I need to consult the family accountant tonight (fiance). I am leasing a 2016 Kia Optima, that has 33K on it dealer is giving me more than the payoff, and coming off the car from what I can tell, pretty well. I am trading the Optima in…seems good since the car is nearly 3 years old and able to break even + equity.
I’m not sure where everything goes in the calculator, but I’m coming up a little lower than what they are quoting me…the sales guy is a personal friend so I’m sure he’s not marking up anything, and if so minimal.
The only real problems with the Stinger is that it has a Kia badge and is expensive, and you already lol’d at the abysmal RV. The Stinger forums are awash in folks paying double this with money down. If you want the car, pull the trigger (but have them cut you a check for the $2200), it’s about the best you can do on this. You should retain positive equity for at least the first year with the big rebate.
Personally, I really like the Stinger GT2, and if I really wanted one I’d wait 2 years when will likely be all over the place for $20k with 30k miles on them.
I have a Stinger GT AWD. Final out the door price was 37,8k. I’m paying 495 a month. I think my RV was around 50 percent and mf of .0022. they offered my 6k for my trade and my payoff was 12,2k. (Don’t ask me about the trade, I don’t want to talk about it ).
I ended up putting down 5,500 just to cover negative equity and still ended up with a 495 payment.
I think you can do way better with the numbers you’re showing.
No, I paid off my auto loan and in the process negotiated down on a Stinger to just pay 495 a month. They initially came at me with over 550 a month (after rebates and discounts).
I considered handling the lease and trade as two separate transactions, since they had to be because I was so under water on the trade. They offered me 6k for the trade, but I appraised the car at multiple other dealerships and the best I could do elsewhere was about 4,5k.
Mine is the base GT AWD. I just wanted the car and didn’t care much about the features.
I didn’t realize you were doing 36 mo/12k mpy, 550 is good in my opinion. I misread your post initially so I sincerely apologize. That’s on me for not paying closer attention to the numbers.
The way I read it, you gave them a car and a check for $5,500. Is that not what happened? If so, then you are leasing a Stinger for $11,500 down and $495 a month.
Nope, because the payoff was over 12k. I had negative equity. The car trade and the check for 5,5k was to cover the negative equity on the car.
I had a very difficult decision to make and a lot more went into it other than “I really want this Stinger.” I actually loved the car that I traded in, but it had to be done. I’m not going to get into it anymore because I simply don’t think it’s anyone’s business.
If you like it, get it. The numbers are not going to be hacker worthy. $525 -$550 with first payment due at signing, is the very best I have seen for this car.
I guess the semantics is there… I could have just as easily sold the car private party for 4 or 5k and covered the rest of the buyout with my personal cash and then walked in off the street and negotiated the Stinger with no money down, I’m confident I would have had the same outcome. So yeah, the only benefit was that I got more money for my car than if I had sold private-party and didn’t have to deal with actually selling it private-party. It was a single transaction.
I guess you guys can see it as putting 11,5k down on a Stinger. Money doesn’t materialize out of thing air though and I still had to cover the negative equity, somehow regardless of how I did it. This way, I believe I got more money than I think I would have otherwise… I mean, Carmax offered me 3k for the car, so there’s that.
I asked him if he could keep payments the same, cut me a check for $2,200 for the trade difference.
They are having to go to another dealership (out of state) to get the color combo, so waiting on that before I tell them I’m in. If they lose holdback, my option is a Black/Red GT2 AWD. GA heat makes that a big nope.
If the other dealer agrees to transfer holdback/etc we are solid.
It’s a crap ass payment all things considered. I really do like the car and with that warranty…the garbage RV kinda of works in my favor when it’s time to either hand the keys back, or buy it. I can also lease it and buy it out instantly and take advantage of the incentives that aren’t rolled into the retail pricing.
No, I agree with you, the leases are not good. I’m sincerely wondering how you would have handled having a 12,2k dollar loan on a car worth 4k (fair market evaluation).
I felt like I got good money for my trade and I had cash on hand to cover the negative equity. I know you guys see it as putting 11,5k down, but I couldn’t get away from the loan.
I don’t have illusions about this, I know it’s not a hackr-worthy deal and it’s closer to 2% of MSRP… (pretending the trade was a wash had it not existed). I like the car and I could afford the monthly payments and I don’t have to worry about my trade anymore so I was happy.
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