Lease then Buyout - Contract Explanation

[Yeti]

The lease on my 2019 GTS AWD is ending. I have a state inspection appointment with the service department Tuesday. Have an appointment with money guy same time to go through numbers on either buying out lease or making some kind of deal on 2022 GT2. Residual buy out is $25k. See trade in value is about $40k on Kelly bluebook

 

[andyecon]

The lease on my 2019 GTS AWD is ending. I have a state inspection appointment with the service department Tuesday. Have an appointment with money guy same time to go through numbers on either buying out lease or making some kind of deal on 2022 GT2. Residual buy out is $25k. See trade in value is about $40k on Kelly bluebook

If you haven't already, get offers from Carvana, Vroom, and take it for appraisal at Carmax. Dealers offered me $6k less than Carmax for my GT2!

 

[GPhenom]

If you haven't already, get offers from Carvana, Vroom, and take it for appraisal at Carmax. Dealers offered me $6k less than Carmax for my GT2!

My Honda dealer offered me $3K less than Vroom for my CR-V, but they later matched the Vroom offer.

 

[nmattinson]

I have a mint 21 that unfortunately I need to sell.

are you still trying to sell your stinger? if so, how much and any info you have about your car?

 

[laxer23]

I'm not sure where to see the current rebate, I look in Kia's website I don't see anything that stands out as offers and rebates? Is the lease rebate still being offered?

 

[andyecon]

I'm not sure where to see the current rebate, I look in Kia's website I don't see anything that stands out as offers and rebates? Is the lease rebate still being offered?

They pulled lease incentives on 2022's. They are giving very little on 2023's at the moment, see here: 2023 Kia Stinger Lease Deals and Prices

 

[Kr33m0]

So I am coming up on my lease end in a few weeks and looking to do the buyout. Has anyone down a lease buyout (at end of lease) recently? How was your experience with the dealership? Took out a loan or paid cash? Just want to know what to expect with the whole process as Kia has been pestering me to buy the car.

 

[Yeti]

Did a lease buy out at the end of my lease on a 2019 GTS. Not really recently. Lease ended mid December 2021. So about 8 months ago. Expected the worst but was really happy. Dealer offered me $12,000 and a ride home if I walked away from the car. My view was I was buying a used car for $15,000 below book value. Dealer needed to make money on deal so guessing $3000 Profit. Bought the lease out and the dealer waived all the bull shit fees. Paid under a $100 in fees. They were state fees to re-title the car in my name

 

[Harshman]

I did mine about the same time. I went straight to KIA Finance. No fees. Only issue was that they 'lost' the title which took about 1.5 months to fix.

 

[Kr33m0]

I did mine about the same time. I went straight to KIA Finance. No fees. Only issue was that they 'lost' the title which took about 1.5 months to fix.

What is the deal with "lost" titles or titles taking long to arrive and other issues I have been reading about? Is that on the DMV or Kia? Is there something nefarious going on?

 

[Kr33m0]

I did mine about the same time. I went straight to KIA Finance. No fees. Only issue was that they 'lost' the title which took about 1.5 months to fix.

So, instead of going back to the dealership, you called Kia Finance direct and did the transaction over the phone?

 

[Lazarus.Bird]

I want to get into an EV6 but not sure when the full GT model is releasing. My lease is up in January and at this point I'm assuming I'll just purchase the vehicle because the market value will be massively higher than my residual value.

 

[Yeti]

I am in PA. State requires lease buy out to be completed at the dealership. Wrote them a check. Did not use Kia finance. Title took about a month. PA is incredibly corrupt And has terrible laws. All the paperwork was done on line at the dealer. State is just really slow

 

[Kr33m0]

So I spoke to a representative from Kia Financial today and they told me I can do everything online. Make the payment send them the odometer form and not have to go into the dealership at all. I'm in North Carolina.

 

[Harshman]

So, instead of going back to the dealership, you called Kia Finance direct and did the transaction over the phone?

Nope, did it on-line. Only made calls when the title did not show up.

 

[anniepeachie]

I know this whole thread is kind of moot now, but for anyone still around... I just caught something on the lease agreement I dug out from mid-2020 and feel really, really stupid. So stupid I'm not going to even go back and look at my old posts to see what I was saying and thinking at the time.

If my cap cost reduction shows roughly $8,600 (what I remember negotiating with the dealer) with the adjusted cap cost of $42,000 (car was over $50k msrp), and the lease rebate of $10,200 is shown on the other side applied against the cap cost reduction, I basically didn't get it, right? My payoff was well over $40,000.

I guess I should have come to this realization when I put the payoff through, but I must have thought it was just taxes and fees and stuff in there. I had the expected "lease payment" matched to the penny, but in the end they still got me, I guess. I always think I'm a pro at this stuff, and every stinkin' time I learn I'm not. I'm almost glad the next car I'm buying is at MSRP because I am so done with this!

 

[Snicklefritz]

I decided that I don't understand it at all, and will just lease and turn it in. I bought out the lease originally because the monthly lease rent over the life of the lease was well over $5,000 and I wanted to save it since I knew that I was going to keep the car. now I have changed my attitude and don't want to own another new car. will pay the lease rent as the 'privilege of leasing' and always having new.

 

[Ruturaj]

I know this whole thread is kind of moot now, but for anyone still around... I just caught something on the lease agreement I dug out from mid-2020 and feel really, really stupid. So stupid I'm not going to even go back and look at my old posts to see what I was saying and thinking at the time.

If my cap cost reduction shows roughly $8,600 (what I remember negotiating with the dealer) with the adjusted cap cost of $42,000 (car was over $50k msrp), and the lease rebate of $10,200 is shown on the other side applied against the cap cost reduction, I basically didn't get it, right? My payoff was well over $40,000.

I guess I should have come to this realization when I put the payoff through, but I must have thought it was just taxes and fees and stuff in there. I had the expected "lease payment" matched to the penny, but in the end they still got me, I guess. I always think I'm a pro at this stuff, and every stinkin' time I learn I'm not. I'm almost glad the next car I'm buying is at MSRP because I am so done with this!

Was tax included in pay off. It's really tricky, as depending on state you could have paid taxes twice. Or dealer screwed you over.

 

[Ruturaj]

I decided that I don't understand it at all, and will just lease and turn it in. I bought out the lease originally because the monthly lease rent over the life of the lease was well over $5,000 and I wanted to save it since I knew that I was going to keep the car. now I have changed my attitude and don't want to own another new car. will pay the lease rent as the 'privilege of leasing' and always having new.

My wife paid 44k including tax. It's been more than 3 years and I could sell car for 35k. It's not going to happen again, we are not getting 5k off 10k lease incentive on 55k car.

 

[Transmetal]

I decided that I don't understand it at all, and will just lease and turn it in.

I definitely never understood it but then again I've never leased and would never lease a car. I get why some people lease though. My in-laws get bored with cars quick and they always wanna get the latest, greatest, newest thing. Me, I buy stuff and hold onto it for a while.