Leasing and Residual

[Animal801]

Looking to hear if anyone has experience with Kia regarding turning in your lease and the original residual. Were you offered any sort of discount to the residual for buying out the car? I know for a while Stingers have been selling for under MSRP. I still have a year on my lease but am trying to figure out what to do. I have a 2019 Kia Stinger GT1 and the residual was 26,000. My car currently has about 16,500 miles on it and will probably have around 24,000 by the time the lease is up.

Thanks!

 

[Ric 'Ochet]

Looking to hear if anyone has experience with Kia regarding turning in your lease and the original residual. Were you offered any sort of discount to the residual for buying out the car? I know for a while Stingers have been selling for under MSRP. I still have a year on my lease but am trying to figure out what to do. I have a 2019 Kia Stinger GT1 and the residual was 26,000. My car currently has about 16,500 miles on it and will probably have around 24,000 by the time the lease is up.

Never heard a dealer negotiate on the residual - if you're residual is $26k, then that's what you pay for the car regardless of mileage..

Never heard a dealer negotiate on the residual - if your residual is $26k, then that's what you pay for the car regardless of mileage. Used Stingers are selling above residual so dealers want the cars so they can put them on their lots.

 

[Animal801]

Never heard a dealer negotiate on the residual - if you're residual is $26k, then that's what you pay for the car regardless of mileage. Used Stingers are selling above residual so dealers want the cars so they can put them on their lots.

I'm not experienced with leases, but I know my paps was offered a buyout on one of his Mercedes a while ago at way under the original residual. You're right though, the used car market is hot as hell right now so I'm probably stuck with 26k.

 

[Ric 'Ochet]

I'm not experienced with leases, but I know my paps was offered a buyout on one of his Mercedes a while ago at way under the original residual. You're right though, the used car market is hot as hell right now so I'm probably stuck with 26k.

Interesting - my family was in the car business for 30 years with 5 brands and never would they negotiate residual (And I leased through them). Never a Benz but pretty much everything else lol

 

[PHL Mike]

I just finished up my lease from ‘18 and $26k was my residual value but wholesale is higher. I went to Carmax and they offered me $29k approached Vroom and they paid Kia Motor Finance the $26, took my car and listed it and gave me a check two days later for $5k!! Sweet deal all around. My dealer salesman knew I wanted a Tesla Model Y and said try selling to those guys and you’ll make out well. He was so right!
If you do this plan early, you have to satisfy the payments all to the end of the leasing contract. You can always call KMF to find out your payoff.
If anyone wants one, there is a very clean 2018 Micro Blue with white int. AWD GT 2 on Vroom right now. 35k miles, I was fanatical about the upkeep, Murray Kia dealer serviced, garaged it, still fully stock since it was a lease, and I detailed it often.... Good luck!