Rate my lease deal [KIA Sportage PHEV X-Line Prestige]

Ask the Hackrs Buy/Finance
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Edit: Updated numbers after more research.

Hello all!

First of all thanks for all of your insight and information in the forums and pages. I’ve learned a lot.

I’m located in PA (9% tax rate on monthly payment).

I’m looking to sign a lease for a KIA Sportage PHEV X-Line Prestige. The dealer offered the following numbers:

$45,960 MSRP
$43,892 Sales Price ($2068 savings)
$7220 KIA Rebate.
Money factor unknown (didn’t include it in the quote)
36 Months
66% residual
$674.60 Title Fees
$319.50 “Consumer” ( fees I guess dealer fees?)
$650 acquisition fees.

Their proposed payment is $490/mo with $0 down, 0$ DAS.

Since I don’t know the money factor, I tried to guess it in the leasehackr calculator with ratefindr, and I got close to ~0.00335 (Ratefindr said it should be 0.0025 from Kia Motor Finance, so the dealer might be inflating it).

I’m planning on counter-offering with $400/mo with $0 down and $0 DAS. To get closer to this, I would need an additional $2500 (~5%) discount, or for them to lower their money factor a bit.

What do you folks think of the original offer and my counteroffer?

Thanks in advance!

2

How much of a discount would you need to hit your targeted monthly payment amount?

Looking at available data in signed & marketplace forums, is that a realistic target?

3

Ratefindr proposed a money factor of 0.0025 for the vehicle. According to the calculator, just using this rate instead of the ~0.00335 that I guessed for the dealer’s quote would get me to ~$350/mo + fees. I’m not sure how common it is for dealers to actually use the money factor in ratefindr however.

In the marketplace I’m seeing some brokers offering ~$295-$305/mo plus fees for similar deals with similar money DAS in the NE region.

4

Theres a $350 deal in the marketplace.
You getting 5% which is just ok

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5

Edit: Oh, 5% off MSRP. Yeah. Maybe I can aim for slightly higher.

Should I ask for a quote that has the money factor visible as well? I suspect the dealer is getting some additional profit here.

I also found this pre-negotiated deal, but it’s for 24mo so I’m not sure how to compare: Reserve a 2025 Kia Sportage PHEV - X-Line Prestige AWD (Plug-in Hybrid)

6

If the pre negotiated deal is 24 months then odds are that’s the most advantageous term. The calculator is your friend.

7

Doesn’t matter. Calculate your target offer with buy rate MF and a more aggressive pre incentive discount, and make that offer to dealers (I will sign for $X /Month with $Y DAS). Move on until you find someone who says yes. Doing it this way makes MF irrelevant. Most likely they won’t be able to get to your target by marking up MF. But if they get there with a marked up MF, then it just means a higher discount. Doesn’t matter how they get there.

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