Does anyone know if Kia qualifies for the 7500 credit and if they pass it through to us on leases?
Kia does not qualify on a purchase. It would on a lease, but they Kia Financial doesnt pass it through currently. Ally passes it through some of it on some models on kia leases.
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Ally gives it on the PHEV Kias
How does this work? (sorry, a leasing newbie). Even if I had the cash to buy it out, I’d still be paying the rent charges as per contract? And now I take loan from some other bank, I’d be paying interest to them as well. Or does it only work if you’re a true cash buyer who’s trying to get this $7500 by leasing. But most likely, your 3 year rent charges will be more than $7500, isn’t it? What am I missing?
Rent charge is earned monthly. You would only pay rent charge for the months you had the lease.
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So, if I have a $1000 base monthly payment + $200 rent charges monthly + state tax (CA) with 35 payments left, I can buyout that lease for $35000 ($1000*35) + the buyout listed + sales tax? Is that true for all lenders or only certain lenders will do it?
There are sometimes some buyout fees as well, but yes, thats correct. I have never seen a lease that doesnt do that (other than tesla that doesnt let you buy out), but i suppose there could be some that dont.
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Plus Acquisition (You paid this before you started the lease and is part of your Monthly), and maybe plus Disposition. (Depends on the company)
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and maybe plus Disposition. (Depends on the company)and maybe plus Disposition. (Depends on the company)
In my case, MBFS. But their disposition fee of $595 is only you return. MBFS has a $150 purchase option fee.
If I understand this correctly if you got screwed on MF, this could be one way to correct it by taking a cheaper loan elsewhere. However, you’re taking a gamble on the RV being what they claimed it to be. Am I correct? Of course, your payment will be higher as now you owe payments on full car value + taxes. It shouldn’t matter even if I put any DAS, does it? It would have gone towards your CCR anyway.
One thing is when I look at my payment in MBFS app, it only shows me total payment as Base monthly payment + taxes. Base monthly payment already includes the monthly rent charges. By this logic, if I ask for lease buyout, they will give me an amount which is calculated without the rent charges, not including rent charges? Somehow I got a different impression from reading the contract details but maybe I was misinterpreting it.
Mbfs, in some states, charges a 4% early buyout penalty
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Not surprising. It would have been broken out on your lease contract.
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Been looking into this more and the Sorento PHEV is assembled in S Korea, so it shouldn’t be eligible for the $7,500 … at least according to one VIN I found and searched on Alternative Fuels Data Center: Electric Vehicles with Final Assembly in North America
If you purchase under Section 30, it isn’t. A lease falls under Section 45, which doesn’t have the NA final assembly requirement.
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Fantastic. Now to find a dealer who will lease with Ally. I posted earlier in this thread about likelihood of positive equity in my 2021 Sorento hybrid - and yesterday got a “can we please buy your car” text from the dealer.
You have been marketed-to. Do your own research on what your Sorrento is actually worth.
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Everyone receives a similar message, they just want to get you into the door.
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I’m aware - just funny timing.
Every dealer within 100 miles of Denver, including the big stores doing a lot of out of state Tellurides, indicated 12 months wait on the PHEV Sorento. They have orders stacked up without movement. No store will lease through Ally, and no one could speak to the tax credits. Tough.
Interesting question, if you lease a VW ID.4 and then immediately buy the lease out do you lose the 3 years free charging at Electrify America?
You still keep it. They link it to a EA account.
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At least until they finally figure out plug and play by VIN and lock out cars that change hands on paper.