Hello, with covid changing rules about leases and 3rd party companies buying them (pretty much requiring people to buyout their lease and then sell to carvana, carmax, etc.) I was curious if this is still a thing?
Currently going to make the switch from KIA to BMW and the salesman said (while test driving) he could help with my KIA lease and payoff the payments and take the car (I believe…). I’ve only ever leased kia’s so never had to worry about this, but can BMW help payoff my kia lease and then take my car? Will they give me a check for remaining payments and I just turn it back in to the dealership myself?
Oh I know, I was just using it as an example. Maybe back during covid when prices were insane.
So what would the process be ideally? I assume I just sign some paper saying they take over my lease and then that’s it? I would like to ask the dealer but I also dont want to sound like an idiot at the same time. I do like to do some research beforehand.
Pretty much it, you find out the buyout value minus tax, and they will pay kia that. Now if it is underwater then they will pass that back to you as a negative equity.
If you just owe a couple of payments and its less, just pay those payments and drop the car off at a Kia dealer
Appreciate the explanation! I just owe 3 payments worth so, not something that would the break and I’d get a hell of a deal on this bmw for what it is.
