No HP from Kia?

[ooeemusic]

On Saturday I bought a 2019 Kia Sportage. It is financed through Cap1 auto. I just took a look at my credit report and I have an inquiry from the dealer, Cap1 and Key Bank (I assume they tried them at the same time as Cap1), but, no inquiry from Kia? Does that mean they didn't even try to finance through Kia?? Or could it have been a soft pull and they numbers didn't add up and they moved on? I don't mind lacking an HP from a lender I'm not using, but, I would like to know they at least looked to see if I qualified for any of the current rate promos.

I would assume they would get a kick back of some kind for getting approval through the captive lender, so they would be motivated to at least attempt it?

[Anonymous]

I suspect the dealer ran your credit from the lenders they get the best incentive from.  Perhaps they did run you through Kia and it hasn't hit yet for some reason.  Personally I always bring my own financing from Penfed or NFCU because the dealers play lots of games with financing and arranging your own financing is in many cases the only way to ensure you get the best APR.  Of course some dealers will work to get you a good rate but often they will only do so if you buy their protection plans and other add ons.  FYI, the average profit in the finance office based on the most recent study published in auto news is just under 2k.  Chances are good they marked up your interest.  You might want to try Penfed and see if they can beat the rate you were offered.  Not too late to finance this deal if you want to.

[ooeemusic]

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@Anonymous wrote:

I suspect the dealer ran your credit from the lenders they get the best incentive from.  Perhaps they did run you through Kia and it hasn't hit yet for some reason.  Personally I always bring my own financing from Penfed or NFCU because the dealers play lots of games with financing and arranging your own financing is in many cases the only way to ensure you get the best APR.  Of course some dealers will work to get you a good rate but often they will only do so if you buy their protection plans and other add ons.  FYI, the average profit in the finance office based on the most recent study published in auto news is just under 2k.  Chances are good they marked up your interest.  You might want to try Penfed and see if they can beat the rate you were offered.  Not too late to finance this deal if you want to.

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Interesting. I'm actually not convinced I could get a better rate at this point. The rate is 3.65% 317/month for 84 months (but I plan to pay it down more quickly) and I currently have quite a lot of debt, and not a great DTI because of it, although I know my Transunion is 756 (because they showed me). That should be somewhat resolved in the next month or two so I'll probably leave this as it is currently and then see about refinancing down the line a bit (like 6 months or more) when my debt and DTI look better.  Per Kia's website if I did 2.9% for 75 months I'm at a $329/month payment, 72 months is .9% with a $357/month payment which is just a bit to much for me right now.

[pinkandgrey]

Maybe it just hasn’t hit yet. I recently bought a 2019 Rio, and it took awhile to see the inqs from Kia, but I ended up getting a letter about it in the mail.