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Kia Optima Lease Questions

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  • nole_98nole_98 Posts: 1
    Good afternoon Car_man
    Thank you for the great information. You mentioned above that there is $1500 in incentives for the Optima but the dealer was only able to locate either a $500 competative or $500 Loyalty that he stated was not able to be combined. Can you let me know how I can find this information out on the $1500 to provide to the dealer.
    Wow the residual for this vehicle is much worse than the Sorento I just bought. The Sorento's have close to a 60% I wonder why the Optima is worse.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Greetings nole_98. The dealer was right about the $500 loyalty / competitive vehicle offers, however they neglected to mention or intentionally left out the fact that Kia is currently providing a $1,500 cash incentive on leases of this car. You don't need to provide this information to the dealer...they definitely know that it exists. They're probably just trying to pocket it. If this dealer isn't willing to be honest with you, you can always shop around and take your business elsewhere.

    Car_man
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  • simpsensimpsen Posts: 1
    I just leased a 2011 Kia Optima EX 2.0T w/navi for $301/month. Here is the breakdown:

    MSRP: $29,865
    Supplier price through employer: $27,946
    Gross Capitalized Cost (includes tax/title/acq fee/doc fee): $29,958
    Trade-in, after payoff: $4000
    Kia Incentive: $1,500
    Adjusted Capitalized Cost: $24,554

    Down payment: $0
    36 mo. lease/12,000 miles
    Residual: 52%
    Residual value: $15,529
    Money Factor: .0011 (my calculation--rent charge/(net cap + res) * term = .0011)

    If the money factor is right, I'm really kicking myself right now for not trying to negotiate it down further (I'm a first time leaser). They told us we were in the top tier with 720 & 750 scores.

    So, did I get a good deal? Not that it matters now- it's in the garage- but still curious!
  • cpe2cpe2 Posts: 2
    Researching deals. I'm asking for initial cap of $27,800. 12k/yr. Premium & tech pkgs. No trade in, $1,000. down. What would be best money factor?
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi cpe2. Kia's current buy rate lease money factor for a 36 month lease of a 2011 Optima EX Turbo is .00065 for consumers who qualify for its top credit tier.

    Car_man
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  • eddiefasteddiefast Posts: 16
    Car_Man,

    Looking at a Optima Auto SX with a sticker price of :

    MSRP: 29,100.00

    With true car they say I will pay $ 27,214.00

    They say that is -$200.00 under invoice.

    Description Dealer Cost Factory Invoice Average Paid Sticker Price
    Base Vehicle $24,480 $24,480 $25,966 $26,200
    Holdback -$786 n/a n/a n/a
    Dealer Incentives $0 n/a n/a n/a
    Options $1,920 $1,920 $2,030 $2,150
    Regional Ad Fees $264 $264 $264 n/a
    Destination Fees $750 $750 $750 $750
    Customer Incentives $0 n/a 0 n/a
    TOTAL $26,628 $27,414 $29,010 $29,100

    Doc fee of $ 300.00
    state tax should be 7%

    12k miles
    36 month lease
    $ 1200.00 down which would include the first payment.

    Is there any addition room for a $ 1500.00 Kia lease promotion. OR is that factored in with the discount?

    And if not what should my monthly lease payment be?

    Any help would be greatly appreciated.

    Thanks.

    Ed
  • 64221306422130 Posts: 41
    What is the 36mo 12k and 48mo 12k resid and money factor for lx and hybrid? Thanks
  • my3rdrxmy3rdrx Posts: 167
    I just leased a Hybrid with the Premium package ($30,767) yesterday and Kia is offering a $1900 cash rebate to be applied toward the lease right now ~ the money factor is .00049 for a 36-month (12,000/yr) lease, but the residual is only 47%. The monthly payment comes out to about $450 with nothing down.
  • mrtrancemrtrance Posts: 93
    Is the $1500 cash to dealer still available if we want to lease a 2011 Optima LX or has it expired? Also what are the current lease numbers for 36/48 months on 12K/15K miles a year for 2011 Optima LX?
  • My deal. Leased a Spicy red optima sx on the 30th of July.MSRP $ 29,050.00.
    $ 2500 Out The Door. $ 322.00 per month for 36 months, 12k.

    Hope this helps. I think I got a fair deal.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi Ed. If I was in the market for a 2011 Optima right now, I personally would shoot for a selling price of around $500 over invoice minus the $1,900 cash incentive that is currently available on leases of it.

    According to my calculations, if you were to lease an '11 Optima Auto SX that has an MSRP of $29,100 and a selling price of $26,014 ($500 over the invoice price that you mentioned minus the cash) through Kia Financial Services right now for 36 months with 12,000 miles per year, your zero down, pre-tax monthly payment would be around $352.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi 6422130. I haven't seen the lease program for the Hybrid model. I'll have to look into that for you. For now I can tell you that Kia Motors Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2011 Optima LX with 12,000 miles per year are .00021 and 48%, respectively for consumers

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi mrtrance. Please see my previous post for the lease program info that you're looking for. KFS' 15,000 mile per year residual values are 1% lower than its 12,000 mile per year residuals.

    I don't believe that Kia is providing support on 48 month leases of this car right now.

    Kia is providing a $1,900 cash incentive on leases of this car right now.

    Car_man
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  • chuckqchuckq Posts: 2
    Are the KIA / Optima leasing programs higher than other manufacturers or are they competitive? I was just quoted $460 per month for a 29K negotiated price on an SX with NAV and nothing down. I almost fell off the chair. I'm just finishing up a 36 month lease of an Acura TL. Negotiated price was 28,600. With nothing down the Acura payment is $380. Rates should be lower now.
  • joshcs1joshcs1 Posts: 9
    What are the residuals and money factors of a 2011 Optima SX? Any other info would be great! I'm in Alabama.
  • genengenen Posts: 3
    Wow seems high. I had a 2009 lease on a Mercedes C280 $41k final price at $455/mo

    Guess the residual is what makes a large difference...
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi joshcs1. Kia's August buy rate lease money factor and residual value for a 36 month lease of a 2011 Optima SX with 15,000 miles per year are .00001 and 45%, respectively for consumers who qualify for its top credit tier.

    When negotiating your lease on this car, make sure to take advantage of the $1,900 cash incentive that is currently available on leases of it.

    Car_man
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  • Hi Car-man,
    I am in the market for Kia Optima, LX A/T, 10k.
    Kia.com special offer for 2011 is currently $199/mo, 36mos, 12k, $2399 due at signing.
    Do you think I could get better deal on 10k/yr, ?
    Please let me know MF and residual on 10k of September and possible cash back or incentives for either 2011 or 2012. It's so hard to find for me.
    Thank you.

    EJ
  • Hi EJ. The lower the mileage allowance, the lower your vehicle's payment will be.

    Kia Motors Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2011 Optima LX A/T with 10,000 miles per year are .00033 and 51%, respectively for consumers who qualify for its top credit tier.

    Kia is currently providing a $1,900 cash incentive on leases of this car.

    I don't believe that there is a lease program on the 2012 Optima yet.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • Family just leased a 2011 KIA Optima EX 2.4 with the Technology/ Premium package. I cant remember all the details but I know our family walked out with a lease of $329 over 36month with 12k miles. This was in PA at Kia of West Chester.
  • Is $329 pretax? That's a great deal if there's nothing due at signing and no trade-in.
  • Monthly payment is exactly $328.90 which includes all my tax and other fees. I put nothing down at all, but did have to pay first month payment along with some other fees. I also got the maintenance package for free. So all i have to do is put gas and pay my monthly payment.
  • Leased an EX with panoramic sunroof for $310 including tax. Down payment was $2K inclusive of first payment. KIA also included maintenance for 3 year term and paid exit costs from former lease with other vehicle make. KIA will negotiate. In South FL
  • 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:
  • XxHaimBonxXXxHaimBonxX Posts: 116
    edited October 2011
    This really isn't a high finance, it's basic math. It will worth it to familiarize yourself with the lease formula. That way, when you are shown a contract, you will know exactly how the numbers came about and won't look silly saying: "but the xxhaimbondxx on Edmunds forum paid $7 less for this car".
  • chazechaze Posts: 4
    Optima SX w/ Premium Touring package
    MSRP $30,395
    Negotiated Price (invoice) $28,576
    $500 down
    $1200 from trade in
    $1500 incentives (competitor and lease cash)
    Top tier credit... 7% sales tax
    36 month lease, 15k mi/mo
    What should my monthly be? Thanks!!
  • FYI for those looking to lease:

    2012 Optima LX with $21,750 MSRP
    Negotiated Price : $20,516
    Minus Rebates of $1,500 (lease & competitive)
    Final price = $19,016

    12K mile lease
    36 months
    $914 drive off (1st months, fees, $595 acquisition)
    Money Factor .001
    Residual 57%

    $225 base or $244 per month including 8.25% Tax.
  • km38iakm38ia Posts: 16
    What's the residual and money factor on the optima sx turbo with full package with a sticker around 31, 600 for a 3 year lease at 12k and 15k.

    Has anybody got the sx fully loaded on a 0 down lease?
    what was your selling price and your monthly payment before tax?

    A dealer with first contact gave me 0 down at 423 a month including tax. I live in los angeles
  • Can anyone please tell me the November Optima money factor, residual value, and cash incentives for the SX?

    Also, I have an offer to lease an SX for $300/month with $2500 down? Is this a good deal worth taking?
  • What are the MF, residual, and incentives for an Optima EX turbo for this month?
    Thank you
This discussion has been closed.