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2014 Kia Sorento Lease Questions

2

Comments

  • mrny1mrny1 Posts: 11

    left out 36 months

  • MichaellMichaell ColoradoPosts: 5,100

    @mrny1 said: left out 36 months

    What state do you live in? Two sets of numbers this month.

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  • mrny1mrny1 Posts: 11

    NJ; thanks

  • MichaellMichaell ColoradoPosts: 5,100

    @mrny1 said: One more request, can you send the April numbers for the AWD EX & SX for 12/15K miles for both 2014 & 2015 models; thanks again. 36 months; in NJ

    EX AWD 12K - .00078 and 56%. Deduct 2% for 15K

    LX AWD 12K - .00101 and 58%. Deduct 2% for 15K

    Both LX and EX have $2500 lease cash available.

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  • mrny1mrny1 Posts: 11

    Thank you Michael; I saw that you provided the LX; I had requested the SX; please let me know if the SX is different and am I correct that it is the same number for the 2014 and 2015 model years?

  • vb214vb214 Posts: 2

    Hi, do you have the lease numbers for a 2014 SXL AWD 12,000 or 15,000 miles in NY?

  • kyfdxkyfdx Posts: 28,634

    @mrny1 said: Thank you Michael; I saw that you provided the LX; I had requested the SX; please let me know if the SX is different and am I correct that it is the same number for the 2014 and 2015 model years?

    The SX has the same numbers as the EX. The numbers quoted are for the 2014 model, only.

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  • kyfdxkyfdx Posts: 28,634

    @vb214 said: Hi, do you have the lease numbers for a 2014 SXL AWD 12,000 or 15,000 miles in NY?

    .00047 MF and 53% residual

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  • vb214vb214 Posts: 2

    Do you have the 2015 lease numbers for the AWD EX and SXL 12/15 year in NY? The residuals on the 2014 are really low so i'm wondering if the 2015 are a better deal despite Kia's incentives.

  • kyfdxkyfdx Posts: 28,634

    @vb214 said: Do you have the 2015 lease numbers for the AWD EX and SXL 12/15 year in NY? The residuals on the 2014 are really low so i'm wondering if the 2015 are a better deal despite Kia's incentives.

    EX-AWD: .00148 MF and 62%60% residual. $1000 lease cash.

    SXL-AWD: .00062 MF and 57%/55% residual. $1000 lease cash

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  • pikarupikaru Posts: 6

    Do you have the 2014 and 2015 lease numbers for the AWD and FWD SX and SXL 12K mi/year for TX? Any specials being ran currently? Thanks!

  • MichaellMichaell ColoradoPosts: 5,100

    @pikaru said: Do you have the 2014 and 2015 lease numbers for the AWD and FWD SX and SXL 12K mi/year for TX? Any specials being ran currently? Thanks!

    What is the lease term?

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  • pikarupikaru Posts: 6

    Whoops, forgot that. 36 months. Thanks!

  • MichaellMichaell ColoradoPosts: 5,100

    @pikaru said: Do you have the 2014 and 2015 lease numbers for the AWD and FWD SX and SXL 12K mi/year & 36 months for TX? Any specials being ran currently? Thanks!

    2014 ($2000 lease cash):

    SX FWD - .00067 and 55%

    SX AWD - .00080 and 56%

    SXL FWD - .00034 and 52%

    SXL AWD - .00047 and 53%

    2015 ($1000 lease cash):

    SX FWD - .00124 and 60%

    SX AWD - .00120 and 60%

    SXL FWD - .00059 and 56%

    SXL AWD - .00062 and 57%

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  • twlaxtwlax Posts: 1

    I am on the verge of leasing a new 2015 KIA Sorrento EX V6. I am deciding between addign the Touring pkg or not. Anyway. I don't have all of the details/numbers yet. my credit score is Top Tier 750+. The Invoice is about $34,500 with package. My question is what are the rebates and factor I should expect. I was just sent a text that I could get this vehicle for a monthly payment of $415 with $2k down (there is zero trade in as I am returning my Kia Lease vehicle). That seemed high to me and I was hoping to get down under $400

    The Lease return may be a bonus as KBB says it is worth $16,600 to the dealer but my buyout is $14,100 Looking at a 3 yr lease with 12k miles .

  • kyfdxkyfdx Posts: 28,634
    edited April 24

    @twlax said: I am on the verge of leasing a new 2015 KIA Sorrento EX V6. I am deciding between addign the Touring pkg or not. Anyway. I don't have all of the details/numbers yet. my credit score is Top Tier 750+. The Invoice is about $34,500 with package. My question is what are the rebates and factor I should expect. I was just sent a text that I could get this vehicle for a monthly payment of $415 with $2k down (there is zero trade in as I am returning my Kia Lease vehicle). That seemed high to me and I was hoping to get down under $400

    The Lease return may be a bonus as KBB says it is worth $16,600 to the dealer but my buyout is $14,100 Looking at a 3 yr lease with 12k miles .

    .00136 MF and 61% residual for FWD
    .00148 MF and 62% residual for AWD

    $1000 or $1500 lease cash, depending on which state.

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  • lildeanlildean Posts: 14

    Michaell - Do you have the 2014 lease numbers for the AWD Kia Sorento SX Limited in Pittsburgh, PA at 12K mi/year? Any specials being ran currently? My credit score is over 800. Looking for MF and residual %age.

  • MichaellMichaell ColoradoPosts: 5,100

    @lildean said: Michaell - Do you have the 2014 lease numbers for the AWD Kia Sorento SX Limited in Pittsburgh, PA at 12K mi/year? Any specials being ran currently? My credit score is over 800. Looking for MF and residual %age.

    You didn't specify a lease term, so I'll assume 3 years.

    .00062 and 59%. $1500 lease cash.

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  • lildeanlildean Posts: 14

    Micahell - My calc looks like a monthly lease payment of $275. Does that look about right? Will they balk with the data I have to share? Thanks for your help.

    1. MSRP $41,685
    2. Times the residual value percentage X 0.59%
    3. Equals the residual value = $24,594
    4. Negotiated Price: $32,685 ($41,685 - marked down $3,000 (DEMO) - $1,500 lease cash - $500 loyalty - $4,000 trade)
    5. Minus the residual (from line 3) - $24,694
    6. Equals the depreciation over 36 months = $8,091
    7. Depreciation (line 6) divided by term in months ÷ 36
    8. Equals the monthly depreciation payment = $224.75
    9. Net capitalized cost (From line 4) $32,685
    10. Plus the residual (From line 3) + $24,594
    11. Equals = $57,279
    12. Times the money factor X 0.00062 (Top Tier Credit)
    13. Equals money factor (interest) payment portion = $35.51
    14. Monthly depreciation payment (from line 8) $224.75
    15. Plus money factor payment portion (from line 12) + $35.51
    16. Equals bottom-line monthly lease payment = $260.26
    17. PA state sales tax x .06 = $15.61
    18. 36-month lease payment = $275.87
  • MichaellMichaell ColoradoPosts: 5,100

    @lildean said: Micahell - My calc looks like a monthly lease payment of $275. Does that look about right? Will they balk with the data I have to share? Thanks for your help. 1. MSRP $41,685 2. Times the residual value percentage X 0.59% 3. Equals the residual value = $24,594 4. Negotiated Price: $32,685 ($41,685 - marked down $3,000 (DEMO) - $1,500 lease cash - $500 loyalty - $4,000 trade) 5. Minus the residual (from line 3) - $24,694 6. Equals the depreciation over 36 months = $8,091 7. Depreciation (line 6) divided by term in months ÷ 36 8. Equals the monthly depreciation payment = $224.75 9. Net capitalized cost (From line 4) $32,685 10. Plus the residual (From line 3) + $24,594 11. Equals = $57,279 12. Times the money factor X 0.00062 (Top Tier Credit) 13. Equals money factor (interest) payment portion = $35.51 14. Monthly depreciation payment (from line 8) $224.75 15. Plus money factor payment portion (from line 12) + $35.51 16. Equals bottom-line monthly lease payment = $260.26 17. PA state sales tax x .06 = $15.61 18. 36-month lease payment = $275.87

    My numbers work out exactly as yours do. Why are you contributing $4000 of trade in equity to the deal? That's not a good idea - if the car is stolen or totaled, you are out that money.

    If I back that out of the cap cost, I end up with a payment of $396.28. Then, you'll have $4K in cash in your pocket that you can use to make payments with, if you choose.

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  • lildeanlildean Posts: 14

    Sorry If I confused you Michaell. We were thinking of trading in a 2006 Mazda Tribute to lower the negotiated price. Is that not how it works?

  • MichaellMichaell ColoradoPosts: 5,100

    @lildean said: Sorry If I confused you Michaell. We were thinking of trading in a 2006 Mazda Tribute to lower the negotiated price. Is that not how it works?

    No confusion - I understood that you were using a trade-in as equity to lower your cap cost and your payment.

    I'm saying that's not a good idea. It's better if you have the dealer cut you a check for that equity instead and use it to help make the higher payment.

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  • lildeanlildean Posts: 14

    Great idea. Thanks

  • lildeanlildean Posts: 14

    Michaell - I found out the 2104 DEMO is not lease eligible. Do you have the 2015 lease numbers for the AWD Kia Sorento SX in Pittsburgh, PA at 12K mi/year? for 3 years. Any specials being ran currently? Looking for MF and residual %age. Thanks

  • MichaellMichaell ColoradoPosts: 5,100

    @lildean said: Michaell - I found out the 2104 DEMO is not lease eligible. Do you have the 2015 lease numbers for the AWD Kia Sorento SX in Pittsburgh, PA at 12K mi/year? for 3 years. Any specials being ran currently? Looking for MF and residual %age. Thanks

    It just occurred to me that you and I were both using the 2015 numbers (59% residual, .00062 MF) in our calculations.

    Is the dealer refusing to lease the demo? Usually, an adjustment can be made to the selling price based on the number of miles it has.

    $1500 lease cash available on the 2015 Sorento.

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  • lildeanlildean Posts: 14

    Yes...Refusing to lease the demo. Dealer quoted me a lease of $545/mth for 36 months. My numbers were much lower. Difference of $122. I laughed

    1. MSRP $39,530
    2. Times the residual value percentage X 0.59%
    3. Equals the residual value = $23,323
    4. Negotiated Price: $36,369
    5. Minus the residual (from line 3) – $23,323
    6. Equals the depreciation over 36 months = $13,046
    7. Depreciation (line 6) divided by term in months ÷ 36
    8. Equals the monthly depreciation payment = $362.39
    9. Net capitalized cost (From line 4) $36,369
    10. Plus the residual (From line 3) + $23,323
    11. Equals = $59,692
    12. Times the money factor X 0.00062 (Top Tier Credit)
    13. Equals money factor (interest) payment portion = $37.01
    14. Monthly depreciation payment (from line 8) $362.39
    15. Plus money factor payment portion (from line 12) + $37.01
    16. Equals bottom-line monthly lease payment = $399.40
    17. PA state sales tax x .06 = $23.96
    18. 36-month lease payment = $423.36
  • MichaellMichaell ColoradoPosts: 5,100

    @lildean said: Yes...Refusing to lease the demo. Dealer quoted me a lease of $545/mth for 36 months. My numbers were much lower. Difference of $122. I laughed

    1. MSRP $39,530
    2. Times the residual value percentage X 0.59%
    3. Equals the residual value = $23,323
    4. Negotiated Price: $36,369
    5. Minus the residual (from line 3) – $23,323
    6. Equals the depreciation over 36 months = $13,046
    7. Depreciation (line 6) divided by term in months ÷ 36
    8. Equals the monthly depreciation payment = $362.39
    9. Net capitalized cost (From line 4) $36,369
    10. Plus the residual (From line 3) + $23,323
    11. Equals = $59,692
    12. Times the money factor X 0.00062 (Top Tier Credit)
    13. Equals money factor (interest) payment portion = $37.01
    14. Monthly depreciation payment (from line 8) $362.39
    15. Plus money factor payment portion (from line 12) + $37.01
    16. Equals bottom-line monthly lease payment = $399.40
    17. PA state sales tax x .06 = $23.96
    18. 36-month lease payment = $423.36

    You should have the dealer show their calculations so you can compare it to yours and figure out where the difference is.

    That, or find another Kia dealer.

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  • lildeanlildean Posts: 14

    Michaell - I found another dealer with a **2014 **AWD Kia Sorento SX Limited in Pittsburgh, PA at 12K mi/year for 3 years. Looking for MF (credit over 800) and residual %age.

  • MichaellMichaell ColoradoPosts: 5,100

    @lildean said: Michaell - I found another dealer with a **2014 **AWD Kia Sorento SX Limited in Pittsburgh, PA at 12K mi/year for 3 years. Looking for MF (credit over 800) and residual %age.

    .00046 and 53%. $2500 lease cash.

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  • pikarupikaru Posts: 6

    I feel like the dealer is trying to make some money on me. For a 2014 SXL FWD 36 months/12k mi I believe my credit score is 720+ while my wifes is around 800, they quoted us a money factor of .00119. Also, they said the residual value is 44% here in TX. Can anyone verify their numbers?

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