Kia Finance Interest Rate

[Chris from SoCal]

Hi Folks,

I just purchased my Stinger GT2 and got one hell of a deal from Kia Finance... wondering if anyone else has had the same experience?

I shop around, a lot, before I finance anything. I am a member of USAA, and a local credit union with outstanding rates that beat KIA Finance by a long shot in 2011.

USAA approved me for 72 months at 3.49%, the credit union for 72 months at 3.25%, both of which I thought were pretty reasonable. KIA Finance came in at 2.90% for 72 months and so they got the loan (and I got 3 dings on my credit).

My credit score at the dealership was 714, but a little higher with USAA and the credit union.

Is this just a big push by KIA to get more loans in the last few years? I'm curious, because it seems like a surprisingly GREAT rate to me...

Hopefully this helps some of you - apply with KIA before you get dinged for applying anywhere else unless you can beat a 2.90% for 6 years rate...

And go buy a Stinger - it won't disappoint.

Chris

 

[Jayce]

I think when buying a new car, the rates offered by the manufacturers financing arm are usually pretty competitive or better than what most other banks and credit unions offer. At least that's been my experience. This isn't surprising to me at all. Think about all the 0% and 0.9%, etc offers that are displayed on TV. As long as you have good credit, you can usually qualify for these. I think the bigger thing to look at is when they offer a great interest rate OR a nice rebate. Then you need to look at whether or not it'll be cheaper to finance at a higher rate and receive the rebate or finance at the lower rate. No big rebate offer on the Stinger at this point so it is a no brainer to finance through KMF.

 

[Dave Miller]

2.9 is definitely good, that is KMF's best rate for 72 months. You can get 1.9% @ 66 or 0.9% @ 60 as well.

Kia has 0% financing for 75 months on 4 models right now... Sure would be nice if they added the Stinger

 

[Expert4]

I bought mine today with a 60 month 0.9% interest. I should maybe mention my credit score was 851 but I’m pretty sure anything over 720 would yield the same 0.9% on a stinger.

 

[MarkyMark]

2.9 is definitely good, that is KMF's best rate for 72 months. You can get 1.9% @ 66 or 0.9% @ 60 as well.

Kia has 0% financing for 75 months on 4 models right now... Sure would be nice if they added the Stinger

March 1st is coming soon!...

 

[Mach_Tuck]

Kia has 0% financing for 75 months on 4 models right now... Sure would be nice if they added the Stinger

Yep...Ill take "free" money anytime

 

[redgt]

i did 0.90% for 60

 

[Irish]

Yeah I did 0.9% for 60 months also.

 

[MarkyMark]

Yeah I did 0.9% for 60 months also.

@Irish, Which model and feature package/s did you get, and what was the final vehicle price you were able to negotiate? Congrats!!!

 

[JVsGT]

Leased mine to take advantage of the $6500 lease cash back (I also negotiated $2603 off MSRP prior to the lease cash). Now buying out the lease with a secured auto loan at a local Credit Union at 2.74% APR for 72months. I think that's a win/win for me!

 

[MarkyMark]

Leased mine to take advantage of the $6500 lease cash back (I also negotiated $2603 off MSRP prior to the lease cash). Now buying out the lease with a secured auto loan at a local Credit Union at 2.74% APR for 72months. I think that's a win/win for me!

You did F A N T A S T I C, provided the monthly number makes sense and all. But since you are buying out, whatever the interest rate really doesn't matter. You are buying out the car. Nice!

If you can post your numbers, or take an image of the paperwork that would REALLY be helpful for everyone!

Congratulations! Was this a GT1?

 

[JVsGT]

You did F A N T A S T I C, provided the monthly number makes sense and all. But since you are buying out, whatever the interest rate really doesn't matter. You are buying out the car. Nice!

If you can post your numbers, or take an image of the paperwork that would REALLY be helpful for everyone!

Congratulations! Was this a GT1?

This is actually a GT2. I had a trade in and was upside down by $3400. Total they gave me for my trade was $31k which helped me to forego some sales taxes. My down payment total was $5k plus first months lease of $586.36. My situation was unique in the sense that my trade had been in an accident last year. I was able to negotiate a $3500 claim for diminished value from the at fault party, allowing me to use that toward my down payment. I also received another $2k from early termination of extended service/GAP contracts on my trade in vehicle. Bottom line, I really didn't come up with any moneys out of pocket at lease signing. My actual cash price for vehicle at lease signing was $42040 (MSRP - $6500 lease cash/$2600 negotiated discount off MSRP). Of course, that's prior to all the tacked on dealer fees/taxes. I think I payed under $700 for all sales taxes due to the trade. Buyout is $41,847 which I'm finalizing today. Monthly payment will increase to $630 unless I decide to put some money down at loan signing. All in all, not bad considering I have yet to come out of MY pocket for any money on this entire deal. Plus of course, I'm driving a brand new, top of the line Stinger that puts a smile on my face every time I drive it!

 

[MarkyMark]

This is actually a GT2. I had a trade in and was upside down by $3400. Total they gave me for my trade was $31k which helped me to forego some sales taxes. My down payment total was $5k plus first months lease of $586.36. My situation was unique in the sense that my trade had been in an accident last year. I was able to negotiate a $3500 claim for diminished value from the at fault party, allowing me to use that toward my down payment. I also received another $2k from early termination of extended service/GAP contracts on my trade in vehicle. Bottom line, I really didn't come up with any moneys out of pocket at lease signing. My actual cash price for vehicle at lease signing was $42040 (MSRP - $6500 lease cash/$2600 negotiated discount off MSRP). Of course, that's prior to all the tacked on dealer fees/taxes. I think I payed under $700 for all sales taxes due to the trade. Buyout is $41,847 which I'm finalizing today. Monthly payment will increase to $630 unless I decide to put some money down at loan signing. All in all, not bad considering I have yet to come out of MY pocket for any money on this entire deal. Plus of course, I'm driving a brand new, top of the line Stinger that puts a smile on my face every time I drive it!

Nice! Any dealer you would recommend? Assuming you'd recommend the dealer you choose? Also, what were the list of tacked on fees they included? Very, very, curious about those! Thanks!

 

[JVsGT]

Nice! Any dealer you would recommend? Assuming you'd recommend the dealer you choose? Also, what were the list of tacked on fees they included? Very, very, curious about those! Thanks!

I don't have the list in front of me but just confirmed an update from the Credit Union. Apparently, in the state of Texas, you pay sales tax on the total sale price of the vehicle. It's incorporated into the lease payments. If I decided to do the early buyout, I would have to pay sales tax again on the complete buyout price ($41,847). That's an extra $2600 added onto my loan to finance (unless I pay out of pocket). I'm second guessing the value of the buyout given the latest update. The way I understand it, if I wait until the end of lease to purchase the vehicle, I will not have to pay the sales tax for the residual amount as it's considered a "special sale" since I already paid the taxes at lease inception. I will confirm all this by end of day but it's looking more and more like I'll just hold onto the vehicle till lease end.

 

[Harley Man]

Hi Folks,

I just purchased my Stinger GT2 and got one hell of a deal from Kia Finance... wondering if anyone else has had the same experience?

I shop around, a lot, before I finance anything. I am a member of USAA, and a local credit union with outstanding rates that beat KIA Finance by a long shot in 2011.

USAA approved me for 72 months at 3.49%, the credit union for 72 months at 3.25%, both of which I thought were pretty reasonable. KIA Finance came in at 2.90% for 72 months and so they got the loan (and I got 3 dings on my credit).

My credit score at the dealership was 714, but a little higher with USAA and the credit union.

Is this just a big push by KIA to get more loans in the last few years? I'm curious, because it seems like a surprisingly GREAT rate to me...

Hopefully this helps some of you - apply with KIA before you get dinged for applying anywhere else unless you can beat a 2.90% for 6 years rate...

And go buy a Stinger - it won't disappoint.

Chris

I just bought mine last night and got 2.99% for 84 months

 

[MarkyMark]

I don't have the list in front of me but just confirmed an update from the Credit Union. Apparently, in the state of Texas, you pay sales tax on the total sale price of the vehicle. It's incorporated into the lease payments. If I decided to do the early buyout, I would have to pay sales tax again on the complete buyout price ($41,847). That's an extra $2600 added onto my loan to finance (unless I pay out of pocket). I'm second guessing the value of the buyout given the latest update. The way I understand it, if I wait until the end of lease to purchase the vehicle, I will not have to pay the sales tax for the residual amount as it's considered a "special sale" since I already paid the taxes at lease inception. I will confirm all this by end of day but it's looking more and more like I'll just hold onto the vehicle till lease end.

So glad our governments make taxes so simple!... Seriously, give me a FLAT TAX for everything. Just make EVERYTHING a straight up sales tax, and I'll get my entire check. THAT would be nice. Of course, politicians say "Oh, you'd die of the sticker shock with that kind of sales tax!" To which I say "So you know how much you are stealing from my family, you just don't want me to see it." Mic drop...

But I digress!!!

Congrats on the car, and as I understand it in the state of OR, our brand spanking new - first-time-ever state-wide sales tax on all new car sales is on MSRP - but on a lease it is on the Adjusted Capital Cost. And while it's .5% now, it'll only go up from there, guaranteed!... Ugh...

 

[Mach_Tuck]

So glad our governments make taxes so simple!... Seriously, give me a FLAT TAX for everything. Just make EVERYTHING a straight up sales tax, and I'll get my entire check. THAT would be nice. Of course, politicians say "Oh, you'd die of the sticker shock with that kind of sales tax!" To which I say "So you know how much you are stealing from my family, you just don't want me to see it." Mic drop...

But I digress!!!

Congrats on the car, and as I understand it in the state of OR, our brand spanking new - first-time-ever state-wide sales tax on all new car sales is on MSRP - but on a lease it is on the Adjusted Capital Cost. And while it's .5% now, it'll only go up from there, guaranteed!... Ugh...

Just finalized my GT2 RWD Lease this week. Final Adjusted Cap Cost of $44,800 which included all fees (listed below). In the process of setting up my Credit Union purchase as soon as KMF activates my account. Buyout should be approx $48.5 due to 8.5% tax and my credit union is 2.24% for 60 months.

Here is approx breakdown of numbers...
MSRP - 50100
Purchase - 48000 (invoice +500 for tint (no choice but to pay))
Lease Cash - 6700
Doc Fee - 500
Lease Acq - 650
Platinum 4yr/60K warranty - 440 (explained more below)
Title/Reg - $900 (yes, criminal amounts in AZ)

Since i did not feel like giving any money to the dealership, i elected to pay for the upfront fees using the lease cash.

All in all, the final adjusted cap cost was $44,800.

Normally i would not bite on a warranty, however, the finance dude and i seemed to be of like personality so i ended up paying $1 over cost for the warranty (at least from what he showed me on his screen). This warranty actually includes the following along with bumper to bumper of almost everything...1 free battery replacement, 1 free set of brake pads, 1 free alignment, 1 free set of drive belts, 1 free set of windshield wipers, unlimited fuses and lights (including headlights), 1 free key fob replacement per year. Just the battery and brake pads alone will cover the cost of this. All with $0 deductible. i was quoted $1700 for this exact plan for our Sorento (without all the free stuff mentioned) so for $400 i could not pass it up!

 

[MarkyMark]

Just finalized my GT2 RWD Lease this week. Final Adjusted Cap Cost of $44,800 which included all fees (listed below). In the process of setting up my Credit Union purchase as soon as KMF activates my account. Buyout should be approx $48.5 due to 8.5% tax and my credit union is 2.24% for 60 months.

Here is approx breakdown of numbers...
MSRP - 50100
Purchase - 48000 (invoice +500 for tint (no choice but to pay))
Lease Cash - 6700
Doc Fee - 500
Lease Acq - 650
Platinum 4yr/60K warranty - 440 (explained more below)
Title/Reg - $900 (yes, criminal amounts in AZ)

Since i did not feel like giving any money to the dealership, i elected to pay for the upfront fees using the lease cash.

All in all, the final adjusted cap cost was $44,800.

Normally i would not bite on a warranty, however, the finance dude and i seemed to be of like personality so i ended up paying $1 over cost for the warranty (at least from what he showed me on his screen). This warranty actually includes the following along with bumper to bumper of almost everything...1 free battery replacement, 1 free set of brake pads, 1 free alignment, 1 free set of drive belts, 1 free set of windshield wipers, unlimited fuses and lights (including headlights), 1 free key fob replacement per year. Just the battery and brake pads alone will cover the cost of this. All with $0 deductible. i was quoted $1700 for this exact plan for our Sorento (without all the free stuff mentioned) so for $400 i could not pass it up!

Thanks for the details! Congrats!