Residual is calculated from msrp… not selling price. So, with a residual of 55% on a $27365 car, it would be about $15050.75. Since your selling price is $17790, $17990-$15050.75 = $2939.25
$2939.25 is what you’d be paying for the course of 3 years. Of course, don’t forget to factor in the MF.
See below for my detailed calculation.
That’s with $6000 in rebate and not including the $400 college grad incentive. Also, this is with $0 total drive-off. Everything has been rolled into the monthly payment. You will only make 23 payments as first month’s payment is also rolled in.
Wow, if your dealer is making all that effort and keep moving numbers around, I would look for another sales person or dealer as they are not being transparent at all.
They gave you a payment, since you challenged it, they are now using a different calculation…
thanks to everyone that has helped. The problem is that out of 3 dealers, only 1 has any optima hybrids.
others just have regular optima.
I think that that sales person and I are close being on the same page, the problem is that instead of an msrp $26k to negotiate off of, all of theirs have an msrp of $31k or more…so with that msrp, ill never get to the low $200’s
Hi all…first of all I would like to say thanks to this forum and Ivan who helped me get a very good deal on 2016 Optima Hybrid EX model.
I was able to score following deal:
2016 Optima Hybrid EX with Bumper Applique and Cargo Net Package
24 Months lease
12K miles / year = total 24K miles
I put 1500 down just to bring monthly payment lower. This was one mistake I made because MF is 0.00011 so I should have done 0 down but oh well…first time leasing so learning lessons.
So with 1500 down, and OC Socal tax - the monthly is 174.92 for 23 months. The down payment included first month of payment.
Total equates to be $5523.16/24 = $230.13 monthly
BTW…1500 down on Fiedlity credit card earns 2% cashback so I really end up spending $5493.16 ($30 less) which brings monthly slightly down to $228.88.
This deal could have been even better if I was recent college grad or active military.
@llomll I’d also like to know which salesman.
Yesterday I went to Kia of Riverside and showed them the lease @Ivan_D received and told them I wanted to replicate it. They came back with an offer of 300/mo with no explanation of how they got to that number after running my credit and seeing a near perfect score and refused to show me, so I walked.
Went to kia of downtown LA. Adam sukkar was the sales guy. No hassle for LX pricing that Ivan_D got.
However, since I went with EX (LX wasn’t available for interior color I wanted) - I had to negotiate at the guy above Adam’s position (internet sales director).
I was the last guy to leave dealership that night around 12:30am. Take a friend with you to help negotiation. Having a friend with me was very helpful with negotiating.
I would suggest not to allow dealers run your credit until you have settled on numbers. Too many inquiries may hurt your score especially if you are shopping around lease deals.
