Reply
Established Contributor
Posts: 905
Registered: ‎07-25-2008
0

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:


Starting Score: 377EQ/350EX/400TU As of 11/2011
Current Score: 620EQ/614EX/612TU As of 01/2013
Goal Score: 700+ across the boards
Established Contributor
Posts: 869
Registered: ‎07-04-2012
0

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

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

Fico Scores: . Walmart TU 748 . Garden 8/19 2014 .

Cap One Journey 500 | Discover IT 500 | GE Home Design 5.6k | GE HHGREGG 5k | Amex Zync NPSL | Amex BCE 6k | Citi Forward 4.2k | Citi Dividend 3k | GE BrandsMart 1k | GE Lowes 8.5k | Discover Walmart 7.5k | Barclays Apple 2.5k | BoA CR 2.7k | CSP 7.2k | Platinum Prestige 5k | IT Chrome 4k | Slate 2.3k |
Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
0

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

I have no idea but it is usually on the manufacturer's website.
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
Posts: 3,491
Registered: ‎07-25-2008
0

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."


Starting Score: 675
Current Score: EX 753 FICO, EQ 737FICO, TU 738
Goal Score: 776 FICO


Take the FICO Fitness Challenge
Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
0

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
Posts: 3,491
Registered: ‎07-25-2008
0

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

No problemo!

 

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


Starting Score: 675
Current Score: EX 753 FICO, EQ 737FICO, TU 738
Goal Score: 776 FICO


Take the FICO Fitness Challenge
Established Contributor
Posts: 905
Registered: ‎07-25-2008
0

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."


 


Starting Score: 377EQ/350EX/400TU As of 11/2011
Current Score: 620EQ/614EX/612TU As of 01/2013
Goal Score: 700+ across the boards

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.