Kia Lease Rent Charge
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
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
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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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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
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.
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Residual - 29,187.10
zip 22408
what would the MF be on 36 months
Cap Cost - 59,091.14
Residual - 29,187.10
zip 22408
what would the MF be on 36 months
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)
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Or should it be lower than the 13K based of credit score?
Either you don't qualify for the top tier rate, or the dealer marked up the MF on you.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige