Hi everyone, not sure where to post my comment. I completed a lease buyout at the end of March (just before the COVID 19 crisis hit the US). My credit union paid Kia Motor Finance and since then neither I or the credit union had received the title. So, I’m paying for a car without a title at this point. To make matters worse KMF won’t even connect me to a live person and have not responded to dozens of emails I have sent requesting the title... has this happened to anyone else? If so how did you handle it? I’m at a loss for how unhelpful KMF and my dealer have been with this issue.
thanks in advance, and I apologize if this was not the correct place to post this concern.
Just bought 2 days ago and will be doing the buyout ASAP. I look forward to hearing what other tips folks might have, and sorry you're dealing with shady business.
I will say, I've had great luck with the BBB stepping in to assist with billing issues with AT&T multiple times so they may be a venue to explore.
Hey all. Finally got our 2020 Stinger GT2 two days ago, and amazingly the buyout amount showed up on the KMF site that night. It was higher than I expected, but I just broke it all down myself, and realized I had to add a month of rental charge, disposition, and since we did zero drive-off, the up front taxes that basically reduced the rebate. Numbers add up now.
But that night it showed a payment due. And today it shows it was paid and next payment due in August, and the buyout price is appropriately reduced by 1 month of depreciation. I'm awaiting financing approval from my CU (holiday weekend, of course). Maybe I've just hit a math mental wall, but which is the correct payoff amount? Is the July 3 "payment" what was basically subtracted from the cap cost reduction (rebate)?
Hey all. Finally got our 2020 Stinger GT2 two days ago, and amazingly the buyout amount showed up on the KMF site that night. It was higher than I expected, but I just broke it all down myself, and realized I had to add a month of rental charge, disposition, and since we did zero drive-off, the up front taxes that basically reduced the rebate. Numbers add up now.
But that night it showed a payment due. And today it shows it was paid and next payment due in August, and the buyout price is appropriately reduced by 1 month of depreciation. I'm awaiting financing approval from my CU (holiday weekend, of course). Maybe I've just hit a math mental wall, but which is the correct payoff amount? Is the July 3 "payment" what was basically subtracted from the cap cost reduction (rebate)?
I just registered and put in the VIN and everything was in there Friday night. I think I figured out the payoff amount. I went through the contract sheets and see the cap cost reduction is the $10,200 rebate minus first payment (so I paid), doc and gov’t fees, and taxes on the rebate. So I have my payoff amount good through Aug. 2. Now just gotta hope my financing is approved as planned...
Wish I knew why I got an insane Money Factor of .00247 though. They told me it was top tier, which I surely expected. I said good thing I’m paying this off right away, or we’d be here another hour .
How long does it typically take to get access to your account? I tried registering and still no luck. I leased June 29th. Anytime I call they tell me to call back later due to them being so busy....
How long does it typically take to get access to your account? I tried registering and still no luck. I leased June 29th. Anytime I call they tell me to call back later due to them being so busy....
How long does it typically take to get access to your account? I tried registering and still no luck. I leased June 29th. Anytime I call they tell me to call back later due to them being so busy....
Maybe call the dealer and see if they fully pushed it through whatever system they use? Perhaps with the end of the month rush and holiday weekend they got backed up.
Thanks for the thoughts, all. I actually just got a call from the dealer I purchased from and short and sweet: I put too much down on the lease. They're increasing the sale price $2k to make up for the issue that Kia Finance sees, and cutting me a check for $2k. Since I'm doing the lease buyout, shouldn't affect final numbers.
Thanks again and should be all set once they resubmit everything!
Thanks for the thoughts, all. I actually just got a call from the dealer I purchased from and short and sweet: I put too much down on the lease. They're increasing the sale price $2k to make up for the issue that Kia Finance sees, and cutting me a check for $2k. Since I'm doing the lease buyout, shouldn't affect final numbers.
Thanks again and should be all set once they resubmit everything!
Uhhh what? Is there such a thing? I get you can put the 2k towards the buyout or on the loan after the buyout, but putting too much cap cost reduction on the lease is a thing? Did you go past the residual value?
Uhhh what? Is there such a thing? I get you can put the 2k towards the buyout or on the loan after the buyout, but putting too much cap cost reduction on the lease is a thing? Did you go past the residual value?
Yep, it's because my trade in was so high. They had warned me that it may or may not go through and explained this possibility so I'm totally fine with it.
Yep, it's because my trade in was so high. They had warned me that it may or may not go through and explained this possibility so I'm totally fine with it.
In the future, you might want to consider not trading in when leasing. It's like putting major cash down, and if something happens with the car before all is said and done, you could very likely be out all the equity you had on your trade.
In the future, you might want to consider not trading in when leasing. It's like putting major cash down, and if something happens with the car before all is said and done, you could very likely be out all the equity you had on your trade.
Fairly certain that's not how it works... If the car was totaled, for instance, Insurance would pay the ACV (actual cash value) which is usually around KBB for reference. My payoff amount in this case is $28k for the car and KBB lists a 2019 GT2 (can't put in 2020 currently) at $37,200 for the median car value. We'll say $38,000 since mine's a 2020. Insurance pays out $28k to Kia Motors Finance and the remaining $10k to me. You're essentially out whatever you lose driving off the lot just like you would be purchasing/financing it.
Lease the car taking advantage of lease cash and dealer discounts
execute the buyout clause in the lease contract as soon as it's posted on the Kia website by sending Kia a check in full
In some states, you may need to do things differently (Texas, Florida, may be others)
Ohhhhhh, yeah I can't do that. I was somehow thinking that u could do a lease, then do a buyout by choosing to finance the car later. No way I got that kinda cash laying around.
Ohhhhhh, yeah I can't do that. I was somehow thinking that u could do a lease, then do a buyout by choosing to finance the car later. No way I got that kinda cash laying around.
Ohhhhhh, yeah I can't do that. I was somehow thinking that u could do a lease, then do a buyout by choosing to finance the car later. No way I got that kinda cash laying around.
You wanted the cliff notes so you got the cliff note version. All the info is in this thread.
Many banks and CU will do a loan. You just tell them that you are doing a lease buyout. You'll need to contact Kia to get the buyout paperwork which the bank/CU will need.
You wanted the cliff notes so you got the cliff note version. All the info is in this thread.
Many banks and CU will do a loan. You just tell them that you are doing a lease buyout. You'll need to contact Kia to get the buyout paperwork which the bank/CU will need.
Exactly this. It seems daunting at first, but it's really not much more than being diligent about the adjusted cap cost and noting fees (maybe negotiating those lower as well) to do the buyout. My credit union already told me this is perfectly normal, and even better, since the car is 2019 or newer (mine's a 2020) it'll qualify for new car as opposed to use car financing.
Has anyone here done this in Illinois? I'm curious how the taxes were computed, as I believe they charge for the taxes up front and not on a monthly basis (this is based on a deal sheet I received yesterday under "Capitalized Taxes") and am not sure how we would get around double taxation on the depreciation. Thanks in advance!
How long did it take for your info to post to the Kia website? I signed all the paperwork on Wednesday 7/15 and so far I still can’t register using the VIN. Thanks.
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