Telluride Car Notes deferment

[Kindguy]

Kia emailed today with “ We’re here to help” title in reference to lost hours and financial difficulties due to the current Pandemic. Called Kia today to see What my options are. They’re willing to defer one month car payment for my Telluride until the loan maturity meaning a month additional at the date of Maturity. I thought to myself that’s fair and one still has to pay them. Associate came back and added also they will be charging interest per day as you defer your payment. Unbelievable! I was irritated so I told the lady, how can you defer my payment then penalize me for asking relief you emailed me about offering??? Kia would try to still make money of those affected by this pandemic. This isn’t a normal deferment I was asking. This is a unique situation we’re all in. Has anyone called KIA about deferring their Telluride payments? What was your experience? KIA if you’re reading this, please update your policies about those affected by this Pandemic!!!!

 

[Kindguy]

There is the email KIA is sending.

 

[WhiteSX]

Kia emailed today with “ We’re here to help” title in reference to lost hours and financial difficulties due to the current Pandemic. Called Kia today to see What my options are. They’re willing to defer one month car payment for my Telluride until the loan maturity meaning a month additional at the date of Maturity. I thought to myself that’s fair and one still has to pay them. Associate came back and added also they will be charging interest per day as you defer your payment. Unbelievable! I was irritated so I told the lady, how can you defer my payment then penalize me for asking relief you emailed me about offering??? Kia would try to still make money of those affected by this pandemic. This isn’t a normal deferment I was asking. This is a unique situation we’re all in. Has anyone called KIA about deferring their Telluride payments? What was your experience? KIA if you’re reading this, please update your policies about those affected by this Pandemic!!!!

I totally understand your situation. I'm sure there are plenty of folks in a similar predicament. Firstly, it's important to recognize that commercial (i.e. For Profit) lenders are not the Red Cross. Interest accrues daily. That's the cost of using other people's money. There's no wording in the Kia mailer that suggests deferrals do not accrue interest. There are some options to consider:

Ask KMF if you can pay the principal only on your deferred payment and defer accrued interest for:

• 6 months
• Or, add the accrued interest to your last payment

Be adamant and uplevel the discussion to a manager that can make decisions

ALSO: Consider refinancing the auto loan if possible or refinancing your home and wrapping in the vehicle if it makes sense

Take control, stay positive and explore every option. We're all going to be ok.

There is the email KIA is sending.

 

[mrmac]

Hate to break it to you @Kindguy , but when you are using someone else’s money, you will always owe interest for every day you’ve borrowed it. There is no if’s, ands, or buts regarding this.

Be grateful they’ve offered the ability to defer payments and that you get to keep the vehicle instead of having it repossessed and sold for a loss when you can’t afford to keep paying.

It isn’t KIAs fault that you haven’t been financially responsible. Yeah, yeah, yeah, so you are out of work at the moment. Where is your 3-4 months in savings? Where is your rainy day fund for emergencies?

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[WhiteSX]

I totally understand your situation. I'm sure there are plenty of folks in a similar predicament. Firstly, it's important to recognize that commercial (i.e. For Profit) lenders are not the Red Cross. Interest accrues daily. That's the cost of using other people's money. There's no wording in the Kia mailer that suggests deferrals do not accrue interest. There are some options to consider:

Ask KMF if you can pay the principal only on your deferred payment and defer accrued interest for:

• 6 months
• Or, add the accrued interest to your last payment

Be adamant and uplevel the discussion to a manager that can make decisions

ALSO: Consider refinancing the auto loan if possible or refinancing your home and wrapping in the vehicle if it makes sense

Take control, stay positive and explore every option. We're all going to be ok.

 

[Kindguy]

Hate to break it to you @Kindguy , but when you are using someone else’s money, you will always owe interest for every day you’ve borrowed it. There is no if’s, ands, or buts regarding this.

Be grateful they’ve offered the ability to defer payments and that you get to keep the vehicle instead of having it repossessed and sold for a loss when you can’t afford to keep paying.

It isn’t KIAs fault that you haven’t been financially responsible. Yeah, yeah, yeah, so you are out of work at the moment. Where is your 3-4 months in savings? Where is your rainy day fund for emergencies?

Mrmac, have to admit i wonder if you were blessed with logic reasoning? Some of you guys on this forum somehow believe you have been elevated to people court judge. Hence, your analogy is quite Under water so please keep your judgements to yourself And the trash bin. The fact it’s deferred and payment is due isn’t the problem my guy. I assume your genius mind know how long this pandemic will take so you have forever money to last to make forever payments As well. I suppose you Rather prioritize during this upheaval car notes payment To go nowhere if there’s no job instead of making sure food, lights and water stay on. I suppose Between what’s needed for survival and driving around town until this pandemic is under control, You rather drive. I suppose I can also give a deal about my telluride right now bc continuous survival is where my 3-4months saving is going. I suppose you don’t have people depending on you either. Wake up Mrmac, in the real world, 3-4 months savings is overwhelmed right now with this pandemic.

 

[Kindguy]

I totally understand your situation. I'm sure there are plenty of folks in a similar predicament. Firstly, it's important to recognize that commercial (i.e. For Profit) lenders are not the Red Cross. Interest accrues daily. That's the cost of using other people's money. There's no wording in the Kia mailer that suggests deferrals do not accrue interest. There are some options to consider:

Ask KMF if you can pay the principal only on your deferred payment and defer accrued interest for:

• 6 months
• Or, add the accrued interest to your last payment

Be adamant and uplevel the discussion to a manager that can make decisions

ALSO: Consider refinancing the auto loan if possible or refinancing your home and wrapping in the vehicle if it makes sense

Take control, stay positive and explore every option. We're all going to be ok.

Thank you “ White SX”, I appreciate your insights.

 

[ElCangriz]

^Kindguy basically spoke for the people agree 1000% with everything you said some people don't think before they speak... On another note I don't know if you're financing or leasing (im Leasing) but I did get in contact with Kia and they first seemed a bit hesitant regarding the deferment, but as I explained I am furloughed they did ask when will I be returning to work and I had said I have no idea when that'll happen. The rep left me on hold for a couple of minutes and returned saying that they were able to defer 1 month with no late fees... so my March payment will be due on April and if I would need another deferment I would have to call back in April. Hope this tid bit helps....

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[wcarlson40]

Kia (as are other auto makers) are hurting too. The reason they are offering NEW customers deferred payments is that they are trying to still sell vehicles. The "oh by the way call if you're a current customer and we'll try to help" gives no details. They are just trying to look politically correct, but the bottom line is, is that they are a business (not the Red Cross as mentioned above)

 

[Stacyg]

So I had cancel an extended coverage policy that cost 1100 they paid it to Kia financial instead of me cause it was worked into my payment. Would that work to my advantage? Couldn’t they just minus a payment Do ya follow me?

 

[Kindguy]

^Kindguy basically spoke for the people agree 1000% with everything you said some people don't think before they speak... On another note I don't know if you're financing or leasing (im Leasing) but I did get in contact with Kia and they first seemed a bit hesitant regarding the deferment, but as I explained I am furloughed they did ask when will I be returning to work and I had said I have no idea when that'll happen. The rep left me on hold for a couple of minutes and returned saying that they were able to defer 1 month with no late fees... so my March payment will be due on April and if I would need another deferment I would have to call back in April. Hope this tid bit helps....

Thanks Elcangriz! I Financed the vehicle.

 

[mrmac]

Mrmac, have to admit i wonder if you were blessed with logic reasoning? Some of you guys on this forum somehow believe you have been elevated to people court judge. Hence, your analogy is quite Under water so please keep your judgements to yourself And the trash bin. The fact it’s deferred and payment is due isn’t the problem my guy. I assume your genius mind know how long this pandemic will take so you have forever money to last to make forever payments As well. I suppose you Rather prioritize during this upheaval car notes payment To go nowhere if there’s no job instead of making sure food, lights and water stay on. I suppose Between what’s needed for survival and driving around town until this pandemic is under control, You rather drive. I suppose I can also give a deal about my telluride right now bc continuous survival is where my 3-4months saving is going. I suppose you don’t have people depending on you either. Wake up Mrmac, in the real world, 3-4 months savings is overwhelmed right now with this pandemic.

All this being true, why on earth would you for even one second think the ability to defer a payment would be free? Seriously, answer the question. Further, seeing as you have these needs, why wouldn’t you defer your payment and save a huge cash outflow right now when you need it most?

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[mrmac]

So I had cancel an extended coverage policy that cost 1100 they paid it to Kia financial instead of me cause it was worked into my payment. Would that work to my advantage? Couldn’t they just minus a payment Do ya follow me?

When you cancelled the EW, yes, that made a principal reduction of the refundable amount right off the top of your loan. That will save you interest over the life of the loan. It doesn’t change your payment due date, so yes it helps, but not right now when cash is tight.

 

[Kindguy]

All this being true, why on earth would you for even one second think the ability to defer a payment would be free? Seriously, answer the question. Further, seeing as you have these needs, why wouldn’t you defer your payment and save a huge cash outflow right now when you need it most?

Dude I don’t feel the need to answer any of your question . you started with calling me financially irresponsible bc I asked a question in a forum. Just drop it. Our opinions will not converge on this one. You keep bringing the same arguments over something you can’t relate to. I haven’t asked you for a lesson in finance. You can learn a thing or two from Whitesx answers.

 

[Gwyn]

Lets say you took out a 50k loan. And you did not have great credit, so you took the 5% interest rate over 4 years.

So, 109 dollars a month in interest or 3 dollars a day.

I understand why some people question why you can afford a 50k vehicle but not afford 3 dollars a day. Even if you got a bottom line lx, 31k, means 2.5 dollars a day.

I am not sure what you want from people here? Nothing in this world is free. But it seems you are saying that you could afford a 1000 dollars a month, but 100 dollars is a bridge too far.

 

[markjenn]

Lets say you took out a 50k loan. And you did not have great credit, so you took the 5% interest rate over 4 years.

So, 109 dollars a month in interest or 3 dollars a day.

Math check: 5% on $50k is $2500 per year or $6.85 a day.

But I get your point.

- Mark

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[Stacyg]

When you cancelled the EW, yes, that made a principal reduction of the refundable amount right off the top of your loan. That will save you interest over the life of the loan. It doesn’t change your payment due date, so yes it helps, but not right now when cash is tight.

Thanks was wondering where that payment went to. I ended up getting a much better deal from @Jason Fox at first just thought they would refund me and would use the money and pay the difference to Muncie Kia. They told me not the case not a big deal just wondered where the payment went I knew it had to be applied in some form.

 

[Gwyn]

Math check: 5% on $50k is $2500 per year or $6.85 a day.

But I get your point.

- Mark

You are completely accurate. And thank you for proving wrong. But...

One little problem.

If I was to take a 1 year loan out for 50k you are correct. (honestly if you could pay it off in one year, you would not have a low credit score nor would you take out a loan. You would just pay up front.)

If I was to take it out for a more reasonable period I don't know, 4 years. Which means your total interest paid over 4 years is 5,270.30. 5,270.30 divided by 48 is 109 per month.

It was really a good try, but no, you missed.

 

[mrmac]

You are completely accurate. And thank you for proving wrong. But...

One little problem.

If I was to take a 1 year loan out for 50k you are correct. (honestly if you could pay it off in one year, you would not have a low credit score nor would you take out a loan. You would just pay up front.)

If I was to take it out for a more reasonable period I don't know, 4 years. Which means your total interest paid over 4 years is 5,270.30. 5,270.30 divided by 48 is 109 per month.

It was really a good try, but no, you missed.

Here are the facts:

$50,000 borrowed for 48 months at 5% per annum results in $5,040.95 total interest over the 48 months if all payments are made on time. The monthly payment is $1,146.69. Of that payment, interest in the first month is $203.56 ($6.785 per day). Interest in the first 12 months is $2.020.26.

See attached

 

[Gwyn]

Here are the facts:

$50,000 borrowed for 48 months at 5% per annum results in $5,040.95 total interest over the 48 months if all payments are made on time. The monthly payment is $1,146.69. Of that payment, interest in the first month is $203.56 ($6.785 per day). Interest in the first 12 months is $2.020.26.

See attached

Oh we have a fighter. Good for you. Yes, you are correct, and we are doing a lot of assuming. Like he just took out the loan. And the amounts. But yes, you are correct.

The only problem is that you are saying AT MOST he will pay this, and I am saying on average he will pay this.

Now he could dropped the loan and repo the car. Which means you are correct. But if he keeps the car and pays off the loan, then I am correct.