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Kia Optima Lease Questions

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Comments

  • haggardhaggard Posts: 63
    edited March 2012
    Well, Edmunds says the invoice on the SX (with no options) is $25,510 including destination. Then, of course, there will be fees to add in ($595 acquisition fee, docs and any other dealer fees).

    If you go back a ways in this thread, you will see where someone did buy the extra miles up front. I think it worked out to be the same price as what you would pay at lease end for going over. So maybe just wait until you have to pay at the end, in case you don't use them? A matter of personal preference, I suppose.

    As for the MF and residuals, I'm afraid that is above my paygrade. Car_man is THE MAN that provides the relevant MF and residuals based on the trim levell/term/mileage. I'm sure he will respond to your request soon.

    Please let us know how you make out?

    Thanks.
  • Can I get the current money factor and residual for an EX Turbo and SX? Leasing very soon, lowest miles for the residual they have (is there less than 12k?) I only drive about 7k a year. Base or Base+Premium is what I'm looking at but I dont think that effects the residual %. Thanks!
  • Car_man, is the $1000 Optima lease incentive not listed on the kia.com website special offers section because it is only a hidden "Kia to Dealer" promotion?
  • haggardhaggard Posts: 63
    vampregen -

    Sorry, I don't have that info. The hosts of this thread provide the lease rate info each month. I was just offering a fellow shopper what I've learned here so far, so he/she didn't have to start from scratch.

    I'm just another guy trying to get a decent lease deal in an area with little dealer competition. Once thought I had landed a great deal 100 miles away, didn't pan out. Now, I am back to square one, basically.

    Still hoping to get the March MF and residual for an EX (no options) 36 months with 15K miles myself.
  • pknopppknopp Posts: 13
    We just leased a Rio. There is $500 lease cash on it. It makes sense for there to be $1000 on the Optima. In trying to find all the paticulars on the Rio I'm almost positive that I did see the money on the Optima also.
  • I did find this "mild proof" of the $1,000 lease cash on edmunds.com incentives page. I still don't get if a hidden rebate to dealers, or customer cash. And I don't know why it's not listed on kia.com.

    http://www.edmunds.com/kia/optima/2012/car-incentives.html?style=101415933
  • haggardhaggard Posts: 63
    edited March 2012
    The $1,000 lease cash does exist, and you can combine it with the $1,000 loyalty/competitive . I visited two dealers yesterday, both worked their proposals for an EX base with the lease cash and the loyalty cash. They also told me that KIA has, in fact, gone back to a 36 month lease term. One of them also tried to tell me that "there is no more 15K mile/year" lease. The other said that was bull.

    I still cannot get them to give up the new money factor and residual, and giving any discount off of MSRP. When I had last months numbers, I would take a leaseguide.com worksheet in with all the details. Both gave me the "I don't know anything about that, we just plug the numbers into the KIA software and it tells us what the numbers are" schtick.

    I've gotten them to acknowledge that Edmunds does furnish an accurate invoice price (although Edmunds does not list, in options, the "door sill applique" so many EX seem to come with) but locals will not waiver from close to MSRP minus the rebates. One even believed me stupid enough to accept a deal which results in them getting $600 over MSRP.

    We absolutely love the car, but may have to start looking at something else. The Optima is very popular and there is just not a lot of inventory in my area. Most of the ones we've looked at have been on the lot two months or less.
  • pknopppknopp Posts: 13
    Leasing our Rio was one of the most difficult automobile transactions I've ever done. I would have gave up if not for it being the car my wife decided she wanted.

    It was first of all, difficult to find a SX with leather. Then we also had a difficult time getting dealers to discuss numbers outside of payment.

    I finally found a dealer 4 hours away willing to give me the exact figures. (MF and residual) They were also straight on the lease money and what they would sell for. ($150 over invoice)

    I was willing to pay the aquisition fee which means they were still making around $1000-$1100 or so. Anyway, while we were dealing another salesperson sold the car. I called all around 500 miles from me. Some wanted over MSRP (which I was not going to do) and others refused to even talk to me over the phone.

    I went back to the local dealer and handed him the deal I had at the first dealer. They agreed to do the deal +$200 since they didn't have the car and would have to go get it.

    It shouldn't be this hard.
  • daveh87daveh87 Posts: 1
    Hi bostonben,

    Do you know the name of the dealer where you able to get negotiate that lease for an Optima SX? I'm in the market looking to lease an SX and near the Boston area.

    Thanks!
  • bostonbenbostonben Posts: 65
    I never purchased so your mileage may vary, but the dealer who was most straightforward via email was Lev Kia in Framingham. Herb Chambers Burlington ended up having the best price, but it was harder to get them to disclose lease numbers without 10 follow up phone calls.
  • minimomminimom Posts: 5
    Hi, Car_Man - I presently own a Kia and a Hyundai. If I lease a new Kia, would I be able to combine the $1,000 lease incentive, $1,000 loyalty incentive, AND the $1,000 competitive incentive for a total of $3,000 (or am I just dreaming....?)? As always, many thanks for your help!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    You're welcome haggard. I believe that Kia switched from 39 to 36 month leases.

    Kia Financial Services' current buy rate lease money factor and residual value for a 36-month lease of a 2012 Optima EX with 15,000 miles per year are .00070 and 55%, respectively for consumers who qualify for its top credit tier.

    Kia is currently providing a $1,000 cash incentive on leases of this car.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Wow your 4th lease, John. You're making me feel old ;). Kia Financial Services' March buy rate lease money factor and residual value for a 36-month lease of a 2012 Optima SX with 15,000 miles per year are .00060 and 53%, respectively for consumers who qualify for its top credit tier.

    There is a $1,000 cash incentive on leases of this car right now.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hey John. I'm not aware of any site that proves the $1,000 cash incentive exists. Sorry. It definitely does though :).

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi vampregen. Kia Financial Services' March buy rate lease money factor and residual value for a 36-month lease of a 2012 Optima EX Turbo with 12,000 miles per year are .00109 and 57%, respectively for consumers who qualify for its top credit tier.

    The numbers for an otherwise identical lease of an Optima SX are .00060 and 54%.

    I'm not sure if KFS offers leases with only 10,000 miles per year, but if it does its residual values for that allowance would likely be 1% higher.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hey haggard. Kia Financial Services' March buy rate lease money factor and residual value for a 36-month lease of a 2012 Optima EX with 15,000 miles per year are .00070 and 55%.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    That's a very good question, minimom. I have a strong suspicion that the conquest and loyalty cash incentives cannot be combined. You can always ask the dealer to find out for certain. The lease cash can be combined with either one of them though for a total of $2,000.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • haggardhaggard Posts: 63
    Thanks twice, since you answered twice! Now, I can return to battle... ;)
  • rp8rp8 Posts: 8
    Hi Car_Man,

    I am about to pull the trigger on leasing a 2012 KIA Optima EX Turbo with Premium Package. Can you please tell me how my deal looks.

    1. Do you think it would be more beneficial for me to go with the SX, I believe the MF is much lower then the EX right now and prices are very similar? (EX .00109 vs SX .00060)

    2. Can I negotiate the MF on the EX deal?

    3. I know its a pretty damn good deal, but is there something else I can do to get even lower monthly payment?

    I want to negotiate down to the bottom bottom. Please help. I am trying to make the decision tomorrow. Here is the deal I got on the EX below.

    MSRP: $29,894
    SALE PRICE: $27500
    COMPETETIVE: -$1000
    LEASE CASH: -$1000
    FINAL PRICE: $25500
    DOWN: $0
    MF: .000109
    RESIDUAL: 58%
    TERM: 36 MONTHS (12K)

    Trade: $9800
    Owe: $9000

    PAYMENT: $280

    Do you think there is any other angle I can play to get my payment even lower?

    Thank you
  • Your numbers are a little off. The EX Turbo per car man is a 57% residual not 58%, and mf is .00109 not .000109 (roughly $32 a month). MSRP for the EX Turbo w/ premium is $28,800 so not sure where that other grand is coming from.

    Given those numbers and assuming buy for invoice less $2k lease/comp your payment w/out tax $269, if taxes is 6.5% total payment would be $287.

    The lower residual and higher price of the SX hurt more than the MF factor, your payment drops $10 for lower MF but goes up $40 for higher price and lower residual. MF factor is only changing payment by $10 a month. MSRP of $30,200, buy for invoice less $2k so $26,145, MF .0006, 54% residual is a payment of $296 before taxes, $315 w/ 6.5% tax rate.

    Thats what I'm deciding right now, is it worth $30 a month for the SX features, I'm leaning towards the SX at the moment.
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