MF, and if this was a good deal or no... please help

abhaynverma

Hi Team, I wish I had come across this kind community earlier.

I singed a lease in starting of June 2024. it was a new kia ev6, GT-Line, RWD, yacht blue, 42 miles in the odometer. Can the moderator, community help me understand if this was a good deal or no? my credit score was 790. This was my first car, never had an auto loan in the past.

Kindly help.

abhaynverma

and please educate me how to calculate the MF on an already leased contract as well. Thank you in advance to the moderators and community.

Michaell

abhaynverma said:

and please educate me how to calculate the MF on an already leased contract as well. Thank you in advance to the moderators and community.

A $400/mo payment on a $50K plus vehicle is a pretty good deal.

We don't have the lease programs from June, so we aren't going to be any help to you with the MF.

Next time, you'll know to check in with us before you lease a vehicle, and we can give you the information to make an informed decision.

You can use the following link to find the main 2024 EV6 discussion, then scroll back to the posts made in June to see if you can find the MF and other relevant information:

2024 EV6 discussion

abhaynverma

Hi Michaell, Hope you are doing well and thank you so much for responding.


I am just concerned about the point 5 on page 1(Image 1): Total of payments of $20,568.4). upon searching on google I found out that this cost includes the depreciation as well and its not the amount I will be shedding out of my pocket but rather the money I will loose on the asset?

$1,500 down payment (my down payment including license, title, registration, dealership documentation fee, acquisition fee, L&M - tax rate) +402.85*24 = 9668.4

Money Factor = Lease Charge / (Capitalized Cost + Residual Value) * Lease Term

is there any way to find the money factor now? I am not able to decipher these values from my contract.

I also came across this formula

abhaynverma

this was your repones to someone on the main discussion page on June 4, 2024 for texas location but for the GT variant and not GTL

.00003 MF and 64% residual
$7500 lease cash

kyfdx said:

Yeffrey said:

Could I get MF, Residual, and Rebates on a 2024 GT in 79109 or anywhere in Texas. 24/10 TYVM

.00003 MF and 64% residual
$7500 lease cash

another response but for 21703 zip:
GTL
.00011 and 62%; $8700
.00061 and 55%; $7500

https://forums.edmunds.com/discussion/70214/kia/ev6/2024-kia-ev6-lease-deals-incentives-rebates-and-prices/p13
but you also commented that May programs run through 7/8.

your comment on June 9

GTL
.00094 and 63%; $10,800
.00092 and 57%; $8500

abhaynverma

The residual value of $35,206.40 is approximately 65.63% of the vehicle's capitalized cost of $53,641.78. This means that at the end of the lease, the car is estimated to retain about 65.63% of its original value. is this calculation correct?

On june 11, you commented this which also happens to be of a texas location:

kyfdx said:

Bluerazr said:

Sorry I meant 2024! thank you!

Hi, can I please get the MF, RV, and incentives for the 2024 EV6 GTL RWD & AWD on a 24/15 and 36/15 with zip 75219? Thank you

AWD
.00009 MF and 60% residual. $8200 lease cash
.00085 MF and 53% residual. $7500
RWD
.00011 MF and 62% residual. $7500
.00091 MF and 55% residual. $7500

kyfdx

abhaynverma said:

Hi Michaell, Hope you are doing well and thank you so much for responding.


I am just concerned about the point 5 on page 1(Image 1): Total of payments of $20,568.4). upon searching on google I found out that this cost includes the depreciation as well and its not the amount I will be shedding out of my pocket but rather the money I will loose on the asset?

$1,500 down payment (my down payment including license, title, registration, dealership documentation fee, acquisition fee, L&M - tax rate) +402.85*24 = 9668.4

Money Factor = Lease Charge / (Capitalized Cost + Residual Value) * Lease Term

is there any way to find the money factor now? I am not able to decipher these values from my contract.

I also came across this formula

Section 5: This is just a total of the 24 payments, plus the upfront money (including rebates). It means nothing as far as the calculation. It's a legal requirement on the lease contract.

$1902 due at signing
$9246 payments (23 X $402)
$400 disposition fee
$9000 in rebates

kyfdx

@abhaynverma

The formula is correct
The number for the numerator is Line F (Rent Charge)
The "lease price" is Line C (Adjusted Capitalized Cost)
Residual is Line D
Lease Term = 24

You'll find that your money factor is very low, which is why you are only paying $211.07 of finance charges over the life of the lease. Almost free money.

abhaynverma

Hello kyfdx, thank you for your prompt response and clarifying all my doubts. This community is great and I am happy to be a part of it. If the deal is this good, hopefully someone can take advantage of this lease document uploaded above and buy/lease their own car. to my knowledge the rebates are 15k now since 2025 model is around and they want to clear their stock. (BTW I did negotiate very heavily with multiple dealers and multiple states but i had no idea that there is MF in lease also.)

out of curiosity, I am getting an offer for 40K to sell this car to the same kia dealership only. Do you think the value of the car they have assessed is correct, under market or above market? only driven 2000 miles since June 11

kyfdx

abhaynverma said:

Hello kyfdx, thank you for your prompt response and clarifying all my doubts. This community is great and I am happy to be a part of it. If the deal is this good, hopefully someone can take advantage of this lease document uploaded above and buy/lease their own car. to my knowledge the rebates are 15k now since 2025 model is around and they want to clear their stock. (BTW I did negotiate very heavily with multiple dealers and multiple states but i had no idea that there is MF in lease also.)

out of curiosity, I am getting an offer for 40K to sell this car to the same kia dealership only. Do you think the value of the car they have assessed is correct, under market or above market? only driven 2000 miles since June 11

Sorry, no idea of used car values.

Yes, incentives have increased, but residuals have dropped, and money factors are higher. You got a good deal at a good time.