I was 99% ready to close on a 2019 GT w/rwd. But no....

[Peeso33]

Did they run your credit already? If so, I wouldn't wait too long to get the car. Hard credit pulls makes a small ding on the credit score, usually a group of credit inquiries will count only as 1 credit check. If too much time elapses between the credit pulls, you're only going to hurt your credit score more.

 

[Dr_jitsu]

Thanks, good advice. I did one thing right: I did not let myself become emotionally tied to the car. You know, when you start fantasizing about yourself driving the car. Your lovely, beautiful, but needs to drop 20 lbs wife is at your side.

Once you do that you are somewhat f&*%ed.

 

[Dr_jitsu]

I just got an email from my salesman. He was nice, just probably stressed out. Nonetheless, I contacted several other dealers and if they make a better offer I will take it.

It was just a...well...kind of dumb thing for the guy to do. My wife (who works her ass off) was going to meet me at lunch but I cancelled my plans.
He would have his money tomorrow. He was so close. I will be nice with him even if I buy from another. Sales are stressful on both ends.

 

[MrSmoofy]

My business went under a few years ago (I am OK however) and it killed my credit. My score is only 650.

I got 5% from a credit union through the dealer with that score.

 

[MrSmoofy]

You should go to KIA's website, it tells you what interest rate is available to you based upon your credit. I plugged in 650 and it said they were offering a 3.5% apr on a stinger gt for 66 months and 2.75% apr for 60 months. If they can't match what's on KIA's website you are getting ripped off. Don't fall for their explanation that you have bad credit, that's bs. If you had good credit you can get a stinger for 0% APR right now, that 2.75%-3.5% APR is the penalty for 650 credit, which is still superior to that 7.75% BS.

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I took a friend to a local KIA dealership and they offered her 8% APR and I told them that their website offered 0% APR, and they literally pulled out another offer sheet behind their backs at 0% APR.

While it shows a nice low interest rate it did the same for me Kia didn't approve me I think that's just a scam for them to get people to apply to them first.

 

[Roarbomb]

On another thread we saw that KGH brokered this deal:

2019 GT2 Panthera Metal
MSRP - $50,985
Cash savings applied- $10,000
Conquest- $2,000
Subtotal of $38,985
Sales tax-$1,436.56
Doc fee- $379
Total- $40,800.56 OTD

I contacted the Austin Dealer and tried to get this deal but he said I did not qualify for the conquest discount.

My dealer was Huffines. I have also been looking at the cars from Ferguson.

I live in the Houston area.

Thanks!

Stay away from San Antonio dealers too, al the ones I spoke to where shady as f*ck. I bought mine in Lubbock. You can call Beaumont and ask them. It’s what, 1.5 hours there? Smaller markets may offer better deals to move products.

 

[itguy61]

The deal was done. Am I in the wrong for wanting a lower interest rate? I was at the bank trying to wire him money. All he had to do was give me one more day. I was meeting with my wife at 11 tomorrow, then immediately wiring the money. $14k is not chump change. The deal was done. He did all that work and now is losing the sale. I am sorry, but you are completely wrong here.

I am now looking at the Ferguson deals.

Finance interest rates are heavily dependent on credit scores. If that is your score then you have what most term as fair credit which will come with a higher interest rate due to higher risk to the lender. Interest rate on a purchase loan is separate from the price of the car.

 

[itguy61]

While it shows a nice low interest rate it did the same for me Kia didn't approve me I think that's just a scam for them to get people to apply to them first.

Not correct, the credit score is one of many they consider. Just because they list an interest rate does not mean they will finance everyone who applies with that credit score. They look at time at residence, time on current job and amount of down payment as well.

 

[cncBilly]

Greetings, coming from German cars (and a Hyundai Equus) the Stinger really caught my eye. It is a hell of a car, especially for the money.

I am on a budget, and found a base GT I liked for a good price: $34,072. $36,672 OTD. To get the big $2700 discount I had to finance through Kia. The interest rate was 7.75%.

My Hundai Equus was totaled from water damage, and I got a lowball $15k for it. $14k was going towards a down payment.

It is red (a color that has grown on me) with a black interior (not my first pick, but I could live with it).

On Sat. I received the check and emailed the dealer rep that I was ready to go. I made one last small request, I asked for a better int. rate. They seemed to not like that.

Today I went to the bank to deposit the check from my INS. company and they said that my wife had to be present to deposit the check. I was going to then wire $14k to the dealer.

I was going to meet my wife tomorrow so that we could cash it. She is insanely busy.

I called my dealer rep and told him there was a delay and he responded by telling me he was putting the car back on the market.

He was put out by my last minute request for a lower int. rate....but hey, I don't think I was out of line at all. He told me he was putting the car back on the market.

I responded by saying "it is as if you were running a marathon, and then quit 10 yards before the finish line." Dumbshit rep was one day away from closing the deal. So I need some advice.

First, was I out of line? If no, then can anyone point me towards a good deal on a GT, GT1, or GT2?

Tell them to pound sand and move on. Simple!!

 

[itguy61]

I don't get this whole discussion and the responses. Are you guys under the impression that the dealer has control on the interest rate at KMF? Do you think he will be able to go elsewhere and get a lower interest rate that will offset the KMF $2700 discount? I don't get it. A 650 credit score is fair credit and you have not idea on the debt to income ratio and other factors I discussed above. Is the price of the car too high?

To the OP, do you feel that you can get a lower interest rate through another finance company? Enough to offset the $2700 discount? Did you already commit to the the deal you are telling about us? If so, they may have given up as this is the interest rate that KMF is dictating.

I would heed the warning on the hard inquires on your credit score, they will lower the score if you wait and the new inquiries show as separate ones.

 

[Rob M]

The deal was done. Am I in the wrong for wanting a lower interest rate?

You aren't wrong for wanting a lower interest rate; you were wrong for assuming the dealer would change the rate once the "deal was done" as you stated. Even if to lower your rate by just 1%, you were asking for $700 (assume $20K financed for 72 months). That is not a small request.

 

[itguy61]

You aren't wrong for wanting a lower interest rate; you were wrong for assuming the dealer would change the rate once the "deal was done" as you stated. Even if to lower your rate by just 1%, you were asking for $700 (assume $20K financed for 72 months). That is not a small request.

And you don't have the bargaining power of someone an 800 fico score. They may have worked to get you financed and now you came back and tried to change the deal.

 

[Dr_jitsu]

I told them I was not happy with 7.75 from day one. If they came down to 5% I would be happy. I have never paid more than 2.9% on an auto loan. I lost my business but I have never defaulted on a house or car payment in my life. I have owned and paid off two Mercedes (one an AMG) 2 Porsches (one a $200k GT2, the other a $100k CTT) and an M3. I am only making $45 k a year right now but my wife makes more than twice that. My house is nearly paid off. I have no debt. My current business is growing and I will make more than $45k this year. I made $2k just last week.

I am putting down a $14k deposit. I am absolutely not a credit risk.

 

[Callum]

I am putting down a $14k deposit. I am absolutely not a credit risk.

Keep the money in your bank. Borrow the $14K at a low APR.

There is something also off about the interest rate. I'd be scared to see the GP on the back end. Request a breakdown of incentives, dealer discount, and the dealers buy rate.

Lease it, then buy it. Unless you just want to throw money out the window. Which, putting $14K down on a Kia is.

It does not matter what you do, did, or owned. Banks are banks, they don't know you. The dealer has no control over the base interest, but they can mark it up.

 

[Dr_jitsu]

Salesperson emailed me back. It is his day off so I have to give him credit. The high interest rate got me the $2700 credit. I will look at my leasing options but probably will go with this deal. Salesperson simply made a bad judgment call. The fact that he emailed me on his day off wins my business back.

 

[Callum]

The high interest rate got me the $2700 credit.

What? $2,700 / 72 months is $37.50 per month. I truly don't get your deal. Why not ask for 24.99% and get $7,500 off the car? Dropping the rates and getting rid of your "high interest rate incentive" will effectively drop your payment. That rebate makes no sense.

How many months is the loan? If you put zero down payment, what is the payment?

Somebody is taking somebody for a ride...either we are missing something, or the dealer is about to line their pockets with cash

 

[Peeso33]

Are you guys under the impression that the dealer has control on the interest rate at KMF?

650 fico is not tier 1. But 7.75% is still on the high end even for tier 2 credit score. The dealership May or May Not have tacked on additional profit onto the base KMF base rate for a 650 fico.... but we may never find out.

OP should go to another dealership, (don't mention the 7.75%), and see what the other dealerships are offering him as the KMF rate for a 650 score.

 

[itguy61]

I find it amusing how many people here are expressing expertise about what interest rate is good and what is bad for the OP without seeing a credit app and knowing all the factors lenders use to determine risk.

Are you guys finance officers?

 

[Ruturaj]

If you think you can get better financing, get a lease, do buyout on that lease from your bank with lower interest rate.

Lease buyout will give you incentive of 5300 on gt1. Also kia website doesn't show 2700 incentive you are talking about.

 

[Callum]

I find it amusing how many people here are expressing expertise about what interest rate is good and what is bad for the OP without seeing a credit app and knowing all the factors lenders use to determine risk.

Are you guys finance officers?

I'm not, but this is also common knowledge when you are buying vehicle to some. Which is why we are trying to help.

This dude has posted many red flags. The dealer is giving him a "high interest incentive". I'm not a loan officer, but I'll be damned if I let somebody fall for that bullshit