Just agreed to a lease on a 2022 Kia Niro EV EX lease.
36 months
15K miles
$338 payment
First payment due at signing
I agreed to trade in a 2021 Kia Seltos SX Turbo with 13,750 miles on it. The Seltos is currently in the local shop getting a new catalytic converter installed that was stolen and the Niro is scheduled to be delevered at the dealer on November 22nd. It is on a boat in the Atlantic right now going to Philly port.
The dealer also agreed to deliver the car from over 2.5 hours away and pick up my trade. All I had to do so far was put down the first payment as a deposit also. The MSRP and selling price were $42,265.
So itâs not first payment due at signing. Itâs first payment AND a yet to be determined amount of equity due at sale.
I wouldnât move forward with this until youâve at least quantified what that amount is. It may be a good deal or you may be leaving thousands of dollars on the table.
The equity was already determined to get to the payment. The payment is $338 including my trade, that is the deal I agreed on. Not sure why you think the trade equity isnât determined.
The current lease buyout is either $26,666 and my trade is valued at $30K. The equity is $3,334 and that is being used as a downpayment to get to the $338 price.
$3,333 equity gets me to $338 price. I got other offers from other dealers with $3,350 equity. On my Kia Financial page it says the buyout is $26,660 but the other dealers with the $3,350 equity have the buyout a little less. If the buyout at the time of the lease signing is less the $338 payment will go down.
Kia still allows 3rd party sales by all accounts, there just are quite a few dealers that wonât work with them because of how long they take to send titles. More importantly, you can use the info from 3rd party sites to baseline the quality of the offer youâre getting. Datapoint first and then worry about executing.
So, what @mllcb42 is saying: You would be paying $421/mo including your â$3334 down paymentâ, further he said to check and see what other vendors would offer for your Seltos and compare that to what the dealer is offering. You would be selling to a 3rd party and not turning in early⌠read the 101 pages here on the website to find out moreâŚ
Edit: Just looked up at carbuyerusa.com and for CA they can offer up to $31.141 for that model/miles so you may be leaving some $1,141 in equity there
I live in VA not CA. Where is the $421 coming from? The payment is $338 on this deal. I jus got another deal from another dealer where they make the first payments and everything else is the same but the payment is only $319/month.
I took my Seltos to Carmax and they offered my $30K for my Seltos. I was told from them and a Honda dealer Kia wonât let anyone else buyout a current Kia lease except Kia.
Ok:
$338x35months+$3334 âdown paymentâ DAS whatever they wanna call this=$15164 /36months=$421/mo
I donât know what an actual lease goes for the '22 Niro EV but you can reach out to some of the dealer members on here (use that search button) and find out⌠before you sign anything
and the Niro is scheduled to be delevered at the dealer on November 22nd. It is on a boat in the Atlantic right now going to Philly port.
