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2015 Kia Sorento Lease Questions

car421car421 Posts: 6
edited September 22 in Kia

I am working with a local dealer on a lease of a 2015 Kia Sportage Base LX 4 cyl. with the Convenience package and cargo tray. I am in NC and here are the #'s I am getting from the dealer: Gross Capitalized cost 27822 Net Capitalized cost 25058.30 Money Factor is .00059 Monthly Tax 8.39 No money down - 288.04 for 36 months and a payoff of 13203.26 My wife and myself have very good credit so I'm not sure how good that money factor is. How do these #'s look?

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  • kyfdxkyfdx Posts: 29,863

    Is it a Sportage or a Sorento?

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  • car421car421 Posts: 6

    Sorry, Sorento

  • kyfdxkyfdx Posts: 29,863

    @car421 said: I am working with a local dealer on a lease of a 2015 Kia Sportage Base LX 4 cyl. with the Convenience package and cargo tray. I am in NC and here are the #'s I am getting from the dealer: Gross Capitalized cost 27822 Net Capitalized cost 25058.30 Money Factor is .00059 Monthly Tax 8.39 No money down - 288.04 for 36 months and a payoff of 13203.26 My wife and myself have very good credit so I'm not sure how good that money factor is. How do these #'s look?

    2015 Sorento LX FWD:

    .00059 is the base MF and the residual is 58% for 36mo, 12K/yr.

    Hard to calculate without the MSRP... By "payoff", do you mean residual? Or, is this a balloon note, instead of a lease? Because a 58% residual would be higher than that number, I think.

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  • car421car421 Posts: 6

    It is a lease. I have been trying to get the dealer to itemize the #'s. Payoff is what is due at end of the lease.

  • kyfdxkyfdx Posts: 29,863

    @car421 said: It is a lease. I have been trying to get the dealer to itemize the #'s. Payoff is what is due at end of the lease.

    Try to get the MSRP. That residual seems low for a 36 month lease. Almost makes me wonder if they are quoting a longer term.

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  • car421car421 Posts: 6

    The original quote was 299 month for 48 months and I told them I would not do a 48 month lease only a 36 month lease. The 288 was the requoted payment for 36 months

  • kyfdxkyfdx Posts: 29,863

    @car421 said: The original quote was 299 month for 48 months and I told them I would not do a 48 month lease only a 36 month lease. The 288 was the requoted payment for 36 months

    I think that residual number is left over from the 48 month quote, but can't know for sure, without the MSRP.

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  • car421car421 Posts: 6

    27290 msrp. Sale price of 26500, 599 admin fee, 595 aquisition fee,128 tag and license. 25058.30 net cap cost - cap reduction of 2763.70 - 1500 rebate and 1263.70 trade equity.

  • kyfdxkyfdx Posts: 29,863

    I get about $281/mo. for 36mo, 12K, using .00059 MF and 58% residual. (residual is $15,828, by the way. Their other number was the 48 month residual).

    So, your only contribution is the $1263.70 trade equity? Looks pretty solid.

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  • car421car421 Posts: 6

    Their trade offer is low and the assumed equity is off. Carmax appraised the car at 15k and they are offering 14800. Most websites have the trade higher than both but I should have at least 2k in trade equity. I also feel I can work on the price now that I have the itemized costs. I was really hoping to be in the 240 range. The trade is a 2012 optima ex with trunk mat. 33000, all service done at dealer I am working with along with purchasing the car there. Car is in exellent shape.

  • mcquistonmcquiston Posts: 7

    Looking to lease a 2015 EX v6 with touring package and credit for the third row. MSRP $34,990 less $1750 rebate plus additional lease rebate of $250 making the final price $32,990. Three year, 12k miles (I wanted 20k but they said they don't do 20k leases) quoted Lease residual at 50% and the money factor at .00142 payment roughly $420 including tax, tags, fees with $2000 cap cost. They claim there are no Titanium cars in this configuration so I would have to compromise on color. Do these numbers sound right to you? My calculations don't add up to this, I get a higher payment. Any room to negotiate? I don't want to put $2000 down, max $1000 so I know that will change the numbers a bit. In Pennsylvania with credit score around 720-740 depending where it's pulled from.

  • mcquistonmcquiston Posts: 7

    @mcquiston said: ...MSRP $34,990 less $1750 rebate plus additional lease rebate of $250 making the final price $32,990.00

    Actual MSRP is $35,770.00 dealer sale price is $34,990.00 - same rebates and final price

  • garden54garden54 Posts: 24

    Can anyone tell me what the best lease they've received in Northern/Central NJ for a new Kia Sorento.4 or 6 cyl; leather, nav and sunroof; no money down and 12K miles yearly??

  • greenie1greenie1 Posts: 8

    @garden54 said: Can anyone tell me what the best lease they've received in Northern/Central NJ for a new Kia Sorento.4 or 6 cyl; leather, nav and sunroof; no money down and 12K miles yearly??

    garden54 Got a quote for an EX with touring minus the 3rd row. $410 plus $1750 for tax, tile, registration. 3yr 36k miles.

  • rferraro21rferraro21 Posts: 21

    what are the specific cost details for a 2015 sorento sx, mf residual etc?

  • kyfdxkyfdx Posts: 29,863

    @rferraro21 said: what are the specific cost details for a 2015 sorento sx, mf residual etc?

    Term? Mileage? FWD/AWD? State of residence?

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  • rferraro21rferraro21 Posts: 21

    Sorry, 36 months, 12k miles per year, FL, fwd, thank you

  • kyfdxkyfdx Posts: 29,863

    @rferraro21 said: Sorry, 36 months, 12k miles per year, FL, fwd, thank you

    .00027 MF and 56% residual. $1000 lease cash.

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  • carqguycarqguy Posts: 10

    Hey There gentlemen.

    Trying to figure out if I have some wiggle room here.

    Quoted out the following on a 2015 FWD/AWD respectively. Both with 3rd row + convenience.

    FWD - 373.96 AWD - 378.89

    FWD -Agreed Value: 28310 -Additional Cap (License fee + Acquisition): 845 -1122.52 in cap reduction -Net cap: 28032.48 -Lease Term: 39 months -RV: 15570.50 -Base Payment 343.08 -Tax: 30.88 Total: 373.96

    AWD -Agreed Value: 30090 -Additional Cap (License fee + Acquisition): 845 -1117.99 in cap reduction -Net cap: 29817.01 -Lease Term: 39 months -RV: 16549.50 -Base Payment 347.61 -Tax: 31.28 Total: 378.89

    They are offering 1750 in rebates (1122.52 of which is the cap reduction above for FWD and 1117.99 for AWD). The rest is made up of First PMT, Doc Fee (150),(Lice/reg 2.50), and Taxes (~100)

    At face value it looks like a decent deal.. but I'm really fighting to get my payments closer to $300 a month. I feel like something is fishy here and that any reduction I'm getting is basically just cancelling out the fees and not truly getting me closer to invoice pricing on things.

    Any bargaining suggestions to get the payments down some more?

    I have the invoice for the AWD rendition. MSRSP is 25900, dealer cost 25027. Convenience package 2200/2025, 50/50 seat 1000/930.

    $895 in destination/freight/handling MSRSP 3090/29236

    Thanks!

  • MichaellMichaell ColoradoPosts: 6,421
    edited August 20

    @carqguy said: Hey There gentlemen.

    Trying to figure out if I have some wiggle room here.

    Quoted out the following on a 2015 FWD/AWD respectively. Both with 3rd row + convenience.

    FWD - 373.96 AWD - 378.89

    FWD -Agreed Value: 28310 -Additional Cap (License fee + Acquisition): 845 -1122.52 in cap reduction -Net cap: 28032.48 -Lease Term: 39 months -RV: 15570.50 -Base Payment 343.08 -Tax: 30.88 Total: 373.96

    AWD -Agreed Value: 30090 -Additional Cap (License fee + Acquisition): 845 -1117.99 in cap reduction -Net cap: 29817.01 -Lease Term: 39 months -RV: 16549.50 -Base Payment 347.61 -Tax: 31.28 Total: 378.89

    They are offering 1750 in rebates (1122.52 of which is the cap reduction above for FWD and 1117.99 for AWD). The rest is made up of First PMT, Doc Fee (150),(Lice/reg 2.50), and Taxes (~100)

    At face value it looks like a decent deal.. but I'm really fighting to get my payments closer to $300 a month. I feel like something is fishy here and that any reduction I'm getting is basically just cancelling out the fees and not truly getting me closer to invoice pricing on things.

    Any bargaining suggestions to get the payments down some more?

    I have the invoice for the AWD rendition. MSRSP is 25900, dealer cost 25027. Convenience package 2200/2025, 50/50 seat 1000/930.

    $895 in destination/freight/handling MSRSP 3090/29236

    Thanks!

    A couple of missing pieces:

    What trim level is this (LX, EX, SX) and what engine? How many miles per year? What is the MSRP of the two vehicles in question?

    Also - what state are you in? Kia has two different sets of numbers based on state.

    The only 39 month program I see for the 2015 Sorento this month is for the LX 2.4L FWD - .00054 MF and 55% residual for 39/12.

    Your dealer may be using a different finance company other than Kia for the quotes you received.

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  • tsnew1tsnew1 ChicagoPosts: 6

    Hi guys! First post! I'm trying to get an idea of the lease (MF, residual) for the following sorento. I'm in Illinois (outside Chicago).

    2015 Sorento LX V6, AWD, Convenience Package. MSRP (on kia.com): 31,895

    Looking for 36 months, 12k/yr. Also, do you know the incentives right now?

    Thanks in advance!

  • MichaellMichaell ColoradoPosts: 6,421

    @tsnew1 said: Hi guys! First post! I'm trying to get an idea of the lease (MF, residual) for the following sorento. I'm in Illinois (outside Chicago).

    2015 Sorento LX V6, AWD, Convenience Package. MSRP (on kia.com): 31,895

    Looking for 36 months, 12k/yr. Also, do you know the incentives right now?

    Thanks in advance!

    36/12 numbers are .00016 and 57%. $1250 lease cash.

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  • tsnew1tsnew1 ChicagoPosts: 6

    @Michaell said: 36/12 numbers are .00016 and 57%. $1250 lease cash.

    Great thanks! So let's see if I have this calculation right:

    Final Price (approx): 31895 - 1250 = 30645

    Residual: 31895 x 0.57 = 18180.15

    Payment: (30645 - 18180.15) / 36 = 346.25

    MF: 0.00016 x (30645 + 18180.15) = 7.81

    Tax (6.7%): 0.067 x (346.25 + 7.81) = 23.72

    Total Payment: $377.78

    Seem about right? Thanks for your help! This site is great for first time leasers, like me.

  • carqguycarqguy Posts: 10
    edited August 20

    A couple of missing pieces:

    What trim level is this (LX, EX, SX) and what engine? How many miles per year? What is the MSRP of the two vehicles in question?

    Also - what state are you in? Kia has two different sets of numbers based on state.

    The only 39 month program I see for the 2015 Sorento this month is for the LX 2.4L FWD - .00054 MF and 55% residual for 39/12.

    Your dealer may be using a different finance company other than Kia for the quotes you received.

    Whoops!

    This is for an LX I4, MSRP is AWD 29195/ FWD 24995

    This is for WA state. 12,000 a year lease.

    Thanks in advance! Just trying not to get screwed. :)

  • MichaellMichaell ColoradoPosts: 6,421

    @tsnew1 said:

    Your numbers are right on the money.

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  • MichaellMichaell ColoradoPosts: 6,421

    @carqguy said: Thanks in advance! Just trying not to get screwed. :)

    As previously noted, I only have 39 month MF and RV for the FWD LX ... .00054 and 55%.

    I'm not sure I understand your numbers ... the MSRP is $24,995 but the net cap cost is $28,032?

    Use the shopping tools at the top of the page to get a target price.

    I'm assuming that Washington taxes only the payment and not the entire selling price?

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  • carqguycarqguy Posts: 10
    edited August 20

    @Michaell said: I'm assuming that Washington taxes only the payment and not the entire selling price?

    MSRP is as requested and then the options listed in my first post (Convenience package 2200/2025, 50/50 seat 1000/930. MSRP/Dealer Cost respectively).

    MSRP with options and destination ($895) was given as $30090 for the AWD model and $28310 for the FWD model.

    If I'm not being clear let me know and I can go ahead and scan in the documents and upload them. And yes -- WA taxes on the PMT not the selling price :)

    I've used the shopping tools, and a calculator, but I don't understand how the price jumps over $100 a month from their current "279" a month sign and drive deal to almost 400 for adding $3000 in options or so, so I wanted to make sure I wasn't getting screwed.

  • MichaellMichaell ColoradoPosts: 6,421

    @carqguy said:

    $3000 in options translates to an additional $77/mo on a 39 month lease.

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  • carqguycarqguy Posts: 10

    @Michaell said: $3000 in options translates to an additional $77/mo on a 39 month lease.

    So do you think a fair lease price would be closer to 360 then for the LX FWD?

  • tsnew1tsnew1 ChicagoPosts: 6

    @Michaell said: Your numbers are right on the money.

    Awesome! Thanks for your help!

    One quick last question, does Kia allow multiple incentives? For example, $500 kia loyalty AND $400 recent graduate?

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