@sam_k - I simply calculated the lease using the prices given - MSRP and adjusted cap cost. I don't know if the $5K was included in that number, or not.
A screen shot of the dealer worksheet (the internal one) would clarify all of this.
@Michaell said: @sam_k - I simply calculated the lease using the prices given - MSRP and adjusted cap cost. I don't know if the $5K was included in that number, or not.
A screen shot of the dealer worksheet (the internal one) would clarify all of this.
Yes we do know that the $5k wasn't included in your payment calculations because I got the same payment amounts that you calculated when I used the amounts provided by @swamyb in the edmunds lease calculator without the $5k down payment.
MSRP: $54,610
Cap cost (i.e. selling price before incentives): $53,814 (I calculated this by taking the adj cap cost of $46,314 provided by @swamyb and added back in the $7500 lease cash.)
Lease cash: $7500
Residual: 58%
MFs of .00341 (base) and .0038 (marked up)
@Michaell said: @sam_k - I simply calculated the lease using the prices given - MSRP and adjusted cap cost. I don't know if the $5K was included in that number, or not.
A screen shot of the dealer worksheet (the internal one) would clarify all of this.
Yes we do know that the $5k wasn't included in your payment calculations because I got the same payment amounts that you calculated when I used the amounts provided by @swamyb in the edmunds lease calculator without the $5k down payment.
MSRP: $54,610
Cap cost (i.e. selling price before incentives): $53,814 (I calculated this by taking the adj cap cost of $46,314 provided by @swamyb and added back in the $7500 lease cash.)
Thank you all. but MF of 0.00341 still equates to 8.12%. Is this what Kia charging? Their interest rate for financing looks to be 2.75%(from their website)
@Michaell said: @sam_k - I simply calculated the lease using the prices given - MSRP and adjusted cap cost. I don't know if the $5K was included in that number, or not.
A screen shot of the dealer worksheet (the internal one) would clarify all of this.
Yes we do know that the $5k wasn't included in your payment calculations because I got the same payment amounts that you calculated when I used the amounts provided by @swamyb in the edmunds lease calculator without the $5k down payment.
MSRP: $54,610
Cap cost (i.e. selling price before incentives): $53,814 (I calculated this by taking the adj cap cost of $46,314 provided by @swamyb and added back in the $7500 lease cash.)
Thank you all. but MF of 0.00341 still equates to 8.12%. Is this what Kia charging? Their interest rate for financing looks to be 2.75%(from their website)
Leasing is awful at the moment. If it wasn’t for the $7500, financing could be a better option.
@swamyb said:
Thank you all. but MF of 0.00341 still equates to 8.12%. Is this what Kia charging? Their interest rate for financing looks to be 2.75%(from their website)
Yes, it actually equates to about 8.18% and this is why I'm waiting and hoping that the MF will be lowered by Kia Finance if and when sales slow down. The 2.75% interest rate on purchases must be to make it more enticing since purchases don't get the $7500 tax credit.
@Michaell said:
Leasing is awful at the moment. If it wasn’t for the $7500, financing could be a better option.
MSRP 54610 Total with fees 56350 Adj Cap cost 46314
@swamyb I realized that I forgot to mention the calculated payment amounts without sales tax of $673 with the base MF .00341 and $703 with marked up MF of .0038 assumes that the $1,740 in fees will be rolled into the lease payment and not paid up front. I calculated the fees amount using the numbers you provided: $56,350 MSRP+fees minus $54,610 MSRP is $1,740 fees.
Also, the price discount of $2,500 that the dealer told you makes sense based on the numbers you provided because $56,350 MSRP + fees minus $46,314 adj cap cost is a difference of $10,036 and then subtract the $7,500 lease cash from $10,036 and you have a discount off MSRP of $2,536.
Newbie here, need to know what I can negotiate when the dealer is advertising supposed large discount. 36/15k, 20855
EV6 RWD
MSRP 55,600
New price 50,350
Lease cash 7500
Sounds great. But are they gonna get me on the back end? Sales guy has been super transparent by email, because I'm coming from another state to get the deal... if it works.
His words: "Money factor is 0.0034, it is based off tier 1 credit bracket, which is 720+ credit score"
He gave me the residual value in dollars, when I divided by the MSRP it was 55%.
What can I negotiate?
Only other thing that bothered me was early termination language he used:
"To end lease early you will have to pay the remaining lease payments, for example if you get a lease for 3 years but want to terminate it at 2 years and 4 months, you will have to pay remaining 8 months of the lease. Another option would be selling a lease and paying the difference between how much car is worth and how much you owe on it"
@mard71 said:
That is a horrible MF! Equivalent to 8.16% interest. What is the cap cost after the $7,500 and any other discount?
Scroll up and read the other posts from the moderators responding to requests for money factor and residual percentages. 0.00341 is the MF right now for EV6 leases.
Nope - incentives from the factory must be passed along in their entirety to the customer. Has nothing to do with whether the car is EV or not. Dealer cash, on the other hand, is provided from the factory to the dealer, and the dealer can choose to pass along some, all or none of it.
Nope - incentives from the factory must be passed along in their entirety to the customer. Has nothing to do with whether the car is EV or not. Dealer cash, on the other hand, is provided from the factory to the dealer, and the dealer can choose to pass along some, all or none of it.
The bank can, however, choose to pass along an amount less than the $7500. The Niro EV, for example, has an incentive less than the $7500. But, all of that amount must go to the customer.
@Michaell said:
The bank can, however, choose to pass along an amount less than the $7500. The Niro EV, for example, has an incentive less than the $7500. But, all of that amount must go to the customer.
NOPE. This is not a dealer or bank incentive. This is a Federal Tax credit incentive and stated in everything I've read it is optional for the dealerships to pass it on to leasing customers.
Prove me wrong.
The bank can, however, choose to pass along an amount less than the $7500. The Niro EV, for example, has an incentive less than the $7500. But, all of that amount must go to the customer.
NOPE. This is not a dealer or bank incentive. This is a Federal Tax credit incentive and stated in everything I've read it is optional for the dealerships to pass it on to leasing customers.
The bank can, however, choose to pass along an amount less than the $7500. The Niro EV, for example, has an incentive less than the $7500. But, all of that amount must go to the customer.
NOPE. This is not a dealer or bank incentive. This is a Federal Tax credit incentive and stated in everything I've read it is optional for the dealerships to pass it on to leasing customers.
The Federal tax credit goes to the owner of the vehicle. On a lease, the owner is the bank. Any incentive you receive as a lessee is coming from the bank. The dealer has nothing to do with it.
Also, as a lease is considered a commercial vehicle, and the bank is getting the tax credit, there are no income limitations as a lessee, as the lessee is not receiving the actual tax credit.
All of the information about income and filing for tax credits is irrelevant, if you are leasing.
Correct. But Michaell was wrong in saying that the dealership had to pass the entire $7,500 onto the customer. That was my point.
No, he is correct. The incentive is from the bank. It doesn't go through the dealer's hands. They have to apply it, on a lease.
Of course, they can charge any price they want for the vehicle. And, they can say whatever they want. But, when it comes time to fill out the lease contract, the $7500 has to be applied.
While we are on the subject. How is the $7,500 tax incentive on a lease being applied? Is it a cap cost reduction or is it a straight reduction on the payment as in $208.33 per month off on a 36
month lease. Because the article i sent the link on stated this:
"For a $50,000 EV and a 36-month lease, Chesbrough estimates the full $7,500 tax credit equates to $222 in monthly savings for a consumer."
While we are on the subject. How is the $7,500 tax incentive on a lease being applied? Is it a cap cost reduction or is it a straight reduction on the payment as in $208.33 per month off on a 36
month lease. Because the article i sent the link on stated this:
"For a $50,000 EV and a 36-month lease, Chesbrough estimates the full $7,500 tax credit equates to $222 in monthly savings for a consumer."
It's a CAP cost reduction. In most states, that will result in a large upfront sales tax payment on the incentive amount. The lower CAP cost will result in less of a monthly finance charge, but I'm not sure how you could calculate that, without knowing the money factor.
Or, it's possible he divided 36 into $8000, instead of $7500.
@mard71 said:
Thanks! Yeah possibly since some states (NY) offer $500 in addition to the $7,500 federal.
I was just going to say the same thing that NY has another $500 EV tax credit but I'm wondering if the bank (Kia Finance) is passing that one on as well or does the leasee have to apply for that one separately.
Thanks! Yeah possibly since some states (NY) offer $500 in addition to the $7,500 federal.
I was just going to say the same thing that NY has another $500 EV tax credit but I'm wondering if the bank (Kia Finance) is passing that one on as well or does the leasee have to apply for that one separately.
Last I saw in NY, the dealer applies the NYS rebate directly at time of contract vs. the lessee having to apply. That's changed from a few years ago.
@kyfdx said:
Last I saw in NY, the dealer applies the NYS rebate directly at time of contract vs. the lessee having to apply. That's changed from a few years ago.
Thanks @kyfdx, that's good to know. I'm in NY and I'm debating between keeping my 2018 Sienna which is almost paid off as my Costco/Home Depot/road trip car and leasing an EV6 as my daily driver (since I have excess electricity production from solar panels) or simply replacing the Sienna with a 2024 Kia Carnival for everything given the amount I drive and forgoing the EV6 so you'll see me periodically asking for MFs and residuals on both cars.
I believe it is not a good time to lease EV6 given the high MF even with 7500 lease bonus. The dealer was quoting 770 plus tax as monthly lease payment for MSRP 59k and dealer discount of 2k with 4k down. MF .00381 and RV 55%. This is for EV6 AWD GT-Line. I believe around 525 plus tax is the right payment. What do you all think?
I believe it is not a good time to lease EV6 given the high MF even with 7500 lease bonus. The dealer was quoting 770 plus tax as monthly lease payment for MSRP 59k and dealer discount of 2k with 4k down. MF .00381 and RV 55%. This is for EV6 AWD GT-Line. I believe around 525 plus tax is the right payment. What do you all think?
It isn't a very good time to lease any vehicle, and it hasn't been for three years.
I believe it is not a good time to lease EV6 given the high MF even with 7500 lease bonus. The dealer was quoting 770 plus tax as monthly lease payment for MSRP 59k and dealer discount of 2k with 4k down. MF .00381 and RV 55%. This is for EV6 AWD GT-Line. I believe around 525 plus tax is the right payment. What do you all think?
It isn't a very good time to lease any vehicle, and it hasn't been for three years.
@swamyb said:
I believe it is not a good time to lease EV6 given the high MF even with 7500 lease bonus. The dealer was quoting 770 plus tax as monthly lease payment for MSRP 59k and dealer discount of 2k with 4k down. MF .00381 and RV 55%. This is for EV6 AWD GT-Line. I believe around 525 plus tax is the right payment. What do you all think?
In 6 months or less I expect supply to catch up to demand and then we'll see lower money factors/interest rates offered by the manufacturer's financing divisions and incentives. Dealers will probably have to start discounting cars to move them as well. Of course nobody can predict exactly what will happen but with economic slow down and high lease/purchase interest rates, demand for new cars is already dropping and I expect that to continue.
I believe it is not a good time to lease EV6 given the high MF even with 7500 lease bonus. The dealer was quoting 770 plus tax as monthly lease payment for MSRP 59k and dealer discount of 2k with 4k down. MF .00381 and RV 55%. This is for EV6 AWD GT-Line. I believe around 525 plus tax is the right payment. What do you all think?
In 6 months or less I expect supply to catch up to demand and then we'll see lower money factors/interest rates offered by the manufacturer's financing divisions and incentives. Dealers will probably have to start discounting cars to move them as well. Of course nobody can predict exactly what will happen but with economic slow down and high lease/purchase interest rates, demand for new cars is already dropping and I expect that to continue.
Don't hold your breath....
We've been thinking the same thing for the last year, now, and nothing significant has happened yet to turn the market around.
We've been thinking the same thing for the last year, now, and nothing significant has happened yet to turn the market around.
I hear you but up until early 2022 loan/lease interest rates were below 3% and inflation wasn't high. I got 1.99% for 72 months from TD Bank through a dealer for my brother in law's 2022 Sorento in Dec 2021. I follow car industry people on YouTube and Twitter (shout out to GuyDealership) and they're all reporting that sales are down. DealerTrack just today reported the average new car loan interest rate is 8.98% so if they stay at that level then it will affect demand. We're also seeing inventory levels rise for some brands just not the really popular brands like Toyota, Honda, Kia, Hyundai and others.
Comments
A screen shot of the dealer worksheet (the internal one) would clarify all of this.
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Yes we do know that the $5k wasn't included in your payment calculations because I got the same payment amounts that you calculated when I used the amounts provided by @swamyb in the edmunds lease calculator without the $5k down payment.
MSRP: $54,610
Cap cost (i.e. selling price before incentives): $53,814 (I calculated this by taking the adj cap cost of $46,314 provided by @swamyb and added back in the $7500 lease cash.)
Lease cash: $7500
Residual: 58%
MFs of .00341 (base) and .0038 (marked up)
Edit: I plugged these numbers in the Edmunds lease calculator here: https://www.edmunds.com/calculators/car-lease.html
Yes we do know that the $5k wasn't included in your payment calculations because I got the same payment amounts that you calculated when I used the amounts provided by @swamyb in the edmunds lease calculator without the $5k down payment.
MSRP: $54,610
Cap cost (i.e. selling price before incentives): $53,814 (I calculated this by taking the adj cap cost of $46,314 provided by @swamyb and added back in the $7500 lease cash.)
Lease cash: $7500
Residual: 58%
MFs of .00341 (base) and .0038 (marked up)
Edit: I plugged these numbers in the Edmunds lease calculator here: https://www.edmunds.com/calculators/car-lease.html
Thank you all. but MF of 0.00341 still equates to 8.12%. Is this what Kia charging? Their interest rate for financing looks to be 2.75%(from their website)
Leasing is awful at the moment. If it wasn’t for the $7500, financing could be a better option.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
Yes, it actually equates to about 8.18% and this is why I'm waiting and hoping that the MF will be lowered by Kia Finance if and when sales slow down. The 2.75% interest rate on purchases must be to make it more enticing since purchases don't get the $7500 tax credit.
Agreed.
Hello Michaell. Any new numbers for June Wind RWD 36/12 zip 85250? Thank you.
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Also, the price discount of $2,500 that the dealer told you makes sense based on the numbers you provided because $56,350 MSRP + fees minus $46,314 adj cap cost is a difference of $10,036 and then subtract the $7,500 lease cash from $10,036 and you have a discount off MSRP of $2,536.
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Can I have the numbers for GT-Line RWD, 36 months, 15K miles, 24541, thanks
$7500 lease cash
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Newbie here, need to know what I can negotiate when the dealer is advertising supposed large discount. 36/15k, 20855
EV6 RWD
MSRP 55,600
New price 50,350
Lease cash 7500
Sounds great. But are they gonna get me on the back end? Sales guy has been super transparent by email, because I'm coming from another state to get the deal... if it works.
Dealership document processing fee - $500;
Tax - $2,132.78;
Temporary tag, title, lease acquisition fee - $949.00
His words: "Money factor is 0.0034, it is based off tier 1 credit bracket, which is 720+ credit score"
He gave me the residual value in dollars, when I divided by the MSRP it was 55%.
What can I negotiate?
Only other thing that bothered me was early termination language he used:
"To end lease early you will have to pay the remaining lease payments, for example if you get a lease for 3 years but want to terminate it at 2 years and 4 months, you will have to pay remaining 8 months of the lease. Another option would be selling a lease and paying the difference between how much car is worth and how much you owe on it"
Thanks a bunch.
That is a horrible MF! Equivalent to 8.16% interest. What is the cap cost after the $7,500 and any other discount?
Scroll up and read the other posts from the moderators responding to requests for money factor and residual percentages. 0.00341 is the MF right now for EV6 leases.
@mard71 yeah it is, looks like I'm stuck with it. Cap cost 50,470
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Of course not. Looking for some negotiating advice.
And, shop multiple dealers.
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Definitely shopping dealers. So 0.00341 is not the base MF?
Wind RWD: .00340 MF
55% is the correct residual.
So, yes... if you want to lease this car, that's the lowest MF you can get.
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Thanks @kyfdx.
Honestly, isn't a Tesla Model Y or 3 cheaper to lease?
I would definitely consider a different car. Kia is nuts. 😆
Pretty much every EV will be expensive to lease, even factoring in the $7500 lease credit most brands are adding in.
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So they're charging over MSRP before your $7,500 lease incentive or they're not passing the entire $7,500 onto you?
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I'm not sure that's accurate. Based on what I have read, the dealership has the option to pass along the $7,500 to the customer. They most likely are in this case, but I don't believe they are required to.
https://www.cnbc.com/2023/05/13/electric-vehicles-inflation-reduction-act-tax-credit-loophole-boosts-leasing.html
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@mard71, it's MSRP, then 5k discount, then $7500 lease cash
What is due at signing and what is the monthly payment?
NOPE. This is not a dealer or bank incentive. This is a Federal Tax credit incentive and stated in everything I've read it is optional for the dealerships to pass it on to leasing customers.
Prove me wrong.
https://www.whec.com/national-world/the-easiest-way-to-get-a-7500-tax-credit-for-an-electric-vehicle-consider-leasing/
Didn't get that far yet @mard71. Thought I'd bounce it around here first.
NOPE. This is not a dealer or bank incentive. This is a Federal Tax credit incentive and stated in everything I've read it is optional for the dealerships to pass it on to leasing customers.
Prove me wrong.
https://www.whec.com/national-world/the-easiest-way-to-get-a-7500-tax-credit-for-an-electric-vehicle-consider-leasing/
I disagree with the first sentence, and agree with the second.
And, we'll leave it at that.
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NOPE. This is not a dealer or bank incentive. This is a Federal Tax credit incentive and stated in everything I've read it is optional for the dealerships to pass it on to leasing customers.
Prove me wrong.
https://www.whec.com/national-world/the-easiest-way-to-get-a-7500-tax-credit-for-an-electric-vehicle-consider-leasing/
The Federal tax credit goes to the owner of the vehicle. On a lease, the owner is the bank. Any incentive you receive as a lessee is coming from the bank. The dealer has nothing to do with it.
Also, as a lease is considered a commercial vehicle, and the bank is getting the tax credit, there are no income limitations as a lessee, as the lessee is not receiving the actual tax credit.
All of the information about income and filing for tax credits is irrelevant, if you are leasing.
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Correct. But Michaell was wrong in saying that the dealership had to pass the entire $7,500 onto the customer. That was my point.
Of course, they can charge any price they want for the vehicle. And, they can say whatever they want. But, when it comes time to fill out the lease contract, the $7500 has to be applied.
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While we are on the subject. How is the $7,500 tax incentive on a lease being applied? Is it a cap cost reduction or is it a straight reduction on the payment as in $208.33 per month off on a 36
month lease. Because the article i sent the link on stated this:
"For a $50,000 EV and a 36-month lease, Chesbrough estimates the full $7,500 tax credit equates to $222 in monthly savings for a consumer."
Source:
https://www.cnbc.com/amp/2023/05/13/electric-vehicles-inflation-reduction-act-tax-credit-loophole-boosts-leasing.html
Or, it's possible he divided 36 into $8000, instead of $7500.
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Thanks! Yeah possibly since some states (NY) offer $500 in addition to the $7,500 federal.
I was just going to say the same thing that NY has another $500 EV tax credit but I'm wondering if the bank (Kia Finance) is passing that one on as well or does the leasee have to apply for that one separately.
I was just going to say the same thing that NY has another $500 EV tax credit but I'm wondering if the bank (Kia Finance) is passing that one on as well or does the leasee have to apply for that one separately.
Last I saw in NY, the dealer applies the NYS rebate directly at time of contract vs. the lessee having to apply. That's changed from a few years ago.
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Thanks @kyfdx, that's good to know. I'm in NY and I'm debating between keeping my 2018 Sienna which is almost paid off as my Costco/Home Depot/road trip car and leasing an EV6 as my daily driver (since I have excess electricity production from solar panels) or simply replacing the Sienna with a 2024 Kia Carnival for everything given the amount I drive and forgoing the EV6 so you'll see me periodically asking for MFs and residuals on both cars.
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In 6 months or less I expect supply to catch up to demand and then we'll see lower money factors/interest rates offered by the manufacturer's financing divisions and incentives. Dealers will probably have to start discounting cars to move them as well. Of course nobody can predict exactly what will happen but with economic slow down and high lease/purchase interest rates, demand for new cars is already dropping and I expect that to continue.
In 6 months or less I expect supply to catch up to demand and then we'll see lower money factors/interest rates offered by the manufacturer's financing divisions and incentives. Dealers will probably have to start discounting cars to move them as well. Of course nobody can predict exactly what will happen but with economic slow down and high lease/purchase interest rates, demand for new cars is already dropping and I expect that to continue.
Don't hold your breath....
We've been thinking the same thing for the last year, now, and nothing significant has happened yet to turn the market around.
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I hear you but up until early 2022 loan/lease interest rates were below 3% and inflation wasn't high. I got 1.99% for 72 months from TD Bank through a dealer for my brother in law's 2022 Sorento in Dec 2021. I follow car industry people on YouTube and Twitter (shout out to GuyDealership) and they're all reporting that sales are down. DealerTrack just today reported the average new car loan interest rate is 8.98% so if they stay at that level then it will affect demand. We're also seeing inventory levels rise for some brands just not the really popular brands like Toyota, Honda, Kia, Hyundai and others.
Thank you!