Nothing from KMF after lease return

[Ruturaj]

I returned my car 2 months earlier than lease end as it was due registration and was already over miles. I was using my wife's stinger as we really didn't need 2 cars once work from home started. I was expecting to get charged for

1. Last month charge (which I paid but was credited back to me)
2. Car return fee
3. Extra milage charge
4. Scratches on wheels

It's been 4 months since I returned and 2 months since lease end. There is nothing on the account. Only reason I didn't buy out was an accident on it two years ago.

 

[stoopid]

I returned my car 2 months earlier than lease end as it was due registration and was already over miles. I was using my wife's stinger as we really didn't need 2 cars once work from home started. I was expecting to get charged for

1. Last month charge (which I paid but was credited back to me)
2. Car return fee
3. Extra milage charge
4. Scratches on wheels

It's been 4 months since I returned and 2 months since lease end. There is nothing on the account. Only reason I didn't buy out was an accident on it two years ago.

Do you want me to call Kia for you and get them moving on this?

 

[stoopid]

There's a strong chance the car was worth more returned to them than haggling with you and delaying closure on the old lease. The quicker they can get it back on the market the quicker they can profit from the car price bubble.

 

[JSolo]

KMF customer support is outsourced (ie not in the US), but the reps are mostly understandable. What did they tell you when you called?

 

[Ruturaj]

The obvious reason I haven't called them is that whatif it settles in a way that I have to pay . If I didn't have any accident on it then definitely it would have been much more.

 

[Ruturaj]

There's a strong chance the car was worth more returned to them than haggling with you and delaying closure on the old lease. The quicker they can get it back on the market the quicker they can profit from the car price bubble.

I don't think I understand. My assumption was that all I get is a past statement after lease return and no option to get car back or haggle.

 

[stoopid]

I don't think I understand. My assumption was that all I get is a past statement after lease return and no option to get car back or haggle.

Anything they have to do above and beyond "accept, close" delays them getting the car back out on the lot. But it's possible they've just made a mistake.

 

[Ruturaj]

Anything they have to do above and beyond "accept, close" delays them getting the car back out on the lot. But it's possible they've just made a mistake.

Seems like so now, someone entered numbers at wrong places and closed my account. My last payment is shown as $28,546.60, obviously I didn't make that. The residual for my car was supposed to be $28,087.80.

 

[stoopid]

Seems like so now, someone entered numbers at wrong places and closed my account. My last payment is shown as $28,546.60, obviously I didn't make that. The residual for my car was supposed to be $28,087.80.

Again, an unintentional intentional accounting error just to get the car off their books and onto the sales lot(?). With the car resale being so high, they're not seeing many return from leases so they're probably stoked to get your car back and make thousands on the next sale. And the sooner for them the better.

BTW, I think with an accident on the carfax you made the right decision. It's a boat anchor on resale. If you wanted to keep the Stinger indefinitely, then that would matter less.

 

[Ruturaj]

Again, an unintentional intentional accounting error just to get the car off their books and onto the sales lot(?). With the car resale being so high, they're not seeing many return from leases so they're probably stoked to get your car back and make thousands on the next sale. And the sooner for them the better.

BTW, I think with an accident on the carfax you made the right decision. It's a boat anchor on resale. If you wanted to keep the Stinger indefinitely, then that would matter less.

Yes, we have one more stinger and didn't need 2nd car that much since work from home. I am planning to get 2 cars in future a fun one like Miata and big SUV for rest of the things (mountain biking trip, snowboarding trip, camping trip, road trips etc).

 

[stoopid]

Yes, we have one more stinger and didn't need 2nd car that much since work from home. I am planning to get 2 cars in future a fun one like Miata and big SUV for rest of the things (mountain biking trip, snowboarding trip, camping trip, road trips etc).

We do something similar, she has the SUV and I drive the sporty sedan.

 

[Kr33m0]

I will be in a similar position come September when my lease is up. The buyout quote is around $28, 270. I have less than 15k miles on a 36-month lease. Car is currently having the hatch replaced due to rear-end collision. Other than that, it has been well taken care of. Debating on what to do before the lease is up. How much does the accident play into this? What would be the best option here?

 

[Ruturaj]

I will be in a similar position come September when my lease is up. The buyout quote is around $28, 270. I have less than 15k miles on a 36-month lease. Car is currently having the hatch replaced due to rear-end collision. Other than that, it has been well taken care of. Debating on what to do before the lease is up. How much does the accident play into this? What would be the best option here?

Get a quote from CarMax and similar companies, compare that to buyout quote, go buy that.

 

[Ruturaj]

We do something similar, she has the SUV and I drive the sporty sedan.

Mine wanted SUV till the day she drove stinger, then she didn't like anything under 60k . Now she doesn't want to drive SUV and give me stinger.

 

[Ruturaj]

Is it possible that dealership I returned the buy to bought it and sold it instead of completing the due with KMF?

 

[JSolo]

^^And by that you mean?

 

[Kr33m0]

Get a quote from CarMax and similar companies, compare that to buyout quote, go buy that.

I did this and carmax quoted higher than the residual even with the accident reported by carfax. folks on LeaseHacker said that carmax usually quotes high to get you in the door, so it is somewhere in the middle. Even if I get a few thousand from selling it I don't see anything else with the same value as the Stinger. At least not in the current market.

 

[Ruturaj]

^^And by that you mean?

Sorry I realize I didn't word it correctly. I think the dealership just paid the leftover amount to KMF and bought the car. I assume for lease return, they have to go through inspection and car goes back through Kia.

This is the line that shows up in my payment history

10/18/2021

$28,538.00

Anyone who returned their lease see something same or different?

 

[NOVA718]

The dealer probably bought out the car and sold it. This is the route pretty much everyone should take if they're over their miles and/or have positive equity on the car in which case you can get money back or get a good "down payment" on the next.

I had a cousin who returned his ES350 lease with 60k+ miles and walked away without paying anything extra. Didn't even have to pay the lease disposition fee. The dealer basically bought out the car.