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DID I GET A GOOD DEAL??

Laywoods

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Hello All! I just purchased my Telluride S AWD in dark moss. This is my first time leasing and I just want to know if I got a good/great deal! $389, is what im paying monthly, including taxes, fees, tire and wheel protection and damage protection for up to $5000. I would truly appreciate you guys' feedback! Thank you
 

Tellmeride

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A lot of info missing to make a determination. But does sound like a good deal... if it was zero down.
 

jw_tx21

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Hello All! I just purchased my Telluride S AWD in dark moss. This is my first time leasing and I just want to know if I got a good/great deal! $389, is what im paying monthly, including taxes, fees, tire and wheel protection and damage protection for up to $5000. I would truly appreciate you guys' feedback! Thank you
If you're happy and the family is happy, then think of it as a great deal. It's done now!
 
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Baz

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Like Tellmeride said, need some more info, such as down payment, month term and mileage allowance. Also was that protection included at no cost or added into the lease? Leasing has a number of factors and can get more complicated than financing which is pretty straight forward.
 

Laywoods

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Like Tellmeride said, need some more info, such as down payment, month term and mileage allowance. Also was that protection included at no cost or added into the lease? Leasing has a number of factors and can get more complicated than financing which is pretty straight forward.
Like Tellmeride said, need some more info, such as down payment, month term and mileage allowance. Also was that protection included at no cost or added into the lease? Leasing has a number of factors and can get more complicated than financing which is pretty straight forward.
 

Laywoods

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I know, sorry, I left out all of the key factors! The car was priced at $34,595. They gave me a rebate of $1600. I used my previous owned car as a trade in, in which they gave me $4400. My payments before taxes and fees were $330. The damage protection plan and tire and wheel protection was an additional $31 for up to $1500 in damage, but he bumped it up to $5000 at no additional cost. Now, with that, I was at $361 for a monthly payment. That was before taxes and fees. In the end he told me, if I didn't pay the taxes and fees upfront I was looking at $453 as my monthly payments. I told him I couldn't do that, it wasn't in my budget. So he took off some fees and I put up $2500 which covered the taxes, the dmv fee and my first payment, which bought it down to $389. He told me not to pay the taxes and fees upfront bc if I did that l,and God forbid I got into a car accident, then KMF insurance would only pay for the total amount of the car, and the money I put up, would just have been a waste. Aforementioned, I payed the taxes and dmv fees.
 

Cabinetmaker

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Ok...but still need more info. How many miles are they allowing you? What is the disposition fee at the end of the lease? How many months / years is the lease? What was the money factor (interest rate) they used? What is the residual allowance? Can you buy the vehicle at the end? Is the lease through KIA?

Tire and wheel for $31 a month? You do know your regular insurance will cover the wheels.
 

jw_tx21

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So, if it's a 36-month lease...
You put "down" $6900 for the car (trade in plus $2500 upfront payment). You are paying 389/month which equals $14,004. The wheel and tire protection is $31/mo or $1,116.

So, you're paying $14,004+$6900-$1,116 = $19,788 for the depreciation, taxes, and interest (less wheel protection). If the residual is 61%, then it should be about $21,102. Add that to the total of the lease payments if you were to buy the car at the end of the lease so about $40,890.

Bottom line is your interest expense is likely around $5000+ which is typical of a three year Kia lease. Their money factors are quite high.

Did you get a good deal? Well, as I asked before, are you happy? That's what matters after the fact.
 

Laywoods

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Ok...but still need more info. How many miles are they allowing you? What is the disposition fee at the end of the lease? How many months / years is the lease? What was the money factor (interest rate) they used? What is the residual allowance? Can you buy the vehicle at the end? Is the lease through KIA?

Tire and wheel for $31 a month? You do know your regular insurance will cover the wheels.
The tire and wheel protection that I got, he said covers everything including, if the rim gets cracked, they fix. If the wheel gets a nail, they don't just plug it, ther replace the whole tire. Money factor was .0027, residual value 67%. And yes, leased through KIA. The car can be bought at the end. disposition fee, $400. 10k for 36 months.
 

Cabinetmaker

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Sounds ok...I don't think I would call it a good or great deal but it's ok. Most leases give at least 12K miles a year. How much per mile over? I would be way in the hole on this mileage allowance.
 

Laywoods

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So, if it's a 36-month lease...
You put "down" $6900 for the car (trade in plus $2500 upfront payment). You are paying 389/month which equals $14,004. The wheel and tire protection is $31/mo or $1,116.

So, you're paying $14,004+$6900-$1,116 = $19,788 for the depreciation, taxes, and interest (less wheel protection). If the residual is 61%, then it should be about $21,102. Add that to the total of the lease payments if you were to buy the car at the end of the lease so about $40,890.

Bottom line is your interest expense is likely around $5000+ which is typical of a three year Kia lease. Their money factors are quite high.

Did you get a good deal? Well, as I asked before, are you happy? That's what matters after the fact.
Yes, I'm happy. I don't feel like I settled like the first 2 cars that I had and wasn't happy at all. I really like this car a lot and my kids are happy. I just want to know for the future of my next lease. On what to expect and what to avoid, as far as what fees I can ask, that I know they can remove, since this is my first time. I thought I did all of my homework!
 

Baz

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I feel like it's 36 one way or another, when I was talking to my guy at Kia I asked about the rates noticed that 36 is more competitive than 39, which I found strange since most manufacturers have pushed the 39 month terms. Thing with leasing is getting the right monthly payment, when I worked at Ford they liked to lease just easier to nab a deal and also easier for the dealer to slip crap in you probably don't need. Depending on your state whatever "fees" the dealer mentioned were probably BS profit padding, like prep fee or a supplementary filing fee or whatever. In NY it's straight forward, prep fees apply only to used cars, never pay a prep fee on a new car, it's actually part of the purchase price as per manufacturers, same thing if they try tagging on any transport fees unless it's some special case for at home convenience, but if it's at the dealer, that's already in the window sticker. I actually laugh when I go look at cars or help a friend with used cars and the dealer adds in "delivery" to the price when negotiating, that's where I check out knowing they're not legit.
Think it's too soon to say if you got a good deal honestly, think there are those who say any deal where you drive it home is a good deal.
 

Laywoods

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Sounds ok...I don't think I would call it a good or great deal but it's ok. Most leases give at least 12K miles a year. How much per mile over? I would be way in the hole on this mileage allowance.
Ok. Every other quote that I was getting was outrageous, so I figured it was good. I know I signed the contract already and it is, what it is. I'll just know to haggle a little more for ther next time, lol and Damn really?? I'm nervous now. .20 cents. I usually stay local, occasionally, I would go visit my sister, which isn't that far from me about 35 miles from me. I did the math and just from work and home for a year, I do about 6500-7000 miles. It's already too late to ask for a millage upgrade correct?
 

Cabinetmaker

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To convert a money factor to interest rate you multiply the money factor by 2,400. So if you want to know what interest rate your paying it's 6.48% which is way high.

To convert interest rates to money factors just do the reverse and divide the interest rate by 2,400.
 

Laywoods

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I feel like it's 36 one way or another, when I was talking to my guy at Kia I asked about the rates noticed that 36 is more competitive than 39, which I found strange since most manufacturers have pushed the 39 month terms. Thing with leasing is getting the right monthly payment, when I worked at Ford they liked to lease just easier to nab a deal and also easier for the dealer to slip crap in you probably don't need. Depending on your state whatever "fees" the dealer mentioned were probably BS profit padding, like prep fee or a supplementary filing fee or whatever. In NY it's straight forward, prep fees apply only to used cars, never pay a prep fee on a new car, it's actually part of the purchase price as per manufacturers, same thing if they try tagging on any transport fees unless it's some special case for at home convenience, but if it's at the dealer, that's already in the window sticker. I actually laugh when I go look at cars or help a friend with used cars and the dealer adds in "delivery" to the price when negotiating, that's where I check out knowing they're not legit.
Think it's too soon to say if you got a good deal honestly, think there are those who say any deal where you drive it home is a good deal.
Hmmm... Good to know!!! Ugh!! I wished I would've joined this forum before I purchased!! You guys know your stuff!! I appreciate the feedback!!
 

Laywoods

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To convert a money factor to interest rate you multiply the money factor by 2,400. So if you want to know what interest rate your paying it's 6.48% which is way high.

To convert interest rates to money factors just do the reverse and divide the interest rate by 2,400.
ok. I'll definitely keep that in mind for ther next time! Thank you
 

Cabinetmaker

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I doubt they will let you change anything now. Just enjoy your new ride and don't sweat it. If you run over the allowed miles just be ready to write that check. If you buy it at the end it really doesn't matter much anyway. Like you said...next time!
 

Baz

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Forgot to say about DMV fees, in NY we have a fixed $75 but I know and worked at a dealer that would "disregard" that and charge what they want. I really advise anyone to look up the DMV fees as to the state you purchase the car not where you register since those dictate rates dealers can charge you, there could be clauses that let a dealer charge a supplement fee for out of state. Something to look out for you never considered.
 
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