As of 1.5 weeks ago, Kia/Hyundai are allowing third party buyouts (at the dealer discretion, per rep we spoke to at KMF). We are 1 year into our lease on a Kia GT Forte manual and looking to sell as we no longer need a second vehicle.
When I spoke to ALGO, they mentioned they couldn’t purchase the vehicle for more than the MSRP. I didn’t follow the logic, but can anyone confirm if there is truth to this?
The algorithm spit out $25,700 initially, but MSRP of the vehicle was only $24,680. Pricing team then came down to offer $22,500. Obviously that’s a big difference. Going to submit to other third parties, but want to understand any ceilings on cost or if getting above MSRP is even possible.
Update: submitted to Carvana, vroom, shift and none are accepting KMF lease buyouts. Looks like we’ll be purchasing ourselves and then flipping to sell to the highest bidder.
As of 1.5weeks ago, only Algo appears to buy Hyundai/Kia. I don’t recall anyone else wanting to touch HMF/KMF titles. They always allowed anyone to buy out their cars, just the time to get title is too slow.
And it appears that ALGO doesn’t want to pay more than MSRP.
If you search, you will find lots of posts here about how slow Kia and Hyundai are releasing and sending titles. That seems to be why none of the third parties want to buy them.
Recently I sold my Hyundai lease to Driveway. No issue at all except long wait for Driveway paperwork, but Hyundai Finance had nothing to do with this.
Also Algo sent me this email
So i guess new private owner will be driving newly purchased pre-owned Hyundai on temporary plates for over 90 days. LOL. Driveway sold “my” car couple days later on Auto auction. Will DMV register the car without title from HMF?
Driveway aka Lithia Motors probably has a Hyundai dealership like Autonation, they dont play the games with their dealers. Pull your carfax and see how it moved
How soon from you giving it to auction, if less than thirty for sure a Hyundai dealership was involved as the auction needs a title, and less than 30 means they got the title expedited…which implies they have a path or even got an E-title.
Edit: For some reason I thought you had posted you were selling to Algo which should’ve had an issue buying a Hyundai lease. You went with Driveway. Which is an auto dealer group similar to Autonation.