Lease then Buyout - Complete Experience/Explanation

[Ruturaj]

Lease cash is $7,300 right now. and it sounds like after fees you save around 4-5k. Was all the phone calls and headache worth it? I'm thinking about just financing

Check taxation in your state. I assumed you already factored in extra fees you have to pay on lease, 300 buyout and 650 acquisition fee.

 

[Rob M]

You would think that inept processes would get fixed over time. I mailed in a personal check for the buyout amount indicated along with the lessee portion of the odometer disclosure form completed. The payment was reflected in my payment history on 11/03/18. I waited until 01/15/19 and then called KMF to determine the status of the title transfer. They stated they did not have the disclosure form on file. On 01/15/19 I mailed another form. I called back today (1/29/18) and they again stated that they have no form on file. I sent a relatively poor photograph copy of the form to them via an online fax service, then called them back asking them to verify receipt and acceptability. Of course, they cannot verify receipt. Instead, I was told to wait 72 hours and then call back. I have little confidence that will result in success either. Their customer service agents as well as supervisors do not seem empowered to do anything. One provided me with an email address that was unreachable.... apparently, they have an internal email service, but no external contact according to the supervisor.

 

[MerlintheMad]

You would think that inept processes would get fixed over time. I mailed in a personal check for the buyout amount indicated along with the lessee portion of the odometer disclosure form completed. The payment was reflected in my payment history on 11/03/18. I waited until 01/15/19 and then called KMF to determine the status of the title transfer. They stated they did not have the disclosure form on file. On 01/15/19 I mailed another form. I called back today (1/29/18) and they again stated that they have no form on file. I sent a relatively poor photograph copy of the form to them via an online fax service, then called them back asking them to verify receipt and acceptability. Of course, they cannot verify receipt. Instead, I was told to wait 72 hours and then call back. I have little confidence that will result in success either. Their customer service agents as well as supervisors do not seem empowered to do anything. One provided me with an email address that was unreachable.... apparently, they have an internal email service, but no external contact according to the supervisor.

This is the worst Kia financial story I have run into! Seriously messed up. Sorry this crap happens. Who knows what it means? Is Kia getting better or worse? Last June into July my buyout went off without a hitch. I had the title in my hands in under a month.

 

[Dmchristie1]

Mine went smoothly as well. They tried to recharge me doc fee but I shut that down fairly easily. However in hindsight .... I paid off a yellow one. Not sure it was a good thing.

 

[DeadOhioSky]

When you buy out the lease the 10 year powertrain warranty remains intact correct? Despite the title changing hands?

 

[MerlintheMad]

When you buy out the lease the 10 year powertrain warranty remains intact correct? Despite the title changing hands?

That smacks as a silly question, but why not? Kia holds the title as original owner. When they send the title to me, I am now the "second owner". The evidence that this is not how it is legally is that Kia does not offer to sell me an extended warranty. Since they never did, I assume rightly that I am defined as the original purchaser of the car.

 

[DeadOhioSky]

That smacks as a silly question, but why not? Kia holds the title as original owner. When they send the title to me, I am now the "second owner". The evidence that this is not how it is legally is that Kia does not offer to sell me an extended warranty. Since they never did, I assume rightly that I am defined as the original purchaser of the car.

Thanks, I don't like making assumptions! If I used a different leasing company then Kia, it might be a different story though huh

 

[Rob M]

After sending odometer disclosure statement to KMF via fax (after two mailed attempts they never processed), they quickly sent me the title and bill of sale. The rest of the process was relatively painless. In case any Maryland residents are wondering what to expect with regard to a lease buyout: excise taxes are waived (no double taxation). The buyer does have to pay for title certificate ($100) and 2 year registration ($187) with new license plates for a total of $287. Once the "old" plates are turned in, the state will refund half (the 2nd year's portion) of the original registation fees paid at the beginning of the lease.

 

[CDv6]

In case any Maryland residents are wondering... Once the "old" plates are turned in, the state will refund half (the 2nd year's portion) of the original registation fees paid at the beginning of the lease.

I bought mine out within a month, went through the re-registration/re-tag process, and they mentioned a refund, but I haven't seen anything. Guess I need to re-review my paperwork.

 

[AdamJ]

I'm having some serious trouble with my lease buyout. I got a loan from my local CU and they mailed the check for the buyout amount to the lease buyout address with my KMF account number on 5/5. I waited about a week and a half but my KMF online account still showed payment due. I called my CU and they said the check was cashed on 5/9.

On the day my KMF payment was due 5/20, I called KMF and they said they aren't seeing the buyout payment, and also those payments are processed by another entity so they can really tell me anything. They basically told me to just wait a few more days. My CU is mailing the cashed check image to KMF.

So at this point my account is over due, KMF cashed a $31000 but nobody knows where the money is. What the hell should I do??

 

[MerlintheMad]

I'm having some serious trouble with my lease buyout. I got a loan from my local CU and they mailed the check for the buyout amount to the lease buyout address with my KMF account number on 5/5. I waited about a week and a half but my KMF online account still showed payment due. I called my CU and they said the check was cashed on 5/9.

On the day my KMF payment was due 5/20, I called KMF and they said they aren't seeing the buyout payment, and also those payments are processed by another entity so they can really tell me anything. They basically told me to just wait a few more days. My CU is mailing the cashed check image to KMF.

So at this point my account is over due, KMF cashed a $31000 but nobody knows where the money is. What the hell should I do??

Welcome.

Be patient. There is wide variability in how long this process takes; and how smoothly it goes. We don't know why. My buyout was seamless; involved one phone call to KMF, and c. a month later I had the title in my hands. I do know that it isn't KMF that does the buyout; it's HCA Exchange, Inc. That's who I made out my personal cheque to.

One week isn't a done deal on updating your KMF account page. During the process, I'd checked back on my buyout page and as the day for my next monthly lease payment drew nearer, my page still did not show that anything was in the works. Be confident, that if you make another lease payment, that it will come off the amount of the buyout. Kia isn't going to stiff you for a payment made while the buyout was progressing.

 

[AdamJ]

Welcome.

Be patient. There is wide variability in how long this process takes; and how smoothly it goes. We don't know why. My buyout was seamless; involved one phone call to KMF, and c. a month later I had the title in my hands. I do know that it isn't KMF that does the buyout; it's HCA Exchange, Inc. That's who I made out my personal cheque to.

One week isn't a done deal on updating your KMF account page. During the process, I'd checked back on my buyout page and as the day for my next monthly lease payment drew nearer, my page still did not show that anything was in the works. Be confident, that if you make another lease payment, that it will come off the amount of the buyout. Kia isn't going to stiff you for a payment made while the buyout was progressing.

Thank you. It's just super frustrating that KMF couldn't even tell me that they received the buyout check. I don't mind the wait, it's the fact that the check was cashed and nobody on the KMF side sees it anywhere.

 

[MerlintheMad]

Thank you. It's just super frustrating that KMF couldn't even tell me that they received the buyout check. I don't mind the wait, it's the fact that the check was cashed and nobody on the KMF side sees it anywhere.

You might be in for a bumpy ride. But it'll get there, eventually. I haven't heard of a single incident where KMF muffed the buyout to the point of a total CF. They all wind up working out. It's part of being a growing car manufacturer conglomerate growing faster than any minion can adequately keep track of. KMF is involved in the buyout transaction process, but it's really Hyundai (HCA) that handles the money. So interdepartmental communication is just asking for the CF to happen. Sometimes, it does, but not "totally man".

 

[AdamJ]

My buyout still hasn't been credited to my account and KMF still can't tell me where the money went. They are totally clueless!!

 

[MerlintheMad]

Lol. Another week of feckless money tracking by the interdepartmental goons. They get paid for this. You'll get your confirmation of receipt and your title … EVENTUALLY!

 

[AdamJ]

Lol. Another week of feckless money tracking by the interdepartmental goons. They get paid for this. You'll get your confirmation of receipt and your title … EVENTUALLY!

I don't even think anyone is trying to track the money down, they we're extremely quick to cash the check though!

 

[MerlintheMad]

I don't even think anyone is trying to track the money down, they we're extremely quick to cash the check though!

Oh, well you're good then. A cashed cheque clears. Then you get confirmation. That's how capitalism works! Without looking back over the thread: how long has it been since you sent off the cheque?

 

[AdamJ]

Oh, well you're good then. A cashed cheque clears. Then you get confirmation. That's how capitalism works! Without looking back over the thread: how long has it been since you sent off the cheque?

They cashed the check on 5/9, KMF doesn't have record of the money associated with my account though.

 

[MerlintheMad]

They cashed the check on 5/9, KMF doesn't have record of the money associated with my account though.

Iirc, my KMF buyout information did not show until just before I got the title in the mail. I'm thinking that all at once is how the online information gets updated; not step by step. And I doubt that anyone on the KMF side can look online and get more information than what has been updated on your account. I mean, where would they go to find out? A higher up might, but why would our case get "escalated" to talk to someone higher than a phone flunky? That's what phone flunkies are for: a screen between the upper management and the ravening horde of clamorous customers.

 

[usagi]

So at this point my account is over due, KMF cashed a $31000 but nobody knows where the money is. What the hell should I do??

tell kia you're going to file a criminal theft report with the police for stolen $31000. during the discovery process the sole individual responsible for the theft will be identified, and they will enjoy felony charges.