2014 Kia Sorento Lease Questions

stever

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xterra24

Hello Car Man,

I'm writing to you as I found the information you have been providing extremely useful. I'm in the process of purchasing a 2014 Kia Sorento SX Limited and here are the numbers:
MSRP - $40,080
Rebate - $5,000
Trade-in - $4,000
Tax/Title/Tags - $776
Docking or Doc Fee - Waived ($595)
Total Cost - $31,356
Money Factor - .00348
Residual - 54% or $21,643.20

The question I have is the money factor. My credit is a little shaky so I know I will take a hit for that, but .00348 seems steep. My score is 614 with Kia Motors.

Any advice that you can give would be helpful and ideally a good number to go back at as far as the money factor to counter them with would be great! Also, if the numbers I provided seem like a good deal?

kyfdx

I don't have the October numbers, but generally, Kia Finance money factors just blow up when your FICO score is below 640... The .00348 they quoted you is probably about the lowest they can offer.. At 680+ you can get top tier rates..

I'd either wait until you can get your score up.... or, try another make of vehicle, to see if the rates are better..

regards,
kyfdx

lilianruiz

My lease ends in December. I'd like to get another Kia Sorento, and I don't know what to expect as far as lease parameters for CT. I'm looking for a Sorento EX all whell drive with heated seats and navigation.
Can you help?

jaymn

Thanks in advance for your help!

Can you help with the money factor and residual for a lease in MN
MSRP: 43005
Price: 35194
15K miles/yr for 36 mos.
690 Credit score w/ zero down

What's a ballpark payment?

kyfdx

2014 Sorento Limited AWD (?) 36mo, 15K/yr lease
.00052 MF and 54% residual

regards,
kyfdx

azteco469

Hi Car man,

Can you provide rates for a 24 and 36 month lease on a 2014 SX AWD with 12k/yr? Thank you.

azteco469

Nevermind. I just received the following rates from the Kia salesman:

To lease a 2014 Sorento SX AWD, Tier 1 customer is qualified for 0.00058 money factor. Sorento 3 year leasing program with 12k miles has 56% residue value.

Apparently no 24 month rates.

kyfdx

Yes.. those are the same rates that I show..

xterra24

Please provide all the Tiers and their respective money factors for a 2014 SXL Sorento.

kyfdx

2014 SX Limited AWD
Tiers 1-4 have a money factor of .00006
Tiers 5-6 MF = .00106
Tier 7 = .00285

regards,
kyfdx

scottn12

Do you have the current money factor,residual, and incentives for 2014 sx and sx awd? Tier 1 Credit.

kyfdx

Sorry... we didn't get the January numbers for Kia.

lks

Hello. I am realizing we did not get enough information from the dealer to make an informed lease purchase. We are currently looking at a 2014 Sorento SX AWD V6. The MSRP is $39,270. I forgot to take the worksheet with me, but he quoted me the invoice pricing. We are trading in our 2011 Sorento LX 2WD (with convenience package, 3rd row, and leather) for $16,500 with about $13K left on our finance plan. So that gives us about $3K to put down. We have Tier 1 credit as well. He also said we qualified for $3K in incentives and quoted us a monthly payment of $392. Does this sound right??? Thanks!

lks

I forgot to say that we live in Kansas and I think he said the residual is 55% for 12K mileage for 36 months.

kyfdx

I don't have much information on the Kias for this month. But, he is accurate about the $3000 of incentives. ($2000 customer cash + $1000 owner loyalty).

I'm sorry that I don't have more information for you.

lks

Could you give me a ballpark based on December numbers? I just need to know if we are in the right place. Thanks!

kyfdx

I'm sorry, but I no longer have access to the December numbers..

lks

Hmmm. What do you suggest I do to figure out whether I should go with this deal?

ryster

@lks said:
Hmmm. What do you suggest I do to figure out whether I should go with this deal?

Based on online lease calculators, the $392/month price seems way high.

MSRP $39,270
Trade equity $3,500
Customer cash $2,000
Loyalty $1,000
Adjusted total $32,770

Residual value of 55% of $39,270 = $21,598.50

$32,770-$21,598.50 = $11,171.50 (actual total of lease)

$11,171.50 + 6.15% sales tax = $11,858.55

So, before interest is figured in you are at $329.40 per month on a 36 month lease.

The only way to hit the $392 from that point is if they are using a money factor of .0011, which is what Tier5-6 customers were reportedly paying in November.

If you have Tier1 credit, I think you should be paying $30-$50 less per month than $392.

lafon16

Do you have apr numbers for tier 1-4 and MF for Feb on the LX V6 AWD with convenience pkg?

kyfdx

@lafon16 said:
Do you have apr numbers for tier 1-4 and MF for Feb on the LX V6 AWD with convenience pkg?

1.9% for 37-60 months for Tiers 1-3.

.00141 MF for 36 month leases for Tiers 1-4.

lafon16

sorry forgot about residual for 36months in Detroit, MI? ?

kyfdx

@lafon16 said:
sorry forgot about residual for 36months in Detroit, MI? ?

63% for 36mo, 12K/yr lease

mrny1

Do you have March mf & residual information for 12k/yr & 15k/yr leases? Thank you.

kyfdx

@mrny1 said:
Do you have March mf & residual information for 12k/yr & 15k/yr leases? Thank you.

Sure... which Sorento model?

mrny1

SX Limited and EX; thank you

Michaell

@mrny1 said:
SX Limited and EX; thank you

One more question - FWD or AWD?

mrny1

AWD

Michaell

@mrny1 said:
AWD

Thanks - 36 month numbers:

SXL - .00047 and 53% for 12K. 51% for 15K

EX - .00079 and 56% for 12K. 54% for 15K

$1500 lease cash available for both

mrny1

One more request, can you send the April numbers for the AWD EX & SX for 12/15K miles for both 2014 & 2015 models; thanks again.

mrny1

left out 36 months

Michaell

@mrny1 said:
left out 36 months

What state do you live in? Two sets of numbers this month.

mrny1

NJ; thanks

Michaell

@mrny1 said:
One more request, can you send the April numbers for the AWD EX & SX for 12/15K miles for both 2014 & 2015 models; thanks again.
36 months; in NJ

EX AWD 12K - .00078 and 56%. Deduct 2% for 15K

LX AWD 12K - .00101 and 58%. Deduct 2% for 15K

Both LX and EX have $2500 lease cash available.

mrny1

Thank you Michael; I saw that you provided the LX; I had requested the SX; please let me know if the SX is different and am I correct that it is the same number for the 2014 and 2015 model years?

vb214

Hi, do you have the lease numbers for a 2014 SXL AWD 12,000 or 15,000 miles in NY?

kyfdx

@mrny1 said:
Thank you Michael; I saw that you provided the LX; I had requested the SX; please let me know if the SX is different and am I correct that it is the same number for the 2014 and 2015 model years?

The SX has the same numbers as the EX. The numbers quoted are for the 2014 model, only.

kyfdx

@vb214 said:
Hi, do you have the lease numbers for a 2014 SXL AWD 12,000 or 15,000 miles in NY?

.00047 MF and 53% residual

vb214

Do you have the 2015 lease numbers for the AWD EX and SXL 12/15 year in NY? The residuals on the 2014 are really low so i'm wondering if the 2015 are a better deal despite Kia's incentives.

kyfdx

@vb214 said:
Do you have the 2015 lease numbers for the AWD EX and SXL 12/15 year in NY? The residuals on the 2014 are really low so i'm wondering if the 2015 are a better deal despite Kia's incentives.

EX-AWD: .00148 MF and 62%60% residual. $1000 lease cash.

SXL-AWD: .00062 MF and 57%/55% residual. $1000 lease cash

pikaru

Do you have the 2014 and 2015 lease numbers for the AWD and FWD SX and SXL 12K mi/year for TX? Any specials being ran currently? Thanks!

Michaell

@pikaru said:
Do you have the 2014 and 2015 lease numbers for the AWD and FWD SX and SXL 12K mi/year for TX? Any specials being ran currently? Thanks!

What is the lease term?

pikaru

Whoops, forgot that. 36 months. Thanks!

Michaell

@pikaru said:
Do you have the 2014 and 2015 lease numbers for the AWD and FWD SX and SXL 12K mi/year & 36 months for TX? Any specials being ran currently? Thanks!

2014 ($2000 lease cash):

SX FWD - .00067 and 55%

SX AWD - .00080 and 56%

SXL FWD - .00034 and 52%

SXL AWD - .00047 and 53%

2015 ($1000 lease cash):

SX FWD - .00124 and 60%

SX AWD - .00120 and 60%

SXL FWD - .00059 and 56%

SXL AWD - .00062 and 57%

twlax

I am on the verge of leasing a new 2015 KIA Sorrento EX V6. I am deciding between addign the Touring pkg or not. Anyway. I don't have all of the details/numbers yet. my credit score is Top Tier 750+. The Invoice is about $34,500 with package. My question is what are the rebates and factor I should expect. I was just sent a text that I could get this vehicle for a monthly payment of $415 with $2k down (there is zero trade in as I am returning my Kia Lease vehicle). That seemed high to me and I was hoping to get down under $400

The Lease return may be a bonus as KBB says it is worth $16,600 to the dealer but my buyout is $14,100
Looking at a 3 yr lease with 12k miles .

kyfdx

@twlax said:
I am on the verge of leasing a new 2015 KIA Sorrento EX V6. I am deciding between addign the Touring pkg or not. Anyway. I don't have all of the details/numbers yet. my credit score is Top Tier 750+. The Invoice is about $34,500 with package. My question is what are the rebates and factor I should expect. I was just sent a text that I could get this vehicle for a monthly payment of $415 with $2k down (there is zero trade in as I am returning my Kia Lease vehicle). That seemed high to me and I was hoping to get down under $400

The Lease return may be a bonus as KBB says it is worth $16,600 to the dealer but my buyout is $14,100
Looking at a 3 yr lease with 12k miles .

.00136 MF and 61% residual for FWD

.00148 MF and 62% residual for AWD

$1000 or $1500 lease cash, depending on which state.

lildean

Michaell - Do you have the 2014 lease numbers for the AWD Kia Sorento SX Limited in Pittsburgh, PA at 12K mi/year? Any specials being ran currently? My credit score is over 800. Looking for MF and residual %age.

Michaell

@lildean said:
Michaell - Do you have the 2014 lease numbers for the AWD Kia Sorento SX Limited in Pittsburgh, PA at 12K mi/year? Any specials being ran currently? My credit score is over 800. Looking for MF and residual %age.

You didn't specify a lease term, so I'll assume 3 years.

.00062 and 59%. $1500 lease cash.

lildean

Micahell - My calc looks like a monthly lease payment of $275. Does that look about right? Will they balk with the data I have to share? Thanks for your help.

1. MSRP $41,685
2. Times the residual value percentage X 0.59%
3. Equals the residual value = $24,594
4. Negotiated Price: $32,685 ($41,685 - marked down $3,000 (DEMO) - $1,500 lease cash - $500 loyalty - $4,000 trade)
5. Minus the residual (from line 3) - $24,694
6. Equals the depreciation over 36 months = $8,091
7. Depreciation (line 6) divided by term in months ÷ 36
8. Equals the monthly depreciation payment = $224.75
9. Net capitalized cost (From line 4) $32,685
10. Plus the residual (From line 3) + $24,594
11. Equals = $57,279
12. Times the money factor X 0.00062 (Top Tier Credit)
13. Equals money factor (interest) payment portion = $35.51
14. Monthly depreciation payment (from line 8) $224.75
15. Plus money factor payment portion (from line 12) + $35.51
16. Equals bottom-line monthly lease payment = $260.26
17. PA state sales tax x .06 = $15.61
18. 36-month lease payment = $275.87

Michaell

@lildean said:
Micahell - My calc looks like a monthly lease payment of $275. Does that look about right? Will they balk with the data I have to share? Thanks for your help.

1. MSRP $41,685
2. Times the residual value percentage X 0.59%
3. Equals the residual value = $24,594
4. Negotiated Price: $32,685 ($41,685 - marked down $3,000 (DEMO) - $1,500 lease cash - $500 loyalty - $4,000 trade)
5. Minus the residual (from line 3) - $24,694
6. Equals the depreciation over 36 months = $8,091
7. Depreciation (line 6) divided by term in months ÷ 36
8. Equals the monthly depreciation payment = $224.75
9. Net capitalized cost (From line 4) $32,685
10. Plus the residual (From line 3) + $24,594
11. Equals = $57,279
12. Times the money factor X 0.00062 (Top Tier Credit)
13. Equals money factor (interest) payment portion = $35.51
14. Monthly depreciation payment (from line 8) $224.75
15. Plus money factor payment portion (from line 12) + $35.51
16. Equals bottom-line monthly lease payment = $260.26
17. PA state sales tax x .06 = $15.61
18. 36-month lease payment = $275.87

My numbers work out exactly as yours do. Why are you contributing $4000 of trade in equity to the deal? That's not a good idea - if the car is stolen or totaled, you are out that money.

If I back that out of the cap cost, I end up with a payment of $396.28. Then, you'll have $4K in cash in your pocket that you can use to make payments with, if you choose.