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I hope to get some feedback on how to handle my current car situation. I started a lease on a new car in California in January, stopped living there, currently have it in IL with the CA plates, and may need to/want to get rid of the car within the month to accept a job out of the country. As I don't have experience selling or getting rid of a car, I am not sure what to expect. I have heard to use a website to sell the lease to someone, who then takes it over. Will I likely encounter some situation where the monthly payment is too high for an Illinois resident (since the lease terms were in CA)? I also heard in CA that Carmax likes to buy relatively new leased cars. What are the pros/cons to going that route?
I hope to get some feedback on how to handle my current car situation. I started a lease on a new car in California in January, stopped living there, currently have it in IL with the CA plates, and may need to/want to get rid of the car within the month to accept a job out of the country. As I don't have experience selling or getting rid of a car, I am not sure what to expect. I have heard to use a website to sell the lease to someone, who then takes it over. Will I likely encounter some situation where the monthly payment is too high for an Illinois resident (since the lease terms were in CA)? I also heard in CA that Carmax likes to buy relatively new leased cars. What are the pros/cons to going that route?
Thank you in advance for all feedback.
Carmax will buy it but if you owe more than it is worth (payments + buyout) then you have to pay Carmax upfront before they will take it. If you owe 30 payments of 450 (13,500) and the buyout is 15,000 then Carmax offers you 22,300 then you will have to give Carmax the difference ($6200)
Lease trader and swap a lease will let you get rid of it there but again if you had a bad lease it will be hard to unload unless you pay someone some incentives (cash up front).
Worst case, you need to pay the entire amount of the lease and turn in the car. Likely, you'll have to pay a few grand to either flip it to Carmax or another buyer.
I used a lease flipping site in Canada when I relocated to the states, and ended up giving the person who took over my lease almost a year's worth of payments for them to take it off my hands.
*I was told by Kia Finance that the only two options I have are to have a dealer buy it at full price + sales tax or turn it in and have them take it to auction.
Swapalease said they could do a nontraditional program with a listing fee while Lease Trader said I HAVE TO sell to a dealership given how Kia operates.
Any advice on approaching trying to get a dealer to buy it at full price? Vacuum it, take personal belongings out, and just show up?
Do not turn the vehicle in. You will have a repossession on your credit. You are upside down and will not be able to get out of the lease as simple as you think.
Try swap a lease.
Try to see if the dealer will buy it back-you'll owe the difference.
See if you can get a TRUSTED friend to take the lease over.
I've sold several leased vehicles and transferred into and out of several leases.
It all depends on the lease terms. Read your lease. It will all be explained there.
Some lease companies allow leases to be completely transferred (which means the original lessee is removed from the lease and new person added) and others allow only a partial transfer (which means the original lessee is not removed from the lease even though a new person is added to the lease).
Every lease has a buyout amount, which changes (goes down) monthly as payments are made. However, in 90% of cases, there is negative equity, so you'd have to kick in some money to sell the car to someone else.
*I was told by Kia Finance that the only two options I have are to have a dealer buy it at full price + sales tax or turn it in and have them take it to auction.
Swapalease said they could do a nontraditional program with a listing fee while Lease Trader said I HAVE TO sell to a dealership given how Kia operates.
Any advice on approaching trying to get a dealer to buy it at full price? Vacuum it, take personal belongings out, and just show up?
There is a 0.0% chance that a dealer will pay anything close to full price. They're trying to move their current inventory. Take a look at what your car sells for used, and drop a couple grand off that. That will be your best case number. Based on the numbers I see, Kia drops about 30%+ the minute you drive it off a lot. So if your lease value was around $30K, best case, you'll be looking at getting under $20K.
Take it to carmax and see how bad you are screwed......
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