Kia Flexi Lease - Anybody tried?

[Sunset73]

Hi there, Has anybody tried the latest Kia Flexi Lease which offers 0 downpayment and 0 deposit? From what I know is done through Daimler Fleet Management. Anybody succeeded in leasing a car from this program? Kindly share. I was given a budget of $2k per month to lease a car as my job requires me the occasional travel to Malaysia sites. (Lease on my own and company will reimburse me). I asked for Kia K3 1.6 SX direct from C&C but monthly payment is $2,045. My salary is only $4.1k. What's the chances of me succeeding in my application? I feel that I stand 10% chance only. Thanks!

Edited January 27, 2015 by Sunset73

[flashbang]

Hi there, Has anybody tried the latest Kia Flexi Lease which offers 0 downpayment and 0 deposit? From what I know is done through Daimler Fleet Management. Anybody succeeded in leasing a car from this program? Kindly share. I was given a budget of $2k per month to lease a car as my job requires me the occasional travel to Malaysia sites. (Lease on my own and company will reimburse me). I asked for Kia K3 1.6 SX direct from C&C but monthly payment is $2,045. My salary is only $4.1k. What's the chances of me succeeding in my application? I feel that I stand 10% chance only. Thanks!

 

Not possible to lease a cheaper car and use the extra budget for fuel? If you lease a car at 2k, you gotta top up the fuel costs...

[Macrosszero]

Is there a contractual lease period or can you terminate it at any time? The Kia webpage does not give details.

 

Keep in mind that under this arrangement your employer bears no liability for your lease should your employment situation with them change (change of job scope, retrenchment, etc.) - you would be left holding the baby for a $2,045 bill every month.

 

Get the company to lease since it is because of the job that you need the car to travel. Else, take the money and rent a car whenever you need to go Malaysia - a casual enquiry on the Hertz booking page shows cars available at $100 a day.

[Othello]

You don't have to lease a new car lah ..... A quick search in marketplace shows that $1,200 can get you a Lancer/Sunny/Avante

[Sunset73]

 

Not possible to lease a cheaper car and use the extra budget for fuel? If you lease a car at 2k, you gotta top up the fuel costs...

 

Bro, that I don't really worry because the company will pay for my fuel cost

Is there a contractual lease period or can you terminate it at any time? The Kia webpage does not give details.

 

Keep in mind that under this arrangement your employer bears no liability for your lease should your employment situation with them change (change of job scope, retrenchment, etc.) - you would be left holding the baby for a $2,045 bill every month.

 

Get the company to lease since it is because of the job that you need the car to travel. Else, take the money and rent a car whenever you need to go Malaysia - a casual enquiry on the Hertz booking page shows cars available at $100 a day.

 

I asked already. There is a minimum of 3 years lease. I have an agreement with my company which we signed that says they will pay me additional 2k allowance for car and fuel of 500 per month.

 

But you are right on the job security part. I feel that it is too risky also. That's why I am hesitating. Plus my current salary doesn't allow for such expense.

You don't have to lease a new car lah ..... A quick search in marketplace shows that $1,200 can get you a Lancer/Sunny/Avante

 

Haha.. my company state they will pay me up to 2k for car leasing excluding fuel mah.. so I thought why not get the most out of it?

 

But you are right. A used car is much easier to get and shorter lease period. If anything happens to my job, at least I won't get into such financial shit.

[flashbang]

Good point brought up, what happens if touch wood lose your job?

 

Actually if they paying 2k, can you use it to buy a second hand car? At least in future you own the car and can sell it to get money back if you can no longer afford it.

[Sunset73]

Good point brought up, what happens if touch wood lose your job?

 

Actually if they paying 2k, can you use it to buy a second hand car? At least in future you own the car and can sell it to get money back if you can no longer afford it.

 

Bro.. I find it not worth it to dig into my savings to downpay on a car.. let's say Toyota vios left 1 year, selling at 15k.

I need to take out 7k as downpayment from my own pocket, the rest loan.

 

And the company is clever to state that "up to 2k" based on your lease agreement. If let's say my instalment is only 900, they will only reimburse that amount. This means I can never recover back my 7k downpayment.

 

You would say I can take back the money when I scrap.. but think again, if I am in the same job and I still need the car, the money will become another downpayment for another car. So it's a never ending vicious cycle.

 

Either way, I lose out.

[flashbang]

 

Bro.. I find it not worth it to dig into my savings to downpay on a car.. let's say Toyota vios left 1 year, selling at 15k.

I need to take out 7k as downpayment from my own pocket, the rest loan.

 

And the company is clever to state that "up to 2k" based on your lease agreement. If let's say my instalment is only 900, they will only reimburse that amount. This means I can never recover back my 7k downpayment.

 

You would say I can take back the money when I scrap.. but think again, if I am in the same job and I still need the car, the money will become another downpayment for another car. So it's a never ending vicious cycle.

 

Either way, I lose out.

 

Hmm ok, that makes sense. Didn't think about it...

 

I think bigger companies have a 12 months minimum. How about this site: https://www.drive.sg/long-term-car-leasing

 

The best solution for you would probably be to find a company that can do short term leasing, say 3-6 months at a go. This gives you more flexibility to terminate the lease if required.

 

Your company is quite clever to offer up to 2k payment on a lease agreement... most companies just give a transport allowance in cash, which you can use for anything you want, such as repayment of car loan. Then again, 2k/month is a lot, and you still get 500 for fuel...

[Sunset73]

 

Hmm ok, that makes sense. Didn't think about it...

 

I think bigger companies have a 12 months minimum. How about this site: https://www.drive.sg/long-term-car-leasing

 

The best solution for you would probably be to find a company that can do short term leasing, say 3-6 months at a go. This gives you more flexibility to terminate the lease if required.

 

Your company is quite clever to offer up to 2k payment on a lease agreement... most companies just give a transport allowance in cash, which you can use for anything you want, such as repayment of car loan. Then again, 2k/month is a lot, and you still get 500 for fuel...

 

Yup, it is also because of the 2k per month, that made me tempted to go and try lease a new 1.6 SX Kia K3. Anyway I have contacted MKM leasing and asked for a manual vios. They offered me a 1 year lease for a used 1st-Gen Toyota Vios for $1500 per month.

 

Initial payment is 1st month instalment + 1 month deposit.

 

I think I will just take that because I basically just need a car to get around. And if anything happens during the 1 year, it is easier to cope.

[Harlic9]

 

Bro.. I find it not worth it to dig into my savings to downpay on a car.. let's say Toyota vios left 1 year, selling at 15k.

I need to take out 7k as downpayment from my own pocket, the rest loan.

 

And the company is clever to state that "up to 2k" based on your lease agreement. If let's say my instalment is only 900, they will only reimburse that amount. This means I can never recover back my 7k downpayment.

 

You would say I can take back the money when I scrap.. but think again, if I am in the same job and I still need the car, the money will become another downpayment for another car. So it's a never ending vicious cycle.

 

Either way, I lose out.

 

and not to forget leasing costs also covers the insurance and servicing.

[Sunset73]

 

and not to forget leasing costs also covers the insurance and servicing.

 

Yup, that's why leasing is still safer for me. I still have a Kia Carens which my brother is currently driving and paying instalments on.

If one day my brother decides to "return" the car to me, I will be saddled with 2 car loans. Really GG by then.

Edited January 28, 2015 by Sunset73

[Hosaybo]

U should ask the lease company if they would accept 1800( within 2000) instead of 1500 per month for the same car but in return, u will have the right to terminate the lease with one month notice or a period that is equal to your job notice period. You pay a premium for the car lease with clause that suits you at the company expense.

[Sunset73]

U should ask the lease company if they would accept 1800( within 2000) instead of 1500 per month for the same car but in return, u will have the right to terminate the lease with one month notice or a period that is equal to your job notice period. You pay a premium for the car lease with clause that suits you at the company expense.

 

I didn't think of this. Thanks bro, I will call up and ask!

[LoverofCar]

First of all....Why can't the company lease the car for you? You use your name to take lease and if they fire you ...you have to bear the remaining lease...why do such risky thing...?

[Sunset73]

First of all....Why can't the company lease the car for you? You use your name to take lease and if they fire you ...you have to bear the remaining lease...why do such risky thing...?

 

I already sound out to them. They say they don't have manpower to handle this for me, ask me go do myself.

I feel it's damn bloody risky also. Put my life on the line.

[LoverofCar]

 

I already sound out to them. They say they don't have manpower to handle this for me, ask me go do myself.

I feel it's damn bloody risky also. Put my life on the line.

 

You can do it for the company but use the company name for registration. ...why do you bear the risk for the company? When they fire you...do you think they care about your personal lease?

Simple as that...You can help to source the lease....run all the document as a company representative....bring back the document...get the boss or whoever authorize to sign for the company....is just a simple process....you can even get the car rental salesperson to come to the company to discuss.......come on...such risky thing and you want to let it go so easily? If they insist, something is so fishy....don't agree to such a term in your employment...sigh..

 

Edited January 28, 2015 by LoverofCar

[Kusje]

Actually if really need to nego here and there then the best will be to negotiate to get the 2k in cash.

[Sunset73]

 

You can do it for the company but use the company name for registration. ...why do you bear the risk for the company? When they fire you...do you think they care about your personal lease?

Simple as that...You can help to source the lease....run all the document as a company representative....bring back the document...get the boss or whoever authorize to sign for the company....is just a simple process....you can even get the car rental salesperson to come to the company to discuss.......come on...such risky thing and you want to let it go so easily? If they insist, something is so fishy....don't agree to such a term in your employment...sigh..

 

Makes sense also. let me try and see how

Actually if really need to nego here and there then the best will be to negotiate to get the 2k in cash.

Tried and failed. Company very smart. That's why is up to 2k. Won't give cash. Reimbursement every month once show leasing contract