Edmunds dealer partner, Bayway Leasing, is now offering transparent lease deals via these forums. Click here to see the latest vehicles!

Kia Optima Lease Questions

12467…10

Comments

  • minimomminimom Member Posts: 6
    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 Member Posts: 38,514
    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 Member Posts: 38,514
    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 Member Posts: 38,514
    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 Member Posts: 38,514
    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 Member Posts: 38,514
    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 Member Posts: 38,514
    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 Member Posts: 92
    Thanks twice, since you answered twice! Now, I can return to battle... ;)
  • rp8rp8 Member 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
  • vampregenvampregen Member Posts: 4
    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.
  • rp8rp8 Member Posts: 8
    Thank you for the information. Yes, I meant to put .00109. As for the 58% Residual, thats the residual that was negotiated into the deal. I didn't know that the residual on the SX is 54%, that is good to know. I really don't like the Leather/Cloth seat combo in the SX. That is really the only reason I am going for the EX Turbo.

    The only issue is there is NONE in the state of California right now. If anyone knows where I can find a WHITE 2012 Kia Optima EX Turbo with Premium and Technology Package in the state of California, please let me know. The ONLY one I could find is a white EX Turbo with Premium Only in Perris, Ca. I would go for that, but I really want the Navigation.

    On a side note: Does anyone know when the UVO2 will be out on the 2012 Optimas? It is rumored to be coming out next quarter, but I am not sure. Also, does anyone know if this is going to be a software update or if the hardware is going to be different as well? From the looks of it (http://www.youtube.com/watch?v=8z_6n7UOio8), it seems like it will have the extra eService button on the front console next to the screen, so I am assuming it is a whole new system and not just a software update. Any thoughts or conclusions on this matter? I don't want to jump into a 3 year lease and then in a few months, the new shipment of Optimas come in with UVO2

    Thanks for your help vampregen and if anyone else has any information or thoughts, please let me know.
  • vampregenvampregen Member Posts: 4
    Finally went and saw these cars in person today and took a test drive. After this I'm definitely going with an EX Turbo over SX. I also didn't really care for the seats in the SX, the "carbon fiber" interior looked alot cheaper than the wood on the EX, and I really don't care for most of the 18" wheels. The other little features are nice and might consider it if they were the same price, but for $30 a month less the EXT is a no brainer.

    I was sold on the premium though, I wasn't sure prior to seeing it in person. Cooled seats (im in TX), pano roof, backup cam, and sound system definitely worth it to me.
  • carbuyer630carbuyer630 Member Posts: 1
    Hello all! I need some advice...

    I am looking at a 2012 Optima EX (non-turbo) with the Premium package and not the tech package. I need low payments for the next 3 years at which time I am expecting to be able to afford a lot more (large loan being paid off) which brings me to consider a lease.
    If you were planning on buying the car at the end of the lease does the following make since...

    Walking out the door the price would be 27145.71. But then they said if I leased the car $1000 would be rebated and if I financed only $500 could be. (just hold that thought for a second)

    On just the car alone the negotiated price is: $24455.00

    That would mean the taxes plus all the fees add 2690.71 (27145.71 – 24455.00) I am not sure where the 1000 off in a lease comes in but the taxes alone in IL are killer so it kinda makes since?

    I was planning on putting $2890.04 down (which includes first month payment) which made the monthly payment of 300.04 (12k mile lease) - for remaining 35 months

    The residual amount is 15432.75

    It seems to do this and then finance the remaining 15432.75 for another 3 years (under the assumption I am buying the car) would seem expensive but I am really not sure.
    Does this sound right? How is the money factor determined? They said something about a 1.9 rate on the lease? How much is really financed on a lease? Opinions? Thoughts? Worth it?
  • haggardhaggard Member Posts: 92
    edited March 2012
    OK, here is the deal we took: 2012 Black EX base, cargo tray, net, carpeted floor mats, and door sill applique (whatever the hell that is). 36 months/15K miles per year. Zero out of pocket at delivery, 35 payments to go.

    We had been shopping, as I've said here before, since late November. My wife got so sick of waiting she would have paid sticker had I not pulled the trigger. Inventory near me is low and most were loaded up with the packages we weren't interested in. In the end, we stuck with the dealer we purchased our last KIA from, Keystone Kia in Allentown, PA. A smaller family owned and operated dealership without the sleazy car guy approach. They are no pressure, good people who stand behind the sale(the Sedona had some issues, they handled without a blink). I highly recommend them.

    These numbers are straight from my lease agreement:

    MSRP $24,150.00
    Selling Price $22,739.00 ($154 above Edmunds invoice)
    Acq Fee $ 595.00
    Gross Cap Cost $23,334.81
    Cap Cost Reduction $ 1,634.43 (loyalty + lease cash) - (1st month and ttl)
    Adjusted Cap Cost $21,700.38
    Residual (55%) $13,282.50
    Depreciation $ 8,417.88
    Ttl Base Monthly Pmts $ 9,299.52
    Finance (Rent) Charge $ 881.64
    Total of All Payments $10,136.52

    Base Monthly Pmt. $ 258.32
    Monthly Sales/Use Tax $ 23.25
    Total monthly Payment $ 281.57

    Money Factor 0.00070
    Term: 36
    Sales Tax % 9.00

    Based on what people are saying here and on the purchase thread, I don't know that I did all that well, but I can live with it for my first lease. Not sure how people are getting a thousand or more under invoice before rebates, perhaps they live in highly competitive markets? I would love to see the same details on those deals, so next time I am a little better prepared. I hope that my info will help someone do a little (or a lot) better for themselves.

    The car, by the way, is fantastic.
  • vampregenvampregen Member Posts: 4
    Wow new problem, none of the 10 dealers in north texas have anything without both premium and tech and everything else. What a rip I may have to find something else, its like an extra $30 in payment for worthless fluff.
  • vo3434vo3434 Member Posts: 2
    Need some help. I want to lease a 2012 Optima Sx w/ Premium Tech Package. I have never leased a car before so I do not know what a good deal may be.
    The dealer wants
    $1500 down
    $319 mo + tax = $346 mo for 36 months
    Msrp is about $31000

    I want $0 down with a payment of $300-320 month for 36 months......is this unrealistic of me?
    thanks

    this is for southern California
  • alan_l1alan_l1 Member Posts: 1
    Hi , appreciate some help please.

    I am looking at leasing a Kia Optima LX from a local dealer. I have just started the process and want to close this next weekend. I am looking at the LX model, $21,000 MSRP with about $250 in options. Can anyone give me the details on the "deals" that exist today? My credit is excellent.

    Thanks!
  • ralphantonelliralphantonelli Member Posts: 9
    My Honda lease is up in April. I am looking at an EX w/premium pkg. The dealer told me to wait until April because the deals would be better also he didn't have the car I wanted. Does he know that the deals will be better or is it possible that the rebates will expire at the end of March?
  • pontiacrickpontiacrick Member Posts: 26
    I know Kia offers 12 and 15,000 mile per year leases. Do they also offer a lease for 10,000 miles per year?
  • haggardhaggard Member Posts: 92
    Check post 133 of this thread.
  • pknopppknopp Member Posts: 13
    Sorry, no 10K lease from Kia.
  • pknopppknopp Member Posts: 13
    You are likely stretching it there BUT not knowing the exacts, one can not say. I suppose I could go back and find enough numbers to get close but do it yourself here.

    http://www.bankrate.com/calculators/auto/auto-lease-calculator.aspx

    There are many other similiar calculators. For interest, you take the money factor and multiply X 2400. You can then change the final negoiated price and money down around to get to the desired payment.

    If to get to the desired payment you are well under cost with the lease cash figured in, you are not going to get there. With this car, figure the lease cash covering the first payment and aquisition fee (it should cover slightly more than that) and leaving all of that out to make it simple, you should be close.
  • haggardhaggard Member Posts: 92
    edited March 2012
    @ #127 claims to have gotten close but for 39 months, which KIA is not currently sponsoring, and with first payment due at signing. If you have a motivated dealer, you will probably end up in the $350 range for 36 months with $0 down.

    @ #127 was in NJ, so there will be tax and regional differences. The mileage was 15K so, if you don't need that many miles you can save a little money there as well.

    Good luck.
  • vo3434vo3434 Member Posts: 2
    This is my proposed offer from the dealer on a car they say they want to get rid of "cheap"

    857.42 DRIVE OFF
    346.36+ TAX *36 MONTHS 12K/YR 55% RES
    0006 MF

    LEASE INCLUDES COMPETITIVE/OLP REBATE.

    do I have a little or a lot of "wiggle" room in this deal?
  • troutknoxvilletroutknoxville Member Posts: 1
    New to leasing and I was wondering if the following is possible. I want to lease an Optima SX with the premium package. Would I be able to get a $350 pmt w/ tax included on a 36 month 15k per year lease with no money down? Would I have to go down to 12k per year to accomplish this? I live in Texas so if anyone knows the current money factor/residual for this area I would appreciate it.

    I also wanted to know if I own a Hyundai Sonata would I be able to get the competitive rebate?
  • haggardhaggard Member Posts: 92
    Try to get all the numbers and put them into a lease calculator, as pknopp suggests. Here is another one: http://www.leaseguide.com/calc.htm

    You need to identify all the added costs (acquisition fee, doc and registration fees and all other costs added to the lease). Get a negotiated selling price before rebates which is the MSRP - minus the dealer's discount. Some dealers discount down to invoice, some have the market leverage to offer little or no discount. Some will go a little under invoice and, if you are to believe some of the posts here, some will go thousands :P under invoice.

    MSRP on the SX with tech-and-prem combo is $32,055, invoice with tech-and-premium combo and every other available add-on listed at Edmunds is estimated (no invoice price available on the combo package that stickers for $4,350) at $29,761.

    If you don't want to do that, your other option is to take the deal you have to other dealers and see what they will do. Do that until one is left standing. As long as you are talking monthly payment without details, they have the upper hand.

    Whether you have wiggle room, and how much, depends on the level of competition in your market, how hard you are willing to negotiate, how far you are willing to travel to get the deal you want, etc. I did not do as well as others across the country, but am comfortable with what I did get considering the market I'm in. The info offered in this thread helped me get there.

    Good luck.
  • crfabcrfab Member Posts: 7
    Hi all, I am trying to decide between purchasing or leasing a 2012 SX with a Premium Touring and Tech Package.

    What are the current lease deals available for a 2012 SX with the Premium Touring and Tech Package.

    Does anyone have the informaiton on a deal they recently worked so I have something to go on.

    Can anyone recommend a dealership in either OC or San Diego County who can give me a good lease deal?

    Also, what is the current MF and residual being offered by KFS as well.

    Thanks!


    Milo
  • greenacuragreenacura Member Posts: 42
    Hi, I am interested in my next lease being an Optima. I am impressed by the good deals people seem to be getting for this great car. My current lease is a 2009 Nissan Maxima expiring in August. Would it make sense to look into trading in the MAxima to take advantage of the current Optima lease offers? Thoughts?
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    HA. If one answer is good, two has to be better right :)? Good luck.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey rp8. While it is true that the SX's money factors are better, its residual values are worse so the net effect is probably about a wash.

    It is important to make sure that the dealer is charging you the base money factor on the vehicle that you want, but dealers cannot use a lower factor than that on your deal.

    If the dealer is charging you the buy rate money factor and a selling price that's close to dealer invoice minus any available cash incentives that's about as good as you can do on this car right now.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi ralphantonelli. While it is difficult to predict exactly what a manufacturer's future incentives will be like, Kia's current incentive program is scheduled to run through the end of April. I would be surprised if its program for the Optima is much different next month than it is today. The dealer is probably just trying to get you to wait on buying because they don't have what you want in stock.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi Milo. 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.

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

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • tazz11tazz11 Member Posts: 1
    edited March 2012
    Hi Car_man,

    Can you please provide current lease residual and money factor info for both the 2012 Optima EX and 2012 Optima LX (36 months & 12K miles)? I'm located near Tampa. Also, is the $1,000 lease cash offered in my area?

    You are providing an extremely valuable and much-appreciated service on this forum!

    Thank you in advance!!
  • edizzy86edizzy86 Member Posts: 3
    Hi,

    I noticed in your post you mentioned the $1000 lease cash. My question is if I can use that with competitive cash and loyalty cash? I have a another kia and im trading in a mazda 3 which matches the competitive cash guidelines. This would be for lease on a SX premium pack.
  • crfabcrfab Member Posts: 7
    Thanks Car Man. Do you know what they are for April as I am planning to pull the trigger this month.
  • theericharris1theericharris1 Member Posts: 13
    Hi,

    I am also interested in April's numbers (residual/interest) for a 2012 Kia Optima SX Premium. 36 months at 15k miles a year.

    Also, what are the current incentives/rebates? I'm a current Kia owner.
  • atticus23atticus23 Member Posts: 5
    Hi Car_man,

    I'm about to finish a deal for the 2012 Optima SX Turbo fully loaded, with tech and premium package. They've added wheel locks, all weather floor mats, rear bumper applique, cargo net, tinted windows, and remote start. In the deal there's a 2 year free maintenance included.

    I'm getting the $1,000 of competitive incentive. Dont remember very well on the final negotiated price, but the Lease comes out to be $448 per month, 36 months and 15K miles, nothing down, just registration fees, $200 bucks.

    I've been shopping around in nyc, and got very similar prices, but without all the features.

    Is this a good deal? I see a lot of people on this forum talking about payments within the 350-400 range.

    I'd appreciate your comments, or anyone's comments. Thanks!
  • johngettlerjohngettler Member Posts: 12
    edited April 2012
    Just thought it might be helpful if I share the numbers from my recently completed Optima lease. This was at a Minneapolis dealership, and was signed on March 30th. This was the best price quote after emailing all of the local dealerships to give their lowest possible quote on the same vehicle. I think I got a great deal, and this car is *amazing* for the price.

    2012 Kia Optima SX with Premium Touring Package in Satin Metal

    Price Specs:
    MSRP $ 30,345
    * minus $1,000 rebate for lease cash
    * minus $1,000 rebate for comp vehicle (2009 Civic lease)
    * minus dealer discount $1,452
    Final Sale Price $26,893

    Lease Specs:
    36 months/ 15,000 miles per year
    Money Factor of 0.00060 (x2400 = 1.44%)
    Residual Percentage of 0.53

    Payment:
    Final actual monthly payment amount **$ 299.15 per month**
    * includes tax, title, and license.
    * with $1000 cash given at signing
  • edizzy86edizzy86 Member Posts: 3
    That's a great deal! I am having trouble getting dealers near me to even come close to that deal. Dealers are not willing to move on price saying they can move optima's quick! Not to mention limited inventory.
  • glayfan40glayfan40 Member Posts: 33
    Just finished a deal at an MA dealership, details below,

    MSRP (sticker) - $27170
    Negotiated Sales Price - $24500
    Trade-in Balance Owed - $2685
    Gross Cap Cost - $27185
    Cap Cost Reduction - $2000
    Adjusted Cap Cost - $25185
    Residual - $14943.5 (55%)
    Monthly Payment - $312.58 + 19.54 (MA Tax @ 6.25%) = 332.12
    Total Out-of-Pocket - $1200 (includes TTL, acquisition, doc & 1st payment)

    Hope this helps!!!
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're welcome crfab. Kia Financial Services' April 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 still .00060 and 53%, 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 Member Posts: 38,514
    Hi theericharris1. Please see my previous post for the lease information that you're looking for.

    Kia is providing a $1,000 cash incentive on leases of this car to everyone and an additional $1,000 for loyal customers.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey atticus23. There's just too many variables for me to tell how good a deal this is off of the top of my head. It would be much easier for me to evaluate this deal if I knew what this car's MSRP and selling price are. Do you have these numbers?

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi johngettler. Thanks for taking the time to give back and share the details of your deal with everyone! Real-world examples like this are always helpful for others who are in the market for similar vehicles. Enjoy your new ride :shades: .

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • barrylibarryli Member Posts: 4
    New York lease completed today. MSRP: $28,615. Selling price: $27,600. Rebates: $1000 customer cash, $1000 competitive cash, 36 mos/12,000 miles. White with beige interior. $2000 downpayment (First month, title, taxes, etc), residual 57%, MF 0.00070, $299 a month. Whites are very hard to come by, not the best deal here but not the worst either, I'm quite pleased how it went. Looking forward to now actually driving my new Optima.
  • rp8rp8 Member Posts: 8
    @ Car_Man - is the MF for the Optima EX now .00070? and residual 57%? I thought the April MF was still .00109 and MF 58% (same as March). Please let me know.
  • barrylibarryli Member Posts: 4
    As an addendum final lease price was $293, not $299 as quoted. Car was leased from Lash Kia in White Plains, an easy negotiation and experience all around. No complaints at all. Enjoying my Optima, did a ton of research and think it was the best value for the $.
  • rp8rp8 Member Posts: 8
    Car_Man - is the MF for the Optima EX now .00070? and residual 57%? I thought the April MF was still .00109 and MF 58% (same as March). Please let me know.
  • footballprofootballpro Member Posts: 1
    How did I do?

    MSRP: $24220
    Negotiated Price: $22383
    Incentives: $1000
    Net Price: $21383
    MF: .00051
    RV:56%

    $0 down
  • whoknewbutuwhoknewbutu Member Posts: 3
    Here is what one dealer out of town gave me today... Most dealers in the town where i live are marking them up anywhere from $995 to $1995. and then adding tinted windows, hood deflectors, and a ton of other add ons... This has been the only dealer who has been up front and not adding any dealer markup over sticker...

    Can't tell to much from the number since they are giving me more for my trade than its worth to make the numbers better.

    But damn i want this car especially when the payment would only be about $20 more than the focus i was looking at with my xplan...

    msrp. 30415.
    cap cost. 30415.
    trade. 15000. (i owe 13,000)
    rebates. $2000.
    residual 53% 16119.95
    money factor. .00021
    title. 225.
    tire & batt. 6.50
    efs. 24.
    dealer fee. 699
    capped acq fee. 595.
    term 36
    miles. 36,000
    first payment. 6/5/2012
    inception fees: 3950.
    adjusted cap: 28467.31
    total working cash: 3950.
    payment: 373.48 (incl tax)

    Tried to get one of the other deals posted but they said they could sell me the car for that $28,000 (roughly) but they could not lease me the car for invoice or under invoice since i was leasing and since i was not putting money down they had to roll money....

    If i put $1,000 down my payment would go down to $339. But even the salesman said i could invest that $1,000 and get a better return on money...=)

    How does that deal look?
This discussion has been closed.

Helpful Tools

Most popular vehicles