Kia Sorento lease end (over mileage, accident)

Buy a set of used tires online, or at worst, a set of new Cheap Chinese off brand tires. As long as they are OEM spec (size, speed rating, etc) you’d save a decent chunk relative to their lease end charge.

There really isn’t an appraisal for Kia. The RV is the RV, it’s set by the bank. I don’t understand what purpose getting any appraisal would serve?

That’s fine…the post I replied to insinuated getting a car for the son on lease for 7.5k/yr. GM doesn’t do a 7.5k lease.

Its not about disposition or financial hardship. This is an extreme case from my research in terms of being over and unfortunately in an accident as well. Not something that is ever planned on. Under normal circumstances I estimate to pay for possible wear and tear and maybe some overage. But we’d be talking about less than 1k most likely. No biggie it happens. But like I said this is more extreme and finding the cheapest route doesn’t make it a financial hardship. Just trying to make the best decision with what I’ve put myself in.

He wants to see what the cost would be for a buyout vs paying the mileage penalty. If someone would buy it outright for his residual (unlikely), he wouldn’t owe a penalty.

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thats fine. I clicked on reply to you my mistake :slight_smile:

The ONLY way you might break even, is if you were to sell it outright as private party. It would take the right buyer, who isn’t savvy and you would need to live with yourself after dumping them with a horrible deal.

No dealer will give you the residual on trade in, or appraisal. They will low ball you, and ding you for miles on top of it. Your best option, is to pay the overage of $2500 or so, and move on. Feel free to exhaustively search for options, but there really aren’t any better for your situation. Sorry.

In fact, input your vehicle and mileage (options etc) into NADA and see what the trade in is listed as… Expect an appraisal to be that or lower depending on the demand for the vehicle in your area.

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Nowhere in my post or unrealistic thoughts did I think about breaking even. There were still options I was trying to figure out being I’m no expert like yourself. One might cost 2500 like i said and one might be slightly less or way more. I DID NOT KNOW. Hence my post. Sometimes I love the amount of information here but sometimes the way people talk down to people is insane. And again for those saying leasing isnt for me. Accidents arent predictable. My wife literally never had an accident in 20 years of driving until this one. Happens to be her first lease also. That’s certainly a factor in the equity aside from the mileage. Then a major job change put us in a bad spot that never could be predicted and essentially worrying about mileage at that time was the least of our concern. I guess everyone has a perfect life on this forum where nothing ever goes wrong and you all live in a vacuum. Thanks for those that have given actual help rather than try to give life lessons or something.

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This is what I hate about communicating via text, no one (at least me personally) is talking down to you. Honestly just trying to help. I know it’s hard not to read tone and inflection into posts, but this isn’t the negative cesspool most online forums are imo. Like I said before, I’ve been in your shoes, so I understand where you are. It sucks, and I truly am sorry. Life changes have to be dealt with, and sometimes there’s NO good way to do it. Play the cards you’re dealt, and do your best! Again, Sorry for the situation, but chalk it up to life and move on.

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Bud, Every single poster here has sincerely tried to help you. No ill intentions from anyone. Im not sure how you came to see @changehiphop post in that manner. But regardless, no one talking down to you.

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BTW these situations are hardly ever truly unique. With LH deals being shared on other forums and now even in the mainstream media, any thread could be read by 10x or 100x more people than posted here.

Lots of people are lurking thinking they can get a lease for less than they ever imagined. People for whom it would be a financial hardship to get a 3-4k bill at the end for overages, excess wear and disp.

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Well it wasnt just him and to say no one is a bit silly. It may not be intentional but certainly did i not ask whether I should be leasing or i can afford it. Respones like “you should of kept a better eye on things” or “if its a financial hardship to pay disposition wear and tear then leasing isn’t for you…” etc aren’t exactly what was asked. Its captain obvious i should of kept a better eye on things…which we did but like i said shit happens out of your control sometimes. Its like hey son you messed up big time. what is wrong with you without saying it so bluntly. I get that you were helping and others but again my situation has nothing to do with being able to lease or financially not being able to afford it because I’m asking what the best options are.

I dont think you get the point. No one said about being hardship. Again its talking down to poeple like “oh you cant afford 3-4k extra? What the hell would you lease for in the first place.” If i go out to eat and get a bill for $200 and know it should be $100 do I have the money to pay the extra $100? Sure. Maybe you just chalk it up as I can afford it so screw it here you go. I however look and see hey they charged me 4 extra time for my meal. I owe $100 not $200. As everyone knows here car buying can be a nightmare and certainly you can get taken advantage of. If I go there and they say “you owe $3K in overages/fees”, sure I could say here’s my checkbook regardless of being financially able to afford it or not. The point is if I SHOULD be paying only $2k but don’t know any better (or didn’t look at my wrongly entered food bill). That is totally avoidable if you know all your options and that’s all i was doing. Just like when I originally leased this car and we did the run back and forth game from $480 to start to $310. I could of said sure the 3rd time at $400 and been fine. But obviously I knew through my research here and others that wasn’t still a great deal. I’m just trying to find out my best option. I kind of figured lease end paying mileage was it. But again I’m certainly no expert and maybe someone here had a better deal in a close to similar situation… ie dealer gave them better buyout price (rare). At least I would know I’m fighting for something realistic and not being an ass to the dealer come turn in.

Time to close this topic. Right?

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Please … 2020e020w0

Let’s cut out the bickering and “life lessons” and go back to the original post.

@figman - I think the best suggestions have been - see if you can sell it private party (unlikely but possible), I’m not sure if Kia allows it but see if you can purchase extra miles (if someone can chime in here if that’s allowed or not), that should help with the overage. Also, for shits and giggles, try taking it to CarMax or Carvana and see what number you get. Just to see. In the end, the question falls into, are you planning on leasing a new car? Depending on that, you can either go 1 of 2 ways, either pay off the overage and extras on this car and wipe your hands clean and move forward as a learning experience or roll the negative equity into another lease. The only way that would be worthwhile is if you can get another lease at a ridiculously low price (ie. demo or loaner).

Yeh I apologize if anyone was offended. I appreciate the options that some people gave. I’ll certainly update this post in a week or few months when I ultimately “resolve” it and hopefully it helps someone in the future with a similar situation

You can’t…

Yeh that is one I searched a ton for and seems like only certain manufacturers like BMW have that as an option. I just wondered with the major accident and large mile overage would it be a giant pain in the ass for a dealer to take on or they just get it wholesale anyway so it doesn’t matter? In perfect world seems like it would make sense to negotiate buyout price to wipe themselves clean of it and keep a customer. Sure I could pay them $3k in mileage etc but is that really better for them if I say go to GMC then?

EDIT (in response to Xaximus below) newbie reply limit…lol
Yes I’m actually looking into that as we speak. I seem to be getting somewhere with the GMC Acadia as an option. The incentives are actually more with GMC because of the switch from brands and both MF/RV are significantly better with GMC. I ran some numbers for Acadia vs Sorento. Similiar MSRP Sorento EX vs Acadia SLT-SLE ~35k-40k and it really wasnt very close. Leashackr scores certainly agrees too. It basically comes down to how much off MSRP I could get on the Acadia vs Sorento. Even if I was able to get say 10% off the Sorento and only 5-6% on the Acadia its a much better deal. The MF is out of control with Kia and the incentives are ok but if GMC is matching those or more then there isnt much else to be said. Unless you just hate GMC… lol

More than likely, if it has a record on CarFax of an accident, when you drop it off, the dealer will probably send it back to the captive, who will wholesale it at auction, unless Kia gives them a wholesale price as a buyout option Some of the captives will throw a dealer a bone to buy the car instead of sending it back to auction, others don’t. IDK what Kia’s stance is on this.

Not trying to be a jerk, however, when you signed the contract, you agreed to pay any overage mileage penalty. Keep in mind, they are losing money on the value of the car on both the accident as well as higher mileage. I wouldn’t expect them to just wipe their hands clean of that to keep you as a customer. Couple hundred miles is one thing…Several thousand is another.