So I’ve been in talks with about 5-6 KIA dealerships since I want to lease this month. So far, one dealer has given me their OTD and selling price… Where do I go from here (assuming I already have the MF, RV, etc.? Do I negotiate the OTD or selling price? There seems to be mixed opinions on this question
When I do negotiate, like on the selling price, how far do I go down? Is there a general percentage to go off of?
Would it be wise to negotiate the invoice price instead??
You need to negotiate the selling price before rebates. If you don’t know what the base rate is and think you can negotiate the MF, then you need to read A LOT more before you actually lease. The base rate is the money factor direct from the leasing company without any markup from the dealer. You CAN negotiate so that it is not marked up from the buy rate, but you CANNOT negotiate below that. .00197 sounds about right for a Kia and that is non-negotiable
You cant negotiate the money factor down, but if a brand offers multiple security deposits (MSDs), you can buy down the money factor. I believe BoardWalkNJ didn’t say this because I don’t believe Kia does MSDs, but it is something to be cognizant of, say you go to a different brand.
So it does look like Kia does offer MSD’s and also 1-Pay
This is where people keep giving me mixed opinions, because many have said I can negotiate (people and websites included) the MF and some have said that .00197 is a bit high and that I could start negotiating at 3% (credit should be good).
Is there a specific website to find the base rate? I’ve already posted on Edmund’s and they gave me the MF and stuff already.
Kia’s tend to be better financed cars since they have high discounts and 0% APR for up to 72 months a lot of times. They are also great CPO cars since their residuals are pretty bad.
rebates come off the price of the vehicle. It isn’t a traditional rebate where you get a check. You’ll see it in your finance paperwork when you purchase/lease the car.
Huh? You want to negotiate BEFORE incentives are thrown in. “I want your best price before incentives.” Get as much discount off MSRP BEFORE incentives are added in.
If Edmunds says your MF should be .00025, that is the base money factor, or Buy rate. If the dealer comes back and says your MF should be .00050, you know they are marking it up. If they say it’s going to be .00025, you know they are being honest (at least about the MF) and aren’t trying to make extra profit off of your interest rate. They won’t be able to go lower than .00025, nor will you be able to ask for lower than .00025. Edmunds knows the Buy rates.
Been in talks with several KIA dealers and finally pretty much settled on a deal. The deal is 20700 selling price, 15k miles 24months for a 2018 optima LX (base) and they handle my 2 remaining payments on my lease (which I’ll have to talk to the boss about them taking it or just rolling it over which I don’t want that). I also agreed to pay first month and license fee and that’s it.
Got another lease breakdown with the new offer and another KIA dealership said the deal seems too good to be true and they might be adding hidden fees like VIN etching etc.
A few things made me raise my eyebrow. The first being how come he added 500 customer cash in the second breakdown and not the first (it also shows this under “due on delivery”? Would this be the license and first month? Because that doesn’t add up to 500.
On the bottom right the second breakdown shows “F&I profit $150” what is that and why didn’t it show on the first one?
I know he didn’t check the box for Acquisition fee and aside from $218 prior lease balance his calculations seem to pretty much add up to the leasing calculator. It’s only off about 2 bucks which is nothing. For clarity, on the leasing calculator everything is the same and I checked zero drive off and $0 for license/registration.
Am I missing something? Is there any hidden fees that he’s sliding in?
