Sorento Hybrid Lease Help

yhavouryyhavoury Member Posts: 4
edited February 28 in Kia
Was recently presented with the attached lease for a Sorento Hybrid EX. If anyone could help me out with 2 things:
1. Is the deal at MSRP a good one? I feel like it could be better.
2. I can't seem to replicate the calculations in order to arrive at the same monthly payment. I don't see how they arrive at 497 BEFORE tax. I get 497 AFTER taxes. If I double the MF then I can get to that number, but that's not listed on the offer.


Any help would be appreciated. Thanks in advance!

Comments

  • MichaellMichaell ColoradoModerator Posts: 206,136
    yhavoury said:

    Was recently presented with the attached lease for a Sorento Hybrid EX. If anyone could help me out with 2 things:
    1. Is the deal at MSRP a good one? I feel like it could be better.
    2. I can't seem to replicate the calculations in order to arrive at the same monthly payment. I don't see how they arrive at 497 BEFORE tax. I get 497 AFTER taxes. If I double the MF then I can get to that number, but that's not listed on the offer.


    Any help would be appreciated. Thanks in advance!

    .00099 and 63%
    No incentives

    I agree with the dealer math - $497/mo plus tax.

    I don't know what these are selling for - look here for pricing help

    Edmunds Price Checker
    Edmunds Lease Calculator
    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • yhavouryyhavoury Member Posts: 4
    edited March 2021
    Hmm, where is the mistake in my math below?

    Adjusted MSRP + Doc Fee + Acquisition Fee - Down Payment - Adjusted Residual Value = Amount Financed
    38225.00 +899 + 650 - 68.32 - 24081.75 = 15623.93

    A MF of .00099 gives us an APR of 2.73% (.00099 * 2400)

    Amount Financed * APR * Number of Years = Finance Charge
    15623.93 * 0.0273 * 3 = 1113.60

    (Amount Financed + Finance Charge) / 36 Months = Base Monthly Payment
    (15623.93 + 1113.60) / 36 = 464

    Monthly Payment * FL Sales Tax(7%) = Total Monthly Payment
    464 * 1.07 = 497

    497 with tax already included.
  • kyfdxkyfdx Moderator Posts: 207,791
    yhavoury said:

    Hmm, where is the mistake in my math below?

    Adjusted MSRP + Doc Fee + Acquisition Fee - Down Payment - Adjusted Residual Value = Amount Financed
    38225.00 +899 + 650 - 68.32 - 24081.75 = 15623.93

    A MF of .00099 gives us an APR of 2.73% (.00099 * 2400)

    Amount Financed * APR * Number of Years = Finance Charge
    15623.93 * 0.0273 * 3 = 1113.60

    (Amount Financed + Finance Charge) / 36 Months = Base Monthly Payment
    (15623.93 + 1113.60) / 36 = 464

    Monthly Payment * FL Sales Tax(7%) = Total Monthly Payment
    464 * 1.07 = 497

    497 with tax already included.

    Monthly Finance charge = (Adjusted CAP cost + Residual) X Money Factor

    Don't convert the money factor to an APR. Use the formula exactly as shown.

    Edmunds Price Checker
    Edmunds Lease Calculator
    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • yhavouryyhavoury Member Posts: 4
    I see. Seems odd that I can't use an APR but thanks for the clarification!
  • rd2312rd2312 Member Posts: 4
    Could I please get MF, RV and lease incentives (if any) for a 10K/36mo 2022 Kia Sorento EX AWD for zip 80220? Thanks!
  • MichaellMichaell ColoradoModerator Posts: 206,136
    rd2312 said:

    Could I please get MF, RV and lease incentives (if any) for a 10K/36mo 2022 Kia Sorento EX AWD for zip 80220? Thanks!

    Please repost into the main 2022 Sorento discussion

    Edmunds Price Checker
    Edmunds Lease Calculator
    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

This discussion has been closed.