Kia Financing - September 2020

[TellTastic]

Bummer Looks like Kia dropped the 0.9% offer and raised it to 1.9% for up to 60 months or $500 Cash Back at 2.25%

i was so confused - I checked yesterday at 1800 EST and nothing was popping up on the site. Saw your post and just checked only to find what you posted, though I didn’t see the cash back offer you mentioned.

regardless, I’m still planning to go in pre-approved from my FCU. From the nonsense I’ve heard about on this forum with KMF, it’s not worth it to me even if there was a cash incentive

 

[PassingTime]

Interesting move by Kia, I bet the dealers were asking for it (want to make more interest per Telluride). Positive is maybe it will backfire and reduce demand especially for the SX's.

They also did away with the $500 rebate on the higher percentage financing offer. If you really think adding a point to the lending rate will reduce demand then I would like to sell you some ocean front property in AZ! All it does is add to the bottom line on the cash cow! If people are willing to spend thousands over MSRP to get an SX trim then a one point increase in a 48 month loan isn't going to reduce anything, if nothing else it will drive more business.
Think about it KIA has built the perfect retail model in terms of how they are doing this. First they bring out a modestly priced SUV in a 2020 model that rivals more expensive and even some luxury brands in performance and features. Then they incrementally increase the price of options and features knowing that the demand greatly exceeds the supply. Then they build in the most desirable upgrades in the new model year and again raise the price in very modest amounts so the customer is thinking that they are now getting everything they were wanting at a little bit more money. While they are at it they add a NE addition that probably costs nothing or may even be less costly to produce than the non NE parts, all the while all but eliminating the non NE option from production on some trims, thus forcing customers to get the more expensive option, if they want the Telluride in the near future. They also change one of the primary color options from SWP to GWP and I bet there is a financial reason to this rather than any other i suspect it is a few dollars cheaper to produce the new color than the older one. Now when demand continues to grow they have slipped in higher finance rates and taken out the rebate. I am sure there are other things I have overlooked but, hey, KIA didn't get to be KIA by doing stupid things to the bottom line. They have been slipping in small price increases throughout the production that on the surface appear to be small to the buyer but are adding a lot of money to the bottom line. Think about it when you have been on the fence about making a purchase. If you see the price increase just a little are you going to buy it now before the price increases again or are you going to wait to see if the price comes down a little later. Yep that's what I thought! Sorry about the long post but have been seeing this retail model all my life and just had to vent. Still waiting for my T to be made since I ordered in Feb of this year with cash down payment.

 

[mcbrains001]

They're just full of $hit is all. No two dealerships are the same although it says KIA on every building. My dealer told me KIA was at 4.9% with my credit on the 2021 Telluride but they were able to "get me" 4.74% thru TD Auto financing. Then it came down to 4.49% when I took delivery and I just received a letter yesterday from TD said they were able to drop it to 4.44% (probably bc I told the finance guy I was refinancing next week after taking delivery.) Its all just a scam to make more money bottom line. Im saving over $1,900 over the life of my loan if we dont pay it off sooner. Better in our pocket than theirs!
Im sharing this experience so other ppl are more informed. Know your credit, know competitive rates for your credit, and hold firm. If they want to sell you the vehicle at your terms within reason they will. Let some other sucker pay for the games not you. GL

same experience. I got financed with Capital one about 4.5%. I'm going to refinance anyway

 

[Familyman20]

same experience. I got financed with Capital one about 4.5%. I'm going to refinance anyway

Sorry to hear but these dealers a year and a half in to this model are just bleeding everything dry for maximum profit now, near zero customer loyalty anywhere you go. I just completed my refinance this week with my CU, qualified for 2.49% for 66mo. Screw em, just like they try to do on us.
Up until recently msrp and KIA financing seemed to be a steal, now most ppl are having to refinance bc dealers aren't honoring the KIA financing looks like. Not to mention KIA just raised it this month.

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[mcbrains001]

Sorry to hear but these dealers a year and a half in to this model are just bleeding everything dry for maximum profit now, near zero customer loyalty anywhere you go. I just completed my refinance this week with my CU, qualified for 2.49% for 66mo. Screw em, just like they try to do on us.
Up until recently msrp and KIA financing seemed to be a steal, now most ppl are having to refinance bc dealers aren't honoring the KIA financing looks like. Not to mention KIA just raised it this month.

nice!! waiting to get my plates then refinance. it's crazy!

 

[WaxZ28]

Since the Telluride is holy hotcakes, I was surprised to see 0.9% APR last month, and 1.9% isn't horrible either all things considered. That being said, it's a bit $hitty that we have to pay more simply because they keep missing their own delivery ETAs.

 

[noles1983]

i was so confused - I checked yesterday at 1800 EST and nothing was popping up on the site. Saw your post and just checked only to find what you posted, though I didn’t see the cash back offer you mentioned.

regardless, I’m still planning to go in pre-approved from my FCU. From the nonsense I’ve heard about on this forum with KMF, it’s not worth it to me even if there was a cash incentive

This, I don't even want to use Kia financing, got a pre-approval they can't match. I rarely mess with dealer financing. Even if they could match or beat by .02%, I wouldn't want some random ass servicer.

 

[Familyman20]

This, I don't even want to use Kia financing, got a pre-approval they can't match. I rarely mess with dealer financing. Even if they could match or beat by .02%, I wouldn't want some random ass servicer.

I was really hoping the lease cash would still be around when we took delivery. It was $4400 the month before on the SX trim. Was going to lease then immediately refinance with a buyout. Unfortunately KIA was getting as greedy as most of their dealers so I took the $500 for financing with the dealer. Better than nothing I suppose in this crazy ass market

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[Tobstertx3]

Bummer Looks like Kia dropped the 0.9% offer and raised it to 1.9% for up to 60 months or $500 Cash Back at 2.25%

Nightmare, I was hoping the 0.9 for 48mths would still be available in Oct.

 

[alexdrums]

They also did away with the $500 rebate on the higher percentage financing offer. If you really think adding a point to the lending rate will reduce demand then I would like to sell you some ocean front property in AZ! All it does is add to the bottom line on the cash cow! If people are willing to spend thousands over MSRP to get an SX trim then a one point increase in a 48 month loan isn't going to reduce anything, if nothing else it will drive more business.
Think about it KIA has built the perfect retail model in terms of how they are doing this. First they bring out a modestly priced SUV in a 2020 model that rivals more expensive and even some luxury brands in performance and features. Then they incrementally increase the price of options and features knowing that the demand greatly exceeds the supply. Then they build in the most desirable upgrades in the new model year and again raise the price in very modest amounts so the customer is thinking that they are now getting everything they were wanting at a little bit more money. While they are at it they add a NE addition that probably costs nothing or may even be less costly to produce than the non NE parts, all the while all but eliminating the non NE option from production on some trims, thus forcing customers to get the more expensive option, if they want the Telluride in the near future. They also change one of the primary color options from SWP to GWP and I bet there is a financial reason to this rather than any other i suspect it is a few dollars cheaper to produce the new color than the older one. Now when demand continues to grow they have slipped in higher finance rates and taken out the rebate. I am sure there are other things I have overlooked but, hey, KIA didn't get to be KIA by doing stupid things to the bottom line. They have been slipping in small price increases throughout the production that on the surface appear to be small to the buyer but are adding a lot of money to the bottom line. Think about it when you have been on the fence about making a purchase. If you see the price increase just a little are you going to buy it now before the price increases again or are you going to wait to see if the price comes down a little later. Yep that's what I thought! Sorry about the long post but have been seeing this retail model all my life and just had to vent. Still waiting for my T to be made since I ordered in Feb of this year with cash down payment.

I totally agree with you on your assessment of this situation. People are eating it up and paying out the ass and don't seem to mind...so why wouldn't Kia keep upping the ante here? I came to my senses and switched my order from an SX-P to an standard EX back in March...but they still squeezed another $430 out of me by switching my tow hitch to a Tow Package--and then putting mud flaps on the car that I didn't ask for. I need to have my car shipped so I am still going to end up paying 45K+ to get this car--even at MSRP minus the Costco Discount! Since I ordered back in November, Kia raised the price and destination, doubled the interest rate and got rid of the $1K rebate. At least I am getting remote start...that was the one thing my wife asked for.

 

[PassingTime]

I totally agree with you on your assessment of this situation. People are eating it up and paying out the ass and don't seem to mind...so why wouldn't Kia keep upping the ante here? I came to my senses and switched my order from an SX-P to an standard EX back in March...but they still squeezed another $430 out of me by switching my tow hitch to a Tow Package--and then putting mud flaps on the car that I didn't ask for. I need to have my car shipped so I am still going to end up paying 45K+ to get this car--even at MSRP minus the Costco Discount! Since I ordered back in November, Kia raised the price and destination, doubled the interest rate and got rid of the $1K rebate. At least I am getting remote start...that was the one thing my wife asked for.

I wouldn't be surprised if there wasn't a mid year price adjustment or a 2021 -1/2 model upgrade with one or more "modestly priced" options or 'you get it regardless as it is now standard item' included to bump the price a few hundred dollars more, and I guarantee it would be something easily adapted. The things that come to mind are those that are already out there on the Hyundai, power folding rear seats, digital dash/instrumentation etc. It will certainly be something that can be slipped in without major adjustments on KIA manufacturing process, that have been on the wish list of customers and they can drive more dollars to the bottom line. There is no doubt in my mind that the marketing gurus are working right now on what the most palatable thing that they can do to increase the profits without pissing off the customers to the point of having them start to balk at the price. Right now it is several thousand dollars away because people are willing to pay that as shown by the huge markups. KIA will continue with the price increases until they have found the tipping point but they have found a way to do it by keeping the buyers begging for more.

 

[njbrandon]

On some dealer sites I see an offer 2.25% with $500 rebate from 9/9/-9/30. Is this available or not? My local dealer says no.

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[WaxZ28]

On some dealer sites I see an offer 2.25% with $500 rebate from 9/9/-9/30. Is this available or not? My local dealer says no.

I saw that too, and my ETA is 9/18 so I hope to verify the available deals very soon

 

[ccorry21]

I totally agree with you on your assessment of this situation. People are eating it up and paying out the ass and don't seem to mind...so why wouldn't Kia keep upping the ante here? I came to my senses and switched my order from an SX-P to an standard EX back in March...but they still squeezed another $430 out of me by switching my tow hitch to a Tow Package--and then putting mud flaps on the car that I didn't ask for. I need to have my car shipped so I am still going to end up paying 45K+ to get this car--even at MSRP minus the Costco Discount! Since I ordered back in November, Kia raised the price and destination, doubled the interest rate and got rid of the $1K rebate. At least I am getting remote start...that was the one thing my wife asked for.

Is this at Muncie? If so, interesting that they would ding you with mud flaps on an order...

 

[EMacN]

Just picked up my Telluride and while the dealer I went with did not charge me over MSRP for the vehicle, which is why I went with them, they tried to nickel and dime me with many other fees. They tried to say I was required to take the vehicle etching and some "mysterious" local tax on new car sales that I nor the county (I called them) have ever heard of. All this while trying to add more than a point to the Kia financing rate with the $500 rebate and they didn't even mention the 1.9% financing advertised on the Kia website. Of course after going back and forth with them and having them remove the mysterious tax and etching and come down on the interest rate with the rebate, I am going to of course refinance the loan with my credit union which had already approved me at 1.94%.

My question is for those that took the Kia financing to get a rebate and then refinanced, how long did you wait? I have read post where people said that you can refinance and that you do not have to wait 60 or 90 days like they try to say you do, but is there a timeframe where if I refinance now within a week or two of getting the Kia financing, will they be able to take back the $500 rebate I received? In my opinion my dealer is so shady that I do not want them to get one penny more from me on this deal!!!!!

Please advise and thank you.

 

[Taketime]

Just picked up my Telluride and while the dealer I went with did not charge me over MSRP for the vehicle, which is why I went with them, they tried to nickel and dime me with many other fees. They tried to say I was required to take the vehicle etching and some "mysterious" local tax on new car sales that I nor the county (I called them) have ever heard of. All this while trying to add more than a point to the Kia financing rate with the $500 rebate and they didn't even mention the 1.9% financing advertised on the Kia website. Of course after going back and forth with them and having them remove the mysterious tax and etching and come down on the interest rate with the rebate, I am going to of course refinance the loan with my credit union which had already approved me at 1.94%.

My question is for those that took the Kia financing to get a rebate and then refinanced, how long did you wait? I have read post where people said that you can refinance and that you do not have to wait 60 or 90 days like they try to say you do, but is there a timeframe where if I refinance now within a week or two of getting the Kia financing, will they be able to take back the $500 rebate I received? In my opinion my dealer is so shady that I do not want them to get one penny more from me on this deal!!!!!

Please advise and thank you.

Someone posted that as soon as you get your account number you can payoff the loan. That is what I did.
Familyman20 posted and I agree, no two dealerships are the same although it says KIA on every building.
I was preapproved by the NFCU for 1.79 for 36 mos when I picked up my SX-P 8/17/20. Kia offered me 1.75 for 36 mos, a $500 Kia rebate and a $400 military rebate. Of course I went with Kia for the rebates.
I paid off the loan in September. I got my title last week. Hope this helps.

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[EMacN]

Someone posted that as soon as you get your account number you can payoff the loan. That is what I did.
Familyman20 posted and I agree, no two dealerships are the same although it says KIA on every building.
I was preapproved by the NFCU for 1.79 for 36 mos when I picked up my SX-P 8/17/20. Kia offered me 1.75 for 36 mos, a $500 Kia rebate and a $400 military rebate. Of course I went with Kia for the rebates.
I paid off the loan in September. I got my title last week. Hope this helps.

Thanks for the response and I will be reaching back out to my credit union today to get the refinance finalized. I unfortunately do not trust my dealer because of how this process went and although they removed the bogus fees, I think if there is a way they will try to get EVERY penny from me. It's sad that I feel this way and this has been my worst dealer experience ever... but I still love the car!

 

[Mainfinger]

Someone posted that as soon as you get your account number you can payoff the loan. That is what I did.
Familyman20 posted and I agree, no two dealerships are the same although it says KIA on every building.
I was preapproved by the NFCU for 1.79 for 36 mos when I picked up my SX-P 8/17/20. Kia offered me 1.75 for 36 mos, a $500 Kia rebate and a $400 military rebate. Of course I went with Kia for the rebates.
I paid off the loan in September. I got my title last week. Hope this helps.

I planned to go in preapproved with Navy Federal and not even let them run my credit. I have a pretty high credit score and I’m like panic mode anytime I have to run it for anything . I hate having to explain how Navy Fed does trade ins though. Hoping to get at least a halfway decent rate as I’ve been using them for 10+ years. I usually get the lowest rate for whatever loan term with them, and everything is so easy, glad to see another veteran owner on the forums! Are you currently in or retired?

 

[TellTastic]

I planned to go in preapproved with Navy Federal and not even let them run my credit. I have a pretty high credit score and I’m like panic mode anytime I have to run it for anything . I hate having to explain how Navy Fed does trade ins though. Hoping to get at least a halfway decent rate as I’ve been using them for 10+ years. I usually get the lowest rate for whatever loan term with them, and everything is so easy, glad to see another veteran owner on the forums! Are you currently in or retired?

This is what we did (navy fed pre approved). It was pretty painless. Unfortunately both the credit union and the dealer ran credit (I didn’t know the dealer was going to run one also). That being said we have pretty high credit and my credit only dropped two points after both of those pulls. Active here

 

[w8rner]

Thanks @disweds12 and all the veterans on the forum. We appreciate your service!