ST Alpha - "LIR: Car stuff. Anyone have experience with lease returning/buyout? I have a buyout quote from Kia for $18,884. I have a Carmax quote (online) for " (Reading a Post)

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LIR: Car stuff. Anyone have experience with lease returning/buyout? I have a buyout quote from Kia for $18,884. I have a Carmax quote (online) for

Posted by oblique (aka kkuphal) Oct 7 '21, 08:55

our car for $24,600

We've only ever returned our leases to Kia and leased a new one. This is the first one we will want to return and buy a new car. I'm assuming that I can ask the dealer to "buy" the car from me for $24,600 and in theory then I pocket $6k? Do I have the option to ask them for $6k off the new car instead or do we actually have to go through the process? I'd rather deal with Kia as I don't actually want to have to go through the process of buying out the Kia, securing a temporary loan, then waiting/getting title to sell it to Carmax. I'm just not certain how it actually works if I'm not just giving them the car.

Responses:

In my experience they've always been willing to take the old car and apply any upside to the new car (though I've never really tried to negotiate the - pmb Oct 7, 09:06
Check the Title too. Likely has Kia as a Lienholder or something. Basically need Kia signoff before doing anything outside them -- nm - budice Oct 7, 09:01 1
- Yeah, that's the stickler in the timing of actually selling it to Carmax. I'd have to work out all the details of title and possibly registration - oblique Oct 7, 09:04
Almost all captive finance companies have stopped processing third party lease buyouts. If you want to sell to Carvana you'll have to buy it first. -- (edited) - spamlet Oct 7, 08:58 4
- The Kia buyout says that the sales tax would be collected by IL at the time of registration. Wonder if a buyout/sell would still require me to - oblique Oct 7, 09:03 1
  - I honestly don't know. MO gives you a sales tax credit for any sales w/n 90 days but I'm not sure about IL. - spamlet Oct 7, 09:07
- We are looking to buy a new car, not lease another in this case. -- nm - oblique Oct 7, 08:59 1
  - I tried to edit quickly. Everything else still applies but yes you could put the $6k down on the new car. -- nm - spamlet Oct 7, 09:00

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LIR: Car stuff. Anyone have experience with lease returning/buyout? I have a buyout quote from Kia for $18,884. I have a Carmax quote (online) for

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