KIA is no longer offering assistance for those impacted by COVID

[aes]

Hello, for current owners, has anyone has successfully refinanced their Telluride through KIA finance? I have a taken a 20% pay reduction for COVID - indefinitely. I called KIA finance to inquire about a refinance (I have made 4 payments to date the car is new). The finance rate offered on the model I purchased is now 1.9% and I have a 3.75% finance rate. I have excellent credit and would qualify for this rate but I was told to contact a credit union and pay off my KIA loan, that they could not help me. This is disappointing to say the least.. I thought KIA would be more helpful in this situation. I can certainly prove my pay reduction. If anyone has any advice please let me know.

*I think people should be aware before purchasing a KIA Telluride that KIA is not helping current customers impacted by COVID*. The disaster relief program that they offered to deffer payments has also ended, they offered that for 2 short months.

 

[Familyman20]

I'm sorry to hear this. Fortunately we're not impacted as most have been. Sad to say but yes, appropriate action now would be to start shopping a refinance with other institutions that would be happy to take over the loan. Never heard of a banking institution or auto finance company refinance its own loans before, not unless that was a covid thing. Good luck to you.

 

[aes]

I'm sorry to hear this. Fortunately we're not impacted as most have been. Sad to say but yes, appropriate action now would be to start shopping a refinance with other institutions that would be happy to take over the loan. Never heard of a banking institution or auto finance company refinance its own loans before, not unless that was a covid thing. Good luck to you.

Thank you for the lovely response, I appreciate.

 

[aaarn]

I'm sorry to hear this. Fortunately we're not impacted as most have been. Sad to say but yes, appropriate action now would be to start shopping a refinance with other institutions that would be happy to take over the loan. Never heard of a banking institution or auto finance company refinance its own loans before, not unless that was a covid thing. Good luck to you.

I just finished up a home mortgage refi using the same bank. I was competing quotes, and my current ended up coming out on top since they were able to lower some fees because it was already an internal loan.

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[Familyman20]

Had a similar experience few years ago myself but the credit union just modified an existing loan with more debt at a slightly lower rate so not to lose my business. Doubt KIA finace would do the same however. What this should prove tho is that it never hurts to ask and banks can usually do whatever they want within reason and legality if it means keeping your business.