Kr33m0
Active Member
Anyone thinking about, or has done so already, buying out their lease? What factored into your decision and was it a smooth process? Financed/cash? Any surprises?
Lease Buyout!?
- Thread starter Kr33m0
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MerlintheMad
10000 Posts Club!
I realized that by lease's end, I'd have spent over $5.7K in monthly lease rent. Since I changed my mind during the first three months and decided I wanted to keep this car, it only made sense to pay off the lease pronto.
I simply wrote out the cheque to HCA Exchange, Inc., included the odometer statement, and less than a month later I got the title in the mail.
I simply wrote out the cheque to HCA Exchange, Inc., included the odometer statement, and less than a month later I got the title in the mail.
G
G-639506
Glad you were able to make an early decision. What about those who made the decision towards the end of the lease?
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MerlintheMad
10000 Posts Club!
Well, if you're going to keep the car, it cost you c. $5K dollars more than it would have if you bought out early. Other than that, enjoy keeping the ride. 
If lease rent is in your budget, that is paying for "the privilege of leasing". "Pay to play" is another useful phrase. There are a lot of drivers on here who trade their cars every couple or three years, some even yearly. They're just moving the payments from one vehicle to the next, happy to get new all the time by "pay to play". Lucky them.
If lease rent is in your budget, that is paying for "the privilege of leasing". "Pay to play" is another useful phrase. There are a lot of drivers on here who trade their cars every couple or three years, some even yearly. They're just moving the payments from one vehicle to the next, happy to get new all the time by "pay to play". Lucky them.
Kr33m0
Active Member
I am just trying to navigate any "surprise fees/cost" Kia might try to pull to increase the buyout. Also, I was in a fender bender and since repaired the damage, am I required to tell Kia or does it not matter if I am buying out the lease?
From interior to exterior to high performance - everything you need for your Stinger awaits you...
MerlintheMad
10000 Posts Club!
Kia doesn't care about fender benders. "Don't ask don't tell". If they can't see it (wasn't reported), all they want is to get the car back into circulation as quickly as they can. The thought "Kia might add on extra fees/costs" never entered my head when I did the early buyout. There was the $300 buyout fee, and that was up front.
Kr33m0
Active Member
The accident was reported and is on carfax, but the repair was through insurance and was done right. If that at all matters.
MerlintheMad
10000 Posts Club!
I am guessing that when you finish the lease that nothing will be charged extra if everything looks and works great. "Fender bender" is assumed to mean NO internal damage, only body work.
Chark
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You don't say how much time is left on your lease. If your lease is almost done, you should only owe the residual value listed on the lease contract, plus any lease termination fees. If you've taken good care of the car, you should have plenty of equity in the vehicle. If you're early in your lease contract, you'd need to contact them for a payoff amount. It should be a straightforward process, but some have had issues with receiving their title from KMF.
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From interior to exterior to high performance - everything you need for your Stinger awaits you...
Fredman
Active Member
I just bought my 2019 GT last week at the end of the lease. No scares. I put 5K down at start of lease so equity looks pretty good at this point. Hopefully my title shows up in one month like they are saying
Harshman
Member
It took them 3 months to 'find' my title. According to Kia, was sent on the requested day. Apparently it was lost in the mail. Yeah, right. Since I refinanced it, i was not able to see what date was on it. There were no other fees/charges. The CU even paid for the transfer fee from the State.
Kr33m0
Active Member
I hope it goes as smoothly as some of you have mentioned on the buyout side. Not sure about that wait for the title. I figured Kia would try to convince to trade it in so they can benefit from selling it!
MerlintheMad
10000 Posts Club!
delete
stoopid
1000 Posts Club!
Part out.
From interior to exterior to high performance - everything you need for your Stinger awaits you...
PMR818
Active Member
My lease expired last month and I kept driving the car without panic for a few weeks while I patiently looked around at interest rates to finance at a credit union. I missed out on the 1.89 rates some folks mentioned and ended up with 2.09 so basically 2.1 and I’m not mad at it since rates are still increasing. My new monthly payments to finance are like $100 more than my lease payments had been and I’m going to pay off the loan early anyhow with no penalty from the credit union. The whole process with credit union was super easy too since they handle everything directly with KMF - only had to do one trip into the credit union and the rest was email and docusign.
