Lease deal voids manufacturer warranty?

[Kialease]

Thank you. Yes that is helpful. We are at the end of our 36 month lease now and are going to purchase it. So what you are saying is that we get a loan from the bank and then the bank takes care of the paperwork?

 

[Paul32]

All you need to do at the dealer (IMHO) is:

A. Negotiate the lowest dollar value off the sticker price.
B. Get the lease cash added (which they will do - they must)
C. Validate the right Money Factor
D. Make sure they aren't throwing in all sorts of dealer markup stuff...
E. Sign and drive (sorry VW, stole your marketing gimmick there).

The dealer is not involved in the buyout, or how your are financing it in any way, shape or form.

Once you get home, enjoy the Stinger and then in a week or so, you're account will go live on KMF's website. At that point you'll call KMF and ask for the buyout amount, and use your loan from the Credit Union (or Bank) to pay it off.

Hope that helps! Good luck!

Might not be the same in all states. I have tried to get a buy out price from Hyundai finance / same as Kia, for several years now. They always sent me to the dealer for the buy out information. I think it is a Florida thing.

 

[Kialease]

Might not be the same in all states. I have tried to get a buy out price from Hyundai finance / same as Kia, for several years now. They always sent me to the dealer for the buy out information. I think it is a Florida thing.

We are in PA. The one kia rep told us we would work with a third party innovative services to do paperwork to buy it out.

 

[Mach_Tuck]

We are in PA. The one kia rep told us we would work with a third party innovative services to do paperwork to buy it out.

It sounds to me that you are NOT doing this with a Stinger.

If that is the case, a lease buyout is like any other purchase. You would need to source financing with any bank of choosing and then complete the paperwork with Kia and the Bank. Most likely you will only need to provide the buyout or purchase order to the bank and they will send the check. it would be best to discuss this with the source of funding and see what they actually require.

This thread is specific to Lease and Buyout of Stinger so some information may not be relevant to your situation.

 

[MarkyMark]

It sounds to me that you are NOT doing this with a Stinger.

If that is the case, a lease buyout is like any other purchase. You would need to source financing with any bank of choosing and then complete the paperwork with Kia and the Bank. Most likely you will only need to provide the buyout or purchase order to the bank and they will send the check. it would be best to discuss this with the source of funding and see what they actually require.

This thread is specific to Lease and Buyout of Stinger so some information may not be relevant to your situation.

Yah, I thought they were doing a quick lease/buyout plan on the Stinger. Instead, they leased something from Kia and are near or at 36 months. Well, in that case...

 

[Rydahog]

My wife asked me, if we do this lease/buyout, then try to get a CU/bank loan, isn't this car now a USED CAR Loan? And what are the savings of doing it this way? Please elaborate, we feel there is something missing.. Lol thnx

 

[Paul32]

My wife asked me, if we do this lease/buyout, then try to get a CU/bank loan, isn't this car now a USED CAR Loan? And what are the savings of doing it this way? Please elaborate, we feel there is something missing.. Lol thnx

Depends on the interest rate you get. The lease is around 6%.

 

[Mach_Tuck]

Yes, it would be considered a used car at that point. All the CU i looked at in AZ did not make a difference between new or used...only matter was year of the car. That is, a car within past 4 years, either new or used was same rate.

You need to read the Lease then Buyout Thread (sorry cant link as on my phone) and that that thread will inform you of where the savings are.

 

[MarkyMark]

My wife asked me, if we do this lease/buyout, then try to get a CU/bank loan, isn't this car now a USED CAR Loan? And what are the savings of doing it this way? Please elaborate, we feel there is something missing.. Lol thnx

Most Credit Unions and Banks will still consider it a new car within 5k miles or a few months.

 

[G-474955]

Agreed. I just leased one this week and the car is being registered and titled in my name by the dealer. When i buyout the lease (still waiting on account to activate at KMF), using my credit union, the only thing that changes is the lien holder...not the owner. The full warranty will still apply.

If your leasing the Kia, it will be registered in your name but the lien holder will be Kia motor finance. I recently bought My leased Soul and had to go thru a bunch of crap just to get my special plate back in my name. When the dealer said I had to get the car certified for 2k to have the warranty restored, I left and financed thru Bank of America. It was a bit of a shit show but worked out after about a month of paperworking. Still not sure about the warranty. Guess I will see if the engine blows before 100k