2020 KIA Telluride - What should the Money Factor and Residual be?

helpme2016

I ordered a KIA/Telluride and it should be here in two weeks. Here was their initial deal they offered me. About to go in and talk real terms to seal the deal. This doesn't look that good to me. ...
2020 KIA TELLURIDE
Zip: 76034
Sales Price: $45,333.00
Rebate: $2,100.00
Down: $7,000
Money Factor: .00198%
Residual: 27,105
Mileage: 12,000/year
Mo Pymnt: $492.22
Term: 36 months
Does the money factor and the residual look poor, fair, good or great? What should it be?
Help!! Please!!

kyfdx

helpme2016 said:

I ordered a KIA/Telluride and it should be here in two weeks. Here was their initial deal they offered me. About to go in and talk real terms to seal the deal. This doesn't look that good to me. ...
2020 KIA TELLURIDE
Zip: 76034
Sales Price: $45,333.00
Rebate: $2,100.00
Down: $7,000
Money Factor: .00198%
Residual: 27,105
Mileage: 12,000/year
Mo Pymnt: $492.22
Term: 36 months
Does the money factor and the residual look poor, fair, good or great? What should it be?
Help!! Please!!

What trim?
Also, FWD or AWD?

helpme2016

Oops. That's important!!
FWD. LX Standard Features.
Base Model: $41,490.
Option Group $750.00 Butter Scotch Interior/Tow Package.
PIO $660 ( CF-Floor Mats $210. IL-Interior Lighting $450.)
Exterior Color White $395
MSRP: $44,435.00
Plus $898 (I think this is shipping or something, forgot)
Sales Price $45,333

kyfdx

helpme2016 said:

Oops. That's important!!
FWD. LX Standard Features.
Base Model: $41,490.
Option Group $750.00 Butter Scotch Interior/Tow Package.
PIO $660 ( CF-Floor Mats $210. IL-Interior Lighting $450.)
Exterior Color White $395
MSRP: $44,435.00
Plus $898 (I think this is shipping or something, forgot)
Sales Price $45,333

.00193 MF and 63% residual
$1500 lease cash

The residual really doesn't match any of the prices you have (it isn't 63% of anything you've listed)
It might be 61% of the MSRP, but then that would be for 36/15 not 36/12.

With $7000 upfront and $495/mo, it looks like you might be paying over MSRP?

Doesn't look good.

helpme2016

Hey there. A couple of things....

Correction on the Trim Model. I'm a Lexus person (have owned the IS, LX, GS and the LS) and I still can't wrap my head around KIA making their base model an LX with their top model being SX. Sorry. The one I orderd is an SX V6 FWD. Not to mention the fact I'm even LOOKING at a KIA. But it's not like the 5000 Infinity's i see all over the place.

I just discovered I can attach documents so I'll send you their quote so you can see their prelim numbers. Keep in mind a couple of things. I'm in the Dallas/FW area and out of the 7+ KIA dealerships and at any given time they may have 0-2 Tellurides on each lot. It's either buy what they have or order one. 4 of the dealerships flat out told me when they get them in they mark them up by $3-5K because they are in high demand. I'm not playing that game and didn't order through them. When I ordered one, the dealer said they needed paperwork filled out to submit to KIA so they would take my order. They ran prelim numbers on what a lease and what a purchase would be. I threw out the number $7K down. I didn't put a deposit down. When it comes in we will hammer out the specifics and do the deal. If it doesn't work, I walk, they have a car on the lot they know they can sell quickly. Thus we didn't negotiate the price or real numbers. Sooo.... the prelim numbers are just that, preliminary numbers and not hard numbers.

This would be the second lease I've ever done so I'm not savvy when it comes to the game. I have to buy a car for my son soon so I have to power down on what I want to make it all work. I just need to know what numbers I should be asking for .... money off the MSRP and what the money factor should be.

I'm looking at a Volvo XC 60 or 90 as a back up plan if the KIA dealership trys to F me over. My Achilles heel is cars and so I'm trying not to get too invested in either/or. And if all else fails I'll go cheap and buy a $15K car pay it off and be done with the game. I'm female so I already have a big fat target on my forehead.

helpme2016

Well I thought I could attach.... trying...

helpme2016

Let's see..

kyfdx

helpme2016 said:

Well I thought I could attach.... trying...

SX FWD
36/12
.00192 MF and 59% residual
$2400 lease cash

I'll guess that the numbers have changed since you ordered, which is why the residual is 2% less.

You ordered a car with no deal in place, and no way to lock down the lease program. That doesn't bode well for a good deal. I think you could do a lot better with a Lexus. Or, get a higher-priced car for the same payment.

When you are doing your calculations, be sure to use $44,435 for the MSRP (to calculate the residual), as dealer installed options/crap don't count. Note the new MF, residual and lease cash numbers.

Your spreadsheet is okay.. but....
1) Don't forget the lease acquisition fee: $650
2) Don't forget sales tax: 6.25% of the full selling price, before deducting rebates
3) Add 1 and 2 into the Gross CAP cost
4) Leave out the $7000 downpayment
5) Your result will be a lease payment, with just the first payment Due at Signing.
6) After you recover from fainting, go find a Lexus or Infiniti, and take a nice vacation with the savings.

Seriously, why would you pay over MSRP to lease a Kia?

jdk2000

Could I get the money factor and residual factor for the Kia Telluride (EX, Front wheel Drive 36/15). Also, are there any rebates or cash incentives. This would be our first time leasing a Kia.

kyfdx

jdk2000 said:

Could I get the money factor and residual factor for the Kia Telluride (EX, Front wheel Drive 36/15). Also, are there any rebates or cash incentives. This would be our first time leasing a Kia.

There is no longer any lease support for the 2020 model.