Hi!
I’m in Northern California and noticed this offer on the Kia website. I’d like to lease then buy out to take advantage of the $7,500 tax credit (at least partially). I don’t otherwise qualify for it due to income restrictions.
I’m new to how this works but would appreciate any advice with filling out the Leasehackr Calculator (which is awesome). Specifically, “Application of $7,500 EV Lease Bonus includes $5,000 capitalized cost reduction and $2,500 of residual value support.” - what does this mean? How should I reference this national offer when contacting local Kia dealers?
Cut/Paste from https://www.kia.com/us/en/offers:
$329/month
36 Months
$3,999 Due at Signing for Well Qualified Lessees. Includes $7,500 EV Lease Bonus.
($5,000 as a cap cost reduction and $2,500 of residual value support).
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Closed-end lease based on new 2023 Niro EV (Model #V1242) subject to credit approval, dealer participation, and vehicle availability. Offer shown based on $3,999 due at lease signing including $329 first monthly payment, $3,020 capitalized cost reduction, $650 acquisition fee, plus tax, title, license and registration fees, dealer conveyance fee, processing fee or optional service fee and any emission testing charge. No security deposit required. $7,500 EV Lease Bonus not available for cash. Application of $7,500 EV Lease Bonus includes $5,000 capitalized cost reduction and $2,500 of residual value support. An additional $361.25 of residual value support will be provided by Kia America, Inc. for a total of $2,861.25 of residual value support. Application of $5,000 capitalized cost reduction results in net capitalized cost of $32,855. Offer shown total lease payments are $15,514. Actual payments may vary. Purchase option at lease-end for offer shown of residual value of $27,795.00. Lessee is responsible for insurance, maintenance, repairs, $.20 per mile over 10,000 miles/year, excess wear, and a $400 termination fee*. Lease offer applies to Niro EV (MSRP $40,875, includes freight, and excludes taxes, title, license, additional options and retailer charges). Actual prices set by dealer.Must take delivery from retail stock by 7/5/2023. Dealer contribution may vary and could affect actual lease payment. See dealer for warranty and lease details or go to kia.com.
*Termination fee for all states except CO, IN, IA, KS, ME, OK, SC, WI, WV & WY.
*WI termination fee: The amount of the base monthly lease payment or $400, whichever is less.
*CO, IA, KS, ME, OK, WV & WY termination fee: The amount of two times the base monthly lease payment or $400, whichever is less.
*IN & SC termination fee: The amount of three times the base monthly lease payment or $400, whichever is less.