Leasing has become a popular option for drivers wanting to get behind the wheel of a new Kia vehicle without a large down payment or long-term commitment. But as the end of your lease term approaches, you’ll need to decide what option makes the most sense for your situation. At Turner Kia, we want to ensure our customers understand their end-of-lease options so they can make the best choice when their lease ends.
Lease-End Options
As you near the final months of your Kia lease, there are a few directions you can take based on your budget, future vehicle needs, and personal circumstances. You can purchase your leased Kia, use its equity towards a new Kia lease or purchase, return the vehicle, or sell the lease to a third party. We’ll explore the pros and cons of each path to help you make a well-informed decision that fits your goals.
Purchase the vehicle.
One option is to purchase your leased Kia and keep driving it. This avoids the need to shop for a replacement vehicle. Your lease likely has a predetermined purchase price or residual value that makes buying your leased Kia more affordable than purchasing the same pre-owned vehicle outright. If you love your Kia and it fits your lifestyle, buying it lets you keep driving it long-term. Just be sure to factor in ownership costs.
Trade It In Towards a New Kia
Another popular option is trading in your leased Kia to put towards a new Kia lease or purchase. If you always want access to the latest model with updated features, this path allows you to seamlessly transition into a new Kia every few years. Your leased Kia will have a trade-in value that reduces your next down payment. We can appraise your Kia and provide a competitive trade offer to make upgrading easy.
Return the Vehicle
Alternatively, you can simply return your leased Kia to the dealership once your term expires. This frees you from any further expenses or obligations for the vehicle. The dealership will complete a vehicle inspection, and provided there is only expected wear and tear, you can turn it in without further charges. Returning your leased Kia lets you walk away freely and find a different vehicle. Just be certain to meet all lease-end responsibilities.
Consider Lease Buyout Companies
Rather than buying your leased car yourself, you can also sell your lease to an outside lease buyout company. These companies will purchase leased vehicles, handle the buyout, and then typically resell them. Selling your lease transfers the buyout and turn-in processes to them. However, you may receive less for a leased vehicle than if you sold it yourself after purchasing the Kia. Weigh the convenience against the potential equity.
Know Your End-of-Term Rights and Responsibilities.
Carefully review your lease agreement to understand your rights and duties at lease maturity. This includes the buyout price, purchase process, inspection criteria, mileage limits, turn-in timeline, and fees for excess wear and use. Be aware of how much equity you have in the vehicle based on the current market value versus the residual price. Also, budget for any disposition fees outlined in your lease terms. Knowing the fine print prevents surprises.
Inspect the Vehicle’s Condition.
Assess the condition of your leased vehicle as objectively as possible. Does it have more dings and wear than expected? Note any missing parts, damage, or needed repairs. Address fixes yourself or through the dealership ahead of time to avoid excess fees. Also, give the Kia a deep cleaning inside and out. It helps to review the inspection criteria and categories the dealer will assess at lease turn-in to identify potential issues.
Understand Excess Wear and Use Fees
Compare your vehicle’s condition to the excess wear allowances in your lease agreement. Most leases permit reasonable wear and tear but will issue fees for excess damage, mileage, and reconditioning needs. For example, scraped bumpers, stained upholstery, or bald tires can warrant fees. Be prepared to pay disposition charges if the Kia exceeds the expected normal wear parameters. Any prior accident history also reduces value.
Prepare for the Turn-In Process
When returning your leased Kia, have all documents ready, including maintenance records, the title, registration, and your final lease statement showing remaining payments. Remove any personal items prior to turning them in. A dealership representative will complete a comprehensive vehicle inspection, assessing the interior, exterior, tires, wheels, electronics, mileage, and more. They will also test drive the Kia and note any needed mechanical repairs. This process determines any excess wear fees.
Explore all options with dealer guidance.
By understanding lease-end options and responsibilities ahead of time, you can make a smooth transition at maturity. Our knowledgeable team at Turner Kia makes exploring your end-of-term options simple and convenient. We’ll help maximize your equity, find attractive new lease deals, or satisfy any lease-end requirements if you return your vehicle. Be sure to start the process early and have a plan in place as soon as your lease expires.
Explore Your Lease-End Options at Turner Kia
Is your Kia lease ending soon? The lease experts at Turner Kia make exploring your options easy. Schedule an appointment with our lease termination specialist to discuss buying, trading in, or returning your leased Kia. We’ll appraise your vehicle’s value and provide guidance on getting the most from your lease. Whether you want to purchase your Kia, lease or buy a new one, or walk away obligation-free, we’re here to guide you through the lease-end process seamlessly. Call or click to schedule your end-of-lease consultation today!
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