Financing through Telluride MUST go through Kia?

[Lucas & Craig]

I thought that's what Pulse and Paint Protection were for...

You are talking to the wrong dealer Sir.

 

[Priapism]

How much of the Telluride do you have to finance to get the $1000 rebate? Say you are paying cash for your $40K Telluride, can you just finance $3000 of the purchase price and still get the $1000 rebate/discount?

 

[jw_tx21]

How much of the Telluride do you have to finance to get the $1000 rebate? Say you are paying cash for your $40K Telluride, can you just finance $3000 of the purchase price and still get the $1000 rebate/discount?

See prior answer from a salesperson (around $7000). You could check with your dealership's finance person or call KMF directly.

Price on kia.com build vs. what dealers are saying.

A couple of other questions. Does KMF enforce prepayment penalties and what is the max allowed downpayment? Minimum amount to finance is like 7k I believe, so can put whatever down payment to get to that number. No pre-payment penalty.

tellurideforum.org

Other people were told $7500

Finance Rebate

Has anyone received or confirmed that the $1500 cash back is available if financed through KIA? Available on all trims? Im not really concerned about the APR but the rebate would be nice!

tellurideforum.org

Some were told $10,000

What did you pay for your KIA Telluride?

If a dealer says that they do not know the fees and taxes they are flat out lying. Period! Hmmmm....🙆‍♂️🙆‍♂️🙆‍♂️. Guess transparency is hard to find.

tellurideforum.org

What did you pay for your KIA Telluride?

If a dealer says that they do not know the fees and taxes they are flat out lying. Period! Hmmmm....🙆‍♂️🙆‍♂️🙆‍♂️. Guess transparency is hard to find.

tellurideforum.org

 

[Priapism]

Thank you jw

I nominate you to a paid position as the “forum organizer”

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[jw_tx21]

Thank you jw

I nominate you to a paid position as the “forum organizer”

Ha, I've been here so long, so much is from memory!! I see a question, and I think - I've seen that before! We really could use a FAQ...

 

[Lucas & Craig]

Ha, I've been here so long, so much is from memory!! I see a question, and I think - I've seen that before! We really could use a FAQ...

I'll take... Who Had The Highest Markup for $400 JW!

 

[jw_tx21]

I'll take... Who Had The Highest Markup for $400 JW!

If my memory serves me well, it was a dealership in New Jersey back in March / April timeframe. Think they wanted around $70k for an SX-P. I'll see if I can find the post...

 

[jw_tx21]

I'll take... Who Had The Highest Markup for $400 JW!

I wasn't too far off!

Bad Dealer Dealings - List Your Bad Dealer Experience

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tellurideforum.org

Jack Daniels Kia up there had also been around $15k, and we all know about Southwest Kia... uf.

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[PaulD]

Regarding minimum finance amounts though KMF, two dealers have told me $7K. On the other hand, I actually called KMF and they told me there's no minimum.

 

[Lucas & Craig]

I wasn't too far off!

Bad Dealer Dealings - List Your Bad Dealer Experience

Let's allow our members and readers to SKIP the bad dealers and give their business to those dealers who've treated you RIGHT. Please take a moment to reply with your bad experience so we can steer other buyers away from that dealership... GOOD experiences go HERE.

tellurideforum.org

Jack Daniels Kia up there had also been around $15k, and we all know about Southwest Kia... uf.

Limited Supply back in April@71k! Is this guy from the future?

 

[pbinde]

How much of the Telluride do you have to finance to get the $1000 rebate? Say you are paying cash for your $40K Telluride, can you just finance $3000 of the purchase price and still get the $1000 rebate/discount?

I financed ~$6900

 

[Drewski]

You are talking to the wrong dealer Sir.

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[B121]

In all cases, bottom line for the buyer/borrower is how much are you going to pay, right? So in the case of the dealer arranging the financing, the dealer is just acting as a broker for a bank that is making the loan. While their primary goal is to sell you a car regardless of where the money comes from, the dealer gets some agreed basis points from the bank if their finance dept gets you to take a loan from their preferred bank. And the higher rate they get you to take, the higher commission they get. Works the same at a mortgage broker. But while the mortgage broker earns his living on the points paid back from the lender, this commission is just gravy for the dealer; they're going to try and make as much as they can of course.

The official Kia deal that @StephenCantrelle details above is a bit different though - this is apparently what Kia corporate has negotiated through their own bank. They're still getting the bps "kickback" from their bank, so they are probably not losing out whichever way you go, that is, either with the $1k discount but higher rate (their lender "rewards" them for selling a higher rate) or nothing back at a lower rate. Just do the math and figure which works better for you.

I tried to look at that deal to see if there is any way to spin it to my advantage, but I don't see much. For example, the SX Prestige with no other options is listed at $47260, and as we know, there is little to no room for negotiation right now. Assuming a 7% sales tax rate, $500 in title / license / doc fee etc, a $20000 down payment and no trade-in, and using the rates in @StephenCantrelle 's post, you get these numbers on a 60 month loan:

1.9%, no rebate: $543.20/month, total $52591.87 after 60 payments
2.9%, $1k rebate (to principal): $537.70/month, total $52261.78

Not a big difference, but in this case the second deal is *slightly* less. With zero down, the monthly is almost exactly the same. The more you put down, the more you save on the $1k discount deal, but again, it's not much unless you're putting down a lot. And obviously, the more you put down, and the shorter the loan term, the more you save overall... duh. I was unable to find rates at other lenders that were any better, especially on a refinance, so the idea of "working the system" and taking the $1k back then turning around and getting a much better rate from a 3rd party lender on a refi doesn't seem to apply in this case. Kia's rates are pretty good. So either route is a better deal than going through your bank, it seems. The only way I can see to really take advantage of this offer is if you have the cash for the entire amount, but you apply for a loan anyway, get the $1k and then pay it off ASAP. Kia Motors Finance says loans "may be paid off at any time without penalty."


The decision my wife and I have to make is whether or not we want the Telluride or the Sedona. Much different vehicles, of course, but these are the biggest that Kia has to offer, and # of seats is what we're after. And since 2020 is the current Sedona's swan song year (new version for 2021), there are some heavily discounted minivans out there - e.g., $35k for a $43k Sedona SX without even negotiating.

My math was very similar for 48 months. Both deals were quite close. It's hard for me to put more money down or pay cash when the rate is 0.9%. FWIW, I feel I'm better off investing the money elsewhere and paying over the term of the loan.

 

[trish]

I paid off my loan as soon as I got a number and my balance was zero. Now I checked and have a new balance of 1100.22!! I am on hold now, I will let you know, but are they taking back my REBATE!!

Yes.

,

 

[trish]

Yes.

@Steve

Yes.

@StephenCantrelle help, I paid off my loan as soon as I got the pay off amount, balance was zero, but now I see I have a new balance, 1110.22, what is going on? I am on hold now with Kia Finance. Says Principal zero.

 

[StephenCantrelle]

@Steve

@StephenCantrelle help, I paid off my loan as soon as I got the pay off amount, balance was zero, but now I see I have a new balance, 1110.22, what is going on? I am on hold now with Kia Finance. Says Principal zero.

Rebate is upfront on the contract saying that you get 1,000 off price. I don't see how they can add it back on.

Let us know what they say

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[jw_tx21]

I paid off my loan as soon as I got a number and my balance was zero. Now I checked and have a new balance of 1100.22!! I am on hold now, I will let you know, but are they taking back my REBATE!!


,

You should have gotten a payoff quote and then made that payment and balance should go to zero. Just wait a few days... they can't change the terms of the contract. I don't know why an $1100 balance would show up if you got your payoff quote. Sometimes though they apply to payments due as opposed to principal initially - but then when it gets recalculated should all be zeroed out. Can't charge interest on a zero principal. Also, a payoff quote is usually good for 15 days.

You could do this quick math: Payment amount * number of payments remaining - payoff balance: and see what the difference is. If it's close to that number, then that's what they did and their systems need to work through the paydown.

 

[trish]

I paid off my loan as soon as I got a number and my balance was zero. Now I checked and have a new balance of 1100.22!! I am on hold now, I will let you know, but are they taking back my REBATE!!


,

Ok, said they have been having problems with the website, and on their end showing up paid in full. That scared me, thought I lost the rebate and then interest was added too, all good.

 

[trish]

You should have gotten a payoff quote and then made that payment and balance should go to zero. Just wait a few days... they can't change the terms of the contract. I don't know why an $1100 balance would show up if you got your payoff quote. Sometimes though they apply to payments due as opposed to principal initially - but then when it gets recalculated should all be zeroed out. Can't charge interest on a zero principal. Also, a payoff quote is usually good for 15 days.

You could do this quick math: Payment amount * number of payments remaining - payoff balance: and see what the difference is. If it's close to that number, then that's what they did and their systems need to work through the paydown.

Just got off the phone, they said that the title is in the mail, and that on their end it says that the balance is zero. They said that there have been some problems with the website today. That scared me, online my account says principal zero, current amount due $1110.22, when it did say zero a few days ago.

 

[jw_tx21]

Ok, said they have been having problems with the website, and on their end showing up paid in full. That scared me, thought I lost the rebate and then interest was added too, all good.

They have an odd clause in their agreement which says something to the effect of: "we apply any overpayment first to future payments..." which is strange to me, because in many other consumer loans an overpayment is sent to the principal (think a mortgage). Apparently a statement like Kia's is not uncommon in the auto industry. I'm not sure how that actually works in practice - except that if I were to make a double payment, I woudn't have one due for another two months. But, eventually they'd have to credit an overpayment to the principal if someone were to make payments ahead of schedule. I guess I could try! Oh well. In any case, it will zero out. I don't know what your balance or rate was, but if you calculate the difference between your payoff amount and the sum of remaining payments, I bet you'd see something close to 1100 and it just needs to reset in the system - recognizing that you paid the principal.