New Purchase, Lease Buyout. Any Gotchas?

[Guitarcrazy]

Merlin, your numbers are quite a bit different from mine. I am getting about $16000 off of the MSRP by doing the lease buyout. If I had not done the lease buyout i would have received approx. $10000 off of MSRP. This route should save me approx. $5000 after all is said and done. I won't get the ding insurance, wheel and tire coverage, or anything else so the savings is pretty significant.

 

[Guitarcrazy]

I took delivery of my GT2 on 12 September and drove it the 175 miles home. Great car so far, although less than 500 miles on her thus far. I am still waiting for my account to be available on Kia Finance so I can do the buyout. My local credit union is offering 2.75 for 5 years so I will refi with them. My buyout should be $38200 plus buyout fee of $300 if all goes as expected. How long did it take for your accounts to show up on Kia Finance?

 

[Hapa88]

Have you tried calling them? I think mine took like a week or two to show up on Kia Finance.

Also just make sure that the 2.75% applies to “lease buyouts” because Bank of America lists it as a separate and higher rate than a “used car” or a ”refinance.” Every company is different, so you never know.

 

[Rob M]

I took delivery of my GT2 on 3 September....

How did you manage to take delivery before your original post in this thread on 5 Sep? You sure you didn't get the stainless steel version?

 

[Guitarcrazy]

I agreed to purchase on 3 September to lock in the rebate that was current. The dealer also wanted that date to add to his end of month sales for the labor day incentives. I wasn't able to pick up the car until two weeks later because of other commitments. Not sure what you mean by stainless steel version.

 

[Rob M]

Not sure what you mean by stainless steel version.

SS DeLorean as in Back to the Future. I thought you had travelled back in time since you stated you took delivery on 3 Sep but had yet to sign on 5 Sep. Congrats, you got a sweet deal. My online account with KMF was up and running within 2 weeks of lease inception. I waited a couple months b4 doing the buyout just to make sure i was happy with my specific stinger.

And speaking of Back to the Future, completing the buyout process may require the use of a fax machine, i kid you not. I made two attempts at mailing in an odometer statement. KMF denied receipt twice, then requested I fax it to them. They would not accept an emailed copy; had to be a fax. Fortunately, there are some online websites where Marty McFly can upload an image and have it faxed for free over to Doc Brown at KMF.

 

[Guitarcrazy]

Now I get it. The Stinger is my density. I still have a fax machine at work so I guess I can manage that. Thanks for the replies.

 

[Guitarcrazy]

I just spoke to KMF. Apparently the VIN number doesn't work to create an account. Once I used the account number it found me and I was able to see my buyout quote. $38297.39. So far everything is working as expected.

 

[Lonz]

I reached out to a dealer near me yesterday to see if they could match the deals in this thread (11% off of MSRP, minus current lease rebate of $10,100, plus $650 acquisition fee, plus their $199 doc fee). I even sent them the pic of the deal shown at the beginning of this thread, and also a link this thread. Here was the Manager's exact quote back to me, "Looks like the person in the forum worked at a dealership as that is a dealership finance screen. Those numbers are impossible."

I told him that I'll keep fishing!

 

[Guitarcrazy]

I don't work at the dealership, the manager showed me that so I could see he wasn't adding any unnecessary charges to the contract.

 

[Guest-469909]

I don't work at the dealership, the manager showed me that so I could see he wasn't adding any unnecessary charges to the contract.

Yep, I know. The manager is just trying to convince that your deal is not real. I think it’s funny that they honestly think that I’d be like, “Oh, in that case, I better not try to get a similar deal.” Lol! I’m going to send out more feelers today to see if I could get a similar deal.

 

[Lonz]

I don't work at the dealership, the manager showed me that so I could see he wasn't adding any unnecessary charges to the contract.

For some reason, my previous post shows as "guest."

 

[Dina Autry2q]

Can anyone tell me where I can find out the lease buyout regulations for my state, or other states I may shop in? Basically, where to find the info on lease tax regs and if you have to do your buy out via a dealership. And if so, does it have to be a dealership in the state where you purchased or can it be your home state ? Hope these questions made sense.
TIA,
Dina