Has anyone actually completed a lease buyout yet?

[jwhollan]

I tried digging through some of the threads here but was having trouble finding much info from anyone who has actually bought out their Stinger lease yet, only a bunch of people talking about doing it. If there have been posts from someone who has done it, I apologize I missed it.

I'm interested in getting details about your experience doing it through KMA. How easy was it? How long did the process take? Was the buyout quote listed on the site the only amount you paid, or are there other fees on top of it to consider? Also, where did you get your loan (assuming you took out a loan, and didn't buy it out with your own cash)? Did the bank consider it a new car or used? Any issues with them loaning out the full buyout amount? Any recommendations on banks to look at that have pretty good rates?

I've paid a couple lease payments now and am close to pulling the trigger on the buyout and was just looking for details on exactly what I should be expecting. Thanks!

 

[Falaris]

Excellent questions that I am also curious about the answers. I am not going to buyout my lease (not this time at least) since I am waiting for the refinements and added features to be put into the US version. I will probably do the lease buyout, if it still makes sense, in 2021 when my lease is up.

One question I can lend a little insight into is the bank counting the vehicle new or not. I am sure it varies but in my case my wife works at a credit union and their policy is that, at their discretion, they can consider the car new up to 8k in miles. That seemed a bit crazy to me but I guess that is where the depreciation and the banks risk department make the call.

Looking forward to other answers as I hope to do this in a future.

-Fal

 

[iclicku]

I know @Rufus has.

 

[Rufus]

We completed our buyout in 2/23 after having made the initial 1st pmt at signing. Once our account had posted to KMFUSA.com, we called their cust svc and requested the full amt buyout quote. They gave it, and after confirming via our signed docs that they weren't adding in the rent charge, we sent them a check with our acct # written in It's memo field. It posted this Monday and once we faxed in our odometer reading form, they closed us out, and our title is en route. Very easy and hassle free. Their customer service is actually very good.

 

[jwhollan]

We completed our buyout in 2/23 after having made the initial 1st pmt at signing. Once our account had posted to KMFUSA.com, we called their cust svc and requested the full amt buyout quote. They gave it, and after confirming via our signed docs that they weren't adding in the rent charge, we sent them a check with our acct # written in It's memo field. It posted this Monday and once we faxed in our odometer reading form, they closed us out, and our title is en route. Very easy and hassle free. Their customer service is actually very good.

Thanks for the info!

Was the amount they quoted over the phone the same or very similar to the amount shown on the KMA website for your account? Did you get a loan for the buyout? If so, from where and at what rate if you don't mind me asking?

 

[Rufus]

Thanks for the info!

Was the amount they quoted over the phone the same or very similar to the amount shown on the KMA (Kia Motors America) website for your account? Did you get a loan for the buyout? If so, from where and at what rate if you don't mind me asking?

Yes, the amount listed on their site matched the phone quote. We secured a 72 mo loan at 2.9% from our local CU. I do wish to point out that the only way this made sense was due to the lease cash reducing the selling price. Without it, doing it this way would cost more than simply financing thru Kia to begin with. We both have 780+ credit, so we'd have qualified for their 2.9% as well. But there's no way the dealer themselves would have dropped MSRP to match the lease cash. And tbh, buying out at the end of the ease does you no favors, as Kia will have recouped their lease cash via MF charges by then.

 

[Atheleus]

Just wanted to add my experience if it is useful:

Leased the GT2 AWD, sticker $52,300 and negotiated price of vehicle to $48,214.16 on 1/31/18. After taxes, title, AQ fee, etc, final gross cap cost was $50,535.33. Subtract $7,200 lease bonus, and I turned around and bought this beauty for a grand total of $43,335.33. KMF was a breeze to work with. Was able to obtain the lease buyout amount directly from website, and I financed it through my credit union for 60 months @ 1.9%. Not sure about who you deal with, but my credit union considers it a 'new' car if it has under 7,700 miles on it.

With the current lease promotions, I have no idea why anyone would do it differently, and while there are a few extra hoops to jump through-it was nothing earth shattering. Hope this helps.

 

[Mach_Tuck]

You should have also had to pay tax on the $43K amount as the taxes incorporated into the Gross Cap Cost are only on those initial items like cap cost reduction, 1st month payment, doc fees, etc.

My local Credit Union considers "new" as anything less than 3 model years old.

 

[Atheleus]

If there was, it was embedded in the quote they gave and that my credit union issued the check for. When you go to get the buyout quote from the website, this disclaimer pops up.

*Buyout Information

The buyout amount shown includes sales tax (if applicable), any past due amounts you owe and any other amounts as set forth in your finance agreement. Buyout amount is subject to increase if a payment due date is missed and no payment has been received.

 

[Mach_Tuck]

If there was, it was embedded in the quote they gave and that my credit union issued the check for. When you go to get the buyout quote from the website, this disclaimer pops up.

*Buyout Information

The buyout amount shown includes sales tax (if applicable), any past due amounts you owe and any other amounts as set forth in your finance agreement. Buyout amount is subject to increase if a payment due date is missed and no payment has been received.

Awesome..thanks for confirming that. Dont want people to forget about taxes on the Adjusted Cap Cost...at least in states where they need to be paid.

 

[Jayce]

Awesome..thanks for confirming that. Dont want people to forget about taxes on the Adjusted Cap Cost...at least in states where they need to be paid.

Yeah, KMF even give you a buyout quote without tax unless you are a dealer. They make sure you pay it, if it will need to be paid.

 

[Never thought]

Excellent questions that I am also curious about the answers. I am not going to buyout my lease (not this time at least) since I am waiting for the refinements and added features to be put into the US version. I will probably do the lease buyout, if it still makes sense, in 2021 when my lease is up.

One question I can lend a little insight into is the bank counting the vehicle new or not. I am sure it varies but in my case my wife works at a credit union and their policy is that, at their discretion, they can consider the car new up to 8k in miles. That seemed a bit crazy to me but I guess that is where the depreciation and the banks risk department make the call.

Looking forward to other answers as I hope to do this in a future.

-Fal

That is true. I got KMA financing with $750 cash back and a ridiculously high rate. I then got a loan from a credit union that cut it almost in half. They said they’d do a new car loan if it had under 7k miles. I had about 1,000

 

[Never thought]

By the way, I am shooting myself for not doing a lease buyout. When I worked the math, it was cheaper to finance since I thought I’d have to pay the interest built into each lease payment. Could’ve saved $6k .

 

[Rufus]

By the way, I am shooting myself for not doing a lease buyout. When I worked the math, it was cheaper to finance since I thought I’d have to pay the interest built into each lease payment. Could’ve saved $6k .

I feel yer pain, @Never thought , but the upside is: a) you are only 1 of less than 3000 people in a country of over 300 million currently getting to actually drive one of these gorgeous new beasts instead of just wishing, and: b) I highly doubt that on your deathbed you'll be saying "if only I'd leased then bought out the lease to my Stinger."

Smiles per mile, friend. A month later I STILL get a goofy smile on my face every time I look at and drive "Sally." Every. Single. Time. Not sure how I'd price that, but not for a second do I regret paying MSRP, even though I keep seeing posts of the great deals some members are posting about.

 

[Never thought]

I feel yer pain, @Never thought , but the upside is: a) you are only 1 of less than 3000 people in a country of over 300 million currently getting to actually drive one of these gorgeous new beasts instead of just wishing, and: b) I highly doubt that on your deathbed you'll be saying "if only I'd leased then bought out the lease to my Stinger."

Smiles per mile, friend. A month later I STILL get a goofy smile on my face every time I look at and drive "Sally." Every. Single. Time. Not sure how I'd price that, but not for a second do I regret paying MSRP, even though I keep seeing posts of the great deals some members are posting about.

Totally agree. I paid $3500 under MSRP so still got a stellar deal.

 

[Dmchristie1]

I tried digging through some of the threads here but was having trouble finding much info from anyone who has actually bought out their Stinger lease yet, only a bunch of people talking about doing it. If there have been posts from someone who has done it, I apologize I missed it.

I'm interested in getting details about your experience doing it through KMA (Kia Motors America). How easy was it? How long did the process take? Was the buyout quote listed on the site the only amount you paid, or are there other fees on top of it to consider? Also, where did you get your loan (assuming you took out a loan, and didn't buy it out with your own cash)? Did the bank consider it a new car or used? Any issues with them loaning out the full buyout amount? Any recommendations on banks to look at that have pretty good rates?

I've paid a couple lease payments now and am close to pulling the trigger on the buyout and was just looking for details on exactly what I should be expecting. Thanks!

I paid off the lease on my wife's yellow 2018 GT2 RWD yesterday. Leased at retail + 699 dealer fee and 1800ish appearance package+ all other fees - lease cash. They had a 10K "limited edition market adjustment" that they removed during negotiations. When all the dust settled (and there was dust) the total out of pocket cost for the car not including 6% sales tax was $47,562. As a point of comparison, I financed the purchase on our other Stinger Red G2 at the low interest rate a few months ago before I found this thread. Having gone through both processes with 2 different dealers, I can say that purchasing was easier (to find the hidden upcharges) but the lease buyout was a better deal. I really had to dig into the lease agreement during the process to pull out hidden fees and I am sure I missed another $200-300 somewhere. They tried sneaking in an $899 "optional" maintenance package and they tried a hidden $900 GT2 "market" adjustment hard coded into the lease spreadsheet that took a call to the accounting firm to find and delete. My Kia finance guy was great... he/we couldn't understand where the cost was coming from and when he found it the next day he called and I went back and signed the paperwork. They also tried to recharge the 699 doc fee yesterday when I purchased the lease which they removed. One other thing, apparently there are 6 or so states that require you buy out through the dealer. You cannot go to KIA finance and purchase through them. This gives them the opportunity to make more on you! Caveat Emptor.

 

[Mach_Tuck]

I paid off the lease on my wife's yellow 2018 GT2 RWD yesterday. Leased at retail + 699 dealer fee and 1800ish appearance package+ all other fees - lease cash. They had a 10K "limited edition market adjustment" that they removed during negotiations. When all the dust settled (and there was dust) the total out of pocket cost for the car not including 6% sales tax was $47,562. As a point of comparison, I financed the purchase on our other Stinger Red G2 at the low interest rate a few months ago before I found this thread. Having gone through both processes with 2 different dealers, I can say that purchasing was easier (to find the hidden upcharges) but the lease buyout was a better deal. I really had to dig into the lease agreement during the process to pull out hidden fees and I am sure I missed another $200-300 somewhere. They tried sneaking in an $899 "optional" maintenance package and they tried a hidden $900 GT2 "market" adjustment hard coded into the lease spreadsheet that took a call to the accounting firm to find and delete. My Kia finance guy was great... he/we couldn't understand where the cost was coming from and when he found it the next day he called and I went back and signed the paperwork. They also tried to recharge the 699 doc fee yesterday when I purchased the lease which they removed. One other thing, apparently there are 6 or so states that require you buy out through the dealer. You cannot go to KIA finance and purchase through them. This gives them the opportunity to make more on you! Caveat Emptor.

Yes, you really need to understand how each fee on the lease is calculated and double and triple check the numbers. It is VERY east to "hide" fees on the lease paperwork.

Leased mine last week and still waiting for the account to go active on the KMF website.

This is first i have heard of another "doc fee" so i will certainly keep an eye out for that. Nothing should need to be done, car already registered to me with the state so all KMF needs to do is "cash the check" from my credit union!

Thanks for the update and follow on!

 

[StingerGT68]

I believe @NYLAWBIZ has done this, if he wants to share his experience.

 

[Jim Nasium]

Yes, you really need to understand how each fee on the lease is calculated and double and triple check the numbers. It is VERY east to "hide" fees on the lease paperwork.

Leased mine last week and still waiting for the account to go active on the KMF website.

This is first i have heard of another "doc fee" so i will certainly keep an eye out for that. Nothing should need to be done, car already registered to me with the state so all KMF needs to do is "cash the check" from my credit union!

Thanks for the update and follow on!

Thanks for all these good experiences you folks have related. I'm sold - I'm going to get mine tomorrow!

So any tips on checking the lease numbers to keep out the spurious fees? You mention really needing to understand how the fees are calculated - how do you calculate the numbers? I'm pretty suspicious - my dealer is telling me he doesn't know how much I'll save, but it'll be "at least $2500 and maybe more". I don't know how he's getting there from the $6800 lease cash number (yes, there are other fees, but I'm imagining these are fixed and certainly calculable by the dealer, so I'm pretty sure there's some subterfuge going on here.

 

[Mach_Tuck]

Can read/learn all about it at leasehackr (linked below). It's been explained in many threads too.

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