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2013 and earlier Kia Sorento Lease Questions

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  • azdogmamaazdogmama Member Posts: 1
    edited July 2012
    My husband and I currently trying to negotiate a lease on a 2013 Sorento LX basic package. We've had trouble getting information from the salesman we're dealing with, and since this is our first time leasing, I was wondering if anyone had any tips. Although we've asked him twice now for the money factor and residual value, he's hemmed and hawed and said he'd have to get that for us, then never calls back. We walked out of initial negotiation on Friday because we had to leave, and they weren't coming close on the payment I want. We're trying to negotiate no out of pocket, out the door $300 max total monthly payment, 12k miles per year, 36 month lease, excellent credit for both of us. Am I way off base here? :(
  • bsyahbsyah Member Posts: 11
    edited October 2012
    Carman

    Hi, Do you have the money factor and residual for 2013 Sorento EX 4 cyl w/ premium plus package for 36 month/15,000 miles. Tier 1 credit. Also are there current incentives? Not sure if if matters but this is Western NY

    Thanks
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Yes I do, bsyah. Kia Financial Services' October buy rate lease money factor and residual value for a 36-month lease of a 2013 Sorento EX 4-cylinder with 15,000 miles per year are .00117 and 57%, respectively for consumers who qualify for its top credit tier.

    In your state, New York, I believe that there is currently a $1,500 cash incentive on leases of this vehicle.

    Car_man
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  • jackadamiajackadamia Member Posts: 1
    edited October 2012
    I was looking to lease a 2013 LX V6 Sorento. I asked for the MSRP, the net capitalized price, the residual value and the money factor and was told $28,325, $25,500. $16,428 (58%) and .00059 for top credit tier. Then the payments were disclosed as 36 payments of $378 with zero down. So I did the math, and using those inputs, the payment should be a lot lower. Upon questioning, the sales person said to add in $595 acquisition fee and $48 registration fee. Again, the numbers came out different so another Q & A sesssion with the salesperson. The response, "oh my mistake - the money factor is really supposed to be .00172 for that model". Anyway, I again did the calculations, including state sales tax on each payment, and although the payment matched using that factor, with zero down it included capitalizing the first payment of $378 (cap cost has to be $25,500 + $595 acq. + $48 title + $378 1st payment for these numbers to work right). Another "oops" from the sales person.
    Anyway, at this point, I am not sure if I should do business with this dealer, as I think maybe they are hoping to disclose one set of terms and deliver another. Second, I would like to know, for October delivery, what are the correct residual and money factor for a 2013 Sorento SXV6. Thanks!
  • blutopblutop Member Posts: 7
    Hi Car_Man,

    I'm trying to find out what I should be paying for the base model of the 2013 Kia Sorento EX (I would like the bumpers and homelink rear view, but that's another issue...). I'm planning to lease with 15,000 miles per year, and I'm in the 91601 zip code (California). I'm pregnant, so the idea of going into a dealership right now is... yikes! I'm going to try to negotiate online as far as I can go, so please any advice would be great here as well. I've had trouble nailing down dealers over email so far.

    Also, is it safer to lease through an outside lender or through the dealership? I heard on these forums from one guy that they give you a lower OTD price, but trade for a worse leasing deal to get you to pay more in the end... thanks!
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi jackadamia. It sounds like the salesperson that you're dealing with is either very confused or trying to mislead you. Either way, it wouldn't give me a good feeling about working with this dealership. If there's another one in your area it probably would be a good idea to check it out.

    Kia Financial Services' October buy rate lease money factor and residual value for a 36-month lease of a 2013 Sorento LX V6 with 15,000 miles per year are .00132 and 60% for consumers who qualify for its top credit tier. The numbers for the SX 4WD are .00133 and 58%.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Congratulations on the soon to arrive little one, blutop. The easiest way to get a good deal on a leased vehicle is to shop around for the lowest possible selling price and then have the dealer that you decide to go with calculate your vehicle's monthly payment using its buy rate lease money factor.

    Look up the dealer invoice price of the exact model that you want over in the New Vehicle Pricing section of Edmunds.com and offer a couple hundred dollars over that minus the $1,000 cash incentive that is currently available on leases of this model.

    Once you have this vehicle's MSRP and approximate selling price either let me know and I can work up a payment on it for you, or you can calculate one on your own using the formula that is outlined in the following article Calculate Your Own Lease Payment, a money factor of .00117 and a residual value of 57% (for 36 months with 15,000 miles per year and top credit tier).

    You're definitely better off dealing directly with the dealership than involving a third party that just has to profit from your deal as well.

    Car_man
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  • chrissbuchrissbu Member Posts: 7
    Hi, group! I saw the residual and money factor for the LX V6, but I wasn't sure if they were the same or not for the 4cyl. If you could let me know if they're the same, or what they are if they're different, I'd appreciate it. Thanks!

    Chris
  • chrissbuchrissbu Member Posts: 7
    Hi, everyone...
    My in-laws are looking to lease a new Sorento after totalling their old one (only 2 months old). But they're having a hard time locating what they want....dealerships in our area can't seem to find any 2013 LX with all wheel drive and the convenience pkg and 3rd row seat within a 300 mile radius. Is this spec a bit of a unicorn? I recall when I was shopping last year, we were told finding the 3rd row in an LX was virtually impossible.
  • blutopblutop Member Posts: 7
    Hi Car_Man,

    I had a very tough time getting dealers to talk straight with me on email. I did this before with my BMW lease about 5 years ago, no problem, but this time around they have been incredibly cagey. Getting an OTD purchase price was nearly impossible and they kept leaving out information and not getting back to me with either the true OTD prices or alternately the included specs of what they were quoting.

    I got a little desperate and called Authority Auto. They can get me into a Kia Sorento EX base model for a purchase price of $27,150 (this does not include any rebates). Money factor was .00117 like you said, but he insisted the bank gave him a residual of 55% for 15,000 miles per year. Could you confirm? Also, he told me this price was $100 over the dealer's invoice. I grilled him about all the details, but ultimately, even with a rebate - which he mentioned as $1500 I thought, not $1000, but could be wrong - was 378.13 per month.

    This is way over what I had hoped - I was trying to keep this car under $300. I mentioned I had gotten a BMW way back for $34000 purchase price and leased at $404 with nothing down, but of course couldn't remember money factor and residual, so this was a disappointment. He said BMW has better leases and Kia just doesn't incentivize enough. Is this true? Is this deal right?

    Am wondering if I should regret going with Authority Auto and not trying to stay the course on email, but being pregnant, I really felt like I lacked the time and leverage to go into the dealer on my own to negotiate. Seems like a nice guy but I'm new to working with a broker.
  • pearl278pearl278 Member Posts: 2
    Hi Car_man,

    It seems you have a lot of knowledge on this topic and I wanted to see if I could get your input - would greatly appreciate it! I, too, am a pregnant mom working this deal and it has been challenging, but I think I'm almost there.

    I am thinking about leasing for the first time and am wanting a 2013 Kia Sorento front wheel drive LX. Leasing is new to me, so it has been a learning curve. Here are the details I have been negotiating - meeting with the dealer again in the morning:
    -12,000 miles, 36 month, base model (no third seat)
    -Down payment of $2999 plus tax, tags and fees ($1,363.50) minus a $2,500 trade = $4,362.50
    -Monthly payment of $174 (includes vehicle tax)
    -Total cost of lease - $8,126.50
    -Money factor of 0.0010
    -$1,500 in customer cash incentives were factored in for cap cost reduction to get to the monthly payment of $174

    Is this a good deal? Anything I could/should be pushing for or asking about?

    The only changes I am considering are adding the 3rd row seat (am told that adds about $30/month to lease) and/or raising to the 15,000 mile cap (also told this adds another $30/month). Really having a hard time figuring out if I need either of those - particularly the mileage cap. Concerned that 12K may not be enough, but not sure.

    Many thanks for your help.
  • pearl278pearl278 Member Posts: 2
    Car_man: I should have added that the MSRP on this offer is $24,160 and the Invoice is $23,335.

    Thank you!
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi Chris. The numbers for the 4-cylinder version of this vehicle are indeed different. Kia Financial Services' October buy rate lease money factor and residual value for a36-month lease of a 2012 Sorento LX 4-cylinder AWD with 15,000 miles per year are .00113 and 58%.

    Car_man
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  • chrissbuchrissbu Member Posts: 7
    Thanks, Car_man...I was using the info for my in-laws. Somehow, they made the jump from looking at an LX 4-cyl to leasing an SX. Not exactly sure how you make that sort of jump, but...
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi blutop. It's strange that they're quoting you a different residual value because they don't have the authority to alter them. The residual through Kia Financial Services is definitely 57%, not 55%.

    BMWs usually do lease better than Kias, but the current lease program for the Sorento isn't terrible.

    I personally would never use an auto broker, to me they merely add another party that has to profit off of my deal, many people do and are happy with them.

    Something seems off with the pricing here. This isn't truly a base Sorento. It must have some options. The base Sorento EX has an MSRP of $27,750 and a dealer invoice price of $26,345. $100 over the invoice price would be $26,445 before incentives and $25,445 after the deduction of the $1,000 cash incentives on leases.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi pearl278. The easiest way for me to evaluate this deal would be to look at this van's MSRP and selling price. Do you have those figures?

    I see that you are considering using equity from your trade as a down payment on your new lease. There's nothing wrong with trading in an old vehicle when leasing a new one, however you would be much better off having the dealer cut you a check for any equity that you have rather than using the proceeds from it as a capitalized cost reduction. I always advise consumers to put as little money down as possible when leasing. Consumers who make large down payments on leased vehicles risk losing part or all of the money that they laid out if their vehicle is totaled in an accident or stolen and never recovered.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Ah ha. Good info. All we need is the selling price that the dealer is charging you for the Sorento. Let me know.

    Car_man
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  • sprinkler13sprinkler13 Member Posts: 452
    When you can, would you post the December finance numbers for the Kia Sorrento SE and the SE V6 with 12k miles or 15k miles? Any december incentives as well. Thanks Car_man
  • croatbagcroatbag Member Posts: 21
    Hello Carman,

    I'm looking for the lease numbers for 12K leases of the EX and SX 2013 Sorrento models. Also any incentives you know about would be appreciated as well.

    Thanks!
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey sprinkler13. I can't say that I am intimately familiar with the Sorento trim levels, but I don't think that there is an SE. There's an EX, LX and an SX. Did you mean one of these?

    I can tell you for now that all 2013 Sorento models have a $1,500 cash incentive available on leases of them.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi croatbag. Kia Financial Services' December buy rate lease money factor and residual value for a 39-month lease of a 2013 Sorento EX 4-cylinder AWD with 12,000 miles per year are .00108 and 54% for consumers who qualify for its top credit tier.

    The numbers for an otherwise identical lease of an SX V6 AWD are .00129 and 55%.

    When you lease wither of these vehicles, make sure to take advantage of the $1,500 cash incentive that is currently available on leases of them.

    Car_man
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  • coinbankcoinbank Member Posts: 1
    Can you share the lease rates for 2013 SX V6 FWD (possibly with premium option)?
    12k miles /yr and 39 months.

    Thanks a lot.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hello coinbank. Kia Financial Services' January buy rate lease money factor and residual value for a 39-month lease of a 2013 Sorento SX V6 FWD with 12,000 miles per year are .00099 and 53% for consumers who qualify for its top credit tier.

    When negotiating your deal on this vehicle, make sure to take advantage of the $1,500 cash incentive that is currently available on this model.

    Car_man
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  • madradmadrad Member Posts: 32
    Hi car-man and kyfdx. Looking to lease 2014 Kia Sorrento SX-Limited AWD. Very top tier credit. Prob 36 mos lease or whatever fewer months Kia will support with good cash or rates. For Mar 2013 can you tell me residuals, money factors and available cash or incentives for deals. Does Kia let you buy down money factor with multiple security deposits? Is the Kia dealer holdback 3% ? Thank you.
    Never paid disposition fee before on leases but I see this appearing more and more; any negotiating leverage on that item?
    Also, anybody bought this car recently? for how much?
    Also, anybody any experience buying from HUGE Cape Cora, Floridal Kia dealership that I will not name.
  • kinstlerkinstler Member Posts: 1
    Any updates for the 2014 Kia Sorento 36 month lease? Any rebates? Went to test drive one the other day and the model I want is not available in the midwest yet. Hopefully next month will be better.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hello madrad. Kia Financial Services' March buy rate lease money factor and residual value for a 36-month lease of a 2014 Sorento SX AWD with 15,000 miles per year are .00184 and 59% for consumers who qualify for its top credit tier.

    The numbers for an otherwise identical lease of a '14 Sorento Limited AWD are .00133 and 56%.

    Kia is providing a $1,000 cash incentive on leases of this vehicle right now.

    I'm not sure if Kia allows multiple security deposits. I've never heard of anyone making them on a Kia, but I suppose that it's possible.

    Car_man
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  • timj90timj90 Member Posts: 2
    Hey Car Man,

    Could you tell me the residual value, and money factor for a 24 month lease 12,000 miles annually for a 2014 Kia Sorento LX AWD V6 with tow package. Dealership is in southwest Virginia.

    Also, what is the invoice price and are there any incentives this month?

    Any help would be greatly appreciated.
  • emkay1emkay1 Member Posts: 1
    Wow these are really good lease/buy rates. I went down today to get a rate factor for a 2014 Kia Sorento I wanted the SX fwd, but all they had was an EX with the touring package. Anyways, I have excellent credit tier1 and they quoted me a factor of .0033 with 61%. I asked them to double check this and to make sure they weren't missing a 1 between the 0 and 3. They reassured me this is correct. They did say there was a $1500.00 comp. rebate and an additional $500 if I finance thru Kia. So the Car was stickered at 34,850.00 and they quoted me 447.00 per month with 3K down, this is no deal. I'll try another dealship. Plus I'd rather get the SX which will have the adjustable steering and 19' wheels for 1K more.
  • jinokjinok Member Posts: 1
    Hello Car Man :)

    My first time on this board and have read many of your replies to numerous responses from the past years, it helped in purchasing my car. Just noticed there is not much action in the sorento forum so I decided to ask my question.

    I am deciding to purchase the following:

    2014 Kia Sorento Limited - with options the msrp is $41,000

    I got quoted $36,600 for final price.
    $1011 drive off
    Residual 57%
    15,000 a year - 36 months
    Monthly price - $497 including tax (California 9% tax ouch)

    Wanted to know if that is a good deal? this includes the $2000 worth of incentives
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi jinok. The selling price that you were quoted looks great. Just make sure that the dealer uses Kia Financial Services' buy rate lease money factor of .00127 for the FWD or .00140 for the AWD to calculate your monthly payment.

    Car_man
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  • mlvnsmlymlvnsmly Member Posts: 1
    Hi Car man,

    I'm looking to lease a 2014 Sorrento SX for 39 months @ 10K miles/year. Would you be able to provide the lease factor and residual value for this?

    Thanks!
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi mlvnsmly. Kia Financial Services' current buy rate lease money factor and residual value for a 39-month lease of a 2014 Sorento SX 4WD with 10,000 miles per year are .00191 and 62% for consumers who qualify for its top credit tier.

    When negotiating your lease on this vehicle, make sure to take advantage of the $1,500 cash incentive that is currently available on leases of it.

    Car_man
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  • langer43langer43 Member Posts: 1
    I am looking to leases a 2014 Kia Sorrento LX with the convenience package and 3rd row seating- front wheel drive/ automatic. Lease would be for 36 months and 12,000 miles per year. Can you please provide the money factor and residual value? Can you also provide the same information for a 39 month lease. Thanks.
  • clevacleva Member Posts: 2
    Car Man can you tell me the current (September 2013) money factor and residual value on a 36 month lease for a 2014 Kia Sorento EX, FWD, with the Touring Package, no third seat? Don't need many miles, don't know if Kia goes as low as 10,000 miles per year. Thanks!
  • kyfdxkyfdx Moderator Posts: 236,702
    .00159 and 57% Residual for 36mo/36K miles...

    Looks like $1500 dealer lease cash available on this model.

    Those numbers may not be valid for the New York Tri-State area...

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  • clevacleva Member Posts: 2
    thanks
  • svp50svp50 Member Posts: 1
    Wow this is such a great resource. Can you tell me the money factor and residual value for a:

    2014 EX V6 (no other options)
    36mo
    12k miles/yr
    southern New Jersey

    I also have two other questions:

    Is there a lease to own program?

    and what would be a good price if i was to buy outright?

    thanks for all your help.
  • kyfdxkyfdx Moderator Posts: 236,702
    I'm sorry... but, the national Kia numbers are good everywhere BUT.. CT, NY and NJ... and, I don't have those..

    regards,
    kyfdx

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  • rcsmith8rcsmith8 Member Posts: 2
    Hello Car Man,
    I was hoping you could check an offer that was made to me on a 2014 Kia Sorrento EX. I was able to obtain the worksheet from the dealership and was given the following information below. Basically, they have given me an offer of $360/month (Taxes included) for 36 months with $1500 down. I cannot seem to duplicate these numbers even with the worksheet. I was hoping you could help me by double checking this for me as I might be missing something here. What I'm not positive on with the worksheet is if the rebate is taken from the MSRP or if it is taken from the Price ($28,342.62). Doing it either way based on these numbers, I did not arrive at the same lease amount quoted. I calculated either $325 or $400 based on those two scenarios. Any help you could give me would be much appreciated. Thanks in advance.

    State: Georgia
    MSRP: $30,995
    Price: $28,342.62
    Term: 36 months
    Money Factor: .00159
    Residual (57%): 17,667.15
    Down Payment: $1500
    Rebate: $2500
    Govt Fees: $139.75
    Taxes: $1776.77
    Doc Fee: $798.50
  • kyfdxkyfdx Moderator Posts: 236,702
    Hard to say, for sure.... you never know if you are getting every number, unless you see it on their computer..

    But, there are $2700 in fees and taxes.... Applying the rebate to those, plus $200 of your downpayment, leaves $1300 as a CAP cost reduction... Assuming the rest of your numbers are accurate, I get a payment of around $331/mo...

    So.. when you go in to sign the papers, you are looking for about a $1000 difference.. Different MSRP, different selling price, extra charges for options or service plans... Payment life insurance, etc, etc, etc...

    regards,
    kyfdx

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  • rcsmith8rcsmith8 Member Posts: 2
    Thanks so much for your help.
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