Last-minute SX Luck - new "K" badges already ordered

[ThinkingInDigital]

I was 20 minutes into a negotiation on a Palisade when I took a "thinking break" and walked over to the Kia side of the dealership, and I walked through the doors not 5 minutes after a financing deal on the only SX on the lot fell through. One test drive and 2 hours later, I'm the proud leasee of an Everlasting Silver SX. I just ordered my vintage badges (though the"Brenthon" ones look pretty slick too, may pick up the backup set). Glad to be here, and I hope to be a productive participator.

 

[Boogaboo]

Welcome ThinkingInDigital...similar story here, got mine last Friday, more of a negotiating marathon than a sprint (wanted to go over MSRP), but now my Ebony Balck SX looks mighty nice in my garage...

 

[Tino]

Congratulations!!!
Now start participating by posting some pics!

 

[Sal Collaziano]

I was 20 minutes into a negotiation on a Palisade when I took a "thinking break" and walked over to the Kia side of the dealership, and I walked through the doors not 5 minutes after a financing deal on the only SX on the lot fell through. One test drive and 2 hours later, I'm the proud leasee of an Everlasting Silver SX. I just ordered my vintage badges (though the"Brenthon" ones look pretty slick too, may pick up the backup set). Glad to be here, and I hope to be a productive participator.

Welcome aboard! Thank you for signing up!

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[Mpgxsvcd]

Would be great to know about any of the details of the lease. For instance did you get the full rebate? How many years? How much per month?

Congrats! And definitely post some pictures.

 

[ThinkingInDigital]

I received a $3600 rebate + $400 military rebate at closing. I did a 24 month lease @ $365/mo. Pictures coming once I get her cleaned up - the wet weather has been terrible lately. Got the K badges on. Not bad. On the one hand, I was thinking they were the full badge replacement, however being just sticky overlays, they were also extremely easy to put on.

 

[Tellmeride]

Now $4k under MSRP for a SX no less. Well done. You are making JF of Muncie jealous.

 

[np86]

Now $4k under MSRP for a SX no less. Well done. You are making JF of Muncie jealous.

3600 + 400 rebate doesn't necessarily mean under MSRP. From being on this forum for a while, some people play up these rebates and forget to mention how much the dealer markup was.
Also, how much money did you put down to get an SX for just $365/month on such a short lease?

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[ThinkingInDigital]

Sticker was around $42k (no Prestige). After rebates, it was around $38k. Put down $9,500 from a titled trade-in, so capitalized cost was around $28,500.

 

[Mpgxsvcd]

Sticker was around $42k (no Prestige). After rebates, it was around $38k. Put down $9,500 from a titled trade-in, so capitalized cost was around $28,500.

Did you get a tax reduction from the trade in? Just curious if that applies to leases as well as purchases.

 

[Tellmeride]

WHOA WHOA WHOA! You are NOT serious right my digital brother?!

You know that with this $9500 down which you had never disclosed previously, your effective monthly on this lease is $760. You do know this right?! $9500/24+$365

This went from a GREAT deal to the WORST deal ever. And never mind the fact you put a huge down on a lease no less.

 

[ThinkingInDigital]

I look at it a bit differently. The vehicle I traded in was a money pit (110k miles), cost me $700 per month (was $52k when purchased new), and likely would need thousands of dollars in repairs within the next 6 months. $9,500 was the best trade-in I'd received frankly, and I got several bids. To snag a $42k car for $365/mo for just 2 years, to unload a vehicle that I simply didn't want to hassle with any more, and I then get to simply hand back the keys in 2 years - for us, this was a good deal, if not the most fiscally correct one.

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[Mpgxsvcd]

WHOA WHOA WHOA! You are NOT serious right my digital brother?!

You know that with this $9500 down which you had never disclosed previously, your effective monthly on this lease is $760. You do know this right?! $9500/24+$365

This went from a GREAT deal to the WORST deal ever. And never mind the fact you put a huge down on a lease no less.

I wouldn’t say worst deal ever. I have seen worse. Not much worse though. I just looked up the lease numbers for an AWD SX with the prices he gave for MSRP, and cap cost, and it appears that it should have cost anywhere between $210 a month and $300 a month depending on taxes and how much they charged in fees.

Yea that lease really isn’t looking so good anymore. However, I bet there are people out there paying $800 a month for a lease on this car. Honestly, it is so easy for dealers to take advantage of people on a lease. Don’t ever put any money down at all on a lease. Never even a dime.

 

[Mpgxsvcd]

I look at it a bit differently. The vehicle I traded in was a money pit (110k miles), cost me $700 per month (was $52k when purchased new), and likely would need thousands of dollars in repairs within the next 6 months. $9,500 was the best trade-in I'd received frankly, and I got several bids. To snag a $42k car for $365/mo for just 2 years, to unload a vehicle that I simply didn't want to hassle with any more, and I then get to simply hand back the keys in 2 years - for us, this was a good deal, if not the most fiscally correct one.

I totally get that and we don’t want to rain on your parade. You got a fantastic car and it does sound like they told you that they gave you a good offer on your other car.

However, we also don’t want other people to make mistakes on leases in the future. By showing how dealers take advantage of people on leases we help other future buyers including perhaps, yourself.

It is important to understand that in every lease deal you always have the option to put zero money down and just pay the first months rent at drive off. Even if they tell you that you can’t do that, you can. Just find another dealer if that is the case and they stick to their story.

Also, it is likely that they gave you a couple thousand less on your trade than you thought they did. They hid that money in the lease and we don’t want that to happen to other people.

 

[Tellmeride]

MPG is right.

 

[Mpgxsvcd]

If your car gets totaled tomorrow in a crash then your insurance company will pay the amount your car is worth minus the buyout price on your lease. In all likelihood that buyout price is more than the value of the car so gap insurance will kick in and pay the difference.

No matter what, you will never get the $9,500 you put down back in the case of a total loss of the car. That is why you should never put money down on a lease. It helps you a tiny bit with interest but it then means you are driving around with a $9,500 bill on your hood that anyone can steal or just simply crumple up and destroy.

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[Tellmeride]

I used to work with someone who brags how he was able to lower his monthly lease payment on a Lexus by $200 and change by PUTTING a $6k DOWN. He brags what a smart move he's made.

LMFAO. OKAY.

 

[ThinkingInDigital]

Yes, my situation is probably not the best to use as a gauge for other Telluride buyers, to be honest.

Ensuring a return of value on my trade-in was not an objective for me. I just wanted a new vehicle and wanted to dump my existing one.

After much debate, I couldn't get myself to drop $1k/mo on a Land Rover or the new Lincoln Aviator, since I work at home and only drive the car once or twice a week. The Telluride SX is killer when it comes to price / luxury + features. The interest rate (which wasn't an issue @ 820 FICO) nor the resulting monthly payment was of much concern to me. The car payment is getting paid out of my day trading account.

As I see it, I just got rid of an anchor of a car and got into a new ride at a monthly rate that I won't even see come out of my checking account, that I can discard with no hassle in 2 years.

 

[wvtelluride]

Everyone’s situation and perspective is different. In my mind, if you are happy with the deal you made and as a result you get to drive a brand new telluride, then it sounds like you did just fine. Congrats and enjoy the new ride! I certainly am.

 

[Mpgxsvcd]

MPG is right.

Unfortunately. I wish I was wrong in this case.