If your lease period is fast coming to an end and you just can’t just let go of the car, you can actually purchase your vehicle with a Kia lease buyout using financing, and save yourself thousands.
That said, finding a good deal for your buyout could be quite tricky if your car has suffered significant damages or repairs during your lease term. How exactly does this Kia car lease work? Let’s find out!
How A Kia Lease Buyout Works
If the clock is running out on your Kia lease and you’ve decided that financing your Kia will save you a lot of coins, here’s what you need to do:
- Contact Kia for a Buyout Quote
You can either call your Kia dealer, get in touch with a Lease-End advisor like VIP Auto of NJ, or log into your KFA account to get a buyout quote for your vehicle.
- Check your Lease Contract
Before you hand over payment, you’ll want to check your lease contract for your Kia’s residual value. This number will greatly help you in weighing your options.
- Settle on a Lender
You can receive financing directly from Kia, but it’s always best to compare offers from at least three different lenders. This is to enable you to get the best lease possible.
- Negotiate the Lease Buyout with your Kia Dealer.
If you’re able to secure a pre-approved loan prior to this, you’ll be in a stronger position for payment term negotiations.
- Register and Insure your New Kia
Signing off on your Kia isn’t the end! Now that you officially own the car, you’ll need to title and register it at the DMV, and purchase a car insurance coverage.
Is An Early Kia Lease Buyout Worth It?
Buying out your Kia lease may be an excellent choice if you love your vehicle and have kept it in great condition. You may want to do some calculations first to ensure you’re actually getting a good deal.
Most of all, Kia offers the option to either purchase your vehicle outright or finance the residual value with Kia Financial Services. However, before signing any agreement, you’ll want to source for offers from at least two other lenders to ensure you’re getting the best deal.
Though financing through Kia may be convenient, dealerships may not always have your best interests in mind when writing terms for a lease agreement. A bank or credit union, on the other hand, will usually give you lower rates and more agreeable terms
How To Calculate Kia Lease Buyout Fees
While you can access your Kia lease buyout quote online or by contacting your Kia dealer, you can also do the calculation on your own.
All you need to do is locate the residual value that was originally estimated on your lease contract and compare it to your vehicle’s actual value. The actual value can be determined using online resources. If your Kia’s actual value is higher than the residual value, then your Kia is worth more than was originally estimated. In that case, purchasing your Kia by buying out its lease is a great financial choice.
If your Kia’s actual value is significantly lower than its residual value, however, buying out your Kia’s lease will actually lose you money. This happens if you have put a lot of mileage on your Kia or if it has been through several accidents and repairs.
Final Words
At VIP Auto of NJ, we’re dedicated to offering the best Kia Financing Buyout. We help drivers find their best path to their next vehicle.
Whether you’re considering buying, leasing, or negotiating a lease buyout, our team will help you out. You can contact us for more information. Visit us today at 32 US-46, Lodi, NJ 07644 (201) 749-4339 https://vipautonj.com/
