Kia Optima Lease Questions

kyfdx

Ask your Optima lease questions here!

trenz

Can anyone tell me the March lease rates for a 2011 Optima EX. The MSRP is $23,190 and the invoice is $21,715. This is for 36 months and 10,000 miles per year.
Thank you

dkgsx

Looking for current lease parameters (residual value %, money factor, acq. fees, etc.) for a fully optioned 2011 Optima SX with MSRP of $30,925 , annual miles are less than 9000, for a 36-month lease. Is there a 24-month lease available? If so, I would be interested in the same set of lease data...

Thanks in advance!

trenz

I guess this is not a popular leasing car at the moment but I just completed a deal and have some numbers to offer.

Base Ex, 12,000 miles is 53% and .001 for a 36 month lease
EX Turbo, 12,000 miles is 54% and .00092 for 36 months

acquisition fee is $595

Hope this helps somebody

dkgsx

I am getting initial numbers of 51% residual on SX, 0.00034 MF, $592 acquisition fee.

Not sure if 51% is right for SX for March...

trenz

If this is for 36 months and 12,000 miles I am not sure. That MF is very good, less than 1% interest . Just from comparing the EX to EX Turbo it would seem that the residual and MF gets better as the trim line goes up. Could you have gotten numbers for a longer lease than 36 months or for more miles than 12,000, as that might explain the lower residual than the Ex's I listed? I am in New Jersey but not sure if that matters.

dkgsx

the numbers were for a 36-mo. lease in CA. But, being the first set of numbers, I don't trust them much, as the dealer, when I pushed him later, said 53% was possible.

From my on-line observations, higher-optioned models usually have lower residual... 53% is quoted on the Kia's web site (Nov-2010 press release and in the current LX lease offer).

0.00034 MF seems on par with Sonata models (same parent co.).

Despite lease money ($1000) and customer cash ($500), this particular dealer seems unwilling to get "selling price" below the invoice (but above cost)...

lamronh49

LX auto, sticker $21,285, 36 month 12,000 miles per year, rate .00137, residual .53, adj. residual $11,281. There is $1000 KIA money on leases, and $500 loyalty, competitor, or active military money. Plus the dealer sent out a postcard worth $500.

CarMan@Edmunds

Hi trenz. Kia Motors Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2011 Optima EX with 12,000 miles per year are .00060 and 53%, respectively for consumers who qualify for its top credit tier.

I'm not sure if KMF offers leases with 10,000 miles per year, but if it does its residual values for that mileage allowance is likely 1% higher.

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CarMan@Edmunds

Here's the information that you're looking for, dkgsx. Kia Motors Finance's March buy rate lease money factor and residual value for a 36 month lease of an Optima SX with 12,000 miles per year are .00034 and 51%, respectively.

I don't believe that Kia is currently offering 24-month leases of this car. I don't think that it offers leases with 10,000 miles per year, but if it does its residual values for that mileage allowance are 1% higher.

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mwahlert

What are the residual and MF for a 2011 Optima SX w/ Navigation - 36mths, 15k?

Thank you!

jmcmbz

Hi, does anybody have April MF and Residual for a 3year 12K lease on the Optima EX w/ nav? I see they are still offering $500 conquest and $1000 lease cash. Anyone getting $1500 below invoice? Much appreciated!

CarMan@Edmunds

Hello mwahlert. Kia's current buy rate lease money factor and residual value for a 36 month lease of a 2011 Kia Optima SX with Navigation and 15,000 miles per year are .00034 and 50%, respectively.

When negotiating your deal on this car, make sure to take advantage of the $1,000 cash incentive that is currently available on leases of it.

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CarMan@Edmunds

Jmcmbz, Kia's April buy rate lease money factor and residual value for a 36 month lease of a 2011 Optima EX w/Navigation and 12,000 miles per year are .00060 and 53%, respectively.

Yes, the lease cash and conquest cash are still available.

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sgt253

Looking at this vehicle. Been quoted a sale price of $23,600.00 plus ttl on an MSRP of $25,440.00. I believe this a fair price. Would anyone know the current buy rate lease money factor and residual for 15k miles? I certainly would appreciate it.

sgt253

Car Man, I sure would love your help.

CarMan@Edmunds

Hi sgt253. Kia Motors Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2011 Kia Optima EX with 15,000 miles per year are .00065 and 50%, respectively for consumers who qualify for its top credit tier.

When negotiating your deal, make sure to take advantage of the $1,500 cash incentive that is currently available on leases of this model.

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sgt253

THANKS Car_Man! You are the best! I really appreciate this information. Best regards.

CarMan@Edmunds

You're very welcome, sgt253. I'm glad that I was able to help you out.

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tschai

Just leased one today in CA and noticed that Item #6 on the lease agreement under Estimated Official Fees and Taxes has $1960 next to it. Is this something I'm paying as part of my monthly payment or a bill coming in the mail later? My monthly payment already has sales/use tax in there but they still don't add up to $1960 over 3 years.

The actual section reads:
The total estimated amount you will pay for official and license fees, registration, title and taxes over the term of your Lease, whether included with your monthly payments or access otherwise: $1960 (e) The actual total of fees and taxes may be higher or lower depending on the tax rates in effect or the value of the Vehicle at the time a fee or tax is assessed.

The section under itemized amount due at signing listed:
Registration Fees: $295
Upfront Taxes: $220
Title Fees: N/A
Opt. DMV Filing Fee: N/A
Doc Fee: $55
CA Tire Fees: $8.75
Lease acquisition fee: N/A

Lease acqquisition fee of $595 is listed under gross capitalized cost.

I'm so afraid that I might have gotten duped since the dealer asked for only $1k at sign off and that's all I gave to them. Just want to get some ideas before calling the dealer tomorrow.

Thanks!

kyfdx

It's just an estimate of what is built into the lease... except, I believe you'll have to pay registration fees each year you have the lease.... or, the leasing bank will have to pay them, and you'll have to reimburse them.

You've already paid almost $600 in taxes and fees upfront.. We don't know the tax in your monthly payment, but you'll have to pay registration each year.... I'd say the $1960 isn't far off (and, doesn't include the acq.fee).

regards,
kyfdx

tschai

Thanks, kyfdx. If that's the case then I think I got a great deal on my lease. My total monthly payment is $250.70 and $1000 drive off which includes first month payment. This is a 3yr 12,000mi/yr lease on the A/T LX gross cap cost $20,853($20,258+$595acq. fee). Residual is $10,982

jerryz27

I am currently looking at an Optima SX Black with only the premium package.

Does anyone have the current Residual Value and Money Factor for leasing?

Kia of Hollywood, FL is stating a price of $28,495. is that a good price?

dammitjim1

I would check truecar.com - $28,495 seems high for the SX equipped that way, as a basis for determining the lease price. This is probably due to short supply on this car. Truecar.com is a great resource though - I got a quote of $28,967 with Navigation and Premium Touring packages.

For reference, the SX equipped as you described, dealer cost is $26,628 and MSRP is $29,100. It doesn't seem like you're getting any favors.

keys6505

Also looking to see the MF and residual for an SX in June. Looking to lease this weekend. Went last weekend to test drive and they came at me with some rediculous $480/mo for 36mo, so obviously they think I'm a moron. I want to go back overly prepared. The SX I was looking at had no navi and listed for $26,900. Any info would be appreciated! (In NJ if that helps)

jerryz27

Try using www.truecar.com and look up what price they recommend, they even claim to have a "price lock Guarantee", i just did for my negotiations.
Going to Kia for an SX without nav, it says I have a locked price of $27,114 at one dealer.

And $25,893 for a Sonata SE Turbo with Nav for $25,893.

I'm gonna ask for less on both.

dammitjim1

Yeah, $480 is crazy pricing for a KIA. I think the short supply of the vehicle is going to produce a lot of stupid dealer tricks in the short term. Using truecar.com, I got a price of $28,967 from Sansone JR's 66 Automall in NJ - a bit of a hike from LI, but worth the trip at that price, IF there are no games being played. The lease based on that price was $380/month, though with a hefty $2300 up front.

I'm not really inclined to pull the trigger based on that number, as for not much more I can get into a fully loaded G37Xs with less money up front.

jerryz27

Kia SX Black w\o Nav
MSRP $28,995
PPrice $27,000 = Sticker + rebate
MF= .00034
RV= .49
15k miles

$700 Down Pay = First Pay + Tag
Then adding to total cost $1400 neg equity
Payment = $448 - 36 months

This afternoon at 6pm. Good or Bad? (Assumed Top Tier Credit which i don't have so MF might go up)

dammitjim1

That sounds really high for a car with a purchase price of 27,000. It's a result of short supply, I guess. I had similar experiences with multiple dealers, none of whom had the car equipped as I wanted it. Just as a reference comparison,
I got a lease quote from a local Infiniti dealer on a fully loaded G37Xs, with 1100 down and 419/month. When presented with an offer like that, it became easy to lose interest in the SX Turbo.

I think you'd probably get a better deal on the Sonata Turbo, but the looks of the SX Turbo might be more appealing.

CarMan@Edmunds

Hello jerryz27. Kia Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2011 Kia Optima SX with 15,000 miles per year are .00032 and 47%, respectively for consumers who qualify for its top credit tier.

When negotiating your deal on this car, make sure to take advantage of the $1,500 cash incentive that is currently available on leases of it.

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jcassel

Hi,

Didn't have much time to sit and negotiate w dealer but this is the initial offer he made. I know its not great but not sure what's fair. I'm hoping around $375/mo. with nothing down. just will pay ttl and first mo.

36 mo. lease
27,600 MSRP
Residual 51%
Residual value: 14,076
LMF: .00065
monthly payment (w/tax): 338.37
Total drive off: $2,995

How far apart are we?

nole_98

Good afternoon Car_man
Thank you for the great information. You mentioned above that there is $1500 in incentives for the Optima but the dealer was only able to locate either a $500 competative or $500 Loyalty that he stated was not able to be combined. Can you let me know how I can find this information out on the $1500 to provide to the dealer.
Wow the residual for this vehicle is much worse than the Sorento I just bought. The Sorento's have close to a 60% I wonder why the Optima is worse.

CarMan@Edmunds

Greetings nole_98. The dealer was right about the $500 loyalty / competitive vehicle offers, however they neglected to mention or intentionally left out the fact that Kia is currently providing a $1,500 cash incentive on leases of this car. You don't need to provide this information to the dealer...they definitely know that it exists. They're probably just trying to pocket it. If this dealer isn't willing to be honest with you, you can always shop around and take your business elsewhere.

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simpsen

I just leased a 2011 Kia Optima EX 2.0T w/navi for $301/month. Here is the breakdown:

MSRP: $29,865
Supplier price through employer: $27,946
Gross Capitalized Cost (includes tax/title/acq fee/doc fee): $29,958
Trade-in, after payoff: $4000
Kia Incentive: $1,500
Adjusted Capitalized Cost: $24,554

Down payment: $0
36 mo. lease/12,000 miles
Residual: 52%
Residual value: $15,529
Money Factor: .0011 (my calculation--rent charge/(net cap + res) * term = .0011)

If the money factor is right, I'm really kicking myself right now for not trying to negotiate it down further (I'm a first time leaser). They told us we were in the top tier with 720 & 750 scores.

So, did I get a good deal? Not that it matters now- it's in the garage- but still curious!

cpe2

Researching deals. I'm asking for initial cap of $27,800. 12k/yr. Premium & tech pkgs. No trade in, $1,000. down. What would be best money factor?

CarMan@Edmunds

Hi cpe2. Kia's current buy rate lease money factor for a 36 month lease of a 2011 Optima EX Turbo is .00065 for consumers who qualify for its top credit tier.

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eddiefast

Car_Man,

Looking at a Optima Auto SX with a sticker price of :

MSRP: 29,100.00

With true car they say I will pay $ 27,214.00

They say that is -$200.00 under invoice.

Description Dealer Cost Factory Invoice Average Paid Sticker Price
Base Vehicle $24,480 $24,480 $25,966 $26,200
Holdback -$786 n/a n/a n/a
Dealer Incentives $0 n/a n/a n/a
Options $1,920 $1,920 $2,030 $2,150
Regional Ad Fees $264 $264 $264 n/a
Destination Fees $750 $750 $750 $750
Customer Incentives $0 n/a 0 n/a
TOTAL $26,628 $27,414 $29,010 $29,100

Doc fee of $ 300.00
state tax should be 7%

12k miles
36 month lease
$ 1200.00 down which would include the first payment.

Is there any addition room for a $ 1500.00 Kia lease promotion. OR is that factored in with the discount?

And if not what should my monthly lease payment be?

Any help would be greatly appreciated.

Thanks.

Ed

6422130

What is the 36mo 12k and 48mo 12k resid and money factor for lx and hybrid? Thanks

my3rdrx

I just leased a Hybrid with the Premium package ($30,767) yesterday and Kia is offering a $1900 cash rebate to be applied toward the lease right now ~ the money factor is .00049 for a 36-month (12,000/yr) lease, but the residual is only 47%. The monthly payment comes out to about $450 with nothing down.

mrtrance

Is the $1500 cash to dealer still available if we want to lease a 2011 Optima LX or has it expired? Also what are the current lease numbers for 36/48 months on 12K/15K miles a year for 2011 Optima LX?

eddiefast

My deal. Leased a Spicy red optima sx on the 30th of July.MSRP $ 29,050.00.
$ 2500 Out The Door. $ 322.00 per month for 36 months, 12k.

Hope this helps. I think I got a fair deal.

CarMan@Edmunds

Hi Ed. If I was in the market for a 2011 Optima right now, I personally would shoot for a selling price of around $500 over invoice minus the $1,900 cash incentive that is currently available on leases of it.

According to my calculations, if you were to lease an '11 Optima Auto SX that has an MSRP of $29,100 and a selling price of $26,014 ($500 over the invoice price that you mentioned minus the cash) through Kia Financial Services right now for 36 months with 12,000 miles per year, your zero down, pre-tax monthly payment would be around $352.

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CarMan@Edmunds

Hi 6422130. I haven't seen the lease program for the Hybrid model. I'll have to look into that for you. For now I can tell you that Kia Motors Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2011 Optima LX with 12,000 miles per year are .00021 and 48%, respectively for consumers

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CarMan@Edmunds

Hi mrtrance. Please see my previous post for the lease program info that you're looking for. KFS' 15,000 mile per year residual values are 1% lower than its 12,000 mile per year residuals.

I don't believe that Kia is providing support on 48 month leases of this car right now.

Kia is providing a $1,900 cash incentive on leases of this car right now.

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chuckq

Are the KIA / Optima leasing programs higher than other manufacturers or are they competitive? I was just quoted $460 per month for a 29K negotiated price on an SX with NAV and nothing down. I almost fell off the chair. I'm just finishing up a 36 month lease of an Acura TL. Negotiated price was 28,600. With nothing down the Acura payment is $380. Rates should be lower now.

joshcs1

What are the residuals and money factors of a 2011 Optima SX? Any other info would be great! I'm in Alabama.

genen

Wow seems high. I had a 2009 lease on a Mercedes C280 $41k final price at $455/mo

Guess the residual is what makes a large difference...

CarMan@Edmunds

Hi joshcs1. Kia's August buy rate lease money factor and residual value for a 36 month lease of a 2011 Optima SX with 15,000 miles per year are .00001 and 45%, respectively for consumers who qualify for its top credit tier.

When negotiating your lease on this car, make sure to take advantage of the $1,900 cash incentive that is currently available on leases of it.

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aauartsmart

Hi Car-man,
I am in the market for Kia Optima, LX A/T, 10k.
Kia.com special offer for 2011 is currently $199/mo, 36mos, 12k, $2399 due at signing.
Do you think I could get better deal on 10k/yr, ?
Please let me know MF and residual on 10k of September and possible cash back or incentives for either 2011 or 2012. It's so hard to find for me.
Thank you.

EJ

CarMan@Edmunds

Hi EJ. The lower the mileage allowance, the lower your vehicle's payment will be.

Kia Motors Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2011 Optima LX A/T with 10,000 miles per year are .00033 and 51%, respectively for consumers who qualify for its top credit tier.

Kia is currently providing a $1,900 cash incentive on leases of this car.

I don't believe that there is a lease program on the 2012 Optima yet.

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rraman3110

Family just leased a 2011 KIA Optima EX 2.4 with the Technology/ Premium package. I cant remember all the details but I know our family walked out with a lease of $329 over 36month with 12k miles. This was in PA at Kia of West Chester.