Kia Stinger Purchase/Lease Cheat Sheet - MFs & APRs

[MurlinatoR]

[MENTION=291]MurlinatoR[/MENTION]

Question if I may. My dealer is saying that I can NOT buyout the lease at any time. If I choose to buy the car I have to pay all the remaining lease payments. Which isn't making a whole lot of sense. If you run the #'s on a GT2 with the $6,500 KMF cash and a money factor of 0.00199, they are saying the lease payment is around $630/month (after $3k down payment at signing).

According to my math; 36 months x $630 = $22,680
Residual Value = $26,213
Down payment = $3,100
-------------------------------
Total cost $51,993 which is pretty close to the MSRP of the vehicle.

Are these leases set up to wipe out the $6,500 KMF cash??? Or am I missing something?

Thanks in advance for your help.

[MENTION=238]mjsteelega[/MENTION]

Okay.... so YES you can buy out your lease any time. YES you have to pay your payments. Any contract requires fulfillment.

Yes, you are also missing something. Your payments have a few thousand dollars of fees built into them that you're not accounting for when subtract from MSRP.

There's probably $2,500 in fees plus the acquisition fee. When you add those to the math, you can see the rebate saving you some dough.

Also remember, when you buy your lease out, you're saving interest that you WON'T pay that is mathematically included in your payment estimate. In short, your buy out of the payment portion will be less than the sum of your payments.

Does that make sense?

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[MurlinatoR]

The more I look into the #'s, the KMF cash is nothing more than a huge BAIT and SWITCH.

Oh look, we're offering $6,500 cash off the car, just sign our lease (which you CAN NOT TERMINATE EARLY) and you'll pay us back the KMF cash!

See my notes

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[MurlinatoR]

Early pay-off varies by state laws. I was told I can do that in Arkansas, but my car won't be in until March.

You can ALWAYS buy your lease out.

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[mjsteelega]

[MENTION=238]mjsteelega[/MENTION]

Okay.... so YES you can buy out your lease any time. YES you have to pay your payments. Any contract requires fulfillment.

Yes, you are also missing something. Your payments have a few thousand dollars of fees built into them that you're not accounting for when subtract from MSRP.

There's probably $2,500 in fees plus the acquisition fee. When you add those to the math, you can see the rebate saving you some dough.

Also remember, when you buy your lease out, you're saving interest that you WON'T pay that is mathematically included in your payment estimate. In short, your buy out of the payment portion will be less than the sum of your payments.

Does that make sense?

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[MENTION=291]MurlinatoR[/MENTION] Uhhhh... no, Contracts do not always require "fulfillment. Leases are just loans packaged a different way. If you pay off a loan early, you save lots of interest that you would have paid if you paid over time. That is what amortization schedules are for. But apparently, Kia leases (or maybe in some states) work differently. I've leased many a BMW and have never seen this.

"Also remember, when you buy your lease out, you're saving interest that you WON'T pay that is mathematically included in your payment estimate."
You do not save a nickel. If you pay every payment, whether you pay one lump sum of all the payments or you pay them over the 36 months, it is the exact same amount of money.

So essentially, this vehicle that is $52,615.67 (all in taxes and all) is going to cost me $51,993. That is a $622.67 savings + financing over 3 years, which amounts to about $1,400. So total savings is about $2,000. So Kia is wiping out $4,500 of the "KMF cash" with hidden charges. If I take the 0% financing that is offered instead, it really make the lease more attractive by only $622.67 and makes the interest savings irrelevant.

That my friend is a BAIT and SWITCH if I have ever seen one. Transparency is key my friend. As more people learn this, it will not help Kia's brand. You can't pull the wool over the eyes of people spending $50k on a car like you might someone spending $15k.

I still love the car. In my opinion, Kia salespeople need to learn how to sell to people who are more financially astute if they want to continue to sell $50k+ cars.

 

[MurlinatoR]

[MENTION=291]MurlinatoR[/MENTION] Uhhhh... no, Contracts do not always require "fulfillment. Leases are just loans packaged a different way. If you pay off a loan early, you save lots of interest that you would have paid if you paid over time. That is what amortization schedules are for. But apparently, Kia leases (or maybe in some states) work differently. I've leased many a BMW and have never seen this.

"Also remember, when you buy your lease out, you're saving interest that you WON'T pay that is mathematically included in your payment estimate."
You do not save a nickel. If you pay every payment, whether you pay one lump sum of all the payments or you pay them over the 36 months, it is the exact same amount of money.

So essentially, this vehicle that is $52,615.67 (all in taxes and all) is going to cost me $51,993. That is a $622.67 savings + financing over 3 years, which amounts to about $1,400. So total savings is about $2,000. So Kia is wiping out $4,500 of the "KMF cash" with hidden charges. If I take the 0% financing that is offered instead, it really make the lease more attractive by only $622.67 and makes the interest savings irrelevant.

That my friend is a BAIT and SWITCH if I have ever seen one. Transparency is key my friend. As more people learn this, it will not help Kia's brand. You can't pull the wool over the eyes of people spending $50k on a car like you might someone spending $15k.

I still love the car. In my opinion, Kia salespeople need to learn how to sell to people who are more financially astute if they want to continue to sell $50k+ cars.

Wow......

Hey, take a chill pill, bud.

You are calling names and throwing insults where they don't belong.

What you need to understand is that WHEN YOU BUY OUT YOUR LEASE, they do NOT add the interest. It's simple interest. Just like a loan. Don't do a single pay. Do a regular lease and then refinance it. I promise you that the amount will not include the interest.

I have PERSONALLY bought my last 2 Kia's this way and know it to be true.

Or, you can get pissed and call me names. *shrugs* it's your evening to do what you want with. LOL

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[MurlinatoR]

[MENTION=291]MurlinatoR[/MENTION] Uhhhh... no, Contracts do not always require "fulfillment. Leases are just loans packaged a different way. If you pay off a loan early, you save lots of interest that you would have paid if you paid over time. That is what amortization schedules are for. But apparently, Kia leases (or maybe in some states) work differently. I've leased many a BMW and have never seen this.

"Also remember, when you buy your lease out, you're saving interest that you WON'T pay that is mathematically included in your payment estimate."
You do not save a nickel. If you pay every payment, whether you pay one lump sum of all the payments or you pay them over the 36 months, it is the exact same amount of money.

So essentially, this vehicle that is $52,615.67 (all in taxes and all) is going to cost me $51,993. That is a $622.67 savings + financing over 3 years, which amounts to about $1,400. So total savings is about $2,000. So Kia is wiping out $4,500 of the "KMF cash" with hidden charges. If I take the 0% financing that is offered instead, it really make the lease more attractive by only $622.67 and makes the interest savings irrelevant.

That my friend is a BAIT and SWITCH if I have ever seen one. Transparency is key my friend. As more people learn this, it will not help Kia's brand. You can't pull the wool over the eyes of people spending $50k on a car like you might someone spending $15k.

I still love the car. In my opinion, Kia salespeople need to learn how to sell to people who are more financially astute if they want to continue to sell $50k+ cars.

.....and now that I'm picking apart your rant; you're also doing your payment math wrong. You're multiplying by 36 payments when in fact your first payment is included in your total down payment of $3,000. Thus, you are an additional $630 to the good on savings when you multiply by 35.

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[MurlinatoR]

.....and now that I'm picking apart your rant; you're also doing your payment math wrong. You're multiplying by 36 payments when in fact your first payment is included in your total down payment of $3,000. Thus, you are an additional $630 to the good on savings when you multiply by 35.

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*sighs*

Listen, I'm going to apologise for getting elevated. I love you [MENTION=238]mjsteelega[/MENTION]

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[mjsteelega]

Wow......

Hey, take a chill pill, bud.

You are calling names and throwing insults where they don't belong.

Or, you can get pissed and call me names. *shrugs* it's your evening to do what you want with. LOL

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I am not "pissed" at you. I don't like "hidden" fees amounting to several thousands of dollars. Can't think of why anyone else would.

I posted here and @mentioned you the question as you posted the original KMF sheet with numbers. My thinking was that since you posted the information, you might be able to explain them. Sorry if I was mistaken. I'll look elsewhere to see if I can find someone who can.

And exactly what name did I call you? You state "You are calling names and throwing insults where they don't belong." And I apologize if you took my last line as an insult. INHO, any salesperson should be able to clearly explain how a $17,800 loan carries $4,800 in interest over 3 years. If they can't, it makes it look as though they are hiding something. '

Number don't lie. $22,600 over 3 years on a $17,800 loan equates to something like a 17.5% APR. That's like a credit card.

 

[mldavis2]

Any word on whether these lease rebates and interest rates will continue into March? Or will the end in February? And if so, what's next, [MENTION=291]MurlinatoR[/MENTION]?

 

[MurlinatoR]

Any word on whether these lease rebates and interest rates will continue into March? Or will the end in February? And if so, what's next, [MENTION=291]MurlinatoR[/MENTION]?

Hahahaha

Hey [MENTION=456]mldavis2[/MENTION]!

There is a 0% chance that it will go away for March. I never know the new programs until the day after the old ones end. They will adjust it some, but I don't expect much. We're on the cusp of the Spring season and I'm already starting to see traffic pick up on the Stinger. I'm delivering another one this afternoon.

 

[mldavis2]

Hey [MENTION=456]mldavis2[/MENTION]!

There is a 0% chance that it will go away for March. I never know the new programs until the day after the old ones end. They will adjust it some, but I don't expect much. We're on the cusp of the Spring season and I'm already starting to see traffic pick up on the Stinger. I'm delivering another one this afternoon.

OK. Didn't know how much advance notice you guys get on this stuff. Mine isn't due until first week of March. I have the VIN a week ago, but don't think they will get it in for the end of Feb totals. Long drive from S. Korea....

Thanks for your help, [MENTION=291]MurlinatoR[/MENTION]. Hope you're selling a bunch (and able to get all you can sell.) I see people having to wait months for certain colors like white and "concrete."

 

[MurlinatoR]

OK. Didn't know how much advance notice you guys get on this stuff. Mine isn't due until first week of March. I have the VIN a week ago, but don't think they will get it in for the end of Feb totals. Long drive from S. Korea....

Thanks for your help, [MENTION=291]MurlinatoR[/MENTION]. Hope you're selling a bunch (and able to get all you can sell.) I see people having to wait months for certain colors like white and "concrete."

Well, if it's close, you can get it reported to Kia as sold and buy it on paper to lock in the programs now. What's the last 8 of your VIN?

 

[mldavis2]

I'll have to get it from the dealer - just told me he had it. They also said they couldn't do the paperwork until the car was delivered, but maybe I misunderstood and he meant the VIN and not the car itself. I would "think" they'd want to get it on this month's sales.

 

[MurlinatoR]

I'll have to get it from the dealer - just told me he had it. They also said they couldn't do the paperwork until the car was delivered, but maybe I misunderstood and he meant the VIN and not the car itself. I would "think" they'd want to get it on this month's sales.

Remind me again what you're getting and I'll get you your VIN. GT2 AWD 19" in SWP???

 

[mldavis2]

Remind me again what you're getting and I'll get you your VIN. GT2 AWD 19" in SWP???

GT1 AWD 19" tires VIN ....019261

 

[MurlinatoR]

GT1 AWD 19" tires VIN ....019261

Okay, let me look...

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[MurlinatoR]

GT1 AWD 19" tires VIN ....019261

Black with red interior?

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[MurlinatoR]

Black with red interior?

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Wait... That vin is for a GT2, not a GT1.

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[mldavis2]

Nope. I gave you only 6 and you asked for 8. Sorry.
GT1 AWD DriveWise "....J6019261"

 

[MurlinatoR]

Nope. I gave you only 6 and you asked for 8. Sorry.
GT1 AWD DriveWise "....J6019261"

Okay, so after looking through every vehicle in the US, that vehicle HAS to be in the water still on its way from Korea which means that it's still a good 3-5 weeks away from dealer arrival.

It is not in the dealer allocation system at all. When that's the case, it means one of three things: 1) vehicle has not been assigned to a dealer yet, vehicle is already reported as sold, or the vehicle does not exist.

If you PM me with the full VIN I can try to dig further, but I'm guessing that you might not have it until at least April.

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