Kia Lease Rent Charge

JG1017

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

Michaell

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.

kyfdx

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.

JG1017

Cap Cost - 59,091.14
Residual - 29,187.10

zip 22408

what would the MF be on 36 months

JG1017

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?

JG1017

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

kyfdx

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)

JG1017

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?

Michaell

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.