Spitzer Autoworld Cleveland, LLC

We worked a deal with this lady. Yes she did call and talk to salesperson. Like any salesperson would do, he told her she may have some equity. Bring the vehicle in so we can assess the trade and work her into another deal. She came in and we worked deal. Buyout on current lease was $14900. We were giving her $14000. Worked deal on new Sportage SX MODEL. While working deal she continued to ask how much equity she had and we explained she she had none. She stated payments were too high on the new one and she was just gonna go buy a Nissan Rogue for $325 a month. We were at $402. She said nevermind, just take my car back for $14900 and I will walk away from existing lease. We told her we would not pay her the $14900 due to the value being less. She proceeded to call my salesman an [redacted] and left. She stated my salesman told her on phone that she had equity, when he said you could have equity. Without appraisal of vehicle we wouldn't know.      She does have a nice vehicle but it isn't worth $14900. We even told her we could put her in a nicely equipped EX SPORTAGE FOR $329. She insisted that she must have all the bells and whistles as we explained it costs more.     Every single lease that isn't traded for a new one or bought out by customer is imposed a disposition fee. The only way out of it is to trade for a lease or buy New KIA only. No other make or model waives disposition fee. Her contract also reads the disposition fee on her current vehicle. That is kias fee NOT ours.     Let me know if you have any other questions. Thanks, [redacted]

Good Morning [redacted]In Response...It is impossible to guarantee that a leased vehicle will have equity when turned in after the lease has expired. The value at lease end is figured by a percentage of depreciation of the window sticker. Ex: If a vehicle stickers for $30,000.00 and has a estimated value of 40% of the sticker at lease end, then the residual (value) would be $12,000.00. BUT....If the market value at lease end is only $11,000.00, then there is a $1000.00 negative equity that the leasing company absorbs. If the vehicle has a market value of $13000.00, then there would be $1000.00 of equity. This scenario rarely happens, but may have occurred on the previous lease. There is no way to guarantee equity at lease end as the used car market is very volatile and the values of used cars can change very quickly. In this situation, the market value was less than the buy out (residual), thus, there would be no equity. The market value at lease end has got to be higher than the residual to have equity. I hope this clears up the concern. If the customer needs additional information, I suggest she goes to Spitzer Kia and discuss with [redacted], the General Manager.[redacted]DirectorSpitzer Management

Hi,  I disagree because when I leased the vehicle, the salesperson assured me if the vehicle was retuned in good condition and had low miles I would receive equity in it even if I did not release with them. The prior vehicle I retuned I received $1,465.00 in equity but I released with Kia. We called prior to the appointment to make sure if we did not release we would still receive equity and he agreed. I did not curse at anyone. I only asked why this vehicle did not have equity because it was the exact car I leased prior. They refused to answer.  I am just requesting a valid response or restitution. Thank you