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Sorry I should have clarified on the pricing. $19100 is with the $1000 Kia finance rebate of 3.9%. So its basically $20,100. I do not qualify for the $400 military rebate so could not get that. I will try to put as much money down so as to reduce the interest payment but I think the car salesman told me that there is a limit to that and at least 12k or so should be financed by Kia so that they can make some money on interest and that the loan cannot be paid in full until 6 months.
 

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Sorry I should have clarified on the pricing. $19100 is with the $1000 Kia finance rebate of 3.9%. So its basically $20,100. I do not qualify for the $400 military rebate so could not get that. I will try to put as much money down so as to reduce the interest payment but I think the car salesman told me that there is a limit to that and at least 12k or so should be financed by Kia so that they can make some money on interest and that the loan cannot be paid in full until 6 months.
Sorry, your salesman friend is full of it. You cannot be made to pay for six months just so that they can make some money and the amount is not up to them either. It sounds to me like the dealership is trying to steamroller you. Let me give you an example: I went into Kia for pickup of a previously selected and negotiated Soul. The dealer overlooked the military rebate in the deal but I had already counted it into the figures. So when I got there I thought I would test the waters and threw my DD214 on the table and demanded in my most serious tone the 400 rebate. They gave it to me, then they asked how I was to pay for it and I said, "Cash, unless you are going to pay me to finance". They came back with the 500 finance incentive available at that time, so I financed 6800 bucks (not 12K) with Kia. When closing the paperwork, the finance guy told me that I could pay that off with KIA anytime I wanted, so I did, 32 days later. It cost me about 17 dollars to save 500, well worth the effort.

So don't let the salesman bamboozle you, if they will not play ball, go to your credit union or bank. If you have USAA, then go to them for financing before you go in. If you have already financed for at least 12K, get another loan and pay it off early if your contract does not provide for an early payment clause (some still do this).
 

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Sorry I should have clarified on the pricing. $19100 is with the $1000 Kia finance rebate of 3.9%. So its basically $20,100. I do not qualify for the $400 military rebate so could not get that. I will try to put as much money down so as to reduce the interest payment but I think the car salesman told me that there is a limit to that and at least 12k or so should be financed by Kia so that they can make some money on interest and that the loan cannot be paid in full until 6 months.
And before I forget, let me point out that the dealership gets a kickback on the loan but not for four to six months. Anytime a loan is paid off before the dealership gets its kickback, it loses it because the finance companies won't pay the kickback. So it is in THEIR best interest to lie to you about it. In fact, if you have another Kia dealership around, I would grab my hat and make book to the other place down the street. Just thought you might like to know.
 

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I believe you. After reading your post I spoke again with the Sales guy and he talked to his manager and came back and said that he can take 16k as a down payment and remaining 5.5k or so as loan amount. I am sure it would be ok to pay the loan off in couple of months.
Car purchase is always complicated. Every time I had bought a car there is always something new to learn.
 

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I believe you. After reading your post I spoke again with the Sales guy and he talked to his manager and came back and said that he can take 16k as a down payment and remaining 5.5k or so as loan amount. I am sure it would be ok to pay the loan off in couple of months.
Car purchase is always complicated. Every time I had bought a car there is always something new to learn.
If that helped out then, good. BTW, I asked my dealership when they mentioned that I could pay it off at any time, "Doesn't the dealership lose its kickback if I do?" He said, "Yes, but so what?". You, as a car buyer, deserve to not have to be told lies and stories. I'll bet he did not talk to his manager for very long to come to that conclusion, they are not going to lose a sale of this if they can avoid it. Good luck to you.
 
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