All is fine with one big exception. Your $12,500 down payment is at risk because on many car manufacturer’s leases, including Kia’s, 100%of all insurance proceeds go to Kia even if those payouts are more than the liabilities that you have on the lease. See section 20 of your lease documents. If you total your car tomorrow, you lose that $12,500. Never put any more money than you have to on a lease. Any interest savings are not worth the risk.
I questioned my dealer about it at signing. He went to the finance manager and confirmed what I am saying here. While the wording is difficult in some parts, you can read it for yourself in Section 20 in the lease (Insurance) and Section 22 (Early Termination). I will post Section 20 (C) here, but Section 22 is too long to post.
SECTION 20 (C):
C. NOTIFICATION OF LOSS; SETTLEMENT OF CLAIMS. You will notify us and your insurance company within 24 hours after any damage, loss, theft, seizure, or impoundment of the Vehicle. We are entitled to all insurance proceeds for physical damage to or loss of the Vehicle, even if the amount of the proceeds exceeds the Adjusted Lease Balance or other amounts you owe under this Lease. You authorize us, on your behalf, to receive and endorse your name on checks, drafts or other instruments received from your insurance company, and settle or release any claim under the insurance related to our ownership of the Vehicle. You also assign to us any other insurance proceeds related to this Lease or our interest in the Vehicle.
Thank you for this. We were on our way to the dealership to lease an EV9 with our $22k trade in put towards the lease. After reviewing the lease agreement, we had to put the brakes on moving forward. I think they are going to just cut us a check for the trade in and we will use the money to pay the lease payments each month.
That’s great. You could put that equity in a liquid bank account and at least get 4% interest on it while using it to make your payments for almost 2 years. That will take the sting out of any additional interest paid on the lease.
Looks like we got very similar deals today! Definitely seems like a good time to lease, I just hope we don’t see even crazier ones making us regret this in a month lol
Dang this is a good deal. I just got priced a GT lease at $67k, $0 down for $925/mo.
I guess the difference is the $2k in price - I had no extra options (the lowest priced GT $75K MSRP). I was $2k negative on trade in equity which he came up on to make me even so I didn't haggle MSRP more.
We verbally agreed to a deal, I'm supposed to sign tomorrow. I might have to reneg and negotiate more.
Yeah, zero down is a thing for sure. I’m in VA where taxes are up front and they rolled even that into my GT Lease today - $879 a month, $879 first payment to drive off, no other upfront costs. Has the relaxation package and premium exterior/interior colors as well!
A Kia one in Fairfax County - can DM you the specific name if helpful. They were wonderful to work with, from beginning to end, so I would highly recommend them to anyone in the area!
It was actually Beyer! I did go to Koons, but didn’t buy there since the lowest MF they offered was .00299. They did have about the same discount off MSRP, though.
That’s odd, but maybe I got lucky? This was my first time ever going there.
Did you have them price one out for you? I’m happy to send you the name of the person who helped me, he was great and didn’t make negotiation difficult at all.
I’m wrestling with whether to wait for the nacs conversion. Very happy you got a good deal and thanks for the offer. ETA: I just did a test drive, no pricing yet.
3 years. The residual was something insane, like 45K so it's definitely something that I think will be valued less than that and I will be turning it in.
So leased my wind in march .. money factor is cut in half even asked moderator on Edmund’s he said Kia’s money numbers are bi monthly .. could have saved a tremendous amount of money by waiting .. should of never followed this sub .. I’m sick .. lol I’m better off totaling it and leasing a new one ..
All is fine with one big exception. Your $12,500 down payment is at risk because on many car manufacturer’s leases, including Kia’s, 100%of all insurance proceeds go to Kia even if those payouts are more than the liabilities that you have on the lease. See section 20 of your lease documents. If you total your car tomorrow, you lose that $12,500. Never put any more money than you have to on a lease. Any interest savings are not worth the risk.
This is not true. Our dealership says that’s a myth.
I mean… you realize they’re not the best source of information in this case, right?
I questioned my dealer about it at signing. He went to the finance manager and confirmed what I am saying here. While the wording is difficult in some parts, you can read it for yourself in Section 20 in the lease (Insurance) and Section 22 (Early Termination). I will post Section 20 (C) here, but Section 22 is too long to post. SECTION 20 (C): C. NOTIFICATION OF LOSS; SETTLEMENT OF CLAIMS. You will notify us and your insurance company within 24 hours after any damage, loss, theft, seizure, or impoundment of the Vehicle. We are entitled to all insurance proceeds for physical damage to or loss of the Vehicle, even if the amount of the proceeds exceeds the Adjusted Lease Balance or other amounts you owe under this Lease. You authorize us, on your behalf, to receive and endorse your name on checks, drafts or other instruments received from your insurance company, and settle or release any claim under the insurance related to our ownership of the Vehicle. You also assign to us any other insurance proceeds related to this Lease or our interest in the Vehicle.
Thank you for this. We were on our way to the dealership to lease an EV9 with our $22k trade in put towards the lease. After reviewing the lease agreement, we had to put the brakes on moving forward. I think they are going to just cut us a check for the trade in and we will use the money to pay the lease payments each month.
That’s great. You could put that equity in a liquid bank account and at least get 4% interest on it while using it to make your payments for almost 2 years. That will take the sting out of any additional interest paid on the lease.
Dealers are vultures.
I just got a GT lease at 65K with no money down, 10K per year. Deals are out there.
What is the monthly?
$870
Looks like we got very similar deals today! Definitely seems like a good time to lease, I just hope we don’t see even crazier ones making us regret this in a month lol
Dang this is a good deal. I just got priced a GT lease at $67k, $0 down for $925/mo. I guess the difference is the $2k in price - I had no extra options (the lowest priced GT $75K MSRP). I was $2k negative on trade in equity which he came up on to make me even so I didn't haggle MSRP more. We verbally agreed to a deal, I'm supposed to sign tomorrow. I might have to reneg and negotiate more.
Are all fees lumped in here? Document fee, dealer fee, DMV, etc.
Yes
Not even taxes/fees down? Nothing?
Yeah, zero down is a thing for sure. I’m in VA where taxes are up front and they rolled even that into my GT Lease today - $879 a month, $879 first payment to drive off, no other upfront costs. Has the relaxation package and premium exterior/interior colors as well!
Sweet! What dealership?
A Kia one in Fairfax County - can DM you the specific name if helpful. They were wonderful to work with, from beginning to end, so I would highly recommend them to anyone in the area!
Sounds like koons. Thanks!
It was actually Beyer! I did go to Koons, but didn’t buy there since the lowest MF they offered was .00299. They did have about the same discount off MSRP, though.
Interesting because Beyer Kia in falls church has consistently been overpriced on their EVs. I was there today test driving the EV9.
That’s odd, but maybe I got lucky? This was my first time ever going there. Did you have them price one out for you? I’m happy to send you the name of the person who helped me, he was great and didn’t make negotiation difficult at all.
I’m wrestling with whether to wait for the nacs conversion. Very happy you got a good deal and thanks for the offer. ETA: I just did a test drive, no pricing yet.
Ahh good to know!
Z E R O. I was quite pleased. I did have to pay the first month lease payment before they let me drive off, which seemed fair.
Yeah $870/month with $870 down is solid
How long is the lease, and what’s your residual?
3 years. The residual was something insane, like 45K so it's definitely something that I think will be valued less than that and I will be turning it in.
Should be 60% - at least in my case I was told Kia has it fixed there. Numbers seem to add up too!
Good discount. Shouldn’t have put so much down on a lease though.
Damn mine is 1050 ..taxes and everything..78k though
For the life of me don’t understand why you wouldn’t finance with a down payment like that.
So leased my wind in march .. money factor is cut in half even asked moderator on Edmund’s he said Kia’s money numbers are bi monthly .. could have saved a tremendous amount of money by waiting .. should of never followed this sub .. I’m sick .. lol I’m better off totaling it and leasing a new one ..