Long time reader of the site and I’m finally looking to go for my first consumer lease (I am a manager for Hyundai so I have a company lease).
Anyways, I’m looking at a Stinger and get F-Plan pricing (which only took off an addtl $1419). These numbers just seem absolutely terrible, I assume due to residuals. Are the leases on these things just that terrible right now or should I work at it further? I was hoping to get in the 400s but that clearly is out of the picture. I can’t see spending $600+ for one of these when I could go find an M3 to pull off of swapalease for a bit more.
IDK what the residual is but that money factor seems astronomical… and you are paying more like $800+ with that down payment
The 8% rate on that is probably killing it.
It looks like they are using a lease rebate as the down payment, I don’t think that $6k is out of pocket.
That downpayment is from the lease rebate $6500 right now on the GT2. I was hoping with that large lease rebate and the F-Plan that it would be reasonable but it isn’t.
I didn’t realize the 8% rate at first but now see that, they didn’t pull credit and just threw that in there as a guess, clearly I need to do some work on that.
I ended up finding this forum a while ago because I couldn’t get a deal on a GT2 either (I was quoted $770 per month for a 36/12). Bottom line is that this and and the g80 sport with the same 3.3t are just horribly set with bad RV, MF, etc… You can check some other threads here but I don’t think anyone has successfully hacked one of these yet. I’m hoping that when the g70 comes out and we get a little further in to summer that things will loosen up, but right now it just sucks.
Ok thank you so much for your help and respon
Best deal right now is to use the discount and then buy out the lease. So if you’re looking to purchase you get like $11k off MSRP. Leasing itself is terrible right now.
You’ll still have to pay off all the monthly payments at this terrible MF, plus the residual.
Sorry, I meant “buy out the lease after 3 weeks”.
Man, these numbers sting - badly…
So for less you could lease an Audi S5 with better overall performance and don’t have to deal with the shame of driving a Kia.
Yes, I know what you mean, but after 3 weeks your buyout will still cost you all the payments plus residual, taxes and fees. You can’t just get 15k off a car to lease, then buy it for peanuts after 3 weeks.
Could probably finance it for 5 yes and have a similar payment
I’m not saying you don’t have to pay the depreciation, but it DOES get you around the interest, since the MF is the bad part about a Kia lease.
If you get $4.5K off MSRP as a “sale price”, then $6.5K off with lease cash, then you end up with $11k discount off MSRP, so let’s say final “price” is 52k (for AWD GT2, roughly) - 11k = 41k. Then you pay drive-off fees, first month’s (bad) payment. Then you get a “buyout price” from the Kia Financial, which will end up around $40,700 or something, depending on the numbers. Then you pay that. Boom, you paid around $41-42k for a $52k MSRP car. Obviously, if you don’t HAVE $41k in cash to pay off the car, then that’s a different story. But, some of us, who are more in “buy” mode vs. lease, this can save an additional $4-5k off the price.
Check out the Stinger forums - several people have done this. Kia Financial has screwed it up for several people (it’s a debate whether that’s intentional), resulting in multiple required phone calls and faxes, but after a few hours work, most people still saved an amount close to the “lease cash” discount even when buying the car.
I always thought buyout was payments plus residual. Does Kia do it differently?
That’s actually how kia does it, just went through this myself. some people just don’t get it and you can’t get through.
But, “payments” don’t include “future interest”, since you haven’t accrued any of that yet. The high APR is what’s raising the monthly - doing a buyout, you’re effectively doing a MF of 0 for the 35 remaining months.
Also see here: https://stingerforum.org/threads/lease-then-buyout-contract-explanation.3784/
More than a handful of people have done it. They all agree it’s not “35 x monthly” + residual. It’s (approximately), 35 x (monthly with MF = 0.0) + residual.
I am actually going to a Kia dealership this Saturday… but damn if it cost that much just to lease. I might have to reconsider another car or wait till the 2019 models come out and see if they drop the 2018 price much more.