How did I do? 2022 Kia Sorento "Buyout"

Ask the Hackrs Used Cars
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1

I got into one of my dream vehicles a few weeks ago - 2026 GV80. Absolutely LOVE it!!

The biggest hurdle was trying to figure out exactly what to do with my existing, active, 2022 Kia Sorento SXP lease.

The Kia had $2,070 remaining in payments. It was over mileage as well by 13k, which at $0.20/mile, equates to $2,600. Disposition fee of $400. Car was in excellent shape, and in the most sought after color (wolf grey), with the rare SX Prestige Trim Package.

I quickly found out Kia does not allow 3rd party buyouts, so the idea of selling to Carvana/Carmax was out of the question. Kia is a mess all around. Trying to get the final lease buyout number was a hassle, but simple math told me that it would be RV + Remaining Payments + Overmileage + Disposition Fee. I was looking at $5,070 to just turn my Kia in. Not to mention if they would slap me with any ridiculous wear-tear fees, such as tires. The car was in great great shape.

I did not want to pay any of the remaining payments or the over mileage, so I called a bunch of local Kia dealers and said I just want to unload it off my hands and that I do not need another vehicle. I did my research on TMV’s from Edmunds and had all my numbers ready to roll for any objections. Most dealers told me, “come on in, we will take care of you.” I reiterated my end-goal and most dealers were just beating around the bush. I eventually stumbled on one dealer that said they would like to take it off my hands and take it into their inventory.

So I drove over, met with the dealer, they did a quick look at it, came back and said they’ll take it off my hands for $290. No overmileage fee, no disposition, no remaining payments. Consider it done. Paid the $290 and walked out.

Already had the GV80 in my driveway, so came home to my dream car and that was it.

It definitely took a fair amount of research on my end, but nothing overbearing, just persistence and a firm stance.

Anyone have any similar experiences or stories regarding car brands that do not allow 3rd party buyouts? I’m very curious!!

2

I’m not at all experienced, but I’m a bit confused by some of what you’ve written, and I don’t think there’s enough info in your post to determine how you did.

Shouldn’t the buyout be relatively easily obtained by logging into the Kia and/or calling the bank?

Even if Kia doesn’t allow 3rd party buyouts, did you get a quote for your car to see how much it was actually worth? It sounds like you sold your car to the Kia dealer. How much did they value your car at (if you have any paperwork, that would be helpful)?

3

Kia was/is a mess! Online portal said they cannot provide a buyout quote for me in PA. They have states listed in which they cannot “give that information” online. So, I called KIA finance and they could not give me a buyout quote, other than “It will be the RV of the vehicle, plus over mileage, plus remaining payments, plus disposition fee, plus any wear/tear”

Literally nobody would give me a final number. Insane.

I obviously did the math myself. RV was around $21,500. So, once you add the remaining payments, over mileage fee, and disposition fee, it totaled $26,750. So, according to Kia Finance, that would be my buyout quote.

4

And the dealer bought your car for ~$26460?

What was the mileage on the car?

5

Still doesn’t make sense to Buyout the car has to pay for “overage miles” “wear/tear” ??? How, when, where… never heard of this lease rule??? ANYONE???

6

Good point….

7

I would have had to Pay the Over-mileage + Remaining Payments + DIsposition Fee, in order to turn it into Kia Finance/Kia.

I was not looking to buy it out, at all. BUT my buyout price would have not included the over-mileage. sorry for the confusion. It just would have been the RV + purchase option fee + registration fees/tax.

In order to “turn my car in,” I would have had to pay $5,070 out of pocket. That’s the over miles, disposition, and remaining payments all combined.

8

Correct. I paid the $290, and walked away.

53k miles on the vehicle.

They had it listed on their site the next day for $27,999.

9

Yup-that sounds about right, usually how leases are set up :call_me_hand: