Kia Motor Finance is pathetic.

[JonnyThrice]

Hey all! So I've been reading the horror stories about KMF these past few weeks, and hopefully there might be some tips/tricks to help speed things up. Last week I paid off my lease about a year early, buyout on my GT2 was $32,500 and in today market I can trade in or sell around or above $40K, hopefully going to get into a G70.

Anyway, I faxed the Odometer statement 3 times BEFORE mailing in my check, and I overnighted the check and another odometer statement last week.

I called and it seems that my odometer statement has been received, and according to the KMF website, the check has been processed, my balance is $0 and my buyout quote is also $0. According to my bank, the check has cleared as well.

What should my next step be? I plan to give it a few days and then call and start harassing them for the title, but I'm sure they will just say "yes sir, the title will come in the mail in 2 weeks". Anything specific I should ask or tell them?

Also, I understand they will just send me a signed off title, and then I have to take it to the DMV and put the car in my name, and pay taxes. How do they calculate the taxes? Since I leased, I already paid something like 50% of the tax, correct? Does KMF send me a detailed Bill Of Sale showing the buyout price and the taxes I already paid?

I'm in California if that helps

 

[CKeeler]

Hey all! So I've been reading the horror stories about KMF these past few weeks, and hopefully there might be some tips/tricks to help speed things up. Last week I paid off my lease about a year early, buyout on my GT2 was $32,500 and in today market I can trade in or sell around or above $40K, hopefully going to get into a G70.

Anyway, I faxed the Odometer statement 3 times BEFORE mailing in my check, and I overnighted the check and another odometer statement last week.

I called and it seems that my odometer statement has been received, and according to the KMF website, the check has been processed, my balance is $0 and my buyout quote is also $0. According to my bank, the check has cleared as well.

What should my next step be? I plan to give it a few days and then call and start harassing them for the title, but I'm sure they will just say "yes sir, the title will come in the mail in 2 weeks". Anything specific I should ask or tell them?

Also, I understand they will just send me a signed off title, and then I have to take it to the DMV and put the car in my name, and pay taxes. How do they calculate the taxes? Since I leased, I already paid something like 50% of the tax, correct? Does KMF send me a detailed Bill Of Sale showing the buyout price and the taxes I already paid?

I'm in California if that helps

The buyout price includes the sales tax. You should receive a sort of “receipt” or bill of sale that shows the price of the car and the tax attached. The pink slip for change of ownership arrived to me rather quickly, just around a week. Now I’m just waiting on CA DOT to mail me my new pink

 

[JonnyThrice]

The buyout price includes the sales tax. You should receive a sort of “receipt” or bill of sale that shows the price of the car and the tax attached. The pink slip for change of ownership arrived to me rather quickly, just around a week. Now I’m just waiting on CA DOT to mail me my new pink

How long did the whole process take you?

From my understanding, my 3-year lease included sales tax, so I only paid for sales tax on the portion of the car that I leased (around 50% or whatever, I dont remember), and then I am supposed to pay tax on the residual value of the car (around $25K), since when leasing, you dont pay tax on the residual. Correct?

 

[CKeeler]

How long did the whole process take you?

From my understanding, my 3-year lease included sales tax, so I only paid for sales tax on the portion of the car that I leased (around 50% or whatever, I dont remember), and then I am supposed to pay tax on the residual value of the car (around $25K), since when leasing, you dont pay tax on the residual. Correct?

It took me about a few weeks. But that’s because I sent in the buyout then never heard anything. So I called in a week later, then that’s when I was told i needed to do the odometer reading. I faxed that in, then waited another week and a half. Called in, they told me they got the form but nothing seemed to show up on it. The lady on the phone was helpful enough to wait on the phone while I sent it in to an email she provided. Then it took about a week to get the pink.

As far as the tax goes, I believe you’re paying tax on the “price” of the car because you’re buying the car from Kia. The tax you paid before was from the lease process. I could be wrong though

 

[JonnyThrice]

It took me about a few weeks. But that’s because I sent in the buyout then never heard anything. So I called in a week later, then that’s when I was told i needed to do the odometer reading. I faxed that in, then waited another week and a half. Called in, they told me they got the form but nothing seemed to show up on it. The lady on the phone was helpful enough to wait on the phone while I sent it in to an email she provided. Then it took about a week to get the pink.

As far as the tax goes, I believe you’re paying tax on the “price” of the car because you’re buying the car from Kia. The tax you paid before was from the lease process. I could be wrong though

Ah yes that makes sense. So did you get a letter from Kia with the breakdown of the purchase price of the car and taxes and all that, that you had to show to AAA when you registered the car? Sorry for tall the questions, just want to know what to expect from KMF, since they seem to be a shit-show!

 

[CKeeler]

Ah yes that makes sense. So did you get a letter from Kia with the breakdown of the purchase price of the car and taxes and all that, that you had to show to AAA when you registered the car? Sorry for tall the questions, just want to know what to expect from KMF, since they seem to be a shit-show!

Yes. The Bill of Sale shows purchase price and taxes paid

 

[n8hegr8]

"In all my automotive dealings........................

had similar problems with them last year about my first stinger with the recall. it took their "customer care team" two months to call me back. hold times be insanity. im sorry.

 

[MerlintheMad]

had similar problems with them last year about my first stinger with the recall. it took their "customer care team" two months to call me back. hold times be insanity. im sorry.

"First Stinger". Now you tell us. What was your first Stinger, and why did you swap?

 

[n8hegr8]

first was panthera 2020 gt awd, it had a lot of defects, hatchback rattle. then came the fire recall. i didnt want to drive that around with my son in the car or park it near my house if there was a possibility of it catching fire. i switched dealerships to south jordan.

 

[JonnyThrice]

UPDATE: I received my title from KMF! WOW!

Just FYI for others

Sept 24, 2021: Sent in my payoff amount to KMF via USPS overnight, everything got lost in the mail

Sept 27, 2021 Re-sent new check and odometer discolure statement to KMF, this time via FEDEX overnight

Sept 28-Oct 1, faxed the Odometer disclosure statement 3-4 times to KMF, also with cover letter explaining the payoff amount would come soon. Also called in to confirm they received my fax, which they confirmed after the 3rd fax

Oct 1, 2021: Logged into my bank account, can see KMF deposited the check Sept 30th and cleared

Oct 4, 2021: Called into KMF confirmed check was received and odometer statement received, they said title will be released and mailed within 10 biz days

Oct 16-19th (not sure which day exactly, I was out of town): Received Bill of Sale and Signed Title from KMF!!!

So the whole process took around 3 weeks total, not bad!

 

[CKeeler]

UPDATE: I received my title from KMF! WOW!

Just FYI for others

Sept 24, 2021: Sent in my payoff amount to KMF via USPS overnight, everything got lost in the mail

Sept 27, 2021 Re-sent new check and odometer discolure statement to KMF, this time via FEDEX overnight

Sept 28-Oct 1, faxed the Odometer disclosure statement 3-4 times to KMF, also with cover letter explaining the payoff amount would come soon. Also called in to confirm they received my fax, which they confirmed after the 3rd fax

Oct 1, 2021: Logged into my bank account, can see KMF deposited the check Sept 30th and cleared

Oct 4, 2021: Called into KMF confirmed check was received and odometer statement received, they said title will be released and mailed within 10 biz days

Oct 16-19th (not sure which day exactly, I was out of town): Received Bill of Sale and Signed Title from KMF!!!

So the whole process took around 3 weeks total, not bad!

Yep. You just gotta keep checking with them. I don’t expect to have to deal with them anytime soon again. But at least we can help others

 

[MerlintheMad]

Yep. You just gotta keep checking with them. I don’t expect to have to deal with them anytime soon again. But at least we can help others

I didn't check with anyone: simply made one phone call to confirm a couple of questions, mailed cheque and odometer statement and waited: got the title in under a month, barely.

 

[Harshman]

Gotta say that it was 32 days for me.

 

[www-kmfusa.click]

Kia Motor Finance—poor service, lacking in efficiency.

 

[StingerVetteMan]

I just paid off my loan with Kia Finance, couldn't have been any easier. Did everything online. Got contacted in a few days later about the title being released.

 

[turboAWD]

The only issue I had, and this may have been my fault because it was my first lease in almost 35 years of car ownership and maybe I was fully responsible for this all along, is that the title wasn't properly registered with CA when I bought it out, so I had wait in line for 1+ hours at dmv (where I caught covid in 2021 for the first and only time) to get it fixed so I could renew my registration the following year.

 

[Nedstand]

The only issue I had, and this may have been my fault because it was my first lease in almost 35 years of car ownership and maybe I was fully responsible for this all along, is that the title wasn't properly registered with CA when I bought it out, so I had wait in line for 1+ hours at dmv (where I caught covid in 2021 for the first and only time) to get it fixed so I could renew my registration the following year.

Double check your statements from Kia and DMV. When I bought mine at end of lease in CA, they both charged sales tax, and I had to file with CA DMV for a refund.

I did it at AAA and was really fast!

 

[turboAWD]

Double check your statements from Kia and DMV. When I bought mine at end of lease in CA, they both charged sales tax, and I had to file with CA DMV for a refund.

I did it at AAA and was really fast!

Yeah, they tried that at the dmv, but I had the invoice/ buyout quote that showed that I had already paid sales tax .

 

[alex001]

Kia Finance Australia really gets it right with flexible options and competitive rates, making it easy to drive away in your new wheels I reckon.