How did I do on my lease?

simunek

MSRP: $36,725 (Includes remote starter option)
Selling Price: $33,392
Term: 42 months @ 12k/yr
Monthly Payment including Tax: $325.77

Trade in allowance: $1,276 ($300 over KBB)
Rebates: $4,300 ($3,500 Lease cash + $800 for Military & Grad)
Down Payment: $325

Adjusted Cap Cost: $29,676.41
Residual: 50% ($18.362.50)
Money Factor: .00023 (.57% -Top Tier Credit Score)

Mr_Shiftright

Looks good to me, although I'm not a big fan of 42 month leases. Let's see what the lease experts say about this.

simunek

I agree. I don't want to hold on to the car for more than 36 months. Hopefully, there will be enough equity to trade it in early. This is my second lease, so I'm still learning how to get the best deal.

I was offered $393/mo for a 30 month lease. The residual was better at 54%, but the MF was 2.7% .

The problem with these odd monthly lease deals is that you have to pay for car registration twice in a year.

Michaell

simunek said:

I agree. I don't want to hold on to the car for more than 36 months. Hopefully, there will be enough equity to trade it in early. This is my second lease, so I'm still learning how to get the best deal.

I was offered $393/mo for a 30 month lease. The residual was better at 54%, but the MF was 2.7% .

The problem with these odd monthly lease deals is that you have to pay for car registration twice in a year.

I see that this is for a Kia Optima, but what trim level?

Occasionally, the finance companies will adjust the MF and residual numbers to make an odd length lease deal more attractive. Chrysler has been doing that lately with 27 and 39 month leases; BMW has been advertising 39 month lease specials as well.

simunek

This is for a 2015 Optima SXL.

Michaell

simunek said:

This is for a 2015 Optima SXL.

For the Optima SXL, the .00027 MF is correct for a 36 month lease; it rises to .00065 for 42 months and .00086 for 30 month leases.

12,000 miles residuals are 52% for 30 months, 50% for 36 months and 48% for 42 months.

Using the MSRP and net cap cost from your original post, I get the following pre-tax payments:

30 months - $394.58

36 months - $327.23

42 months - $317.60

kyfdx

simunek said:

This is for a 2015 Optima SXL.

Be aware that your CAP cost may be different with different lease terms, as Kia will adjust the lease incentive, depending on length of lease. They often offer bigger incentives for the shorter leases.

The CAP cost may actually be lower on that 30 month term than the 42 month number.