Deal Check- Kia EV9 Land NJ Lease

Ask the Hackrs
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1

Hi all,
Long time listener, first time poster!

Been working the phones on this one and feel like I am getting close to what I view as maybe a good deal. Would love some advice on whether I am in the right ballpark and if a Broker would be a better route to continue to get the costs down.

Kia EV( Land
MSRP: $71,620
Dealer Discount: $2,000
MFR Rebates: $10,300
Term: 36mo / 12k miles
Residual: 55%
MF: .00092
Down Payment: $1,832 (First Month payment + Fees DMV, Doc, Acquisition)

Monthly Payment: $629/month

2

You should be targeting more like $5k+ in discount.

The 24 month leases on these tend to be a lot better as well.

3

Ok, I was able to improve on some of the numbers, but I am super confused here as the math on the monthly payment doesn’t seem to have changed at all.

Hoping someone can help me identify what I am missing before I sign this think later this evening.

Kia EV( Land
MSRP: $71,620
Dealer Discount: $3,500 (4.91%)

IMG_1594
IMG_15943024×4032 1.94 MB

Selling Price: $68,100
MFR Rebates: $11,800
Term: 36mo / 12k miles
Residual: 55%
MF: .00092
Down Payment: $629 (Only First Month payment )

Monthly Payment: Still @ $629/month , but the Calc says $611/month and I cant seem to reconcile the difference. I also attached the deal sheet they provided in case I am entering details into the Calc incorrectly somehow.

Calculator - EV9 Land

4

Okay, let’s look at this. We’ll do the math… forget the calculator… you won’t learn much.

MSRP 71600.00
Sell Price 68100.00
Acq Fee 650.00
Doc 799.00
DMV 418.50
1st Pay 629.38
Gross Cap 70956.88
CCR 11800.00
Adj. Cap 58796.88

Your 1st payment is capitalized. So, you owe nothing at lease signing.

Payment = .00092 x (58796.88 + 39391.00) + (58796.88 - 39391.00)/36
= 629.38

Bottom line: Zero drive-off followed by 35 payments of 629.38 each.

Dealer discount is awful. You can do much better.

EDIT: Here is the LH Calc…

5

I believe I was able to improve upon the deal based upon your feedback. Signed last night. Would love to get additional thoughts (I’m definitely not a Lease broker, but I have learned a so much from this Forum!)

Landed on a monthly payment of $599/month for the 36/12,000mile Lease

MSRP 71,620.00
Sell Price 67,669.00
Acq Fee 650.00
Doc 799.00
DMV 418.50
1st Pay 599
Gross Cap 70,137.14
CCR 12,399.00 (improved by 600)
Adj. Cap 57,738.00

I think they added in the PermaPlate insurance @ 600 somewhere in there. And I was told that Kia includes Gap Insurance in all their leases (I had to pay for this on my previous lease)

https://leasehackr.com/calculator?make=Kia&miles=12000&msrp=71620&sales_price=68269&months=36&mf=.00092&msd=0&dp=0&dealer_fee=799&acq_fee=650&disp_fee=400&taxed_inc=12399&untaxed_inc=0&rebate=0&resP=55&gov_fee=418.50&sales_tax=0&demo_mileage=0&memo=Kia%20EV9%20Land%20(36%2F12)%20&tradein=0&fin_sp=71620&fin_taxed_fee=0&fin_untaxed_fee=0&fin_term=60&fin_apr=0&fin_dp=0&fin_rebate=0&fin_ps_rebate=0&fin_tax=0&keep_term=60&exp_rv=0&service_fee=0&totalLeaseTax_radio=true&bmw_demo_25=true&lease_result_mode=true&dealerFee_check=false&govFee_check=false&pretax_monPmt=599&lease_das=599

6

All fees, including 1st payment, are capitalized. Therefore, you owe nothing at lease inception. Can’t say whether the deal is good or not as I don’t know market selling prices in your market. Enjoy your new ride!

Based on what you provided, I don’t see how they could have added PermaPlate. It’s BS IMO. Also, regarding GAP insurance, if you have to pay for it in the future, check with your insurance agent. They can add GAP for an annual premium of roughly 0.04% of the MSRP.

7

Pretty much the only brand that doesnt include GAP is Toyota

8

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