Is this a good lease? SoCal area

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EcoMom

Member
Joined
May 2, 2016
Messages
13
Soul EV+ 2016

0 down
$239/month

No other fees or hidden costs or security deposit.

$2500 CA state rebate not included in monthly price.

Residual is something like $14600 (I don't have my notes right in front of me).

Thoughts?

Thanks!

Excited to get my first EV!
 
So my recommendation is to not negotiate payment but rather exact details.

MSRP is $36,800 but Truecar estimate is $32,614. So lets make $33000 the capitalized cost. I've seen KMF bonus at $11000 (includes federal, no state), so really $22000 capitalized cost.
Residual is likely 41% which places residual value at $15088
Money factor 0.00032

So lease payment is depreciation + finance charge

depreciation= (Capitalized Cost - Residual Value) / Number of Months
finance charge=(Capitalized Cost + Residual Value) * Money Factor

So a grade "A" deal is probably $204

http://leasehackr.com/blog/2016/4/17/how-to-calculate-lease-payments-by-hand
 
12,000 miles, 36 months

I think I was told last night (I might have misheard) was the following:

2016 Kia Soul EV+ lease terms

MSRP 30250
$0 due at signing
$239/month

residual value $14,668.50

no additional hidden costs or fees

$239 x 36 months = $8604

less $2500 CA rebate = $6104

effective monthly payment $169.56/month

Thoughts?
 
vanillagorilla said:
So my recommendation is to not negotiate payment but rather exact details.

MSRP is $36,800 but Truecar estimate is $32,614. So lets make $33000 the capitalized cost. I've seen KMF bonus at $11000 (includes federal, no state), so really $22000 capitalized cost.
Residual is likely 41% which places residual value at $15088
Money factor 0.00032

So lease payment is depreciation + finance charge

depreciation= (Capitalized Cost - Residual Value) / Number of Months
finance charge=(Capitalized Cost + Residual Value) * Money Factor

So a grade "A" deal is probably $204

http://leasehackr.com/blog/2016/4/17/how-to-calculate-lease-payments-by-hand

I will definitely check out your link -- thank you, vanillagorilla!
 
EcoMom said:
12,000 miles, 36 months

I think I was told last night (I might have misheard) was the following:

2016 Kia Soul EV+ lease terms

MSRP 30250
$0 due at signing
$239/month

residual value $14,668.50

no additional hidden costs or fees

$239 x 36 months = $8604

less $2500 CA rebate = $6104

effective monthly payment $169.56/month

Thoughts?
That sounds like an incredible deal to me, but I'm in NY. I got a quote today for a 2016, $34,925, 36 mo, 10-k miles, for $199/mo. and 2-k down. We don't [yet] have a state EV rebate like CA.
 
[/quote]That sounds like an incredible deal to me, but I'm in NY. I got a quote today for a 2016, $34,925, 36 mo, 10-k miles, for $199/mo. and 2-k down. We don't [yet] have a state EV rebate like CA.[/quote]

Maybe try TrueCar for free price quotes in NY? That price sounds high to me!

Good luck!
 
Ecomom, I agree that is a great deal. I just this weekend leased a Base model (not EV-E, not +) for only a $600 hundred dollars less. I've been quoted monthly lease costs for the + of $60-70 more than the Base. That seems silly for a car that is only $2000 more at MSRP. So an effective total cost of $6100 for the + surprises me. I say go for it!

Here is my own deal, expressed in your terms:

10,000 miles, 36 months
$3000 at signing, no other costs or fees
$139 x 36 months = $5004
less $2500 rebate = $5504
effective monthly payment $152.89

But of course you have the + and I don't. I will envy you those leather seats when summer comes!

My deal was with Kia of Sherman Oaks. Who offered you this great deal?
 
Below I have your quote for your Kia Soul EV+ in Carribean Blue with White Roof.

MSRP: $36,925
Our Price: $34,573
Rebates: $11,500
Price: $23,073
Upfront Taxes: $804.72
DMV: $437.75
Lease: $258+$20.63 (taxes)= $278.56/mo @ 36 months with 12,000 mi/yr

received this a few weeks ago - of course the rebates have changed - do not see any listed for May 2016 (except for the Federal) so will have to wait until some new ones are offered - hopefully not less than before!!
 
buddhaauthor said:
Ecomom, I agree that is a great deal. I just this weekend leased a Base model (not EV-E, not +) for only a $600 hundred dollars less. I've been quoted monthly lease costs for the + of $60-70 more than the Base. That seems silly for a car that is only $2000 more at MSRP. So an effective total cost of $6100 for the + surprises me. I say go for it!

Here is my own deal, expressed in your terms:

10,000 miles, 36 months
$3000 at signing, no other costs or fees
$139 x 36 months = $5004
less $2500 rebate = $5504
effective monthly payment $152.89

But of course you have the + and I don't. I will envy you those leather seats when summer comes!

My deal was with Kia of Sherman Oaks. Who offered you this great deal?

I got my Kia EV + late last night from downtown LA!
 
rogerdonnelly said:
Below I have your quote for your Kia Soul EV+ in Carribean Blue with White Roof.

MSRP: $36,925
Our Price: $34,573
Rebates: $11,500
Price: $23,073
Upfront Taxes: $804.72
DMV: $437.75
Lease: $258+$20.63 (taxes)= $278.56/mo @ 36 months with 12,000 mi/yr

received this a few weeks ago - of course the rebates have changed - do not see any listed for May 2016 (except for the Federal) so will have to wait until some new ones are offered - hopefully not less than before!!

In the end, I got quotes that ranged from $235/month to $299/month with $0 drive offs and 12K/miles, 36 months.

Some dealers simply commented that my best deals were $3000+ below invoice and were indeed good deals. Some wouldn't give me a quote at all, just asked me to come in and they promised to give me a better deal.

Although slightly higher than my best quote, I went with the one for $240/month as they were straightforward with me from the beginning and closest to where I live. After the $2500 CA state rebate, I should be around $170/month for 12k miles and 36 months! Pretty happy!

Now have to figure out how to get my HOA ok with my needing to charge!
 
blownb310 said:
Thanks for the details. Are the monthly payments including the tax?

Mike
Yes, monthly payments include tax and all costs and fees. It really is "renting" a car for $240/month! I didn't pay anything to drive off the lot as the first payment, registration, doc fee, etc. was deducted from the $12500 rebate.

I should receive $2500 CA state debate in a couple of months, so effectively, it's about $170/month!
 
Congratulations, Ecomom! I am loving my car so far and I'm sure you will love yours. Why do you expect trouble from your HOA regarding charging? BTW: I'm just charging at night with the supplied cord and a heavy duty extension cord. The lowest I've gotten so far is 47% charge (after driving 60 miles). I'm not sure I even need to install an EVSE unless my wife decides she wants an EV.

rogerdonnelly, perhaps you could use Ecomom's deal in your negotiations when rebates look good.
 
buddhaauthor said:
Congratulations, Ecomom! I am loving my car so far and I'm sure you will love yours. Why do you expect trouble from your HOA regarding charging? BTW: I'm just charging at night with the supplied cord and a heavy duty extension cord. The lowest I've gotten so far is 47% charge (after driving 60 miles). I'm not sure I even need to install an EVSE unless my wife decides she wants an EV.

rogerdonnelly, perhaps you could use Ecomom's deal in your negotiations when rebates look good.

My HOA has been "difficult" in the past. And has treated me unfairly -- holding me to rules that others get to break, and/or get waived! They want a 3 bicycle limit per unit and I have 4 people in my family. This was while I was on the Board -- the rest of the Board supposedly had a meeting and voted on it but they never even told me there was a meeting!!!

I can only imagine what they will come up with to fight me on charging my EV! The building is full of entitled types...
 
Well, you're fighting the good fight, remember that. Oh and try not to make entitled types feel ashamed because they haven't gotten EVs yet. Entitled types do not like shaming. Good luck!
 
picked up my 2016 Blue/White Plus today

gross cap cost: $35,266
cap cost reduction: $13,398
adj cap cost: $21,867
resid: $14,031
payment (incl tax): 249.37
3 yr / 30k

have learned (almost the hard way!) about speed of vehicle vs range -- left dealership with 100miles showing, needed to recharge after about 60 miles from driving at 75-80mph (good old Southern California) Thankfully Toyota dealer let me use their L2 charger for an hour or so - so I could make it to the nearest Chademo (how do you pronounce it?) whew!!

[Cha-dem-o ? Chad-e-mo ?] or am I missing it entirely!

so far, really like how the car handles - acceleration is amazing. interior is nicely done.
 
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