Kia Lease Rent Charge

JG1017JG1017 Member Posts: 5
edited March 2023 in Kia
I think we got screwed so I have a couple questions.

We leased our brand new 2023 Telluride Prestige X Pro on Monday, and I noticed that our rent charge for a 4yr lease is over 14K....that seems extremely high to me. I have lease a mercedes previously for the same amount of months and it was only 5500. Have 795 credit score and were told we are in Tier 1 for loan/lease options..

why is this number so high? and is it something that I can fight or get out of the lease into a purchase? are there any options. Thanks in advance

Comments

  • MichaellMichaell Moderator Posts: 238,679
    JG1017 said:

    I think we got screwed so I have a couple questions.

    We leased our brand new 2023 Telluride Prestige X Pro on Monday, and I noticed that our rent charge for a 4yr lease is over 14K....that seems extremely high to me. I have lease a mercedes previously for the same amount of months and it was only 5500. Have 795 credit score and were told we are in Tier 1 for loan/lease options..

    why is this number so high? and is it something that I can fight or get out of the lease into a purchase? are there any options. Thanks in advance

    If you've signed the contract and taken delivery, there isn't much you can do.

    Try talking to the finance manager of the dealer and see if they are willing to work with you on the terms.

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  • kyfdxkyfdx Moderator Posts: 233,518
    JG1017 said:

    I think we got screwed so I have a couple questions.

    We leased our brand new 2023 Telluride Prestige X Pro on Monday, and I noticed that our rent charge for a 4yr lease is over 14K....that seems extremely high to me. I have lease a mercedes previously for the same amount of months and it was only 5500. Have 795 credit score and were told we are in Tier 1 for loan/lease options..

    why is this number so high? and is it something that I can fight or get out of the lease into a purchase? are there any options. Thanks in advance

    What is the adjusted CAP cost?
    Residual?

    Money factors are very high, right now. Especially on 48 month leases.
    But, if you have the contract, and give us the numbers, we can check them.

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

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  • JG1017JG1017 Member Posts: 5
    Cap Cost - 59,091.14
    Residual - 29,187.10

    zip 22408

    what would the MF be on 36 months
  • JG1017JG1017 Member Posts: 5
    Michaell said:

    JG1017 said:

    I think we got screwed so I have a couple questions.

    We leased our brand new 2023 Telluride Prestige X Pro on Monday, and I noticed that our rent charge for a 4yr lease is over 14K....that seems extremely high to me. I have lease a mercedes previously for the same amount of months and it was only 5500. Have 795 credit score and were told we are in Tier 1 for loan/lease options..

    why is this number so high? and is it something that I can fight or get out of the lease into a purchase? are there any options. Thanks in advance

    If you've signed the contract and taken delivery, there isn't much you can do.

    Try talking to the finance manager of the dealer and see if they are willing to work with you on the terms.
    we have taken delivery however the contract that we signed at the dealership was incorrect, so they mailed us a new one to sign, so technically there might still be some time?
  • JG1017JG1017 Member Posts: 5
    kyfdx said:

    JG1017 said:

    I think we got screwed so I have a couple questions.

    We leased our brand new 2023 Telluride Prestige X Pro on Monday, and I noticed that our rent charge for a 4yr lease is over 14K....that seems extremely high to me. I have lease a mercedes previously for the same amount of months and it was only 5500. Have 795 credit score and were told we are in Tier 1 for loan/lease options..

    why is this number so high? and is it something that I can fight or get out of the lease into a purchase? are there any options. Thanks in advance

    What is the adjusted CAP cost?
    Residual?

    Money factors are very high, right now. Especially on 48 month leases.
    But, if you have the contract, and give us the numbers, we can check them.

    Cap Cost - 59,091.14
    Residual - 29,187.10

    zip 22408

    what would the MF be on 36 months
  • kyfdxkyfdx Moderator Posts: 233,518
    JG1017 said:

    kyfdx said:

    JG1017 said:

    I think we got screwed so I have a couple questions.

    We leased our brand new 2023 Telluride Prestige X Pro on Monday, and I noticed that our rent charge for a 4yr lease is over 14K....that seems extremely high to me. I have lease a mercedes previously for the same amount of months and it was only 5500. Have 795 credit score and were told we are in Tier 1 for loan/lease options..

    why is this number so high? and is it something that I can fight or get out of the lease into a purchase? are there any options. Thanks in advance

    What is the adjusted CAP cost?
    Residual?

    Money factors are very high, right now. Especially on 48 month leases.
    But, if you have the contract, and give us the numbers, we can check them.

    Cap Cost - 59,091.14
    Residual - 29,187.10

    zip 22408

    what would the MF be on 36 months
    48 mo = .00306 MF
    36 mo = .00280 MF

    On the 48 month term, at the base MF, rent charge is close to $13K. If you are over $14K ($14.5K?), then they've marked up the money factor by .00040 (for extra profit, max allowed)

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

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  • JG1017JG1017 Member Posts: 5
    kyfdx said:

    JG1017 said:

    kyfdx said:

    JG1017 said:

    I think we got screwed so I have a couple questions.

    We leased our brand new 2023 Telluride Prestige X Pro on Monday, and I noticed that our rent charge for a 4yr lease is over 14K....that seems extremely high to me. I have lease a mercedes previously for the same amount of months and it was only 5500. Have 795 credit score and were told we are in Tier 1 for loan/lease options..

    why is this number so high? and is it something that I can fight or get out of the lease into a purchase? are there any options. Thanks in advance

    What is the adjusted CAP cost?
    Residual?

    Money factors are very high, right now. Especially on 48 month leases.
    But, if you have the contract, and give us the numbers, we can check them.

    Cap Cost - 59,091.14
    Residual - 29,187.10

    zip 22408

    what would the MF be on 36 months
    48 mo = .00306 MF
    36 mo = .00280 MF

    On the 48 month term, at the base MF, rent charge is close to $13K. If you are over $14K ($14.5K?), then they've marked up the money factor by .00040 (for extra profit, max allowed)
    Thank you, yes! its 14,600 rent charge. So if i'm understanding correctly with my credit and 48 month lease the rent charge is normal $13K range? but since its over 14K they marked up the money factor.

    Or should it be lower than the 13K based of credit score?
  • MichaellMichaell Moderator Posts: 238,679
    JG1017 said:

    kyfdx said:

    JG1017 said:

    kyfdx said:

    JG1017 said:

    I think we got screwed so I have a couple questions.

    We leased our brand new 2023 Telluride Prestige X Pro on Monday, and I noticed that our rent charge for a 4yr lease is over 14K....that seems extremely high to me. I have lease a mercedes previously for the same amount of months and it was only 5500. Have 795 credit score and were told we are in Tier 1 for loan/lease options..

    why is this number so high? and is it something that I can fight or get out of the lease into a purchase? are there any options. Thanks in advance

    What is the adjusted CAP cost?
    Residual?

    Money factors are very high, right now. Especially on 48 month leases.
    But, if you have the contract, and give us the numbers, we can check them.

    Cap Cost - 59,091.14
    Residual - 29,187.10

    zip 22408

    what would the MF be on 36 months
    48 mo = .00306 MF
    36 mo = .00280 MF

    On the 48 month term, at the base MF, rent charge is close to $13K. If you are over $14K ($14.5K?), then they've marked up the money factor by .00040 (for extra profit, max allowed)
    Thank you, yes! its 14,600 rent charge. So if i'm understanding correctly with my credit and 48 month lease the rent charge is normal $13K range? but since its over 14K they marked up the money factor.

    Or should it be lower than the 13K based of credit score?
    $13K is the rent charge with the base MF, assuming top tier credit.

    Either you don't qualify for the top tier rate, or the dealer marked up the MF on you.

    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

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