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2013 and earlier Kia Sorento Lease Questions
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Thanks
This truck's lease program varies by term, mileage allowance, and trim level. You never mentioned what any of these variables are, so for now I will have to make some assumptions. Let me know if you want something different.
Kia's June buy rate lease money factor and residual value for a 36 month lease of a 2011 Sorento EX 4 cylinder 4WD with 15,000 miles per year are .00151 and 51%, respectively.
When negotiating your deal on this truck, make sure to take advantage of the $1,500 cash incentive that is currently available on leases of it.
Car_man
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2011 Sorento V6 EX, MSRP $31,280
Drive off $2747, 36 mo/12,000 miles
Cap Cost $27,520
Monthly $314 plus tax
$400 Termination fee (which dealer swears they can't waive).
MF .00141, Residual 52%
In California
This truck's lease program varies by trim level. You never mentioned which specific one you're interested in, so I just went with a base model. Let me know if you want something different.
When negotiating your deal, make sure to take advantage of the $1,500 cash incentive that is currently available on leases of this truck.
Car_man
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When negotiating your deal on this car, make sure to take advantage of the $1,200 cash incentive that is currently available on leases of this car.
Car_man
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Will KIA do a 20,000 mile lease?
Do you have the current lease rates for the 2011 Kia Sorento EX V6 4WD for 24 and 36 months with 15k miles per year? Is the residual for 12k miles per year 2% higher?
Thanks.
I asked about getting one with the $2700 leather package, and the dealer said it would be $95/month more.
I said: WAIT! That's $3,420 for a leased $2,700 option.
Shouldn't that have been more like 50% of $2,700 / 36 months? (more like $37 difference)?
The dealer said getting one with leather drags down the residual on the entire car, and it also has a worse money factor.
Is he telling me the truth?
Thanks,
Mike in Philly.
Do you have recent residual/MF for something like this in Oregon?
Thanks!
Kia's December buy rate lease money factor and residual value for a 36 month lease of a 2011 Sorento SX 4WD with 15,000 miles per year are .00131 and 49%, respectively.
When negotiating your deal on this truck, make sure to take advantage of the $1,500 cash incentive that is currently available on leases of it.
Car_man
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I don't believe that Kia is currently providing support on 24 month leases.
Kia is currently providing a $1,500 cash incentive on leases of this truck.
I would be happy to work up a sample lease payment on the exact truck that you are interested in for you if you provide me with an approximate selling price, or at least its dealer invoice price or it.
Car_man
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Can you give me the details on leasing a 2011 Kia Sorento EX AWD i4 with premium package 1? Zip is 55033. Lease options for 12K, 36 mos, $0 down. The dealers I have been working with are giving me a purchase price of $24995 and $25500.
Thanks in advance!
Josh
Car_man
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MF and residual, please?
Thanks in advance.
When negotiating your lease on this truck, make sure to take advantage of the $1,500 cash incentive that is currently available on it.
Car_man
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2011 Kia Sorento EX 6-Cylinder AWD,
36 month, 12,000 miles per year,
for Central NY?
lease money factor and residual value, please?
Thanks!
2011 Sorento EX 2.4L with 4WD
36 months/45,000 miles
Residual: ?
Money Factor: ?
Customer Cash: ?
Kia's February buy rate lease money factor and residual value for a 36 month lease of a 2011 Sorento EX V6 AWD with 12,000 miles per year are .00236 and 51%, respectively.
When negotiating your deal on this truck, make sure to take advantage of the $1,500 cash incentive that is currently available on leases of it.
Car_man
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I am looking for a 36 Month 15K Mile ONE PAY lease on 2011 Kia Sorento LX AWD V6 and wondering about the following. Appreciate any info you can provide. Thanks!
1. What is the current ONE PAY lease money factor and residual ?
2. Does $1000 Customer Cash-Back apply to a lease?
3. Does the Competitive Bonus Program $1500 cash-back apply in addition?
thanks
The competitive bonus program is available on leases. There is also a $1,500 cash incentive on leases as well.
Car_man
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As I mentioned in the previous post, make sure to take advantage of the $1,500 cash incentive that is currently available on leases of this truck when negotiating your deal.
Car_man
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Thanks in advance!
Also, I'm in NJ and the dealer is telling that I have to pay tax on the whole vehicle which is about $1750! This is not true, right? I thought it was based on your monthly base payment during the 36 month lease.
So if my payment is $300 a month, then tax would be $21 a month (7% in NJ) 36 months= $756 which I could pay up front or roll it in and my monthly paymentr would be approx $321.
I think I'm right... Im buying the car in PA
Car_man
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Car_man
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There's lots of different ways to calculate sales tax on leased vehicles. They vary from state to state. I don't believe that you have to pay sales tax on the price of the entire vehicle in New Jersey. If the dealer told you that then they were mistaken.
Car_man
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Can you please post the lease rate details on the 2011 Sorento LX 4cylinder - 36 months 12kmi/mo? Can you also confirm if the $1500 cash incentive for leases is still availabel in March?
Bobcat2k1
From the research I've done, can you explain why it seems leasing SUVs and CUVs seems so relatively expensive respective to comparable sales prices for vehicles of other classes? Seems many have noticeably lower residuals and banks also seem to be offering some similarly high MFs.
As always. Thanks.
Yes, Kia is offering the $1,500 cash incentive on leases of this truck right now.
Car_man
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I'm not sure if KMF offers leases with only 10,000 miles per year, but if it does, its residual values for that mileage allowance are likely 1% higher.
Car_man
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I leased an SX AWD just yesterday. Feel I did pretty well, but could likely have done better.
Details:
SX AWD
panoramic sunroof
$32,550
-
$3,000 total incentives (competitive, lease $, and some other)
Sub Total
$29,550
Residual
50%
Money Factor
.00171*
*guess I got jobbed here - bitter
$3,418 down (includes T,T & T plus dest)
my state requires sales tax on full sale price, so paid that out upfront.
Monthly - $413.
Overall Impression and advice:
While at the surface that price and deal are pretty good - first offers where as high as $550/month - I feel pretty beat up after my experience with Kia. It took about a week to ten days get to this point of countless emails and dealings with ambivalent (at best) to straight smug dealers. Regret going with my final selection in dealer. Felt they're weren't very up front with their pricing, were not remotely helpful or understanding before, during or after the process was complete. While not rude, they left me with a bad taste.
Seems all the Kia dealers may have been taught the same tactic (via email at least) of playing the, "this price - (minus) this rebate - this incentive = this final sale price". Then saying, "see it's a great deal". What I'm getting at is they seemed to be heavily leveraging the incentives in their sales tactics while still protecting their bottom line sale and even their dealer cash and holdback.
My biggest regret and urge all readers to check how the taxes and processing fees are disclosed prior to the deal or going into the dealership. Turns out I was given one buyer's order with a solid sale price, BUT the fees were completely fabricated. As you may know, this can have a very profound effect on how the lease is calculated. So, when I got in the showroom, all the numbers had changed. On top of that; get this, the finance manager wouldn't let me look at the lease agreement until I agreed on the terms displayed on his computer screen. To the point where he snatched it from me when I reached over to review it. On top of this when I showed him the buyer's order I had faxed to me prior to my visit, the Finance Manager said, "He [salesman], told me just to put this retail, and this sale price on here, and the rest I just guessed at (paraphrase)" Unbelievable.
So, I had to take down their numbers and run it through a spreadsheet I brought and also ran it by hand. Had to factor in the destination/acquisition fee which originally they omitted and told me was included in the sale price of the vehicle and said never shows up on the lease agreement , never correct and a blatant lie. I had to itemize certain fees that were lumped together. Finally had to find fees that were listed on the original buyer's order, but not on the final lease agreement. Since it was close to close GM and FM started getting all antsy telling me "this is just how the computer generates the lease". Not to mention I was told by a few salesmen and even a GSM, that they didn't understand lease calculations when I questioned them and said, "Finance deals with all this". Unbelievable.
Ultimately, I needed to be sure I was cool with the numbers. Here's where I should have left and I encourage you to leave if you find yourself in this situation. It's really not worth the hassle. If ever you feel uncomfortable just get outta there.
I finally figured out the they originally had me putting more down up front in their made up first buyer's sheet, thus making my monthly lower than I expected. But, when I got in there the up front money had decreased enough to push the monthly above my expectation. So, all in all it was pay now or later and the overall amount I was paying was the same. It just raised flags and made me nervous until I sorted it all out.
So, my final advice is to just be sure you get your figures clearly sorted before you get in the dealership or just don't go. Have all the fees clearly itemized and explained. And if you feel uncomfortable at any point when in the dealership, LEAVE IMMEDIATELY. It's so much better for your nerves. There's always going to be a deal at the next place.
Guess this advice is sound for any lease agreement, not just with Kia. I just seemed to have a ton more headaches with Kia than I ever had with other car makers' leases (Toyota, VW, Lexus). Don't know if they're just hyper competitive knowing they're closing the gap with Japanese auto makers. Or that they have much smaller margins than other auto makers. But, it was just a really unpleasant process from beginning to end. Which is a shame b/c the Hyundai/Kia brand is really hot right now and the product is a great value. I've even recently negotiated a Sonata purchase for a family member and that was a really smooth enjoyable deal. Just something about Kia.
My long-winded two cents.
I've only leased two cars in my life, bought a bunch more.
My first lease was years ago, didn't want the car (it was for my then wife), and had a bit of fun doing it.
The last one was in 2005, and was an Infiniti, and I had a positive experience. Enough so that I would rather lease another Infiniti this time, but it's for my wife, and they don't have an SUV she likes or wants.
Even here in Cali you only pay tax on the payment on the lease (maybe cap reduction, not sure, but I won't pay a cap reduction).
I agree, a lot of these Kia dealers really show they are feeding off the less-informed. The ones I have been dealing with have, for the most part, fit the stereotype of (used) car salesperson.
They don't seem to realize that Kia doesn't have a great name, yet they are smug enough to act like it does. This is not to say anything negative about Kia, but it doesn't have a decade or more of a great, reliable car and steady resale value.
Regardless, I appreciate your comments and candor, and wish you well with your Sorento.
Like you said, while Kia is still working on improving its rep, I have to say the Sorento and Kia autos in general are a hard deal to pass up considering the cost/value. This is especially true in this compact/mid-sized market segment. And my two days with the SX (not much to go on I know) have been very pleasing.
The dealerships just need to shift their mindset that Kia is no longer selling itself as a bargain brand to the first-time car buyer and those who need a budget car. Salesmen even told me the clientele is shifting to include more "upscale" car buyers. However, they're still selling cars like they're dealing with those with poor or no credit (frankly not an excuse to treat any buyer poorly, but traditionally is the case with lower income shoppers).
For example, when I went to pay the cap reduction (just fees and tax, I too refuse to put any cash in a lease and no one ever should IMHO), they told me they would only accept $2K of the payment in credit and the remaining $1,400 had to be cash or check. Really...really? From what I can recall, that was a first for me lease or purchase. Lost 1,400 points right there.
Until Kia starts to recognize their market demos are changing in lock-step to their newly refurbished brand and in turn respects these new customers they're really not going to get much positive PR. We were considering an Optima lease on our next car coming due soon. After this experience, we're much more likely to seriously consider other options. We'll see if the headache is gone and if Kia starts to retrain it's workforce.
Until then I'm afraid they're going to get a lot of, "Kia? Yeah, it's a fabulous car, but.....".
Your help is most appreciated!
MSRP: $23590
- Cash Incentive of $1500: $22090
Due at signing: $2999 (fees + cap reduction)
(Cap reduction: $2150)
Money Factor: .00058
Residual: 50%
Sales Tax 8.125% ($897.41 I think?)
Monthly: $276.80
I'm not sure where lic/doc fees are going to go. This would be added to the selling price or subtracted from the cap reduction, right? "Due at signing" is $2999 which includes fees leaving you with a cap reduction of $2150
Dealer quoted me $2999 at signing and $289/mo. Would feel a lot better for a 2WD LX at $260.
The numbers for an otherwise identical lease of a Sorento LX V6 AWD are .00054 and 48%.
When negotiating your deal on this truck, make sure to take advantage of the $1,500 cash incentive that is currently available on it.
Car_man
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What it the the current MF and Residual for a 36 month/10K lease on a 2011 Kia Sorento AWD 4dr I4 LX w/AUTO?
Thanks
When negotiating your deal on this vehicle, make sure to take advantage of the $1,500 cash incentive that is currently available on leases of it.
Car_man
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Can you please let me know what the residual and money factor is on the Sorento LX V6 w AWD for a 36 month lease and 12k miles per year?
Thanks
When negotiating your deal on this truck, make sure to take advantage of the $1,500 cash incentive that is currently available on it.
Car_man
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Thanks for your help.
Do you have the residual and money factor for a 36/12,000 lease on the 2012 (not '11) Sorento EX AWD. I just read that the residual rate is now 58% and wanted to confirm and get the MF if that is true.
Thanks.