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Kia Optima Lease Questions



  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    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.

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

    Prices Paid: Buying & Leasing Experiences Forum
  • tazz11tazz11 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 Posts: 3

    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 Posts: 7
    Thanks Car Man. Do you know what they are for April as I am planning to pull the trigger this month.
  • 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.
  • 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 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

    Final actual monthly payment amount **$ 299.15 per month**
    * includes tax, title, and license.
    * with $1000 cash given at signing
  • edizzy86edizzy86 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 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 Posts: 38,515
    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.

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

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

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

    Prices Paid: Buying & Leasing Experiences Forum
  • barrylibarryli 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 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 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 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.
  • How did I do?

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

    $0 down
  • 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?
  • haggardhaggard Posts: 72
    I'm gonna go out on a limb here and suggest this is not a very good deal.

    Not sure what "working cash" is. Looks like total out of pocket?

    As for your trade, you say they are giving you more than actual value. What is it worth? Not how much you owe, but how much is it worth? Work the deal without the trade, then you will know how much you are actually getting for your trade. You will likely see a huge difference, not in your favor, I'm afraid.

    No way you should be at that payment with only 12K miles/year AND 4K out of pocket. You may not get to the absolute best deals you'll find in this thread if your market is tough. At face value, though, I'd pass on that deal.
  • jackals02jackals02 Posts: 2
    CarMan! Ready to jump... can you tell me what the payment should be with NJ 7% Sales tax in payment.

    MSRP: 31,800

    Selling price: 27,000 (including $1000 competitive rebate)

    Miles per year: 15k

    36 month term.

    Money Factor of 0.00060

    Residual Percentage of 0.53

    $550 due at signing (1st month payment and DMV)

    7% New Jersey sales tax.
  • rotoberryrotoberry Posts: 4
    edited May 2012
    Greetings all. I have read many posts here and it appears that many of you are going for the great loaded cars and figuring out the best lease price you can get for those. I have a very basic question: Can I get a better deal than the bottom line lease deal being offered by Kia on their main website for the Optima? Currently Kia is offering $189 for 36 months, $2499 down. The rest of the basic details are here (the end date has been updated to the end of May):

    My question is, if I walk into a dealership (or email a number of dealerships) how open would they be to going LOWER than that Kia offer? For example, do you think some dealer would accept $170.00 per month payment (with all the other options in that deal being the same)? Or would I perhaps be more likely to be able to get them to allow me to put less down than the $2499 (all of these changes would assume the dealer taking less money away from the deal for themselves than is currently built into the lease by Kia financing). I guess I am wondering if the deal as presented on the Kia website is basic bones with barely any profit out of it or if you think there is a good chance that I could succeed in getting a better deal than that at various local dealers. I just want the basic car that is noted in that Kia offer. I have already test driven the base car and it is perfect for what I need. No need to option it up.

    Thanks for any advice that you guys can provide.
  • haggardhaggard Posts: 72
    edited May 2012
    Manufacturer's promotional lease deals are basically MSRP with a low money factor. In other words, this is a full price deal and the dealer is also getting any loyalty and/or lease cash incentives from the manufacturer.

    You can do a lot better. How much depends on the competition in your market, supply and demand, etc.

    My bet is that if you go in and say "I'll take your advertised lease deal but for $19 a month less, everything else stays the same", you will be the proud owner of that 2012 Kia Optima LX before you can finish the dealer's "free" cup of coffee!

    If you've really read through this thread, you know the process as it has been explained by many. Whether the car is "loaded up" with options or stripped, the process is the same: Get your MSRP and INVOICE information for your model/options from Edmunds TMV pricing, the money factor and incentive information presented here, and plug it into one of the recommended lease calculators. Start with invoice (or under if you are a tough negotiator) as your base capitalized cost and go from there.

    Good luck!
  • d_leasingd_leasing Posts: 1
    your looking at about 375 a month, with the acquisition fee and NJ taxes capped.
  • rotoberryrotoberry Posts: 4
    edited May 2012
    Thanks for the reply. I am looking at leasing a Kia Optima 2012, LX base automatic.

    MSRP in the current Kia offer is $21,750.00
    ( )

    Edmunds TMV for my area on this car is $21,101.00
    Residual is at $12,397.50
    (but that is for 12K miles per year... I plan to ask for 15K per year)

    I used this calculator:
    But I am a little stuck when it comes to entering the new car lending rate?
    Could you tell me the current money factor and residual percentages that are available for this car?

    Also is there any lease cash still available as mentioned earlier in the thread ($1000.00?) and would lease cash offered have a specific known expiration date (possibly the same date as the July 5th expiration date listed on the website for the current lease deal being offered?)

    If lease cash is currently offered, would this be already assumed to be calculated into the current deal to make the deal work, or would that just be pure additional profit for the dealer that can be bargained down (for example if $1000 lease cash is available, would that mean I could theoretically put down $1500 rather than the $2500 listed at for the deal to remain the same?)
  • rotoberryrotoberry Posts: 4
    edited May 2012
    Does anyone know if there is a website that shows current money factor and residual percentages for the various car manufacturers (in this case Kia for the Optima)?

    Is there possibly a section somewhere here on Edmunds that has such info or is that something only a car dealer or salesman affiliated with the brand would know? Thanks all. :)

  • johngettlerjohngettler Posts: 12
    edited May 2012
    Hi Rotoberry and all,

    1. Unfortunately, there isn't a law requiring auto makers to publicly disclose their lease money factor rates (interest rate) or their residual rates 9calue of car after duration and miles are put on.) This makes it *very* difficult to compare lease incentives across different comparable makes, models and trims. I wish there were a law enacted that would force this information to be as clear as auto loan interest rates are today.

    2. Somehow, Car_man who is a "host" on these excellent Edmunds Forums, seems to thankfully have access to nearly unlimited lease money factor and residual info from most makers, and for years has been reporting very accurate information in reply to each individual request. But he is only one man, and it can take some days for him to get back to each person. I have always been super curious, Car_man, where *do* you get this information, and how come we all can't just get to the data directly? I know of course, it's not up to you, but can you give us some insight on how you gather this info? And why can't or won't just publish this extremely valuable data in an open manner? Of course, thank you for all the information that you *do* pour out every day Car_man.

    3. The best always accessible website that I have found that has a good amount of detailed lease info for many cars, is this link below (sorry Edmunds, it's from It is *not* always accurate, and should be taken with a grain of salt, but I have found it to be helpful, but not nearly as accurate as Car_man. Note that this site lists money factors as a percentages, which is actually the money factor number times 2400 (for example MF 0.0006 x 2400 = 1.44%) to get a fairly comparable number to standard auto loan interest rates. Just enter you zip, and then click into each model and trim to see detail lease info.

    4. Each dealer *should* be able to provide you MF and Residual for a specific car, with a specific lease length in months, and miles per year. But you have to "get involved" with a sales guy to begin to extract this kind of info. Ugh.

    5. There is a company called ALG that publishes a "residual guide" each quarter of what they recommend as the residual for each model and trim, after different lease lengths of time, and different mileage usage. They *will sell* you a single copy of their "Residual Percentage Guide 2012 Models National" book for about $50 by calling the number on this link, 1-805-898-8400. The manufacturers *do not* always match these residuals all the time, but it *is* a fair way to generally see what models and trims would give you a relatively cheaper monthly payment, due to holding their value better.

    Hope this helps everyone.
    John Gettler
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Let's crunch some numbers and see what we come up with, jackals02. According to my calculations, if you were to lease a 2012 Kia Optima SX Turbo through Kia Financial Services right now for 36-months with 15,000 miles per year, your zero down, pre-tax monthly payment would be around $309.

    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi rotoberry. Manufacturers' official advertised leases usually leave a little meat on the bone so to speak. Savvy consumers who are in an area that has a decent level of competition are often able to beat manufacturers' advertised payments by shopping around and negotiating a lower selling price than the one that was used to work up the lease.

    Kia is currently providing a $1,000 cash incentive on leases of the 2012 Optima. If I was in the market for one right now, I personally would shoot for a selling price of a couple hundred dollars overt dealer invoice minus this cash incentive. Once you have arrived at a selling price that you are comfortable with have the dealer work up a lease payment using KFS' buy rate lease money factor of .00049 (for consumers who qualify for its top credit tier) and you're in business.

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