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Kia Sportage SX Turbo lease numbers

BD1962BD1962 Massachusetts Posts: 2
edited May 10 in Kia
Hi! I’m looking to replace my wife’s expiring Kia Sportage lease, that is approximately 7K miles under the allotted 10K per year. The present lease expires in June, and we’ve found a 2020 Sportage SX Turbo that she likes. We got an offer from a NH Kia dealer:
MSRP: $36,345
Discount: $5,751 (I assume that all incentives are included here)
Adjusted price: $30,594
Fees: $1,184
Adj Cap Cost: $30,731
Residual value: $22,534 (62%)
Total due at signing: $1,525
Money factor: .00179 (this is high at 4.3%)
The remaining May, 2020 payment would be waived/taken care of by the dealer.

Monthly payment would be(for a 36 month lease, for 10k miles comes to $341.35, with Zero money down)
Can you offer your input on all available incentives and/or manufacturer hold-backs in case there are more? Also, what is the discount off of MSRP that I should expect to negotiate before the incentives?
Can we do better in the present Covid-19 environment,
or is this a good deal?
We Are also aware that an extension of the present lease is an option to us.

Comments

  • kyfdxkyfdx Posts: 152,577
    BD1962 said:

    Hi! I’m looking to replace my wife’s expiring Kia Sportage lease, that is approximately 7K miles under the allotted 10K per year. The present lease expires in June, and we’ve found a 2020 Sportage SX Turbo that she likes. We got an offer from a NH Kia dealer:
    MSRP: $36,345
    Discount: $5,751 (I assume that all incentives are included here)
    Adjusted price: $30,594
    Fees: $1,184
    Adj Cap Cost: $30,731
    Residual value: $22,534 (62%)
    Total due at signing: $1,525
    Money factor: .00179 (this is high at 4.3%)
    The remaining May, 2020 payment would be waived/taken care of by the dealer.

    Monthly payment would be(for a 36 month lease, for 10k miles comes to $341.35, with Zero money down)
    Can you offer your input on all available incentives and/or manufacturer hold-backs in case there are more? Also, what is the discount off of MSRP that I should expect to negotiate before the incentives?
    Can we do better in the present Covid-19 environment,
    or is this a good deal?
    We Are also aware that an extension of the present lease is an option to us.

    AWD?

    .00178 MF and 62% residual
    $2760 lease cash

    If that is the actual adjusted CAP cost, my payment calculation is $322.51.
    Do you live out of state and pay sales tax?

    If zero money down, then why is $1525 Due at Signing?
    Not sure if your list of costs are linear
    Adjusted price plus fees don't equal the adjusted CAP cost listed.

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

    Edmunds Moderator

  • BD1962BD1962 Massachusetts Posts: 2
    Thanks kyfdx!
    Yes it is an AWD model. Because I live in Mass, yes I do have to pay sales tax monthly. As far as the $1,525 DAS, I meant that only doc fees, registration fees, and acquisition fees plus 1st month's payment were due to drive off. No extra down payment. (Sorry for the confusion)

  • kyfdxkyfdx Posts: 152,577
    BD1962 said:

    Thanks kyfdx!
    Yes it is an AWD model. Because I live in Mass, yes I do have to pay sales tax monthly. As far as the $1,525 DAS, I meant that only doc fees, registration fees, and acquisition fees plus 1st month's payment were due to drive off. No extra down payment. (Sorry for the confusion)

    Payment quote seems about right.

    With the upfront money, it's hard to see exactly what you are paying for, and how they arrived at the adjusted CAP.

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

    Edmunds Moderator

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