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Kia Optima Lease Questions

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Comments

  • anguillaanguilla Member Posts: 56
    If anyone can provide some feedback on this inquiry, that would be great.

    Thanks.
  • wolfpack99wolfpack99 Member Posts: 8
    Can you provide the MSRP for the car? It sounds pretty good, but we need more info to be sure.
  • ericzmericzm Member Posts: 2
    So I'm going to lease an Optima in the next couple of weeks and here are the prices I got through a broker in Los Angeles. This includes a $1k discount from switching from my current Mazda 6 as well as a $1k cash back. I got 3 different model quotes and all are at 0 down with license, registration and first month (~$825) out the door and 12k/yr mileage. I'm choosing the SX with premium package but here are the quotes I got for all.
    • EX Turbo with Premium - $27,742 purchase price (before discounts), 57% residual, .00133 money factor and 39 month term = $335/mo (includes 8.75% tax)

    SX with Premium - $29,132 purchase price (before discounts), 54% residual, .0009 money factor and 39 month term = $357/mo (includes 8.75% tax)
    • SX with Premium and Technology package = $30,379 purchase price (before discounts), 54% residual, .0009 money factor and 39 month term = $373/mo (includes 8.75% tax).

      I believe these to be very good prices. I'm considering adding $1k down which will lower the payments by about $30/mo and save me about $170 over the 39 month lease. Probably worth it.

      I'm only bummed that there is no offering for the MS UVO and Navigation and I was forced to choose. Maybe the next lease.

      -ezm-
  • vlilichvlilich Member Posts: 15
    edited February 2012
    Your quotes make me feel comfortable with what a local dealer gave me in PA. Ex Turbo with and without premium :

    w/o premium - 289/mo (tax included - 9%) and 505 down (includes 1st payment)
    w/ premium - 322/mo (tax included - 9%) and 538 down (includes 1st payment)

    both quotes include 2k worth of incetives like yours (leasing altima currently)

    In the prices paid forum i am seeing some crazy quotes where people are getting lower monthly payments for SX which seems entirely impossible based on what I am being quoted by more than one dealer.
  • ericzmericzm Member Posts: 2
    I'm sure the state/city probably makes a bit of difference in the price. Don't forget to check Edmunds for the invoice prices and include all the options. The options can make a big difference because many are not amortized into the lease. That being said, I was told the prices I got are at just about $500 above invoice before the $2k of incentives. Then it's just a matter of math. Also I just thought that my father-in-law just leased a Lexus SUV which was a $42k car but his lease price and amount down didn't make sense to me (very low) until I finally figured out that the broker took his original lease and was able to make some money off it by turning around and selling it and used some of that money in the down payment of the new lease (behind the scenes) so they didn't ask as much out of pocket.

    -ezm-
  • anguillaanguilla Member Posts: 56
    You say you're leasing an Altima, like me. They're mentioning that the registration needs to be in my name. But in a lease, it's in the name of the Leasing company (in this case Nissan Finance). Will I still be eligible? Of course, I pay the registation, but the registration card has the leasing company's name.
  • vlilichvlilich Member Posts: 15
    edited February 2012
    I've been to 2 dealers and both said I am eligible based on my altima lease. In fact, I was asked to make sure I sign the Kia lease before turning in my altima to make sure I am still eligible. Registration cannot be in your name on a lease. Most of the time registration renewals even go to leasing company first and than get forwarded to me. Your dealer is trying to pocket that 1k.
  • vlilichvlilich Member Posts: 15
    just DMV fees... got a better deal a few days ago (posted in the thread)
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're welcome wolfpack99. If you qualify for Kia Financial Services' top credit tier then the dealer probably is marking up your vehicle's money factor on you.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi Shane. Kia Financial Services' February buy rate lease money factor and residual value for a 39-month lease of a 2012 Optima EX Turbo with 12,000 miles per year are .00133 and 57%, respectively for consumers who qualify for its top credit tier.

    The numbers for an otherwise identical lease of an Optima SX are .00090 and 53%.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • minimomminimom Member Posts: 6
    Hello Car_Man - I'd very much appreciate if you could provide lease money factor and residual for a 2012 Kia Optima LX with A/T and Convenience Package for top credit tier. Are they offering 36 or 39 month leases on this model? I'm turning in a Honda Accord lease so I'm assuming that I'd get the $1,000 incentive - any other incentives that you would know about?? Thanks so much for your help!
  • cura04cura04 Member Posts: 5
    Hey Car-Man,

    1st off, I'd like to thank you for taking the time in answering everyone's questions. I've been following multiple pages for months now, and it's very helpful.

    To keep it short though, could you please provide the current leasing rates for an SX Premium with 15k/yr? I see that multiple people asked about 12k/year, but I have yet seen one for 15/k.

    The residual and money factor would greatly be appreciated. Thanks!
  • anguillaanguilla Member Posts: 56
    I thought I'd pass along a deal I just got on a new 2012 Optima EX with Premium and Tech Packages in the Titanium Color...

    MSRP - $28500
    $1000 Competitive Discount
    $1000 Lease Cash
    $0 down upfront (nothing out of pocket, even doc fees, acquisition, etc. were not paid upfront)
    39 month Lease
    15,000 miles per year
    Money Factor = .00095
    Residual percent = 55%
    The lease was done in New Jersey

    The monthly payment is $299.

    What are your thoughts about this February 2012 deal that I did.
  • haggardhaggard Member Posts: 92
    Looks like a good deal. The invoice on that car according to Edmunds would be $26470 including destination.

    How much were the costs that were rolled in? Taxes (up front in NJ, right?). What was the negotiated selling price of the car before the incentives? All of that would be good to know.

    It appears they went into the holdback but, again, what else is out there for the dealer from KIA that we don't know about?

    I could live with your deal if I was in the market for those packages.
  • bostonbenbostonben Member Posts: 71
    Reference point in the Boston MA area:

    MSRP $30,470.00
    Selling price $26,999.00 (including competitive $1K cash)
    Residual is 53% or $16,149.10
    Money Factor is .00090
    Base Monthly Payment $323.83 + 20.80 sales tax = 353.63

    Due at Signing: First month, registration, doc fee ($750 ish)
    Acquisition fee is rolled into lease
  • vlilichvlilich Member Posts: 15
    Hope this helps somebody out...

    put down a deposit on the Optima EX turbo with premium pkg lease in PA:

    39m/12k per year
    200 up front
    323 per month - all inclusive

    up front fee would've been 500 but they agreed to buy out the remaining month of my 2009 altima lease. Did not go into details such as money factor and price of the car because I had the precise figure I wanted in the lease as far as monthly. Given the fact that I barely had to negotiate I believe there was more room but I am pretty happy with the deal as it seems comparable with what is being reported in the forum. Asked for black and hoping they can find it :)
  • droberts92droberts92 Member Posts: 1
    woflpack99 have you purchased the optima ex non turbo yet??
  • anguillaanguilla Member Posts: 56
    The negotiated selling price was 25,799.
  • shand32783shand32783 Member Posts: 76
    $1000 Competitive AND $1000 Lease cash?

    I haven't seen the Lease Cash before with the Comp cash. Anyone else lucky? That might be the deal to put me in the buyers seat, but can't find anything on the additional $1000 lease cash.

    Shane
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hello minimom. Kia Financial Services' February buy rate lease money factor and residual value for a 39-month lease of a 2012 Optima LX AT with 15,000 miles per year are .00092 and 56%, respectively for consumers who qualify for its top credit tier.

    Kia is currently providing a $1,000 cash incentive on leases of this car and a $1,000 conquest cash incentive that you may be eligible for as well.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're very welcome cura04. I'm glad that you have found these discussions so helpful. Here's the information that you're looking for.

    Kia Financial Services' February buy rate lease money factor and residual value for a 39-month lease of a 2012 Kia Optima SX Premium with 15,000 miles per year are .00090 and 53%, respectively for consumers who qualify for its top credit tier.

    When negotiating your deal on this car, make sure to take advantage of the $1,000 cash incentive that is currently available on leases of it.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey shand32783. The additional $1,000 cash incentive on leases of the Optima definitely exists. Make sure to take it into account during your negotiations.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • ap19ap19 Member Posts: 2
    Hi,

    I am interested in the Optima. I have never purchased or leased a car, therefore this is all new to me. I would like to ask you all, why did you choose to lease rather than buying? Do you believe the deals are better for a lease?

    Thanks
  • shand32783shand32783 Member Posts: 76
    So as I read above, I know of the $1000 competitive cash...

    And now a $1000 lease cash too that's combinable... Is the $1000 additional lease cash a Manufacture to Dealer incentive? I ask only cause I can't find any language on it on the website... does anyone have a link to the information? I'd like to come in with as much info as possible.

    Thanks
    Shane
  • mazdaman25mazdaman25 Member Posts: 7
    Just leased a 2012 SX turbo w/technology and premium touring pkg bottom line was $326.35 with only first month due at signing. I will post the full numbers....don't have the lease contract with me at the moment. Lease is for 39 months/15k/year in NJ
  • haggardhaggard Member Posts: 92
    Nice deal!

    Please do post full details. And, I think you can name the dealer, just not the salesman, here as well.

    Thanks.

    Haggard.
  • 18ghost18ghost Member Posts: 1
    I would be interested in speaking with your dealer, need new within month
  • shand32783shand32783 Member Posts: 76
    On Monday (2-27) I picked up the above car with an MSRP of $27200 negotiated for $25000.

    Also qualified for $1000 lease cash and an additional $1000 competitive cash for a purchase price of $23000.

    MF was.00095
    Residual of 55%

    The only bad thing was, they had to do a dealer swap and on the way down the windshield got a ding and they have to replace the windshield now...They said it was $1100 for the replacement...but I'm sure their costs is much less.
  • rp8rp8 Member Posts: 8
    I am looking into Leasing a 2012 KIA Optima EX w/ premium package. I qualify for the Competetive Incentive, but does anyone know if they are still offering the $1000 Lease Cash in March? If anyone has had any luck in getting that $1000 lease cash this month, please let me know. Thanks.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Good question ap19. Purchasing a new vehicle and driving it into the ground is probably the cheapest form of transportation. Consumers who want to get a new car every several years can often do quite well leasing. It all depends upon how attractive the lease program is on the vehicle that you want.

    The lease program for the 2012 Kia Optima isn't bad right now. The specific terms of the program vary by trim level, but let's take a look at the current program for the LX. A 36-month, 12,000 mile per year lease of this car has a money factor of .00068 and a residual value of 58%. That is a very solid residual value. It means that the depreciation portion of your car's monthly lease payment will be fairly low.

    A money factor of .00068 is equivalent to an interest rate of 1.63%. Again that is very attractive.

    Plus there is a $1,000 cash incentive on leases of this car right now.

    So to sum things up, if you like to get a new vehicle every three years or so, leasing an Optima makes sense. If you plan to hang onto your vehicle for longer than that, then just finance or pay cash for your car.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi Shane. Yes, the $1,000 competitive cash and the $1,000 cash incentive on leases can indeed be combined for a total of $2,000. Kia doesn't advertise the cash incentives that it is providing on leases, but it definitely exists.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi rp8. Yes, Kia is indeed still providing a $1,000 cash incentive on leases of the 2012 Optima in March.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • haggardhaggard Member Posts: 92
    edited March 2012
    The MF appears to have dropped drastically (I believe it was .00092 in Feb). Also, you indicate KIA is supporting 36 month term. Are they still supporting 39 month as well, or is this a change?

    I was unable to get my deal done in February, absolutely have to buy something in March. Could you please post the MF and residual for an Optima EX with 15K miles/year?

    Thanks again, Car_man
  • johngettlerjohngettler Member Posts: 12
    Hi Car_man,

    You're generous access to "hidden" lease incentives has helped me through 3 car leases, and now it will be a 4th. Now that the March incentives are out, could you please provide the current Money Factor and Residual for an Optima SX for 36 months, and 15K a year. Thanks so much!

    John Gettler
  • johngettlerjohngettler Member Posts: 12
    Oh, and it there *anything* like a link or file you can share with us that *proves* the $1,000 lease cash promotion exists from Kia for March? I think I might have some dealers who might not know about it or play dumb. Thanks Car_man.
  • chadecoenchadecoen Member Posts: 13
    Hello everyone,
    Thank you for all the wonderful info I have been trying to absorb. I have read a couple of posts about lease numbers for the st models. My wife really likes the blue one and as far as I can tell it is only available in the upper models. So, this got me thinking.....I like the LX lease offer but if I hammer out my best price on a ST, and still use a trade for $2-3K down, does anyone think I can get anywhere close to the current LX lease offer of $189/mth? How much more are we talking?

    Is there a calculator somewhere I can use to get a monthly payment? Truecar lists a "target" price for the one we want at $25,783.00. Is there a way to take that number deduct the $1K (or more?) rebate/incentive, buy some more miles, and get a monthly payment range? The trade is an old forenza so I think it qualifies for competitors incentive?

    I can't tell what they are "selling" the lx car for to get to the monthly payment they are advertising?

    I am rambling on here, can anyone follow what I am trying to do? Love that blue color!

    Thanks,

    Chad
  • bostonbenbostonben Member Posts: 71
    I assume you are talking about an Optima SX.

    The Truecar numbers have been off when I was price shopping last month. Here's the best February offer I received (no negotiation, via email only):

    $30,470 - MSRP
    $27,793 - Sale Price
    -$1,000 - Competitive Bonus since you have the Honda Civic
    - $500 - If you finance through Kia
    $26,293 + tax, title, registration and doc fee.

    To lease the same car, here are the details:

    With just your normal upfronts due at signing, which totals $1,343.84, the payment comes to $285.03 + tax.

    For your example, I am assuming the MSRP is $27,250 and I would assume the selling price to about 24,800 if all incentives are the same this month. I am not sure the extra $500 is around so I will leave it out for the calculation. This puts your target selling price at 23,800.

    Based on February's numbers MF 0.00090 and Residual of 53%, here is what your lease looks like with 0 down and just the upfronts due at signing (bank fee, doc fee, rmv, title): $274/mo. + tax

    $2K down (not advised) will get you to $221/mo. + tax.
  • chadecoenchadecoen Member Posts: 13
    Yes, yes, sorry, I meant "sx" not "st". oops!

    Anyway, I think someone a few posts up mentioned the MF was .00068 right now?

    I also thought I also read that the residual was 58%?

    I will need more miles and prolly buy them up front.

    I found some instructions for calculating a lease...does this sound right?

    $25,000.00 Optima SX (Can I even get one for this price? for less?)
    -$ 3,000.00 Trade
    -$ 1,000.00 competitor money
    -----------------
    $21,000.00 cap cost?

    $27,250.00 (MSRP) x 58% = $15,805.00 Residual Value

    $21,000.00 - 15,805.00 = $5,195.00 Depreciation

    $5,195.00 / 36 months = 144.31

    $21,000.00 + $15,805 = $36,805.00 x .00068 = $25.03

    $144.31 + $25.03 = 169.34 + tax/month

    $169.34 + tax a month for this hot rod? What the heck am I doing wrong here? I must have something wrong. Too cheap. It is even less than the LX lease offer being advertised right now. I have no idea if they will sell one that cheap or if I should be asking for more off but I have no problem sitting at the dealer ALL day long trying to get there. Well, I do need a few more miles than the standard 12K a year so that will cost me a little more. Anyone know what miles cost up front from Kia? Is any of this making sense? What am I doing wrong here?

    Thanks,
    Chad
  • haggardhaggard Member Posts: 92
    edited March 2012
    Hi Chad -

    The money factors change (usually higher) at each trim level. The residuals change (usually lower) at each higher trim level and mileage. You are using LX numbers at 12/miles per year.

    Take the trade and incentives out of the deal until you have negotiated your best price. You can get the invoice amount on the car you want here at Edmunds, and then apply rebates and trade allowance.

    The mechanics of the deal aren't all that complicated. I've found it is more about finding a dealer who needs your business/if you are in an area with competition, etc.

    And, don't believe everything you read here. Anyone can post anything. Some post deals that have the dealer going $2k past their holdback "just to earn your business". Those folks usually can't post the details, say they will come back and do so, and then we never hear from them again.

    I still believe a good deal can be had, and will continue to try and get one. But, don't believe it when they tell you they got a BRAND NEW, IN DEMAND $30K car for $20K. Just can't happen.

    Good luck.

    Haggard
  • chadecoenchadecoen Member Posts: 13
    That is what I was trying to do. Negotiate the car down to $25K and start deducting stuff from there.

    Do you have the SX model's lease numbers? On a 15K miles/year lease? What if I need 20K miles a year? Can buy them up front?

    I am really trying to figure out what the numbers should look like before the dealer starts throwing them around. Once I am comfortable with all the numbers I can go in confidant that I will not get hosed!

    Thanks,
    Chad
  • haggardhaggard Member Posts: 92
    edited March 2012
    Well, Edmunds says the invoice on the SX (with no options) is $25,510 including destination. Then, of course, there will be fees to add in ($595 acquisition fee, docs and any other dealer fees).

    If you go back a ways in this thread, you will see where someone did buy the extra miles up front. I think it worked out to be the same price as what you would pay at lease end for going over. So maybe just wait until you have to pay at the end, in case you don't use them? A matter of personal preference, I suppose.

    As for the MF and residuals, I'm afraid that is above my paygrade. Car_man is THE MAN that provides the relevant MF and residuals based on the trim levell/term/mileage. I'm sure he will respond to your request soon.

    Please let us know how you make out?

    Thanks.
  • vampregenvampregen Member Posts: 4
    Can I get the current money factor and residual for an EX Turbo and SX? Leasing very soon, lowest miles for the residual they have (is there less than 12k?) I only drive about 7k a year. Base or Base+Premium is what I'm looking at but I dont think that effects the residual %. Thanks!
  • johngettlerjohngettler Member Posts: 12
    Car_man, is the $1000 Optima lease incentive not listed on the kia.com website special offers section because it is only a hidden "Kia to Dealer" promotion?
  • haggardhaggard Member Posts: 92
    vampregen -

    Sorry, I don't have that info. The hosts of this thread provide the lease rate info each month. I was just offering a fellow shopper what I've learned here so far, so he/she didn't have to start from scratch.

    I'm just another guy trying to get a decent lease deal in an area with little dealer competition. Once thought I had landed a great deal 100 miles away, didn't pan out. Now, I am back to square one, basically.

    Still hoping to get the March MF and residual for an EX (no options) 36 months with 15K miles myself.
  • pknopppknopp Member Posts: 13
    We just leased a Rio. There is $500 lease cash on it. It makes sense for there to be $1000 on the Optima. In trying to find all the paticulars on the Rio I'm almost positive that I did see the money on the Optima also.
  • johngettlerjohngettler Member Posts: 12
    I did find this "mild proof" of the $1,000 lease cash on edmunds.com incentives page. I still don't get if a hidden rebate to dealers, or customer cash. And I don't know why it's not listed on kia.com.

    http://www.edmunds.com/kia/optima/2012/car-incentives.html?style=101415933
  • haggardhaggard Member Posts: 92
    edited March 2012
    The $1,000 lease cash does exist, and you can combine it with the $1,000 loyalty/competitive . I visited two dealers yesterday, both worked their proposals for an EX base with the lease cash and the loyalty cash. They also told me that KIA has, in fact, gone back to a 36 month lease term. One of them also tried to tell me that "there is no more 15K mile/year" lease. The other said that was bull.

    I still cannot get them to give up the new money factor and residual, and giving any discount off of MSRP. When I had last months numbers, I would take a leaseguide.com worksheet in with all the details. Both gave me the "I don't know anything about that, we just plug the numbers into the KIA software and it tells us what the numbers are" schtick.

    I've gotten them to acknowledge that Edmunds does furnish an accurate invoice price (although Edmunds does not list, in options, the "door sill applique" so many EX seem to come with) but locals will not waiver from close to MSRP minus the rebates. One even believed me stupid enough to accept a deal which results in them getting $600 over MSRP.

    We absolutely love the car, but may have to start looking at something else. The Optima is very popular and there is just not a lot of inventory in my area. Most of the ones we've looked at have been on the lot two months or less.
  • pknopppknopp Member Posts: 13
    Leasing our Rio was one of the most difficult automobile transactions I've ever done. I would have gave up if not for it being the car my wife decided she wanted.

    It was first of all, difficult to find a SX with leather. Then we also had a difficult time getting dealers to discuss numbers outside of payment.

    I finally found a dealer 4 hours away willing to give me the exact figures. (MF and residual) They were also straight on the lease money and what they would sell for. ($150 over invoice)

    I was willing to pay the aquisition fee which means they were still making around $1000-$1100 or so. Anyway, while we were dealing another salesperson sold the car. I called all around 500 miles from me. Some wanted over MSRP (which I was not going to do) and others refused to even talk to me over the phone.

    I went back to the local dealer and handed him the deal I had at the first dealer. They agreed to do the deal +$200 since they didn't have the car and would have to go get it.

    It shouldn't be this hard.
  • daveh87daveh87 Member Posts: 1
    Hi bostonben,

    Do you know the name of the dealer where you able to get negotiate that lease for an Optima SX? I'm in the market looking to lease an SX and near the Boston area.

    Thanks!
  • bostonbenbostonben Member Posts: 71
    I never purchased so your mileage may vary, but the dealer who was most straightforward via email was Lev Kia in Framingham. Herb Chambers Burlington ended up having the best price, but it was harder to get them to disclose lease numbers without 10 follow up phone calls.
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