Sorento Hybrid Lease Help

yhavoury

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!

Michaell

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

yhavoury

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.

kyfdx

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.

yhavoury

I see. Seems odd that I can't use an APR but thanks for the clarification!

rd2312

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

Michaell

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