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Established Contributor
hoping2rebuild
Posts: 905
Registered: ‎07-25-2008
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Kia.......First Time buyers program

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 :smileyhappy:


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Established Contributor
CruzImperial
Posts: 867
Registered: ‎07-04-2012
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Re: Kia.......First Time buyers program

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

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MovingForward_2012
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Registered: ‎12-19-2012
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Re: Kia.......First Time buyers program

I have no idea but it is usually on the manufacturer's website.
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drkaje
Posts: 3,484
Registered: ‎07-25-2008
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Re: Kia.......First Time buyers program

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."


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Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
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Re: Kia.......First Time buyers program

Thanks Dr for posting that information.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Senior Contributor
drkaje
Posts: 3,484
Registered: ‎07-25-2008
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Re: Kia.......First Time buyers program

No problemo!

 

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


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Established Contributor
hoping2rebuild
Posts: 905
Registered: ‎07-25-2008
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Re: Kia.......First Time buyers program


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 :smileyhappy:
- 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."


 


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