Went to a dealer in Colorado, and this is what they offered… the fully loaded Kia Optima Hybrid EX MSRP $35,975, sale price $31,975, plus an $8000 lease cash incentive. They want a $2900 down payment which includes acquisition fee ($595) and first months payment. MF is .00087, Residual is 53%., when I plugged it into the calculator, it comes out at around $160 with taxes, but they are quoting me $231.13 a month with taxes (includes GAP insurance). Am I missing something? Should I pull the trigger?
Can they give you print out of the quote for everyone to analyze?
Otherwise on the speculation side it is possible they are calculation the residual off the sale price of &31k rather then MSRP as it should be.
They did give me a print out. Here is all the info, which is just a form.
MSRP: 35975.00
Residual %: .5300
Price: 31975.00
Factor: .00087
Cap Red: 1806.93
Cash Recvd: 2900
Tax: 824.24
Rebate: 8000
Payment: 231.13
mileage: 12000
That is all the information available on the form.
Thanks for the reply! I appreciate it.
ALWAYS try to do a zero drive off lease…and by that, I mean you get the keys without handing over a penny. On a 36 month lease, it means that you’ll only make 35 payments. All registration/lease fees are rolled into the monthly payments.
Shouldn’t be a problem…some dealers don’t like doing it (I’m not sure why…can someone explain?), but shop around.
FWIW, your numbers don’t seem to add up… if the residual is 19K, and your price with cap reduction and rebate is 22K, then your payments should be in the low 100s, right?
595 acq
1806.93 cap red
824.24 tax
231.13 payment
= $3457 upfront
Something is screwy with the numbers. That $2900 upfront includes at least $3457 + registration and doc fee.
Yeah, that is what I thought.
I will have to check with the dealer on that. Thanks for the help.
I thought with the $8000 lease cash rebate and $4000 of the MSRP, it should be a bit lower.
Is this the same for IL I would like to see how much my payments would be for chicago, IL on this car can I use these numbers?
Does anyone know if these deals are going on I signed up for Uber hopefully this helps I checked the site I dont see 8k in lease cash rebate
I don’t know if this is dealer specific. I think they may just be getting rid of their 2016 Inventory. I have noticed it goes up about a $1000 each month. Last month the incentive was $7000.