know there are a few missing things that will determine exact numbers, but hopefully this is enough information to give me a ball park amount of what my monthly should be and if the deal I am getting is decent. Please let me know as soon as you can as I will be finalizing the deal this weekend.

    Thanks CarMan, your knowledge has really helped me when searching for this car.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    You're very welcome rp8. A selling price of under dealer invoice minus the available cash incentives is an excellent deal. The money factor looks good too. Good job in your negotiations. If you like the car, I personally don't see any reason not to go for it, though I personally would pass on the excess wear coverage...that's more a matter of personal preference than anything.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • sunahnesunahne Posts: 2
    I leased a 2012 Kia Optima SX June 2. To this day, July 12, I still do not have my new plate and tags, my trade in has not been paid off, and to top it off they want me to come in and sign a 3rd contract!! I believe by law, I am not obligated to do so. I was informed I can bring the car back and have the money Ive put down returned to me. The only problem is they sold my car at auction already! How can they sell a car that they dont have the title to? Is this legal? I'm so tired of dealing with these people! I've contacted an attorney and am waiting to hear back. Any ideas, thoughts, suggestions?
  • cura04cura04 Posts: 3
    I never heard of anything like this before...It really does sound like a horror story. Please let us know what happens.
  • sunahnesunahne Posts: 2
    I met with an attorney today that has sued
    This dealership a few times before. He sent
    Am email to the owner so I am just waiting
    To hear the response.
  • therastheras Posts: 44
    Hello All,

    I am interested in the lease numbers for the Kia Optima EX 2.4 Prem/Tech packages and the Kia Optima Hybrid Prem/Tech. Does anyone have the residual, money factor, and applicable incentives on these cars for 36 months with the minimum mileage (either 10 or 12K) supported by Kia?

    Thanks in advance!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Here you go theras. Kia Financial's buy rate lease money factor and residual value for a 36-month lease of a 2012 Optima EX with 12,000 miles per year are .00070 and 56%, 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
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • therastheras Posts: 44
    Thanks Car_man! As always, you were quite helpful.

    Do you have similar information on the hybrid model?

    Thanks again.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    You're very welcome theras.

    Kia Financial's buy rate lease money factor and residual value for a 36-month lease of a 2012 Optima Hybrid with 12,000 miles per year are .00094 and 56%, respectively for consumers who qualify for its top credit tier.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • Hello all,

    I'm interested in leasing a 2013 optima lx; I'm located in Arizona. What is the current money factor, residual value, and promotions currently?

    Thank you in advance!

    Ryan
  • therastheras Posts: 44
    Thanks Car_man, this helps quite a bit.
  • xfmxfm Posts: 4
    Hi all,

    Newbie to this forum and Kia, but a veteran leaser (Lexus, Infiniti, Jaguar, 4xAcura) going back to 1993. Hoping to be a new Kia owner (well, leaser) soon!

    My wife's Acura TSX goes back off lease soon. She absolutely LOVES the new Optima. Almost ready to pull the trigger on a lease deal for a 2013 LX/Premium/Tech.

    Deal parameters:

    MSRP: $28,625
    Sell Price: $26,900 - $1,000 Kia Lease Cash = $25,900
    Residual: 61%
    Money Factor: .00187

    I have a few questions:

    1) I am told by the dealer that the additional competitive rebate of $1,000 for the TSX is only available for 2012 LX, not 2013. True??

    2) Previous mention was made by a Sales Manager at the same dealership of an additional "Tier 1 Credit" rebate/cashback/credit of $740. Now told by "another" Sales Manager no such thing. Any knowledge/comment/advice from the forum?

    3) I keep seeing quotes of money factors from other posters on this forum of numbers with "triple zeros" after the decimal. It makes my quote of .00187 seem usurious. Again, any comment/advice?

    Hope to be a regular on this forum if I can make this deal work to my satisfaction. :confuse:
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