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Kia Optima Lease Questions

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Comments

  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi vickifa. Kia Financial Services' June buy rate lease money factor and residual value for a 36-month lease of a 2013 Optima SXL with 12,000 miles per year are .00134 and 58% for consumers who qualify for its top credit tier.

    I'm not sure if KFS offers 10,000 mile per year leases, but if it does its residual value for one would likely be 1% higher.

    There is a $1,500 cash incentive on leases of this car right now. Make sure to take it into account during your negotiations.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • vickifavickifa Posts: 3
    Thanks Car_man! The dealer told me that each trim line and configuration (EX vs SX, Premium vs Premium + Tech, etc) has a different money factor and residual. Is that true? If so, could you give the figures for EX with Premium? Also, I did find out that they only offere 10,000 as the lowest annual mileage.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi vickifa. What you were told is correct. Kia Financial Services' June buy rate lease money factor and residual value for a 36-month lease of a 2013 Optima EX Premium with 10,000 miles per year are .00153 and 60% for consumers who qualify for its top credit tier.

    Kia is providing a $1,500 cash incentive on leases of this car through KFS.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • vickifavickifa Posts: 3
    Thanks again Car_man! I made a mistake in my earlier post, the lowest annual mileage from Kia is 12,000- not 10,000 as I had stated. You had said going from 12k to 10k would boost the residual by 1%, so the residual would actually be 59%, correct?
  • haggardhaggard Posts: 63
    edited June 2013
    Here is a weird one I just ran into, may be of some help to those considering leasing and then purchasing Optima:

    We did our 2nd consecutive Optima EX lease in January. For the first couple of months, just as we could on the previous lease, we were able to get a lease buyout through our online account access with KMFC. Now, we apparently cannot do that. KMFC says some state laws (PA, NY and a few others) allow that only a dealer can give us a buyout quote. Never heard of such a thing and it sounds absurd on its face, but KMFC will not give a buyout quote.

    FWIW - I've found KMFC to be the worst part of leasing a KIA, they were absolutely horrible to deal with when our first leased car was totaled. Everyone tells you something different, lots of attitude, and poor online experience.

    Carman or kyfdx, have you ever heard of "dealer only" states where the law prevents the leasing company from providing a buyout quote?
  • trofietrofie Posts: 8
    Hello CarMan,

    Can you let me know your thoughts on this offer I received yesterday.

    2013 KIA OPTIMA Ex

    Equipped with:
    Titanium Gray Exterior.
    Light Gray leather interior with heated and ventilated front seats.
    Heated rear seats.
    Panoramic vista sunroof.
    Navigation System.
    Bluetooth technology.
    Infinity Audio System.
    Push start ignition.
    keyless entry.

    The MSRP for this vehicle is $28,800 my selling price is $26,950 before instant rebates. The lease program for this model is based on a 59% residual value with a .153 money factor for the top tiers credit.
    your total Cap cost is $28,409.06 this is after acquisition fee $595 (bank fee) and taxes 864.06 (7% Nj tax).

    On 36 month lease with 12000 miles per year:
    Sign & Drive ($0.00 down) $358.10
    $500 due at signing $342.08
    $1000 due at signing $327.79

    Prices including 1st month payment, taxes, DMV fees and Gap coverage, Must qualify for top tiers credit approval.
  • trofietrofie Posts: 8
    Hello CarMan,

    Can you let me know your thoughts on this offer I received yesterday.

    2013 KIA OPTIMA Ex

    Equipped with:
    Titanium Gray Exterior.
    Light Gray leather interior with heated and ventilated front seats.
    Heated rear seats.
    Panoramic vista sunroof.
    Navigation System.
    Bluetooth technology.
    Infinity Audio System.
    Push start ignition.
    keyless entry.

    The MSRP for this vehicle is $28,800 my selling price is $26,950 before instant rebates. The lease program for this model is based on a 59% residual value with a .153 money factor for the top tiers credit.
    your total Cap cost is $28,409.06 this is after acquisition fee $595 (bank fee) and taxes 864.06 (7% Nj tax).

    On 36 month lease with 12000 miles per year:
    Sign & Drive ($0.00 down) $358.10
    $500 due at signing $342.08
    $1000 due at signing $327.79

    Prices including 1st month payment, taxes, DMV fees and Gap coverage, Must qualify for top tiers credit approval.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    You're welcome vickifa. That is correct.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi trofie. The selling price, money factor and residual value that you were quoted all look good to me. If you like the car, go for it.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • rlbjr2rlbjr2 Posts: 65
    Hi Car_Man,
    Can you give me the July MF and residual for both the Optima SX/Tech Pkg/Prem Touring Pkg and the Optima SX Limited. 15,000 miles/yr and 36 mo. Top tier credit. Thanks.
  • joshcsjoshcs Posts: 8
    Tier 3 credit residuals for AL? 12-15k miles for 24 months?
  • rlbjr2rlbjr2 Posts: 65
    This thread is pretty inactive. Is there any other place I can find out the residual and MF for the Optima? I'm looking to lease within the next month so time is of the essence.
  • rlbjr2rlbjr2 Posts: 65
    Hi Car_Man,
    You haven't been around in a while but I really need your help. I'm looking to lease an Optima in the next few weeks and cant find the lease residual and MF anywhere else. You are my only hope of not getting ripped off. Can you give me the July MF and residual for both the Optima SX/Tech Pkg/Prem Touring Pkg and the Optima SX Limited. 15,000 miles/yr and 36 mo. Top tier credit. Thanks.
  • I'm interested in the Kia Optima EX with premium and technology package. I went into the dealership with the USAA pricing and the first sales guy was being a jerk. The general sales manager saw what was happening and came in to assist with the deal. He offered about $270 to $280 a month with $3000 down. Does this sound reasonable?

    I'm trying to get into at least an EX model with premium package for low to mid $200s
  • rlbjr2rlbjr2 Posts: 65
    That is a rip off. Putting $3000 down adds about $83 to your monthly payment. So you would be paying like $360 a month. Ask for the residual value and money factor and figure out the monthly payment. You should be paying at least $1000 below invoice not including any incentives. This month there is $2000 incentives.
  • Thanks for the reply. How would I be able to determine the monthly payment with the money factor and residual value? Generally speaking what would be considered a good lease deal based on the ex premium package. Msrp is $28,775 and the usaa price is $26,476.
  • I'm really lost here. I'm still trying to grasp the concept of a good lease deal. I'm really trying to get my payments to no more than $260 or $270/month with taxes included.

    I really have my heart set on the Optima EX model with at least the Premium Package and 12K miles/yr. Is this possible? I'm in the Yonkers, NY area. The last offer I was give seemed crazy. Any referrals? What would be a good lease deal based $1000 or $2000 down in NY area?
  • rlbjr2rlbjr2 Posts: 65
    First of all, you should NEVER put any $ down on a lease. There is absolutely no reason to. It does not lower your monthly payment, you are just pre-paying it. Plus, if you ever total your car you will be losing any $ used as a down payment. The formula to calculate a lease can be found online or you can use this link http://www.leaseguide.com/calc.htm . The MSRP on the EX w/ premium and tech is $28,800 and the invoice is $27,040. You should easily be able to get the car for about $1,000 below invoice minus any rebates. Presently there is $1,500 in rebates on the EX(see Edmunds for the breakdown) so you should be able to get the car for about $24,500. A good lease deal would be based on that as a selling price. I can't calculate the lease because I don't know the residual value and the money factor. Those two #'s are needed to calculate the lease price. Unfortunately Car_man has not been to this forum in a while so we don't have up to date #'s. You can call the dealer that gave you that quote and ask for the residual value and money factor. Then you would be able to calculate a fair deal. I am in NJ so the $1,000 below invoice minus incentives is what you can expect.
  • karhill1karhill1 Posts: 98
    Ask the dealer. Any reputable dealer will provide that information. It is part of the proposed deal. Use a lease calculator to verify. A lease calculation is really simple.
  • Thank you everyone for the information. I completely understand how leases are calculated and how to get the best lease deals. I just need to find the residual and money factor based on the model and trim I'm looking to lease. The sad thing is that the general sales made it seem he was giving us a great deal to offset the horrible service and after plugging it in some estimated numbers based on previous posts here, the deal he offered was absolutely horrible. I will be going back armed with this information.
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