Lease Eval - 2020 Kia Sorento SX AWD

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Would love your thoughts on this proposed deal and the best way to drive it down. I think they’re still a long way from something I’d accept. I’m in Suburban Cook County in IL (8.25% Tax Rate) and struggling to figure out how the Tax in the Gross Cap was calculated.

  1. MSRP: $44,045
  2. Selling Price: $41,177
  3. Gross Cap: $44,154 (Selling Price $41,177 | CCFLT Tax $2,002.02 | Doc Fee $300 | E-file $25.00 | Acquisition Fee $650)
  4. Incentives: $4,660
  5. Money Factor: .00186
  6. Residual: 56%
  7. Lease Term: 36 months
  8. Mileage: 10K


If you do the math, it looks like they are collecting the tax on the monthly payment and rebate upfront and rolling it into the deal. Not sure if that’s how it works where you live, the only negative is that you’re paying interest on the tax. If that’s the way it’s done you can’t do much about it, maybe someone from Illinois can elaborate.(Why’s a Kia $44K?)

Yikes, seems high to me. The newly redesigned '21 Sorento will be announced next week (looks killer by the way), and and would have a hard time paying that for a 5 year old design. Have seen some huge discounts on Cargurus for the '19/'20 model (up to $10k). My advice, either finance a killer deal on this generation, or wait a few months and get the redesign (but like the Telluride, don’t expect a good lease). But your in Telluride territory with this quote, so theres that.

Putting those numbers in the calculator gets you pretty close to their quote. I don’t think anything looks fishy.

As others have mentioned, it just doesn’t look like a good deal. The discount is not enough. The interest rate is high at 4.46%. For that much money per month you should be able to get a lot more vehicle. People have posted Volvo SUV’s in that ball park.

Thanks for the feedback. I totally agree the price is way too high. My wife’s leased '17 Sorento EX is due back at the end of March. Kia waives the $400 turn-in fee and credits $500 in damages which, coupled with a good experience the last 3 years, was enough to keep us looking for another Kia. We explored the Telluride but nothing in Chicago is being sold for under MSRP. Figured we could get a higher trim level on a vehicle that’s due to be redesigned - but this is ridiculous.

I’ll push for a higher discount and ask for more info on the incentives that have been applied. I really want to ensure I understand the Tax calculation so I’m able to consistently validate their math. It always seems to be a bit off from my own calculator as well as those online. Thanks again!

On another note, were you happy with this generation Sorento? I’m starting to see some '19 AWD lower trim (LX) models starting to inch near or below $20k. Once the new model is introduced, might even come down a bit more. If these hit around $18-19k, the wife and I are considering grabbing one as a cheap runabout. Love the look and interior of '21, but like the Telluride, I would expect above MSRP’s at launch and no deals to be had for a couple of years.

Yes - it was a pretty basic grocery-getter but had enough standard features to make it comfortable and nice (Heated Seats, Apple CarPlay, power lift-gate to name a few). We had no mechanical issues and found it to be really reliable. Ours is a V6 and the pickup was decent. I’d recommend given what you’re looking to get out of it.