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Discussion Starter #1
So my insurance had declared my civic a total lost :(

Started to look around at some dealers. I love the soul, but Honda and Chevy have much better interest right now. Do the Kia's ever drop it down to 0%?
 

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So my insurance had declared my civic a total lost :(

Started to look around at some dealers. I love the soul, but Honda and Chevy have much better interest right now. Do the Kia's ever drop it down to 0%?
I've been seeing kia commercials for 0% on my tv lately
 

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If you take written offers for honda into the Kia dealership I guarantee you can get 0%. Maybe not from Kia Finance but with decent credit you can get it. It's easier if you have a down payment to put down however.
 

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yes, but that changes from month to month and depends on the model.

You are going to buy something you don't like because it has a slightly better interest rate? You have to check the fine print as sometimes the 0% interest rates are not always that as sometimes there is other charges in there. Figure out what a few points a month actually makes in dollar differences. Do you plan on paying it off early or take it to the full term?

Which model of Soul do you prefer?

With all respect to our US members as to what happens in the US in this regard, things can be totally different in Canada., so anything they suggest may have no bearing in Canada.
 

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Hi Megan, ask your Kia dealer for their best interest rate. They may have zero %, but you may need to push for it.

My advice is to look at the whole deal, extended over the entire loan period. Sometimes paying zero % interest results in a higher purchase price, whereas paying some interest will get you a better sticker price. It can be a bit of a shell game. See if all the interest you would pay over the loan period added to your purchase price is a better or worse deal than if you got "zero" interest.

Also, Kia financing has a $1,000 rebate on new Souls still going. Be sure to ASK for any dealer discounts too. Watch for any "negotiated" document fees & tell them you won't pay it. In the end, paying a small (like 1.99%) interest rate may be better than zero %. The old adage is true "if a deal sounds too good to be true, it probably isn't."

Good luck Megan and keep us posted on your adventure!
 

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Discussion Starter #6
The kia dealership I was at on Friday wanted me to lease a 2015 at $350 a month (base model in automatic) when I said I rather buy wit at least $3000 cash down (guy wanted to hear NOTHING about it) so I walked away. I like the new civics and the rate to lease or buy. I am open tp pretty much anything but the bottom line is the price and how long I have to pay.
 

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See $256 I would take in heart beat!
Sounds good Megan but please, please, please do the math for the entire period of the lease. Even though $256 a month is a nice price today, paying that 60 times over 5 years and then what happens? You have no car again, you own nothing at that point, or you need to buyout the lease. See what buying the car over time costs too. Leases inherently are not in the buyers favor. $15,360 is alot to pay for a car over 5 years and then not actually own any of it.
 

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Discussion Starter #10
I have to try to keep y payment low since I want to buy a condo next year (my civic would have been paid off)
Please with lease I don't have to worry about costly repairs.
 

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5 years is too long to lease a vehicle. Simplistically, leases are based on the difference between purchase price and what the car is worth at the end. Take that number and divide by the number of months, add in the cost of money + fees = lease payment.

As an example my 2014 Forte purchase price was (USD) $20,000. The residual after 36 months was $14000. So I'm paying $6000/36 + interest and fees = $175/mo (These are approximate as I don't have the paperwork in front of me.)

After five years a car is worth only a small fraction of the purchase price so you're essentially paying the full purchase price. You'd be much better of buying.
 

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Sounds good Megan but please, please, please do the math for the entire period of the lease. Even though $256 a month is a nice price today, paying that 60 times over 5 years and then what happens? You have no car again, you own nothing at that point, or you need to buyout the lease. See what buying the car over time costs too. Leases inherently are not in the buyers favor. $15,360 is alot to pay for a car over 5 years and then not actually own any of it.
not sure what your quoting on but a 2015 Soul LX AT is way higher than that in Canada, your looking in excess of $20,000 before taxes. Like I said US detail info is not really much help to her other than general info.
 

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The kia dealership I was at on Friday wanted me to lease a 2015 at $350 a month (base model in automatic) when I said I rather buy wit at least $3000 cash down (guy wanted to hear NOTHING about it) so I walked away. I like the new civics and the rate to lease or buy. I am open tp pretty much anything but the bottom line is the price and how long I have to pay.
I'd give a call and ask for a sales manager and splain my experience and ask for a sane salesman's name.

Sounds good Megan but please, please, please do the math for the entire period of the lease. Even though $256 a month is a nice price today, paying that 60 times over 5 years and then what happens? You have no car again, you own nothing at that point, or you need to buyout the lease. See what buying the car over time costs too. Leases inherently are not in the buyers favor. $15,360 is alot to pay for a car over 5 years and then not actually own any of it.
I've seen Soul base 6M lease ads for $239/mo, zero down zero security deposit zero first month's payment.
I talked to a couple of salesmen and by the time we got to a + the prices were up to where I'd pay 15 or 16 grand for 39 months' use and then have nothing. That is almost the whole price of a car.

Some leases can be good deals. Some not so much.

Locally we can get 0.9% for up to 60 months or $1000 rebate.

Check your credit union. Mine is good for 1.75% today.

If you're eligible for USAA check them out, right now that have good rates, at least in the US. Good as in two percent or lower.

Better off financing for 72 @ 3.99% than leasing because after the lease you have zilch. When you're into the loan you can always go fish for better rates and move the loan over.

Much depends on your credit rating and whatever else the bureaus say about you.

Happy hunting.
 

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Just as US rates will be different to Canada, then Quebec will be different to other Provinces in Canada too. I think we've heard of Quebec residents having trouble finding a good deal before.
 

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The information in this thread is a bit skewed. Of course there is value in leasing! You can drive a nicer car for a lot less money, and continue to do so for the rest of your life. I don't know many people who are in new cars without any car payments.

For example:

I pay $176 bi-weekly on a 60 month lease for my car. That's around 22,000 after 5 years. I have the option to give it back and get into another car. The lease buyout for me is $10,000 and the MSRP of my car is around $29,000+tax's and bs. I have the lease protection as well so I will not be paying for any regular wear on the car if I do decide to just give it back after the term. Let's not forget to mention all the tax benefits I have by driving my lease!

Financing my car over 60 months would be close to, if not over $500/month all said and done. I'm also liable for any wear and tear in that case! I'd rather tie up my money in something that doesn't depreciate at over 20% every year.

I think for people who don't drive a lot and like to be in new cars; leasing is the way to go. I have 24,000km allowance per year (120,000 for 5 years) - plenty more than I need! And if I have 20,000km left over in my lease by trade-in time, see value in buying the car out and selling it back; I can! Also there are plenty of times people get out of their lease early at minimum to no penalty, where as, if you sell your car too early you could end up having a lot larger loan left than the car is worth in the market.
 

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Well, I am one of those people Lakeshore. I drive a 2014 Red Zone (Canadian Model) and I have no payments. Bought it out cash along with my trade-in value of my 2010 Soul :)
 

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Well, I am one of those people Lakeshore. I drive a 2014 Red Zone (Canadian Model) and I have no payments. Bought it out cash along with my trade-in value of my 2010 Soul :)
That's awesome but a bit irrelevant because you didn't do it from flipping vehicles.. you did it from saving money lol (safe to assume this?)

Also, to each their own, but I would never spend that kind of liquid on a car unless I have 7 figures. You can make more off your money in mutual funds than you'd pay in interest on a loan.
 

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As I said Lakeshore, bought it out cash along with the trade-in $ I received from my previous Soul
 
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