Lease Buyout - How to get the best deal on a Kia Stinger!

[Tonezorz]

Hey there [MENTION=1381]Tonezorz[/MENTION], welcome to the forum!

What [MENTION=983]Bballhog[/MENTION] is accurate. The difference of 3% in finance charge doesn't outweigh the huge lease incentive.

No, it's not used. It's yours. LOL

If you wait until the lease runs out, you end up paying DOUBLE interest on the 2nd half of your car.

I ask about used in that when I've using a credit union to finance a car they have different interest rates for new/used. I was assuming performing the early lease buyout would still flag as a "used" car, and therefore land me a higher interest rate.

I do think I understand now that even with a higher interest buyout loan, the lease then immediate buyout is still the best way to get the best deal. Wish I lived in IA to just go through you!

Thanks for the information.

 

[xpaths]

GT AWD with ADAS Package

MSRP: $43,690

Your Price: $39,965

Virginia Sales Tax: $1,659 - this would be due at signing

Money Factor: .00229

Residual - 52%

Lease Cash - $5800

Doc Fee - $149.50

Title Fee - $15

Tire Tax - $1.25

Monthly Payment - $494 - this is figured with first month's payment due at signing.

This is from an IN dealer, though i'm in VA. So far the dealers here in VA have been terrible. Does this seem like a good deal?

 

[Daniel]

So I'm trying to complete a lease buyout and didn't put anything down when I leased the car. I went to my credit union and got pre-approved to cover the $42,000 that the loan buyout document states. But I want to put down $5000 cash to lower the loan amount to $37,000. The credit union stated they only fund it based off the loan payoff request and that I would have to pay $5000 to KMF first to change the buyout amount. Would this be the correct way of using my $5000 cash? Will the $5000 cash be applied appropriately if I paid it to KMF first? I rather get a loan for $37,000 from the bank and add my $5000 to cover it one check.

 

[MurlinatoR]

So I'm trying to complete a lease buyout and didn't put anything down when I leased the car. I went to my credit union and got pre-approved to cover the $42,000 that the loan buyout document states. But I want to put down $5000 cash to lower the loan amount to $37,000. The credit union stated they only fund it based off the loan payoff request and that I would have to pay $5000 to KMF first to change the buyout amount. Would this be the correct way of using my $5000 cash? Will the $5000 cash be applied appropriately if I paid it to KMF first? I rather get a loan for $37,000 from the bank and add my $5000 to cover it one check.

Hey [MENTION=1221]Daniel[/MENTION], good to have you!

That's the silliest thing I've ever heard a bank say. LOL

Call Kia. Get your lease buyout. Thell the bank that you're going to refi that amount less your $5k down payment. Really simple.

 

[Daniel]

Hey [MENTION=1221]Daniel[/MENTION], good to have you!

That's the silliest thing I've ever heard a bank say. LOL

Call Kia. Get your lease buyout. Thell the bank that you're going to refi that amount less your $5k down payment. Really simple.

That's what I thought. I called KMF and asked them what would happen if I sent them 5K. They said it would apply towards future payments and NOT apply towards the buy out price. So I don't understand why my credit union is being a stickler and do the loan amount on what the buyout package states.

 

[MurlinatoR]

That's what I thought. I called KMF and asked them what would happen if I sent them 5K. They said it would apply towards future payments and NOT apply towards the buy out price. So I don't understand why my credit union is being a stickler and do the loan amount on what the buyout package states.

Technically, it WILL lower the buyout amount. It will reduce the remaining payments due on the account which in turn does lower your remaining buyout.

Just make the bank take it. LOL

 

[Stingirl]

Just pulled the trigger last night for a Pearl White/ Red GT. Surprisingly, it was financed through Hyundai Lease Titling Trust. Here in Florida I will have to come back to the dealer to complete the buyout.

 

[MurlinatoR]

Just pulled the trigger last night for a Pearl White/ Red GT. Surprisingly, it was financed through Hyundai Lease Titling Trust. Here in Florida I will have to come back to the dealer to complete the buyout.

Congrats!

I have heard that about Florida.

 

[Rydahog]

Please follow up with what happened at dealer with the buyout transaction, so I know what to expect... Lol

 

[GronkSoyFiesta]

Any idea of what Sept lease cash might look like?

 

[MMB22]

I too am torn between buying now and taking advantage of the lease buyout option and waiting for 2019 model. Does anyone know KIA's history with lease cash back incentives? Is this common and likely to continue for the foreseeable future or is it more rare based on demand? I know there is no one that can guarantee anything but if this incentive has been there for years, I am more inclined to wait.

I'm thinking the same thing wait until the right time of year and hope the lease cash is as generous as it was for 2018, but I am not sure if it is just because the Stinger is in First year or if they really want them to go off the lots. To me it's a trade off between getting towards the end of the production year and having more negotiating power to lower the price vs getting a great Lease Cash offer to boot. It would really suck to wait and then see the lease cash disappear and may end up with a better option to buy sooner than later.

I've seen on the first post to go through Costco to get the best price on the car but I'm curious if others have had that success or do they find a better deal just negotiating without the Costco discount?

There are a couple of Kia Dealerships here in AZ Phoenix Area that seem to have wildly different prices. One dealership has a 2019 GT1 for sticker price of 49k while the other has a 2019 GT2 for 46 K so I'm just wondering if a higher volume dealership is more inclined to give steeper discounts vs the smaller one maybe? I was looking at a GT1 but if the GT2 is discounted that much I may be willing to put a little more for the upgrade.

 

[MurlinatoR]

I'm thinking the same thing wait until the right time of year and hope the lease cash is as generous as it was for 2018, but I am not sure if it is just because the Stinger is in First year or if they really want them to go off the lots. To me it's a trade off between getting towards the end of the production year and having more negotiating power to lower the price vs getting a great Lease Cash offer to boot. It would really suck to wait and then see the lease cash disappear and may end up with a better option to buy sooner than later.

I've seen on the first post to go through Costco to get the best price on the car but I'm curious if others have had that success or do they find a better deal just negotiating without the Costco discount?

There are a couple of Kia Dealerships here in AZ Phoenix Area that seem to have wildly different prices. One dealership has a 2019 GT1 for sticker price of 49k while the other has a 2019 GT2 for 46 K so I'm just wondering if a higher volume dealership is more inclined to give steeper discounts vs the smaller one maybe? I was looking at a GT1 but if the GT2 is discounted that much I may be willing to put a little more for the upgrade.

They are advertising a "lease price" with the lease incentive already included where the other dealer is not.

All dealers pay the same for the car. The difference is how hard you have to negotiate with some dealers compared to others. We all have the same margin to work with. The lease cash will not go away.

And, just food for thought, if you wait to save $1,500 but the resale of your car drops $1,500 because the the year has passed you by, did you really gain anything???

 

[MMB22]

They are advertising a "lease price" with the lease incentive already included where the other dealer is not.

All dealers pay the same for the car. The difference is how hard you have to negotiate with some dealers compared to others. We all have the same margin to work with. The lease cash will not go away.

And, just food for thought, if you wait to save $1,500 but the resale of your car drops $1,500 because the the year has passed you by, did you really gain anything???

That makes sense about the trade, at this point I'm just trying to figure out how to get down to a payoff around 36k with trade and lease cash, however when I see the price on their website they advertise it as a Dealer Discount and it doesn't seem to match the lease cash, maybe it is the purchase bonus cash perhaps?


Take a look here the discount for lease cash I think is $4300 for a GT1 on 36 months, they are advertising the dealer discount of $2,489 off of MSRP. It almost seems like they are coming right out of the gate and saying we know you are not going to pay MSRP so here is a discount hoping that they end the negotiations at that price. I'm not sure what invoice is for a GT1 but I'm figuring they have a little left over for profit even with that discount off the MSRP listed here.

I'm reaching out to a person in the Employee VIP program there to see what kind of price they offer on their end to see if it is lower or how it compares.

 

[MurlinatoR]

Yeah, we discount our cars right up front also.

That's probably fairly close to invoice on a GT1. That dealer that had the price stupid low was adding the lease rebate into it.

Kia does not partner with any companies for employee purchase programs other then if you are employed with Kia directly.

 

[MMB22]

Yeah, we discount our cars right up front also.

That's probably fairly close to invoice on a GT1. That dealer that had the price stupid low was adding the lease rebate into it.

Kia does not partner with any companies for employee purchase programs other then if you are employed with Kia directly.

Probably, I called a costco auto program participating Kia dealership they are stating they can get me the 2019 GT1 RWD in Ceramic Gray for 42,854 not including tax title and license. Guy said he needs to sell some cars before end of the year so I'm heading down to see if I can do the 36k Lease with the 4300 cash off of that and see if I can get at least 5K on my Trade, then I'll do the Lease buyout as soon as it updates. Hopefully it is the real deal but I'll find out in a couple of hours.

 

[MMB22]

So just got back from Dealership, I was going to get a GT1 for 42,854 with 6,200 Lease cash and 4,450 in Trade $32204 without tax title license, only issue was they could not get the color combo I wanted through dealer trade as they were all being sold at other dealerships, They said they would try to make me a deal on a GT2 2019 RWD and came back with around 45,500 K for the GT2, with 6200, at around 39,300, with trade of 4,450 that put me around $34850 before tax title and license. Is that a good deal? I ended up walking for now to figure it out but that seems like a pretty decent deal to me but getting the GT1 for less was more money in the bank account for me as I'm not sure how much of a difference the GT2 to GT1 other than a few extras here and there. I may pull trigger tomorrow after I think on it but I'm not in a rush to get it.

 

[MurlinatoR]

So just got back from Dealership, I was going to get a GT1 for 42,854 with 6,200 Lease cash and 4,450 in Trade $32204 without tax title license, only issue was they could not get the color combo I wanted through dealer trade as they were all being sold at other dealerships, They said they would try to make me a deal on a GT2 2019 RWD and came back with around 45,500 K for the GT2, with 6200, at around 39,300, with trade of 4,450 that put me around $34850 before tax title and license. Is that a good deal? I ended up walking for now to figure it out but that seems like a pretty decent deal to me but getting the GT1 for less was more money in the bank account for me as I'm not sure how much of a difference the GT2 to GT1 other than a few extras here and there. I may pull trigger tomorrow after I think on it but I'm not in a rush to get it.

Buy it.

The GT2 is that much more car, in the color that you want, with the updated features that come on the 2019. Plus it's a year newer so a years worth of resale for a difference of $2,500...

Buy it.

 

[MMB22]

Buy it.

The GT2 is that much more car, in the color that you want, with the updated features that come on the 2019. Plus it's a year newer so a years worth of resale for a difference of $2,500...

Buy it.

I think you are right I called them up and said I'll be there at 10am tomorrow to get it. Then for the Lease buyout you just wait until it is loaded up on the Kia Finance website then request a buyout quote and pay it off from what I'm reading. I'll take a look at the contract make sure there is not someway they will make me pay for insane amount of Money Factor that they have on the lease when I buy it out. From my understanding it is just the $300 for the buyout on the lease assuming that is factored into the quote. The guy said a lot of people are buying the cars like that through them so they didn't even care or were surprised that I was doing it this way.

we'll see , hopefully this time tomorrow I'll have a brand new 2019 GT2!

 

[MMB22]

I think you are right I called them up and said I'll be there at 10am tomorrow to get it. Then for the Lease buyout you just wait until it is loaded up on the Kia Finance website then request a buyout quote and pay it off from what I'm reading. I'll take a look at the contract make sure there is not someway they will make me pay for insane amount of Money Factor that they have on the lease when I buy it out. From my understanding it is just the $300 for the buyout on the lease assuming that is factored into the quote. The guy said a lot of people are buying the cars like that through them so they didn't even care or were surprised that I was doing it this way.

we'll see , hopefully this time tomorrow I'll have a brand new 2019 GT2!

I pulled the Trigger, GT2 Ceramic Grey, with Red interior. MSRP was 51,480 with Freight and Handling.

Gross capitalized cost was $45,399
License and Registration Fees $906.60
Dealer Documentation Service fee? $498.00
Acquisition Fee $650.00
Extended Bumper to Bumper 100k $597.00

Total $48,050.60
Less Lease cash $6,200.00
Less Trade $4,450.00

Total $ 37,400.60

I'd say that seems like a pretty good deal on a GT2 Stinger. Not sure about all the add on fees are those legit? A little higher than what I was wanting but I definitely upgraded. I don't know half of what this car does now I need to read all the manuals. Car had 58 miles on it. Now I just need to figure on what the buyout price is once it is updated in KMF.

Do they email you when it is loaded up or do you need to sign up?

 

[kezzer]

I pulled the Trigger, GT2 Ceramic Grey, with Red interior. MSRP was 51,480 with Freight and Handling.

Gross capitalized cost was $45,399
License and Registration Fees $906.60
Dealer Documentation Service fee? $498.00
Acquisition Fee $650.00
Extended Bumper to Bumper 100k $597.00

Total $48,050.60
Less Lease cash $6,200.00
Less Trade $4,450.00

Total $ 37,400.60

I'd say that seems like a pretty good deal on a GT2 Stinger. Not sure about all the add on fees are those legit? A little higher than what I was wanting but I definitely upgraded. I don't know half of what this car does now I need to read all the manuals. Car had 58 miles on it. Now I just need to figure on what the buyout price is once it is updated in KMF.

Do they email you when it is loaded up or do you need to sign up?

Congratulations