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2019 GT2 rwd $41832, with balloon finance buyout

Discussion in 'How to Buy a Kia Stinger' started by Billy M, Nov 26, 2018.

  1. Billy M

    Billy M United States Active Member

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    kia stinger.jpg Ferguson Superstore in Broken Arrow OK is advertising a GT2 RWD for $46,332, with an additional $4500 cash incentive to do balloon financing. Being a TX resident that seems like a hell of a deal since lease buy outs are a no go in TX.

    too good to be true right?

    $46,332 purchase
    +$379 doc fee
    -$4500 balloon cash
    =42,211 plus tax (~$2,615)

    shoot for more off or take it and run away looking over my shoulder laughing?
     
  2. Waynerm002

    Waynerm002 United States 1000 Posts Club!

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    That looks real good on a 2019, I would take it and run!
     
  3. Billy M

    Billy M United States Active Member

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    My wife is trying to hold me to our agreement of waiting till she’s pregnant again..... :mad::cry:
     
  4. JVsGT

    JVsGT United States Member

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    There's a catch. When you do balloon financing, you are required to go thru KMF to get the balloon cash. They jack up your interest rate to something like 7% for 36 months. That's how they make up that cash. Then, of course you're stuck trying to secure financing on the balloon amount at a credit union or bank. Probably at another 4% since it'll then be a used vehicle. Best bet is to forgo the balloon option, and just get the .9% rate for 66 months thru KMF. Unless of course you plan on just paying it off immediately after signing the balloon financing. Just make sure there are no penalties in the contract for early payoff. Just food for thought.
     
  5. Billy M

    Billy M United States Active Member

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    My credit union will approve what ever for me at 3.35% and yeah I’d be required to carry the note for 3mo with their lender. the extra $4500 makes it enticing, as I can get the car to invoice at any dealership that will do the Costo car buying program
     
  6. Ritz

    Ritz United States Member

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    Best bet is to just pay cash. Financing something that depreciates as quickly as a car is cray cray. :)
     
    • Like Like x 1
  7. Billy M

    Billy M United States Active Member

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    If you’re going to own it for a while, then KMF’s 0.0% and 0.9% interest is free or almost free money.
    I’ve decided to pass on this deal and hold out for the cash incentives from Kia and KMF. For me it’s a 10yr car
     
  8. x4nd3r05

    x4nd3r05 United States Newish Member

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    Sounds like a great deal to me for a 2019. Asking them to price out a ceramic gt2 awd for me. Will probably do balloon financing and buyout or do a loan from a local credit union so the interest rate won't be a big deal. Was told by the dealer that the first 3 payments go to principal only. Will have to connfirm.
     
    • Winner Winner x 1
  9. oddball

    oddball United States Member

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    I got my 2018 GT2 RWD for $40.5k before TTL that way.
    The incentives can offset a LOT of interest. Even refinancing through the credit union I'm still about $3k less at the end of the note compared to using the KMF 0% or 0.9%.
     
  10. x4nd3r05

    x4nd3r05 United States Newish Member

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    We should get new incentive offers from kia in the beginning of December. Probably worth the wait to see what those are.
     
    • Like Like x 1
  11. Billy M

    Billy M United States Active Member

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    Since I’m waiting on pregnancy #2, I’m gonna do my best to hold out till
    The real cash comes late summer/early fall. But ya never know, might come one day in a gt2
     
  12. x4nd3r05

    x4nd3r05 United States Newish Member

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    Yea you will probably get the largest incentives at the end of the year. Thanks for posting this dealership. I'll see if I can work something out with them.
     
    • Like Like x 1
  13. Billy M

    Billy M United States Active Member

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    Let me know how it works out!!
     
  14. Kgh31386

    Kgh31386 United States Newish Member

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    Question about the balloon interest. I was looking at a 2018 GT2 for around $39,000. My current trade is valued at 21g. They showed me the numbers with a balloon payment of 20g due in 36 months. The interest was around 7% like everyone is showing, but the first 35 payments were $0/month because my trade value was applied. I have the cash for the balloon payment, so I'm not concerned about that...but where is the interest? Is it in the 35 payments, or buried in the balloon? I don't want to lease, don't want to do traditional financing because there aren't nearly as good incentives. But where's the interest? I liken it to my first car I bought in college...8% interest in 2006, but I paid it off in 5 months. The amount I paid in interest wasn't nearly what it would have been if I paid the 60 full payments. How does it work here?
     
  15. Billy M

    Billy M United States Active Member

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    They contacted me today to try to entice me with an additional $6000 cash incentive. Told him to let me know when he gets the balloon incentives Monday or Tuesday.
    But if its $4500 or more, I don’t think I’ll be able to walk away again
     
  16. x4nd3r05

    x4nd3r05 United States Newish Member

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    Agreed. They don't have any gt2 in stock however. Edit* gt2 awd
     
    Last edited: Dec 1, 2018
  17. Kgh31386

    Kgh31386 United States Newish Member

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    What would be the total OTD with the extra $6,000 off?
     
  18. Billy M

    Billy M United States Active Member

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    Assuming it’s 4500 balloon cash again, basic math looks like
    $46711
    -$4500 balloon cash
    -$6000 cash incentive
    =36211 plus tax (2263.19 for Texas residents)
     
  19. Billy M

    Billy M United States Active Member

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  20. Kgh31386

    Kgh31386 United States Newish Member

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    Interesting. I live in Austin as well...so I wonder if I put my trade on there at $20,000, would my tax be only on the difference? Under $40,000 OTD for a 2019 isn’t bad. I want the charcoal color(panthera metal I think). My goal is use my trade to get a payment of $0/month for 35 months and pay the balloon of around $20,000 for the 36th payment. Still curious where the interest is applied if the payment is nothing per month. They showed me numbers for a 2018 with a payment of $0.
     
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