topic Re: Chances for Kia Financing in Auto Loans

Chances for Kia Financing

RESgrignoli — Sat, 28 Mar 2015 19:41:22 GMT

Current Credit Scores (as of 12 March 2015):
-- EQUIFAX SCORE 8 (679) -- EQUIFAX AUTO SCORE 8 (706)
-- TRANSUNION SCORE 8 (691) -- TRANSUNION AUTO SCORE 8 (704)
-- EXPERIAN SCORE 8 (666) -- EXPERIAN AUTO SCORE 8 (671)

Income and Expenses:
-- Gross Monthly Income ($10,922.75) -- Net Monthly Income ($6,951.42)
-- Monthly Expenses ($3,323.20**)
** Includes $1,812.45 (mortgage) and $800.00 (student loans - but only as a co-signer - son is primary payer)

-- Remaining Monthly Available Funds ($3,628.22).....or ($4,428.22) (if remove the $800/month student loans which son pays)

Cost of 2016 Sorento SXL 3.3L V6 AWD: $48,585
Discounts: -$5,525.00
Sale Price: $43,060.00
Sales Tax and Title/Tag Fees: +$2,843.60
Total Cost of Vehicle: $45,903.60
Down Payment: -$20,000
Amount to be Financed: $25,903.60 (60 months)

====================

Above are the current credit scores, current income and expenses, and anticipated vehicle type/costs and amount financed.

The Kia "Build and Price" website seems to imply that "700" is the cut-off to be eligible for the Top Tier (0.9% for 60 months).

The "dealer" states that they pull TRANSUNION; whereas, Kia Motors Financing (per their website) seems to imply that they have an arrangement with EXPERIAN. We seem to be "so close" with TRANSUNION; however, my EXPERIAN Auto Score 8 reflects below that "700" threshold.

My question to the masses is whether, given the information above regarding the "available finances" (after deducting expenses from income) and the projected down payment, do you feel that I'm in a position to go ahead and apply for the Kia Financing pre-approval at this time or should I wait another month or two. I'd like to purchase the car at this time, but I do not want to "waste" a hard inquiry if the masses feel that I would be declined. I don't think I will be, but just reaching out for other opinions.

Do you feel that they would take the available funds and down payment into consideration for approval?

Thank you.

Re: Chances for Kia Financing

guydiver — Sat, 28 Mar 2015 20:08:20 GMT

I really think you are good to go. I would walk if they won't give you the best rates. That is A LOT of $$ for a Kia. Have you shopped comparable makes and models?

Re: Chances for Kia Financing

RESgrignoli — Sat, 28 Mar 2015 23:19:18 GMT

Thanks. I'm one to spend money on "quality" as opposed to spending money for a "name". I will not buy a BMW or Lexus because you are essentially buying a "name" as opposed to buying "substance". I've also looked at the RAV4, Subaru Forester, Honda CRV, Kia Sedona and Hyindai Santa Fe.....and with each review and comparison, it always comes back to the 2016 Sorento as being the absolute best. They have really outdone themselves with the 2016. I can't even imagine going with any other manufacturer and model because they don't even come close to what the 2016 Sorento is loaded with. I'm really excited about purchasing it.

Re: Chances for Kia Financing

TRC_WA — Sat, 28 Mar 2015 23:27:18 GMT

Wow... Modcut

Please be friendly.

Thank you,

your friendly neighborhood mod,

Shogun

Re: Chances for Kia Financing

Creditaddict — Sat, 28 Mar 2015 22:25:19 GMT

@TRC_WA wrote:
Wow... You are paying more for a KIA than I paid for my V8 Challenger...

Really? A Kia?

Well OP is talking about an SUV and that Kia has a 10 year warranty!!

OP Kia actually is EASY Financing and you should have no issue getting tier 1 credit and if the dealership says they can't get you the 0% currently being offers WALK AWAY!!! Dead serious... Kia will give you 0%

Re: Chances for Kia Financing

TRC_WA — Sat, 28 Mar 2015 22:32:15 GMT

@Creditaddict wrote:
@TRC_WA wrote:
Wow... You are paying more for a KIA than I paid for my V8 Challenger...

Really? A Kia?

Well OP is talking about an SUV and that Kia has a 10 year warranty!!

Whoah... didn't realize it had a 10 year warranty! LOL

I'd definitely shop comparable vehicles for that kind of money... Good luck OP!

Re: Chances for Kia Financing

RESgrignoli — Sat, 28 Mar 2015 23:15:22 GMT

Well, considering that I travel annually to Korea and have become quite familiar with Korean technology and quality firsthand, to include owning Kia vehicles previously (paid in cash), I am impressed what their quality, and it was time to move up to the Sorento.

Re: Chances for Kia Financing

Anonymous — Sun, 29 Mar 2015 08:53:29 GMT

I am sure you'll have no problem getting decent financing, your LTV is going to be great which removes pretty much any risk for the lender, your scores are decent etc. My brother inlaw has the new Kia Sorrento and really likes it. Sounds like you have done your shopping and found the car that works for you, don't pay any attention to the naysayers unless they plan on making the payments, if they are then of course you would probably let them pick the car.

Re: Chances for Kia Financing

Anonymous — Mon, 30 Mar 2015 18:10:14 GMT

I have a 702 and just got financed for a 2010 Sorento SX at .9%.

I've owned it for about 3 weeks and LOVE it. I would have gotten the SXL (only differences between it and mine are cooled seats, adaptive cruise, and cameras surrounding the car) but they didn't have any in stock at my dealership and I didn't want to wait.

I tried about 10 different cars out. The only ones I like more were the BMW X5 and Chevy Tahoe. I didn't want to drop 60-80k to essentially get the same thing with a different brand name.

Good luck!

Re: Chances for Kia Financing

Anonymous — Mon, 30 Mar 2015 18:10:53 GMT

Oops, I meant 2016, not 2010.

Re: Chances for Kia Financing

Anonymous — Thu, 16 Apr 2015 19:01:27 GMT

OP its just one inquiry really to find out if it works? its worth one inquiry if you really say what you mean when owning that 2016 KIA Sorento SRX. I would freeze EQ and TransUnion and let them have it with Experian (its your best score). Have yourself Experian Fico on your smartphone on and the day they pull your report at the dealership and before they pull it show them the EX FIco Score on the phone directly to the Finance Manager. Ask questions of the Finance Manager what would be like to have financing through KIA Motors; how much down i need, what rate can i get know whose compettive in the market; and negotiate the absolute rate for you.

Its exactly what your hold up is from buying that KIA Sorento.

Let us know what happened.

GoodLuck. i would definitely go for it.

Re: Chances for Kia Financing

RESgrignoli — Thu, 16 Apr 2015 21:01:25 GMT

Just an update.....

It turns out, after I arrived at the dealer, they even gave me a greater discount.....

Cost of 2016 Sorento SXL 3.3L V6 AWD: $48,585
Discounts: -$5,525.00 (changed to $5,925.00)
Sale Price: $43,060.00 (changed to $42,660.00)
Sales Tax and Title/Tag Fees: +$2,843.60
Total Cost of Vehicle: $45,903.60
Down Payment: -$20,000
Amount to be Financed: $25,903.60 (60 months)

.....so basically, knocking off another $400.00 for an almost $6,000 discount.

But.....I did submit a $500 payment to have them order the vehicle from the factory (as no vehicles could be found on the east coast that came close to the trim/colors/packages/options that we wanted.....which, by the way was "fully-loaded". Am in constant communications with Kia in terms of status on the vehicle.

However.....one thing that has been brought to my attention is that the current "Kia" incentives expire on 4 May.....and those incentives are only valid on the "date of delivery", so unless I receive the Sorento on/before 4 May, I may need to renegotiate. Kia/dealer insists that they will meet or "better" the current offer when the vehicle arrives.

In terms of credit check, however, I submitted the initial application on 30 March (with the hard inquiry reflected on my TransUnion report). But.....because the "dealer" does not run a credit check UNTIL we are actually doing the final paperwork, this may result in THAT second inquiry occurring MORE than 30 days AFTER the initial application to Kia Motors (on the 30th). In THAT case, we're looking at a likely second "un-associated" hard inquiry since I'm under the understanding that inquiries for auto loans are usually considered "single" IF within a 30-day period.

Re: Chances for Kia Financing

Anonymous — Thu, 16 Apr 2015 21:11:27 GMT

OP, i wouldnt believe anything if it is NOT in WRITING; whether its incentives, rebates, discounts, current promotions or price of the car on date of delivery? You want peaceful sleep at night not worrying about KIA cars.

Ok so in NorthEast, they check TransUnion. You can also get in writing that another inquiry will not appear without your expressed written permission. I would freeze TransUnion until such time.

I m in Texas, i dont believe TransUnion is the bureau used by KIA financial credit corp. i could be wrong.