topic Re: Kia.......First Time buyers program in Auto Loans

Kia.......First Time buyers program

hoping2rebuild — Sun, 13 Jan 2013 11:08:59 GMT

Has anyone had any expirence with the first time buyers program? I had the local dealer call and say that they could get me approved using that, I am just wanting all the info I can get before I go and talk to them in person.

Thanks :)

Re: Kia.......First Time buyers program

CruzImperial — Sun, 13 Jan 2013 14:42:08 GMT

We are also interested in this program with Kia. Any info on this guys?

Re: Kia.......First Time buyers program

MovingForward_2012 — Sun, 13 Jan 2013 16:36:54 GMT

I have no idea but it is usually on the manufacturer's website.

Re: Kia.......First Time buyers program

drkaje — Sun, 13 Jan 2013 16:39:20 GMT

From Kia website "

Kia Motor Finance First Time Buyer Program

- First automotive secured loan or credit transaction.
- Minimum six months on current job or qualified co-buyer.
- Qualified applicants are eligible for standard rates.
- Up to 100% advance.
- Up to 72 months maximum term.
- Minimum of $1,000 total down payment required (Total down payment may include rebate cash).
- Excludes credit tiers 7 & 8 for terms greater than 60 mos. Credit Requirements
- No adverse credit history. No bankruptcies, foreclosures, repossessions, collection accounts, charge-offs, tax liens, judgments, or any other delinquent credit.
- Verifiable (paystub, W-2, etc.) monthly income sufficient to cover vehicle payment, ordinary living expenses, and all currently outstanding debt, if any.
- Payment to applicant?s gross income from primary job cannot exceed 15%.
- Total monthly debt to monthly income ratio of 50% or less. Total monthly debt includes, if applicable: monthly vehicle payment, monthly rent or mortgage payments, other monthly payment obligations (installment loans, revolving loans, alimony or support payment, etc).
- Subject to additional KMF credit guidelines. Eligible Vehicles New and untitled 2011 and 2012 Kia Forte, Optima, Rio & Soul vehicles, including demonstrators and Service Loaner vehicles with less than 6,000 miles.

*First Time Buyer means applicant has no previous automotive secured loan/credit tradeline on his/her credit report."

Re: Kia.......First Time buyers program

MovingForward_2012 — Sun, 13 Jan 2013 16:50:58 GMT

Thanks Dr for posting that information.

Re: Kia.......First Time buyers program

drkaje — Sun, 13 Jan 2013 16:53:11 GMT

No problemo!

I considered it but already have a car loan on file.

Re: Kia.......First Time buyers program

hoping2rebuild — Thu, 17 Jan 2013 13:08:18 GMT

drkaje wrote:
From Kia website "
Kia Motor Finance First Time Buyer Program

- First automotive secured loan or credit transaction.
- Minimum six months on current job or qualified co-buyer.
- Qualified applicants are eligible for standard rates.
- Up to 100% advance.
- Up to 72 months maximum term.
- Minimum of $1,000 total down payment required (Total down payment may include rebate cash).
- Excludes credit tiers 7 & 8 for terms greater than 60 mos. Credit Requirements
- No adverse credit history. No bankruptcies, foreclosures, repossessions, collection accounts, charge-offs, tax liens, judgments, or any other delinquent credit. This is what has me puzzled I have 2 collections one is 5yrs old and the other is 6 yrs old and a 5.5 yrs old charge off, so I didn't think I would qualify for this but he said he could get me approved
- Verifiable (paystub, W-2, etc.) monthly income sufficient to cover vehicle payment, ordinary living expenses, and all currently outstanding debt, if any.
- Payment to applicant?s gross income from primary job cannot exceed 15%.
- Total monthly debt to monthly income ratio of 50% or less. Total monthly debt includes, if applicable: monthly vehicle payment, monthly rent or mortgage payments, other monthly payment obligations (installment loans, revolving loans, alimony or support payment, etc).my DTI is 7% so good there :)
- Subject to additional KMF credit guidelines. Eligible Vehicles New and untitled 2011 and 2012 Kia Forte, Optima, Rio & Soul vehicles, including demonstrators and Service Loaner vehicles with less than 6,000 miles.

*First Time Buyer means applicant has no previous automotive secured loan/credit tradeline on his/her credit report."