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Kia Optima Lease Questions



  • 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.

    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.

    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 :).

    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.

    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%.

    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.

    Prices Paid: Buying & Leasing Experiences Forum
  • haggardhaggard Posts: 73
    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.
  • rp8rp8 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 (), 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.
  • 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.
  • 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 Posts: 73
    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.
  • 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 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 this unrealistic of me?

    this is for southern California
  • alan_l1alan_l1 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.

  • 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?
  • 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 Posts: 73
    Check post 133 of this thread.
  • pknopppknopp Posts: 13
    Sorry, no 10K lease from Kia.
  • pknopppknopp 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.

    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 Posts: 73
    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 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


    do I have a little or a lot of "wiggle" room in this deal?
  • 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 Posts: 73
    Try to get all the numbers and put them into a lease calculator, as pknopp suggests. Here is another one:

    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 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.


  • 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 Posts: 38,515
    HA. If one answer is good, two has to be better right :)? Good luck.

    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    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.

    Prices Paid: Buying & Leasing Experiences Forum
This discussion has been closed.