Kia Fun Facts - Did you know...?

[MurlinatoR]

This will be a place to learn fun pieces about a company that MOST know nothing about!

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[MurlinatoR]

Kia is more than 73 years old!

That's right. Kia is 4 years older than Honda, in fact! Started in 1944, Kia has more than 7 decades worth of engineering and manufacturing experience.

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[KiaFan]

Great idea [MENTION=291]MurlinatoR[/MENTION]

 

[rooSTer]

Ford also tried to purchase Kia and lost the bid to Hyundai.

 

[MurlinatoR]

Ford also tried to purchase Kia and lost the bid to Hyundai.

Hahahaha

We'll talk more about this whole "ownership" thing soon. ;-)

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[mjsteelega]

Love these! Keep?em coming!!!


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[GrimGrime]

In 1986 Kia made its debut in the states partnered with Ford to release the Kia Pride aka the ford festiva. When Kia started manufacturing in the states they under went a badge change. They did this so that people could swap between the ford and kia emblems. That's why they have the oval badge they have now.

 

[GrimGrime]

Kia also started as a bicycle manufacturer.

 

[MurlinatoR]

Kia makes their OWN airbags!

That's right! There are 34 companies that sell, or did sell, cars in the US that use TAKATA for their airbags. Kia, however, is one of the few that does not and uses airbags that they manufacturer in their own Mobis division.

 

[Kiagal]

They should consider making them for other companies

 

[ATXStinger]

Shocking how many manufacturers use TAKATA

 

[MarkyMark]

Kia is more than 73 years old!

That's right. Kia is 4 years older than Honda, in fact! Started in 1944, Kia has more than 7 decades worth of engineering and manufacturing experience.

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Older than Honda, but didn't hire a marketing agency to work on their logo until 2017... Just kidding! At least they are workin on it. IMHO, they should just go with the "K" logo, even if it looks a bit like Lexus, but that can't be a bad deal right?...

QUESTION: Okay, a REAL question for ya. IF, I were to use a lease to purchase, turn it same day -

A. Is it possible to do it immediately/same day. Get the lease setup, pay the first month's payment, then immediately pay off the remaining 35 months (36mo lease), which would save massive amounts of interest.

B. If this is possible, EXACTLY what fees/penalties are involved?

NOTE: I would then have some cash and then a loan ready to go to buy the car - the Residual. A few dealers I have asked, but the floor sales folks don't seem to have a clue, or don't want to talk about it until I'm in the "hot box" if you will. Some clarity on the exact Kia Financial fees would be great. Kia's site directs people back to the dealers for details, so here I am. Thanks!

 

[MurlinatoR]

Hey bud.

I wanted to answer your questions for you.

A - No. It is not possible to do it the same day because the paperwork will take a week or so to get fully processed.

B - There are only TWO fees that a lease has that are not part of a cash or loan. A disposition fee of $650 and a purchase option fee of $300 for paying off the car and keeping it.

So, do the lease. Don't put any money down. Call KMFUSA 4 days later to see if they have your account on file yet. Ask them for the total buyout to keep your car. Take that figure to your bank and have them send a check to Kia for that amount. Done. LOL

 

[mldavis2]

Wow! That's a "loss" of almost $1,000 to pay a lease off. Doesn't look quite so good anymore....

 

[BriTay]

Actually yeah it does still sound great if you are able to get a lot in lease incentive money like they are currently offering.... Thanks for the breakdown MurlinatoR, that's pretty much how I thought it would work.

 

[MarkyMark]

Hey bud.

I wanted to answer your questions for you.

A - No. It is not possible to do it the same day because the paperwork will take a week or so to get fully processed.

B - There are only TWO fees that a lease has that are not part of a cash or loan. A disposition fee of $650 and a purchase option fee of $300 for paying off the car and keeping it.

So, do the lease. Don't put any money down. Call KMFUSA 4 days later to see if they have your account on file yet. Ask them for the total buyout to keep your car. Take that figure to your bank and have them send a check to Kia for that amount. Done. LOL

Thank you so much MurlinatoR. That said, I should probably be very careful the dealership does not throw OTHER fees into my contract, yes?... Now, when you state "Total Buyout" of the car, is that JUST for the 35 remaining months of the lease portion (that is, the base payment minus the Rent Charge - AKA minus the interest, AKA Money Factor), or for a total buyout which includes the 35 months base payment of the lease AND the residual?

Curious if it includes the Residual also? Thanks in advance!

 

[MurlinatoR]

Thank you so much MurlinatoR. That said, I should probably be very careful the dealership does not throw OTHER fees into my contract, yes?... Now, when you state "Total Buyout" of the car, is that JUST for the 35 remaining months of the lease portion (that is, the base payment minus the Rent Charge - AKA minus the interest, AKA Money Factor), or for a total buyout which includes the 35 months base payment of the lease AND the residual?

Curious if it includes the Residual also? Thanks in advance!

Yes, watch the fees! LOL

And yes you want to include the remaining residual. If you only pay the payments they will slide the interest back in.

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[MarkyMark]

Yes, watch the fees! LOL

And yes you want to include the remaining residual. If you only pay the payments they will slide the interest back in.

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Okay, that is VERY interesting. I find it irregular (granted, this is car financing we are talking about here!...) they can actually throw back in the Rental Fee (interest), back I were to just pay off the 35 months in advance. How can a financial group legally charge me interest when paying off the Principal of the loan?!... Interesting.

NOTE: I've emailed Kia Financial a few questions, and once they respond I'll see if I can get a lease contract of theirs, so I can read it over, look at the clauses, etc...

Thanks MurlinatoR - Have a great - hopefully warm - sales weekend!

 

[MurlinatoR]

Okay, that is VERY interesting. I find it irregular (granted, this is car financing we are talking about here!...) they can actually throw back in the Rental Fee (interest), back I were to just pay off the 35 months in advance. How can a financial group legally charge me interest when paying off the Principal of the loan?!... Interesting.

NOTE: I've emailed Kia Financial a few questions, and once they respond I'll see if I can get a lease contract of theirs, so I can read it over, look at the clauses, etc...

Thanks MurlinatoR - Have a great - hopefully warm - sales weekend!

Thanks bud! LOL

And it's because you're not paying of the principal when you pay the payments. You're paying the agreed payments that include interest. The only way to avoid that interest is NOT to pay the payments and just to buy out the whole car.

This is the same reason that you should not do a 1-pay lease if you're planning on buying it out early. Also, you should not apply a paid off trade vehicle either because your trade will pay for some of the interest from it's value.

Insiders tips! LOL

 

[MarkyMark]

Thanks bud! LOL

And it's because you're not paying of the principal when you pay the payments. You're paying the agreed payments that include interest. The only way to avoid that interest is NOT to pay the payments and just to buy out the whole car.

This is the same reason that you should not do a 1-pay lease if you're planning on buying it out early. Also, you should not apply a paid off trade vehicle either because your trade will pay for some of the interest from it's value.

Insiders tips! LOL

Loving the tips man! Now, I was thinking I needed to set up the lease, make an initial payment (first month) then buy out the car. But you imply to NOT do this? Is that what you mean by a 1-pay lease? Rather, setup the lease in it's entirety, and do NOT make the first lease payment, rather just buy it out? But before I leave and complete the lease, don't I need to make the first payment before I walk out the door?...

Not sure what you mean by 1-Pay lease exactly, but it sounds like my idea of paying the first payment, and then buying out the entire car.

NOTE: I'll have sold my Mazda6 (I never do trade-ins), and have saved about $12k in cash also. Thus, I'll have about $24k in cash to use against the entire buyout. Based on my math, I'll have another $12k - $14k in a loan ready to go for the remainder of what I owe for the buyout.

This is the ONLY way I can see to make the $4,800 Lease Cash on a GT work really effectively for me. Get about $3k more off overall, vs even Costco Invoice - $500 + $750 rebate. Thus, seems the right approach to take when we are talking about thousands of dollars saved.