What did you pay for your KIA Telluride?

[Karam.31]

Here’s a site where you can compare auto loans side by side. Using this tool, you see it would be cheaper to take the 1.9% without the rebate. Though you’re saving $12 a month, you’ll end up paying $800 extra in interest over the life of the loan. If you plan to make the monthly payment minimum, it would be better to have the lower interest. There’s also an option for 0.9% at 48 months with Kia. I know many on this forum talk about taking the rebate and refinancing, but 0.9% is going to be hard to beat for most. Calculators

This logic is incorrect. Although you pay more interest for the 2.9% loan, the car is $1,500 less. So in total it is $700 less to take the rebate.

 

[Karam.31]

Take the financed amount plus interest to get total cost.

 

[popcrnchicken]

This logic is incorrect. Although you pay more interest for the 2.9% loan, the car is $1,500 less. So in total it is $700 less to take the rebate.

Ahhh, I see what I did wrong. But the 0.9 for 48 months is still better, correct?

 

[Karam.31]

Ahhh, I see what I did wrong. But the 0.9 for 48 months is still better, correct?

0.9 for 48 is better than 2.9 for 60 plus rebate by less than $400 yes, but the payment would be much higher. If you compare 0.9 for 48 vs. 1.9 for 48 plus rebate, rebate is better. So if you plan to do 48 months you should still take rebate and get 1.9

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[Luvcats69]

0.9 for 48 is better than 2.9 for 60 plus rebate by less than $400 yes, but the payment would be much higher. If you compare 0.9 for 48 vs. 1.9 for 48 plus rebate, rebate is better. So if you plan to do 48 months you should still take rebate and get 1.9

What's the lowest total cost scenario for 60 months? Take 2.9% without rebate or rebate with higher interest rate? Come to think of it, I'm not sure what the rate is if you take the money on a 60 month loan.

 

[Karam.31]

What's the lowest total cost scenario for 60 months? Take 2.9% without rebate or rebate with higher interest rate? Come to think of it, I'm not sure what the rate is if you take the money on a 60 month loan.

For 60 month, it is either 1.9 without rebate or 2.9 with. Take the rebate and get 2.9.

 

[MJ Johnson]

Got mine on Saturday. I traded in a 2013 base model Sorento with 29,000 miles book value about 10K, it was perfect condition & serviced always by the dealer. It was paid in full. I got the EX in Sangria color and it was a demo with 3,000 miles on it. I specifically asked about the demo since it was exactly what I wanted and figured it would help with negations.

Sticker price 38,906. after add on, rebates, loyalty bonus, dealer prep and all the grand total was 43,720. I ended up paying (after trade) total from us 28,968.

I did a lot of back and forth. I told them I did not care if they took it off the new one, added to my trade I just wanted walk out the door price. We were also not “needing” a new car so if we walked away for now I didn’t care. After they came back four or five times my husband & I went outside to chat. Came back in and made a final offer of 28,968 out the door and they accepted it. They even gave us each a free golf shirt or hat before we left. So I think if you get the right manager and have strong negotiating skills You can cut a deal. MJ

 

[Florida CPA]

Here’s a site where you can compare auto loans side by side. Using this tool, you see it would be cheaper to take the 1.9% without the rebate. Though you’re saving $12 a month, you’ll end up paying $800 extra in interest over the life of the loan. If you plan to make the monthly payment minimum, it would be better to have the lower interest. There’s also an option for 0.9% at 48 months with Kia. I know many on this forum talk about taking the rebate and refinancing, but 0.9% is going to be hard to beat for most. Calculators

Sorry, but that doesn't work. It does not matter how much interest you pay, it matters how much money you pay.

Both loans are for 60 months. One is $600 per month (rebate and 2.9%) and the other is $612 per month (no rebate and 1.9%). 1.9% with no rebate will cost a total of $36,720. 2.9% with the rebate will cost $36,000. Taking the rebate and the higher interest rate will save $720 overall. In other words, the higher interest rate will cost you an additional $780 in interest but you get a $1,500 rebate. I'll be happy to take $1,500 today in exchange for paying out $780 over 5 years.

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[Florida CPA]

Take the financed amount plus interest to get total cost.

No, take the money that leaves your wallet as total cost.

 

[popcrnchicken]

Sorry, but that doesn't work. It does not matter how much interest you pay, it matters how much money you pay.

Both loans are for 60 months. One is $600 per month (rebate and 2.9%) and the other is $612 per month (no rebate and 1.9%). 1.9% with no rebate will cost a total of $36,720. 2.9% with the rebate will cost $36,000. Taking the rebate and the higher interest rate will save $720 overall. In other words, the higher interest rate will cost you an additional $780 in interest but you get a $1,500 rebate. I'll be happy to take $1,500 today in exchange for paying out $780 over 5 years.

Thank you for breaking this down.

 

[Karam.31]

No, take the money that leaves your wallet as total cost.

Lol yes. Good thing we have a CPA on here!

 

[Nototrader]

I’m having trouble getting confirm on this. I traded in my car that was fully paid off against a new telluride lease. They claimed that because I didn’t put any money down and was having them cut me a check for almost the full amount of the trade in, I would not get the trade in tax credit. I think they are completely wrong although the finance guy told me that was the law. Does anyone know what the law is exactly and how I can prove it? (NJ). Thx.

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[newuser21]

Got Grey LX AWD for $31,500 with out the door final cost $34,500 ( Taxes & all fees). They had me sign up for 3.9% rate to quality for $1,500 rebate which i am going to refinance after 5 months (you have to stay with them for 5 months to get $1,500 insentive). I think i got great deal after getting a quote from about 15 dealers and spending 8 hours on the phone and email all from home.

 

[wazslow]

Got Grey LX AWD for $31,500 with out the door final cost $34,500 ( Taxes & all fees). They had me sign up for 3.9% rate to quality for $1,500 rebate which i am going to refinance after 5 months (you have to stay with them for 5 months to get $1,500 insentive). I think i got great deal after getting a quote from about 15 dealers and spending 8 hours on the phone and email all from home.

You do not have to wait 5 months. The dealer tells you that to get their kick back. I've already refinanced mine after two months. Kia paid the first payment via the Founders Club.

 

[Florida CPA]

I’m having trouble getting confirm on this. I traded in my car that was fully paid off against a new telluride lease. They claimed that because I didn’t put any money down and was having them cut me a check for almost the full amount of the trade in, I would not get the trade in tax credit. I think they are completely wrong although the finance guy told me that was the law. Does anyone know what the law is exactly and how I can prove it? (NJ). Thx.

I am not a sales tax expert but it seems that any money you received was not actually traded in. If you buy a car with a trade worth $20,000 but take $10,000 cash out, you are only putting $10,000 towards the new car. I would expect to pay tax on the price less $10,000, not less $20,000.

 

[newuser21]

You do not have to wait 5 months. The dealer tells you that to get their kick back. I've already refinanced mine after two months. Kia paid the first payment via the Founders Club.

Good to know that. No wonder i could find that requirement in any paperwork.

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[Ovibos]

Good to know that. No wonder i could find that requirement in any paperwork.

My dealer told me to wait one month.

 

[gzy99]

Sorry, but that doesn't work. It does not matter how much interest you pay, it matters how much money you pay.

Both loans are for 60 months. One is $600 per month (rebate and 2.9%) and the other is $612 per month (no rebate and 1.9%). 1.9% with no rebate will cost a total of $36,720. 2.9% with the rebate will cost $36,000. Taking the rebate and the higher interest rate will save $720 overall. In other words, the higher interest rate will cost you an additional $780 in interest but you get a $1,500 rebate. I'll be happy to take $1,500 today in exchange for paying out $780 over 5 years.

Yup, you are exactly correct.

I created a sheet for myself wherein you enter the interest rate, total no of monthly payments, and loan amount, and it will calculate the monthly payment and total interest for you. If anyone is interested, let me know and I can attach it here.

 

[BPM]

I think that'd be helpful! Please do!

 

[gzy99]

I think that'd be helpful! Please do!

Looks like Excel spreadsheets cannot be attached for some reason. Let me know if there is a way to attach.