I would just call Kia financial and ask for the buyout.
You don't even have to do that: just go to your kmfusa.com account, hover over Payments, then click "Get a Buyout Quote".
I was at the dealer yesterday getting numbers he said that the lease cash does not take money off the buyout. It only subtracts to give a better lease number? Is this true can anyone post their invoice or a pic of it? Thanks
My wife has been questioning this very thing, this very week.
And I am a bit skeptical myself. Here's why: Under "federal consumer leasing act disclosures", we see item 2. "amount due at lease signing or delivery"; for us, 7,112.99. When we asked, "what's that?", the dealership financer (fiddler, sleight of hand dealer, heh!
), sort of waved his hand with a grin and said something to the effect of, "It's to cover a whole bunch of added on costs that dealers incur", etc. Hah! That's where the "formulae" kick in. I wasn't (and am not) interested. The only thing is the final price and whether or not you are willing to pay it.
That item is "paid for" by Kia, under item 6. A. "capitalized cost reduction" and 6. B. 2. "rebates and noncash credits"; for us it was 5,900. So we had to come up with 1,212.99 on our first payment to get out the door with delivery. We made two monthly payments, making our total toward the "gross capitalized cost" of 45,407.26, 1,881.06 (we had to subtract the 585.97 "initial license, title and registration fees and sales/use tax"). So when I checked out the Kia buyout quote it was 40,954.79; which, minus sales tax, puts the "sale price" at 37,742.41 on the title.
Did the Kia rebate actually reduce the final price on the car? Hmm. It seems to have mostly gone toward the "amount due at lease signing or delivery". Why this figure was 7,112.99 remains the mystery. I believe it is all just a sleight of hand numbers game: what the dealer took was what Kia gave, and then some, because that 7,112.99 is the rebate of 5,900, plus the first month's payment, plus the 585.97 "initial license, title and registration fees and sales/use tax". Then, after that, we started paying for the rest of the "gross capitalized cost", which went from 42,455 "agreed upon value of the vehicle", up to 45,407.26, from "any items you pay over the lease term (such as service contracts, insurance, and any outstanding prior credit or lease balance)", which latter part did not apply to us, since we had none of that hanging over us. The "gross capitalized cost" was reduced by the 5,900; then the "residual value"; and then added back in "rent charge" of 5,774.86 (there goes that Kia rebate a second time!, almost to the dollar). This resulted in a "total base monthly payments" of 21,125.52.
By buying out the lease we avoided the rent charge, and the "monthly use tax" (1,447.20). I think. Anyway, the buyout figure by Kia seemed sufficiently low, including sales tax, to make me want to do it. It appeared that we had, in three payments, reduced the gross capitalized cost by 4,452.47. And we were not going to see that rent charge spread out over 33 more months, nor the monthly sales/use tax.
So, "you" tell me: did the Kia rebate apply to anything? I am not really seeing it: what Kia giveth, Jerry Seiner taketh away (for reasons unseen, but not unknown; it all boils down to maximizing profits).
