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Potential Errors in Lease Agreement

Blondi1316Blondi1316 Posts: 4
edited October 2018 in Kia
Hi!

I just leased a 2019 Kia Sorento on Sunday (10/14/18) in Florida. Last night, I was reviewing the lease agreement I am pretty sure that I found some mathematical errors. The numbers for the Capitalized Cost Gross and Capitalized Cost reduction are not adding up. I've done the math and still can't get the numbers they have on the agreement. It looks like they left out my down payment plus some on the Capitalized Cost Reduction. I've emailed and left a voicemail for the finance manager. Do I have any recourse? Am I stuck with this since I signed it??

Any advice is appreciated.

Candice

Comments

  • kyfdxkyfdx Posts: 117,373

    Hi!

    I just leased a 2019 Kia Sorento on Sunday (10/14/18) in Florida. Last night, I was reviewing the lease agreement I am pretty sure that I found some mathematical errors. The numbers for the Capitalized Cost Gross and Capitalized Cost reduction are not adding up. I've done the math and still can't get the numbers they have on the agreement. It looks like they left out my down payment plus some on the Capitalized Cost Reduction. I've emailed and left a voicemail for the finance manager. Do I have any recourse? Am I stuck with this since I signed it??

    Any advice is appreciated.

    Candice

    Generally, the computer that spits out the lease agreement does the math, so there can't be any math errors. Post it here, and we'll take a look at it. Just black out any personal or dealer info.

    If it's a math error, the dealer will fix it.

    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • Thanks! The numbers are really light in the agreement but I can tell you what they are if you can’t see them. 
  • kyfdxkyfdx Posts: 117,373
    @blondi316

    The first payment and the $295 license fee aren't part of the Gross CAP, as they are being paid upfront

    If you look at the difference between the Total CAP on the last document and the Gross CAP on the 2nd document, you'll see that is the exact difference.

    Those two items aren't added to the Gross CAP, because they are non-taxable items, if paid upfront.

    The numbers all add up, they are just putting them in different places, on the two documents.
    So, your $900 out of pocket, plus the $4560 rebate = $5460.
    Subtract $295 license, and $563.89 first payment from $5460, and that leaves $4601.11 for CAP reduction, which is exactly what they show.

    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • Great!! Thank you so much for your help!! I really appreciate it.
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