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Kia Optima Lease Questions

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  • 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: 38,518
    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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