LEASE Contracts = NO LEGAL PROTECTION
So I decided today to go to my bank and turn my Lease contract with my 2015 KIA Optima Hybrid into a Finance Contract. I am sick of dealing with KIA and paying $430.00 a month for a car that is not even worth half that. I was hoping to lower my monthly payments so I can afford food.
This was the first time in almost 20 years of driving and 6 fully owned cars that I decided to sign a lease because the car dealer said it was no different than financing and I would save even more money.
My bank teller and I waited for KIA to tell me over the phone what my buyout price was and all the information I needed to transfer the title from KIA to my bank. You can imagine my surprise when KIA tells me that my buyout price is almost $26,000.00.
I tell KIA over the phone, and in front of my bank teller, that this isn't possible because I traded in my 2011 KIA Soul that is worth $20,000.00 for my Optima, and I only had around $7,000 left on the KIA Soul.
After looking over my Lease contract with my bank teller it appears that North County KIA of Escondido tricked me in my contract.
The bought my KIA Soul for $7,000.00 instead of doing what they told me which should have been, "Paid off the remaining $7,000.00."
In addition, due to it being a Lease, on my credit report it shows how much I owe on the car for the Lease which is, $15,000.00
But that price is created through the WORTH of the car, not what I truly owe. What I truly owe is around $26,000.00.
So essentially I traded in my almost paid off 2011 KIA Soul, worth almost $20,000, for $7,000 and a new 2015 KIA Optima Hybrid that had defective brakes and continuous issues to this day.
I have paid around $430.00 a month for a year and I still owe around $26,000.00.... does this seem legal? Is this fair and right? Am I missing something here?
You can imagine the panic, terror, rage and many other mixed emotions that arose while talking with my bank teller who looked horrified that I was going through this.
I need a lawyer and I will find one. This injustice will not stand and if it has happened to me... who else has it happened to and will it happen to?!!
North County KIA of Escondido are CROOKS. Avoid, tell your friends, family, neighbors and share this Blog with the world for your own benefit and safety.
AND NEVER DO A LEASE CONTRACT. NEVER.
