Help on 2022 Kia Forte GT Lease

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I have been browsing leases for 2022 Kia Forte GTs with the GT2 package in the NJ/NY area.

Running numbers through various calculators has me paying $368/month to $438/month depending on OTD. I know cars in general are not leasing well, so I doubt I will get near that bottom number.

edit: 775 FICO

With that said:

  1. What do you think is reasonable for this type of car at 10k/year in this market when registered in NJ?
  2. How best should I go about actually getting within that price range? Should I be emailing offers to various dealers instead of walking in first, and seeing where it goes? Maybe just use a broker? If so, any recommendations?

First Dealer I went to (note I did not negotiate):

  • VIN: 3KPF44AC9NE429585
  • Miles per Year: 10,000
  • MSRP: $26,840
    • Kia Forte GT: $23,490
    • GT2 Package: $2,200
    • Carpeted Floor Mats: $155
    • Freight/Handling: $995
  • Market Adj.: $3,431
  • Rebate: -$330
  • Tax, Title, Registration, Fees: $2073
  • Money Factor: 0.00138
  • Residual: -$17,177
  • 0 down because it’s a lease

$499/month. Seems like 12.9% APR instead of 3.312%. Not to mention the $3,500 markup.

Second Dealer

  • VIN: 3KPF44AC0NE434626
  • Miles per Year: 10,000
  • MSRP: $27,229
    • Mark-up: $459
    • Kia Forte GT: $23,490
    • GT2 Package: $2,200
    • Carpeted Floor Mats: $155
    • Freight/Handling: $995
  • Tax, Title, Registration: $2363
  • Fees: $900
    • edit: Removed Acquisition of $750
  • Money Factor: 0.00138
  • Residual: -$17,177
  • 0 down because it’s a lease

This one started at $522/month and after negotiating I could only get it to $500/month. Dealer was a nightmare so I am not going back.

I am in no particular rush since I have enough time to figure out my next lease, but come on. $500/month for a Kia Forte?

2nd one makes no sense. How can it possible be more than deal 1 with thousands less in markup? And the tax and gov fees is WAY off. Looks like it is based on a purchase rather than lease.

Keep expanding your search.

Yeah like I said they were a nightmare. The numbers were coming out to like 25% APR or something ridiculous.

I’m not sure where you are calculating this “APR” that you are positing. The money factors your provided do not indicate that.

Unless you are just posting the base MF and not the actual rate you qualify for. I think even the worst credit scores wouldn’t have a 25% APR…

FICO 775, and tier 1 MF is 0.00138, so 3.312%.

Not sure how off my numbers are since I’m no expert, but for 1st dealer what I did was:

$32,013 (OTD) - $17,177 = $14,836. To get to $499 it’s something like almost 13%, since at 3.312% it comes to $433. Even with some margin for error since I could be missing something, that number is $66/month away and I don’t know where it is coming from.

Second dealer is even worse.

Am I doing this right?

So, this is deal 2 by the numbers provided:

They are obviously playing some kind of game. Are you sure about that RV? Seems high. Is it 24 months? Maybe 30?

It looks like you’re trying to calculate lease payments without understanding the math behind lease payments.

Let’s start by filling out the lh calculator for an at msrp deal with the current lease terms and see what that looks like.

Residual is 64% for 36 months at 10k/year. Got the same from both dealers, so $17,177. I would also like to mention that they removed a $750 aquisition and I was just left with MSRP, taxes and registration (which seem higher than normal), and $459 markup+$900 in fees (including government fee), so it should come to like $404/month not including the $330 rebate that they never applied. That second dealer just kept playing games.

Second deal should have been this:

Why did you remove the acq fee?

They removed it during negotiations but kept their $459 markup and $900 in other fees (400 government and $500 something else)

Did they say they removed it or are you just going off of it not being on the sheet? Acq Fee is charged by the bank, so isn’t usually one that gets negotiated out

No, he removed it entirely. I was a bit surprised at it getting tossed too since I didn’t think he could do that, but considering the rest of the experience was a nightmare I understand why.

I’d bet that on an actual contract it would still be there and he was just moving numbers around

Could very well be that. I would have had to get far enough to read the whole contract. Even then, $500/month makes no sense with those numbers and every time I tried to point that out he kept saying “I’m not lowering my MSRP for you” as if that was the issue.

If you want this car you’ll have to finance it.

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