$49/month, huge signing fee - 2018 Kia Soul EV

Marketplace
1

2018 Kia Soul EV

MSRP: $35,035
Selling Price: $31,968
Rebates: $17,600

Months: 36
Annual Mileage: 10,000

MF: unknown
Residual: 35% or $12,262.25

Total Due At Signing: $4193 (all tax paid at signing in New York)
Downpayment: $925
Monthly Payment: $49

Security Deposit Accepted?: Yes up to 3 MSDs

I think we need to go back and somehow decrease the upfront cash payment, but the total least cost seems to come out to less than $6000.

Edit: Just to CLARIFY, the $4193 includes tax on the selling price of the vehicle, the acquisition fee $650, the down payment $925, first month’s payment, and documentation/DMV fee/registration ~$450. The doc and DMV fee was high for NYS but each dealership charges their own processing fee. Plus it’s easier to negotiate the final value rather than Itemize and the negotiate.

We had to pay taxes on the rebate.

2

Wow dude that is pretty awesome. I’m getting a 2017 EVe for a total cost of $8400. Yours seems MUCH better!

3

I would say that is a hack … Pay everything upfront and save even more!

4

Agree. This monthly is so low, I’d just do a one-pay lease.

5

Isn’t the payment in general is about $200 if everything included (rolled in)?

6

Seems like there is absolutely nothing being rolled into the lease (registration, doc fee, bank fee, etc.). If the MF is low, I’d just roll everything into the lease

7

Isn’t New York offer no tax on EVs? Maybe it was NJ, don’t know.
@zegna it seems to be more like $165mo all inclucive.

8

We tried, the dealership doesn’t really care if money comes upfront or in installments since everything goes through the bank. So we were unable to get a discount.

9

Ummmm $49 * 36 * 8.875% is only $156.xx

10

I was under the impression that NYS didn’t do MSDs. Is there a different set of rules for EVs?

11

Wouldn’t the tax be on all the rebates as well? That would bring up an additional $15XX in taxes, as well, but still nowhere near 4k.

12

Isn’t the rebates tax free for EVs? I am trying to recall that BMW i3 deal where incentives were not taxed.

13

I think that component is state dependent. I know here in WA, if it is a full EV (and on an approved list) there is no sales tax at all on lease payments or on rebates.

14

You are probably correct.

15

It’s been a long time (10+ years) since I looked it up, but NYS doesn’t/didn’t technically outlaw NYS dealers from accepting MSD. The law says/said that they couldn’t accept security deposit(s) above a certain amount, like $500 or $750 or something, IIRC. So on a $49 payment you could probably still do MSD, if my recollection/understanding is correct.

However, most people (even dealers) just know ‘NYS = No MSD’ so this may be a quote from a NJ/PA/CT dealer or something.

16

May I ask what your rebates are? That’s quite a chunk you took out of the price haha

17

The federal tax rebate $7500, the NYS ev rebate $1700, and the manager said other KIA rebates but wouldn’t specify which ones. Sorry, I know you wanted to know more but the manager was tight lipped.

18

All tax is NOT paid at signing in New York. If someone is telling you you pay tax on the full amount of the car, up front, in NY as per law, they are ripping you off.

I hope I misread what you were trying to say because if thats whats going on thats a crime.

19

So the way a leased vehicle is taxed varies by state. But I looked it up for New York and NJ. Consumers have the option of paying tax upfront or rolling the tax into monthly payments.

20

AFAIK both states require you to pay upfront. The dealer/bank will “roll” it into monthly payments for you by adding it to the cap cost. Doesn’t hurt now that MFs are so low but when interest rates rise it would not be adviseable.