First Lease

[djorn2k]

Hello All,

I’m currently in the process of buying or leasing a KIA Telluride. Like the the title name, I’ve never lease a car before this will probably be my first. Any recommendations or suggestions on what to look for. If I lease the car will they put a fight to go over the MRSP price. I can’t believe that I’m a newbie when it comes to leasing a car.

Thank you all!!!!


Sent from my iPhone using Tapatalk

 

[Tim-in-CA]

I have leased many cars (but not the Teilluride, I purchased this one).

Here are a few tips:

• Negotiate the selling price first, don't fall for "How much do you want to pay?" or focus on the payment they offer you (this goes for purchasing as well)
• Have them put both the mileage (and penalty), residual and money factor on the offer along with any expected cap reduction (essentially down payment). Google "money factor to interest rate conversion" to see what the rate is they are offering. I have stellar credit (840) so I always qualify (if not offered) the best rate. They will try to scam you and make money here
• I personally never put anything down on a lease as in the event of an accident, you may loose some of that amount if you total the car early on even if you have gap coverage.
• If you are going to go over 15K miles / year, you should consider buying, leasing gets more expensive the more miles you go and NEVER go over your contract miles. The penalty is typically $0.25/mile ... this adds up fast (i.e. 1000 miles over = $250 penalty)
• Check to see if your insurance has gap coverage. If they do, then no need to take gap coverage in the loan.
• Look out for unneeded addons (dealer prep, etching, paint protection, alarm, etc) decline ALL of these!!!!
• Check Kia.com for current offers in your area. These differ by region.

Also, once they offer you a deal, you can always post the details of they offer you give. Be sure to include Selling price, residual percent, money factor, mileage/yr allowance, term in months, cap cost reduction (if you decide to go that route) … this way anyone that has leased can comment on your offer.

Good luck!!!

 

[Elayex]

Tons of helpful information at www.leaseguide.com

 

[djorn2k]

I have leased many cars (but not the Teilluride, I purchased this one).

Here are a few tips:

• Negotiate the selling price first, don't fall for "How much do you want to pay?" or focus on the payment they offer you (this goes for purchasing as well)
• Have them put both the mileage (and penalty), residual and money factor on the offer along with any expected cap reduction (essentially down payment). Google "money factor to interest rate conversion" to see what the rate is they are offering. I have stellar credit (840) so I always qualify (if not offered) the best rate. They will try to scam you and make money here
• I personally never put anything down on a lease as in the event of an accident, you may loose some of that amount if you total the car early on even if you have gap coverage.
• If you are going to go over 15K miles / year, you should consider buying, leasing gets more expensive the more miles you go and NEVER go over your contract miles. The penalty is typically $0.25/mile ... this adds up fast (i.e. 1000 miles over = $250 penalty)
• Check to see if your insurance has gap coverage. If they do, then no need to take gap coverage in the loan.
• Look out for unneeded addons (dealer prep, etching, paint protection, alarm, etc) decline ALL of these!!!!
• Check Kia.com for current offers in your area. These differ by region.

Also, once they offer you a deal, you can always post the details of they offer you give. Be sure to include Selling price, residual percent, money factor, mileage/yr allowance, term in months, cap cost reduction (if you decide to go that route) … this way anyone that has leased can comment on your offer.

Good luck!!!

Thank you for your detailed advice.


Sent from my iPhone using Tapatalk

 

[djorn2k]

Tons of helpful information at www.leaseguide.com

Thank you!!!


Sent from my iPhone using Tapatalk

 

[TellurideorPilot]

Did you get a lease ??? I did 12k 36mths 4k $560/mth Gravity Grey SX

 

[drizzt]

There's high possibility I will be buying my EX at the end of lease term. What % of the original value of the car will I be financing if I decide to keep?

 

[Tim-in-CA]

There's high possibility I will be buying my EX at the end of lease term. What % of the original value of the car will I be financing if I decide to keep?

What ever the residual value is that noted on your paperwork will be the end of lease purchase price. I have had at times where dealers / finance companies will try to negotiate with you to buy the car and lower that price when the lease ends, but haven't had that happen for a few years. Note, be VERY careful about mileage. You will pay ($0.20/0.25) per mile OVER your total allotment. This should be clearly stated in your lease deal.

 

[drizzt]

What ever the residual value is that noted on your paperwork will be the end of lease purchase price. I have had at times where dealers / finance companies will try to negotiate with you to buy the car and lower that price when the lease ends, but haven't had that happen for a few years. Note, be VERY careful about mileage. You will pay ($0.20/0.25) per mile OVER your total allotment. This should be clearly stated in your lease deal.

It's good to know the end of lease buy price can be negotiated. If I end up buying, I guess the mileage will not matter, but off chance they have hybrid Telluride in 2022, I must be careful.

 

[CoritaNayaritMX]

i did 350 mo for 36 mo with 4k and 12k miles py

 

[CoritaNayaritMX]

On a model s fwd

 

[johnwashere2]

I got my EX AWD lease ($40,500 sticker ) with 15k miles for $500 a month (includes all taxes and fees - which are high in Ohio) + $700 down.
So I’m guessing before taxes and if you did 12k miles mine would have been around $400 a month.

 

[johnwashere2]

i did 350 mo for 36 mo with 4k and 12k miles py

$4000 down ?!? That seems really high for that model

 

[CoritaNayaritMX]

I did 3400 down and 600 for the plates and fees. It was done this way to lower my monthly payment.

$4000 down ?!? That seems really high for that model

 

[CoritaNayaritMX]

I did 3400 down and 600 for the plates and fees. It was done this way to lower my monthly payment.

No taxes btw.