Looking at this Kia Telluride lease deal in NJ.
MSRP: $56,040 (no markup)
Fees: $1,810
Tax: $2,540.46
Adj Cap: $60,390.66
Terms: 36/12k
MF: .001019
Res: 68%
Would be $1,037.20/month with 0 money down.
Thoughts?
Better deal to buy it.
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Dear lord, no
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Not including the ridiculous monthly, the numbers don’t even add up anyways. At that RV and MF, they’re hiding an awful lot of profit in that deal.
Recent Telluride owner here.
This is a vehicle you finance all day long because it retains value well and the lease programs are terrible.
If I were to do it all over again I’d get an SX or SXP, but none of the overpriced junk in the X pro.
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Did you make a calculator (I am lazy)? I am actually more curious than anything - those MF/RV inputs look good based on those terms so I am interested in how that payment is so crazy high.
Yup. These Telluride’s still overpriced.
ONE THOUSAND DOLLARS PER MONTH on a Telluride, and you’re considering?! That offer is beyond terrible, but its even more frightening that you had any sort of consideration for it.
Please research the basics of leasing, and reach of the level of being able to (accurately) complete the calculator:
For a purchase, i don’t agree, but the leases never make sense
Okay so I got bored and made a calculator. As I thought, your numbers make no sense to me. Feel free to correct me.
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That’s the sense that I’m getting too. The RV is good. MF seems fine. The payment should be in the 8-900 range.
Just curious, how long did you keep it? You had a decent amount of equity when you got rid of it?
Would prob still make more sense to finance at those monthlies.
Wow. Thanks @mistrbee Your calculator looks accurate. Will be interesting to see what the dealer has to say.
That dealer doesn’t deserve any more of your time nor your business, with an offer like that.
Find another Telluride, finance it, or read up on leasing and find another vehicle (that leases semi-well).
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Any degree of certainty the MF is correct? Edmunds shows drastically different numbers (admittedly for other trims though).
Youre never going to convince a dealer that came out of the gate swinging like that of anything reasonable. Dont even waste your time.
Just shy of a year. Didn’t really need a third row beyond the summer. It wasn’t fully loaded and I missed a couple things from previous/current cars such as heated steering wheel and memory seats (#firstworldproblems, I know). SX or SXP is the sweet spot at $47-50k IMO.
Sold it for the OTD price I paid for it so $0 profit or loss. It was an EXP so leasing it would have cost me ~$9,000 per year plus would have been a real pain to exit.
As the owner I was able to sell it to anyone (and very easily online), but if I were a lessee I would have been stuck with only selling to Kia and Hyundai dealers (and in person) … the 2 I spoke to offered $10,000 below what I ultimately sold it for.
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So, I just spoke with the dealer (who was very transparent) and shared the following. While the price of a Telluride, in general, doesn’t make sense (market forces), the breakdown of fees, interest rates per program and final calculation now makes sense to me.
Sharing here in case anyone is interested and has any final thoughts…
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I got the money factor wrong. It is actually .00412 (which equates to a 9.9% interest rate)
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They offer 2 finance programs - Kia and Ally (most Kia dealers only offer one - Kia). With Kia, the residual is only 60% which means the monthly payment is $1,158 for 36/12k or $1,102 for 39/12k. With Ally, the residual is actually better - 68% - which means the monthly payment is $1,037 for 36/12k or $990 for 39/12k.
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the appeal of this dealer is that they are not adding a premium to the MSRP
The breakdown of fees are:
$296 for VIN etching
$695 for acquisition
$399 for doc
$420 for govt fees
The tax - $2,540 - includes NJ state + luxury tax
They were rolling all fees and taxes into the monthly which is why the monthly appears high. i.e. the MSRP is $56,040 but with $2,540 in taxes and $1,514 in fees, the adjusted cap cost is $60,390. That’s where the monthly payments are derived.
For perspective, if I didn’t capitalize taxes and fees, the monthly payment would be $886 for 36/12k
Did you verify the MSRP? It looks and sounds a bit higher. SXP X-Pro is usually around 54-55K.