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Need help with kia finance dept or customer serve

5K views 46 replies 12 participants last post by  ohiomoto 
#1 ·
Hi guys, we are trying to buy the optima sxl and we have some concerns about the lease option, we believe the dealer is not telling us the whole truth.

The situation Is that they have a new kia for a great price but we have to lease it, we want to make that deal and pay oof the lease a month later, to me that can't be done but they say it cam with no penalty no nothing. But we believe theres is something else going on as the price difference between the lease and finance is almost $5k difference. It that was right, a lot if people would be doing the same thing or getting a loan and paying off the lease a month later.

I have asked them 5 times already the lease contract terms and conditions and they never have sent it. My wife called and spoke with the finance manager from the dealer and asked some questions. We have been trying to contact the guy again and he never answer to our phone calls and never return them either. I think this dealer is full of **** and they,are trying to screw us.

Since we aren't customers yet I can not get in touch with someone from CS neither finance dept as I need to input my ss#.

Does someone has a number we can call and talk to someone?

We need to ask some question before making a decision.

What do u guys think?

A phone number would be the best for us so we can talk directly to a finance advisor from kia.

Thanks.
 
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#2 ·
Why in the whole wide world would you ever want to pay off a lease? What if you total your car or it gets stolen. Your money buh bye then. I would advise you read some online material on Lease vs. Buy and see if it makes financial sense to you. Lease incentives are usually different from finance incentives, thus the price difference.
 
#4 ·
27,500 can be just the total sum of lease payments, which sounds too high, but not impossible if they want to screw you. This is not the same as the sales price of a vehicle. What are they offering for your lease (monthly + downpayment) X number of months?
 
#5 ·
We don't have enough information, but the dealer is most likely trying to stick it too you. They always do.

Keep in mind that you will be paying tax on the monthly payment with a lease, NOT the total cost of the vehicle. It's possible this is why the numbers differ.

What is the capitalized cost of the lease? What is the residual value? Are they asking you to put a down payment?

Subtract the residual, and any cap reductions such as down payments and incentives. You will be borrowing that amount with interest and sales tax will be added to that payment.

If you are unfamiliar with leasing, study up on how they work. If you're borrowing $27,500 and the residual is $7,500, you are really paying $35,000 AND you will pay tax on ALL of it if you keep the car.

Personally, I always take the 0% offers.

---------- Post added at 02:22 PM ---------- Previous post was at 02:19 PM ----------

And for the record, you can buyout a lease at any time BUT you will have to pay the tax and interest on the lease.
 
#6 ·
I have asked them 5 times already the lease contract terms and conditions and they never have sent it. My wife called and spoke with the finance manager from the dealer and asked some questions. We have been trying to contact the guy again and he never answer to our phone calls and never return them either. I think this dealer is full of **** and they,are trying to screw us.

What do you guys think?
Hint! Hint! :wink::wink:

I believe you answered your own question in the last line of the paragraph above.
 
#7 ·
If you have the cash buy it. Go to a dealer that wants to sell you a car. Haggle. Any lease terms have to be in front of you. If they know you want to buy out the lease, they will move numbers around, get you to sign and stuck it to you. A dealer doesn't lose. Cash is king and it's the end of the month. Go in demand what you want to pay and don't budge. Just remember sales tax will be covered by you in the end. Sxl can go for 29-31k if you push them. Check true car or find a used one certified and save big $$$


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#8 ·
Here is a question, do you understand how a lease works? Is this your first time considering a lease and if so, why? It seems from your statements, you may not understand how it works. I'll do my best to explain below.

If you are leasing a vehicle, you are in essence renting it for a period of time (24/36/39/48 months), when the lease term ends, you can choose to purchase it or return it. You do not own the vehicle but you could choose to pay the full amount of the lease early which is not advisable. If the total of the lease payments is $27K as you said then you have a major issue. Going to KIA's website and using their leasing calculator on a 2015 SX with 1 package and a couple of extras bringing the price up to $32,105, taking out their discount of $4,500 and adding fees of $595, the lease price ends up being $28,200 which in turns nets you a lease payment of $388/month for 36 months which ends up being $13,968 for that 3 year period. They will let you know the residual (the price of the car/what it is worth after the 3 year is up) If it turns out that it will be to your liking then you can buy it out closer to the end of lease date.

Hopefully that helps.
 
#9 ·
Bingo ^^^
 
#10 ·
You won't be able to tell how much the total cost of the car is going to be on a lease vs a buy right now with a new model coming out soon. The value of this car could really drop by the end of your lease, or it can really skyrocket if the new model proves to be a dud. Personally, I wouldn't risk leasing a last model year as you're going to be stuck with that model until your lease is up (unless you find a dealership willing to help you pay off your lease early, which typically means they're going to give it to you with their new car).

Another thing to consider, the industry is so crooked that Kia Motor Financing probably won't talk to you directly until you become one of their customers. They do this on purpose because the dealerships want you to talk to them directly.

Your best best is to find another dealership with the exact same inventory you're looking for, and have them run the numbers for you. Some people will insist that your credit score will drop if you get multiple inquiries (another way the auto sales industry is corrupt), but a few points shouldn't matter too much unless you're just barely above a certain rating. I say go to another dealership even if you do it through the internet.
 
#12 ·
Thank you so much for all the response gays. Between all your suggestions, reading and learning how a lease works and the experience I was having with the dealer I decided against the lease. I have never lease a car, finance once in my life and all of my other cars I have paid cash as I don't like to pay finance charge and keep my cars for a long time anyways.

I had to ask 5 times in total for the terms and conditions and never got a clear answer from them, when I asked them for a phone number from kia all the communication stopped.

Well, I found a dealer like 2 weeks ago that were trying hard to make a deal with me. Is 30k out of the door for a 2015 sxl black on black, I live in South Carolina so we only pay $300 sales tax but here is the catch, I won't get 0%, instead I will get 1.9% for 72 month and can pay off the account with no penalty, obviously I will read the fine prints when I get top the dealer next Wednesday to pick up. They said that if they offer me the 0% I will loose $2k in intensive.

Do u guys think is a good deal?

To me it looks like it is, but should I be worry about something else before signing in?
 
#14 ·
One thing I learned from KMF (Kia Motor Financing), you can't just send more money in than your monthly payment and have the rest applied to the principal. They do that sneaky **** where they apply it to next month's balance. You probably will have to send any extra money to a different address to have it process. I hate it when finance companies pull that mess. When I financed through GM Financial, they applied any extra money I had paid to the principal of the loan which made it easier when I went to trade in the vehicle. It's nice when your trade-in value is a little more than your payoff price, which leads me to the whole "Lease vs Traditional Financing". Imagine having paid $400 or so a month for 2-3 years only to go and trade in the vehicle to find out that the trade in value is a few thousand less than the payoff amount. Now imagine turning in your leased vehicle that had you paying $250 or so a month and not having to roll any amount into the new car from your turned in lease. That's where leasing makes more sense than financing. If you don't anticipate having this vehicle for over a couple of years (or after the bumper to bumper expires) then leasing is a good move. Ask yourself one question, are you one of those guys that has to have a new vehicle every 2-3 years? If so then leasing is your best bet.
 
#13 ·
30k out the door for an sxl is not bad. Take the financing so you have the incentive. Put half down. Make 2 payments and then pay the rest off. Interest won't be much and the $2000 incentive will be yours.


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#15 ·
This is a long term vehicle for us, same as all of our other vehicles. .we keep them for as long as 15 years. My son would be 16 in 8 years so probably this will be his car.

I love cars but I don't like the waste of money when replacing then, thats the reason we keep them for so long. I rather save the money for retirement.

---------- Post added at 11:36 PM ---------- Previous post was at 11:32 PM ----------

Should I be aware of hidden stuff when financing?

Want to make sure what to expect when heading to the dealer next Wednesday.
I need to make sure I can cancel the loan anytime without any penalties.
 
#16 ·
This is a long term vehicle for us, same as all of our other vehicles. .we keep them for as long as 15 years. My son would be 16 in 8 years so probably this will be his car.

I love cars but I don't like the waste of money when replacing then, thats the reason we keep them for so long. I rather save the money for retirement.

---------- Post added at 11:36 PM ---------- Previous post was at 11:32 PM ----------

Should I be aware of hidden stuff when financing?

Want to make sure what to expect when heading to the dealer next Wednesday.
I need to make sure I can cancel the loan anytime without any penalties.

Contact your local bank and see what their rates are and if you qualify for the amount you want. It's good to walk into a dealership with preferably cash in hand, but also a loan already approved. Even though you will most likely get a better loan term from the dealer, it's always good to have money that you can use as leverage to get the best deal from the dealer. How to Get the Best Auto Loan - Consumer Reports One thing I've learned is that a dealership will try to push you towards their "preferred" banks because banks will sometimes add a few points to the APR and then give the dealership some kickbacks for bringing you in (I'm not sure how this practice is legal, but it is). That's where it helps if you have your own loan before stepping foot on the lot. You'll get an idea of what APR you qualify for and can tell when the car dealership is trying to screw you over. I'd say that a bank or a credit union's rate is generally about 3%-4% higher than that of a car dealership. Also, beware of spot financing, where the dealer will try to say you qualify for XX% and then call you a few weeks later to claim that you didn't qualify for that rate and that they need you to come in to re-sign your contract. Make sure you get something in writing and if possible, ask them if you can speak with the bank that's financing your loan. I suspect your best rate will come from Kia Motor Financing as they know that the 2016s are almost here and are looking to help dealerships get rid of their 2015s. You're in a good position right now, especially with it being near the end of the month and dealerships trying to finish out the month on a high note.
 
#19 ·
I got the $2000 off in August for taking 1.9%. Then went online and got a buyout quote. They give you the total amount which includes tax and a couple days of interest. Also, there is a mailing address, which I think is different from where you send your monthly payments.
 
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#22 ·
One thing is bothering me. I asked the sales guy to send me all the paperwork so I can start working on it, he said they aren't allowed to do that. Then I told him I could give him,all our info so they can run the credit report and start all the paperwork and he doesn't want to do that either. He said that it would take less time in doing everything at the dealership.
I even told him if i need to give a deposit I would but he said no.
Don't understand what's the issue and I want to have the time to read the fine prints.

Do u guys think there is something fishy or maybe they want to try to put pressure in something else at,the dealer when I'm in there?

Want to be ready and know what to expect before getting there. I honestly don't trust dealerships neither sales people. Sorry for those who are one but that's the way I feel.

Any thoughts?

---------- Post added at 08:44 AM ---------- Previous post was at 08:38 AM ----------

I'm pretty sure they are pushing me away from kia finance for sure. Since day one he is been against the 0% so I'm sure they are getting an insentives from another bank.
That's something i don't get, my fico score is 779 and I should qualify for 0% but he always have an excuse for it and pushing towards rhe 1.9%.
This is the only dealer that hasn't offer the option %, the rest, more than 10 dealers have offered me the 0%, so,i,null know for sure there is something going on.
 
#23 ·
They obviously are not going to send you an entire contract, but you will have time to look it over once you are there. I bought/leased 4 of my previous vehicles via e-mail and text, I didn't even step in to the dealership until I was picking up the car. Completing credit application is a must before you talk any numbers, so I'm not sure why your sales person declined. If you are not comfortable dealing with this guy, just talk to the manager and they will find you another in a giffy. I am pretty sure that even the worst dealership has at least one or two dependable guys.
 
#24 · (Edited)
Yeah, they generally want to do all that stuff while you are sitting there. They don't want to waste time and have you shop the deal to another dealer. They want to close the deal on the spot. You have to understand they need to sell cars to get paid. Spending time making "make believe" deals isn't the most productive use of their time.

But they should at least provide you with a written work sheet and be willing to make sure your credit is good. We just bought my wife's car out of state. They emailed me the worksheet with the price and checked our credit to make sure we qualified for the financing they offered. (Volvo has 0% for 75 months on 2015.5 models. I love free money!!) We flew in, finalized everything and drove away in less than an hour.

Also, be sure to say NO to every protection package/extended warranty they offer at closing. That guy is the best salesman you'll see and he makes the dealer the most money. You worked hard to get a good deal don't blow it at the end.
 
#26 ·
But they should at least provide you with a written work sheet and be willing to make sure your credit is good. We just bought my wife's car out of state. They emailed me the worksheet with the price and checked our credit to make sure we qualified for the financing they offered. (Volvo has 0% for 75 months on 2015.5 models. I love free money!!) We flew in said:
A little off topic but what Volvo did you get? I'm guessing you flew to some place that had that 1 car equipped the way you want it and got an excellent price. My wife loves the XC60 and XC90, I'm a sedan/wagon type of person who like the S60 Inscription with more legroom and that V60 CC really drives nice for a lifted wagon. PM me if you prefer so we don't take this too far off topic.
 
#27 ·
Since we bargained for a similar deal as the OP, I guess one post is okay.

We got a 2015.5 V60 Drive-E with the Platinum package (wife HAD to get Xenon HIDs). She wanted a wagon with good fuel economy that doesn't look too pretentious. We run snow tires in the winter so FWD works fine and we get a 240hp 2.0 turbo that is rated for 37 mpg highway. MSRP was $44k, paid $39k less $1500 incentive. (I had to buy a $300 Toyota to get the $1500. I guess they don't see KIA as a competitor. I sold the Toyota to Pull-A-Part for $280 the next day.) So $37,500 + tax at 0% for 75 months. I didn't put a penny down because I love when automobile manufactures want to give me free use of their money.

The guy tried to sell us a $500 gap insurance policy, a $1200 tire protection package and a $2800 extended warranty that would have double out mileage but only added 1 year to the factory warranty (what a scam). Of course I didn't buy any of it. If the car teats us poorly during the warranty period it will be gone before it expires. (My wife thought they were all good deals! And she's actually really smart! LOL)

I added gap insurance to my policy for $30 a year as we will be upside down for a while.

We few to Chicago, drove it back to Cleveland/Akron and we averaged 36 mpg at 75 mph on a new car. She loves it, but the back seat has no legroom for our two teenage boys. It's nice, but I still love my Optima.

Back on topic. lol
 
#29 ·
Dont mind off topics, so go ahead.

Hear is the situation right no. I have asked several questions that you guys are pointing out to the sales guy and he forwarded the email to the GM. That was this morning and I haven't received any response yet, and that's after several attempts with the sales guy and the GM to get an answer. If they don't give me a written answer I will not buy the car. The way I feel is that if they don't give me an answer is because they are hiding something.

They did get our info to run the credit check and sent the credit application, that's it and we haven't heard from them. I know my credit isn't an issue as I have a fico of 779 and my wife is about the same.

this is the email I sent,

Hi Michael.

Since we are coming from far away and need to drive back, we want all the document to be ready so we can sign the paperwork and drive back. Let us know what information you need so you can run our credit score and get the finance percentage. You can fax us the paperwork so we can read all thru and when we get there we only need to sign the documents. This way we already know what to expect and have no surprises. I know you said it just take a few minutes, but is time we all can save tomorrow.


Also we need to make sure is $30k out of the door with taxes, no hidden fees, no early termination fees, no spot financing, I don't want you guys to tell me I qualify for XX% and then call me a few weeks later to claim that I didn't qualify for that rate and that we need to come in to re-sign the contract for 2.5%-3%.


[FONT=verdana, geneva, lucida, lucida grande, arial, helvetica, sans-serif]I also need to make sure there isn't any loan origination fee. I need to get something in writing for all these.[/FONT]


If you guys are steering me into NOT using KMF, I would need to know of the loan terms.



Question, If we decide just send more money in than the monthly payment and have the rest applied to the principal, would that be a problem?




[FONT=verdana, geneva, lucida, lucida grande, arial, helvetica, sans-serif]If we decide to buyout basically they will give me the pay of amount plus a couple days of interest?[/FONT]
[FONT=verdana, geneva, lucida, lucida grande, arial, helvetica, sans-serif]
[/FONT]
[FONT=verdana, geneva, lucida, lucida grande, arial, helvetica, sans-serif]I want to feel comfortable doing this transaction and have to have everything in writing. [/FONT]
[FONT=verdana, geneva, lucida, lucida grande, arial, helvetica, sans-serif]
[/FONT]
[FONT=verdana, geneva, lucida, lucida grande, arial, helvetica, sans-serif]I also need the vin # for the insurance.[/FONT]
[FONT=verdana, geneva, lucida, lucida grande, arial, helvetica, sans-serif]
[/FONT]
[FONT=verdana, geneva, lucida, lucida grande, arial, helvetica, sans-serif]My wife will be getting out tomorrow at 4:30pm so we should be there around 6pm if no traffic.[/FONT]
[FONT=verdana, geneva, lucida, lucida grande, arial, helvetica, sans-serif]
[/FONT]
[FONT=verdana, geneva, lucida, lucida grande, arial, helvetica, sans-serif]If you need to talk to us let me know at what number we can call.[/FONT]
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[/FONT]
Thanks.

Again, I base this set of questions thanks to those that had posted.
 
#30 ·
All dealers are different on how they disclose information. When we bought our Soul, one dealer seemed very shady, the other told me straight up the sales price and the fee. I didn't ask for a copy of a contract or any paperwork in advance. I knew that I was prepared to walk if something didn't match up. I don't suggest writing lengthy emails with too many questions, especially accusing them of shady practices. Right now you need your sales price plus total fees. If it doesn't match up when you get to the dealer, walk.
 
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