Today I stopped at a Kia dealer. We saw a 06 Kia Spectra brand new for $11990. Now with Taxes (texas), +tt&l, they said the best monthly price with $0 down was $397 for 60 months. Now that would equal $23,820. How can this be? The interest cannot be too high since it's a brand new car.....were they trying to screw me?
2006-07-27 20:57:13 · 10 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
This was for a purchase, They were pressuring me to sign for it but instead I just walked out. Being that it's the end of the month maybe they felt pressured. I was thinking more in the range of $230-$270. My main concern was having it to save gas, and the warranty. But to me that seems like almost 100% interest. Ridiculous.....
2006-07-27 21:18:26 · update #1
That works out to an APR of around 27.5%! Someone with terrible credit should be able to get a car financed for less than 18% at today's rates. At that APR, it would still only be $327.00 a month.
If you have 'A' credit and can get a loan for around 7%, you should be able to get that (including TT&L) for around $255.00 per month, or around $237.00 if you pay the TT&L in cash.
Either your credit is way into the toilet, or they though they had a "live one" on the hook. Either way, you were smart to walk! I'd never walk into that lion's den again -- and I'd tell all my friends what they tried to pull!
2006-07-28 00:07:59 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
If your credit is not good they can charge you as much interest as they want so yeah it sounds to me like they were trying to screw ya real good. I've had a few friends that have had kias also & they turned out to be a piece of ****The best place to buy a car is on the side of the road or in the newspaper. You can almost always get a better deal from a private owner rather than a dealership but if you want a new car try to wait til they run a sale sometimes they have no interest or very low interest sales, right at the first of the year is the best time to get a new car with a good interest rate.
2006-07-28 04:09:44 · answer #2 · answered by Ultimate Trip 3 · 0⤊ 0⤋
If you're looking for a more affordable car, get a Hyundai. They've been winning all kinds of awards and have great financing. As far as that quote, I have a $29K SUV and pay $420 a month. I think the person at KIA needs to figure out how to use a calculator.....
2006-07-28 04:08:25 · answer #3 · answered by wldntulike_2know 4 · 0⤊ 0⤋
Yes, they were trying to "take advantage" of you. What you did was talk to the salesperson who placed you in with the in-house finance person. They do not have to follow normal interest rates and you as the purchaser were about to be taken to the cleaners. I am guessing that you do not have bad credit. If you have good credit, then go to the bank and see what they can do for you. You might be surprised!
Good Luck.
2006-07-28 04:08:44 · answer #4 · answered by klund_pa 3 · 0⤊ 0⤋
yea they were trying to scew you. the price is right but the monthly payment is about 150 more then it should be. when we bought our new dodge carvan 2 years ago our credit was poor and we got an interest rate of 10% and our payment was 252 for 60 months and we had 13,600 left after downpayment. unless your credit is super bad you should not get an interest rate more then 12%.
2006-07-28 11:52:54 · answer #5 · answered by serb423 3 · 0⤊ 0⤋
Is this under Kia's financing? Is this for a lease? Or was this offer to purchase the car? No offense to the manufacturers of Kia but I wouldn't spend $23k on one of their cars.
2006-07-28 04:04:29 · answer #6 · answered by dreamin delux 3 · 0⤊ 0⤋
YES THATS HOW THEY REEL PEOPLE IN WITH THE NO MONEY DOWN AND MOST PEOPLE ARE SO EXCITED THAT THEY ARE GETTING A NEW CAR THEY DONT EVEN PAY ATTENTION TO THE FINE PRINT AS WELL AS THE TOTAL PRICE THEY WILL HAVE PAID ONCE THE CAR IS PAID OUT
2006-07-28 04:14:03 · answer #7 · answered by <<SEXY MOMMA>> 4 · 0⤊ 0⤋
Sounds way too high. Did they tell you the rate? Sounds like it is over 10% even with all the tax and delivery etc.
2006-07-28 04:03:32 · answer #8 · answered by Rare Indigo 4 · 0⤊ 0⤋
Maybe it is not a used car, but it is a year old car. Those numbers do seem outrageous.
2006-07-28 04:03:51 · answer #9 · answered by Jacks036 5 · 0⤊ 0⤋
?????? they give u the comfort of 60 months. neutral ranking for both side.
2006-07-28 04:06:00 · answer #10 · answered by Bhaari sawaal 2 · 0⤊ 0⤋