Sold my Kia lease early to an out-of-state Kia dealer last Wednesday (5/25), dealer said they would payoff KMF the same day or the next day via overnight check.
My payment is due on the 1st of each month, but I schedule it for the 28th
My KMF portal has said “Your vehicle has been returned” since 5/26 / 5/27
KMF processed my Auto-Pay payment and took the money out of my account on 5/28.
Called the KMF (today 5/31) and they confirmed the car has been returned but the dealer has not paid it off yet. They said they can’t do anything until the purchasing dealer pays it off.
Called the rep at the dealer that bought my lease and they said they already sent the payoff check the day they took the car.
Should I be worried? I know that there was a holiday this weekend and there might have been delays when I sold my Nissan, sold it on 12/29, NMAC closed the account on 1/3, received my check from the dealer on 1/4
It’s not unusual for payoffs to take anywhere from a few days to a few weeks to process through to completion. I have no direct experience w/ KMF or NMAC, but what you describe would not yet worry me. I do suggest to continue to make payments, any excess will be returned to you.
I would not be worried yet. Between the holiday, processing times, etc, I can take a few extra days. I would start to look into more after 5-7 business days.
The good news is that you should be getting your last payment back IF the dealer sent the payoff before your payment. So be on the lookout for a check in the mail once your account is paid off.
Got a call from the dealership accountings office that they just received the title and that my equity check should be coming by Monday! Now to hassle with Kia Finance to get my payment pack!
