Automotive

Advice on Kia Forte LX Manual

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  • Jul 14th, 2018 11:47 pm
[OP]
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Jan 31, 2007
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Advice on Kia Forte LX Manual

Good Day,
Dealer is giving me three options: need some advice
2017, 1000km on it, $12,388+Tax
2017, 47000KM on it

So the Forte 17 with 1000 kms is $141.00 B/W for 60 months and the 17 Forte with 47000 kms $117.00 B/W for 60 months

Not sure what to do?

I am also lookin at the 2019 jetta, but almost double.
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Oct 18, 2005
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EEE2 wrote:
Jul 13th, 2018 9:14 am
Good Day,
Dealer is giving me three options: need some advice
2017, 1000km on it, $12,388+Tax
2017, 47000KM on it

So the Forte 17 with 1000 kms is $141.00 B/W for 60 months and the 17 Forte with 47000 kms $117.00 B/W for 60 months

Not sure what to do?

I am also lookin at the 2019 jetta, but almost double.
Just by doing a quick quote at kia.ca with the same payment option on a 2018 LX manual, I got $125.51 B/W. I wouldn't touch those 2 options.
[OP]
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ctc027 wrote:
Jul 13th, 2018 9:33 am
Just by doing a quick quote at kia.ca with the same payment option on a 2018 LX manual, I got $125.51 B/W. I wouldn't touch those 2 options.
Ouch :(
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Jan 16, 2011
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What is the financing % on these? It seems high to me. $12,388+tax is $13,998. $141 biweekly for 5 years ($159.33 with tax) is $20,713. $6700 (almost HALF the price of the original vehicle) to finance over 5 years seems Ludacris!

A quick glance at Auto trader shows multiple 2017 manual LX Forte's with less KM for around $10k. Dealer wants to charger you $17k for a car worth $12k, again that is horrible financing option.

Do you have BRUTAL credit or did you kill the dealers puppy? These 'deals' should be run from.

And of course the Passat is double, it's a MUCH better car.
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Don't look at monthly cost, that's a ruse. Look at the total cost. Those are terrible deals. Glad you're questioning them.
[OP]
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kr0zet wrote:
Jul 13th, 2018 10:09 am
What is the financing % on these? It seems high to me. $12,388+tax is $13,998. $141 biweekly for 5 years ($159.33 with tax) is $20,713. $6700 (almost HALF the price of the original vehicle) to finance over 5 years seems Ludacris!

A quick glance at Auto trader shows multiple 2017 manual LX Forte's with less KM for around $10k. Dealer wants to charger you $17k for a car worth $12k, again that is horrible financing option.

Do you have BRUTAL credit or did you kill the dealers puppy? These 'deals' should be run from.

And of course the Passat is double, it's a MUCH better car.
I went to check and this what they quoted.
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ctc027 wrote:
Jul 13th, 2018 9:33 am
Just by doing a quick quote at kia.ca with the same payment option on a 2018 LX manual, I got $125.51 B/W. I wouldn't touch those 2 options.
+1 Plus, there's negotiating room there.
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EEE2 wrote:
Jul 13th, 2018 11:39 am
I went to check and this what they quoted.
Did they do a credit check? Is your credit that bad? As a comparison I purchased my Jeep Grand Cherokee Limited with all the options 4 years ago. OTR price was $48k and change. I paid $28k cash and financed the remaining $20k over 4 years. I paid $2300 in interest to finance $20k over 4 years.

If they have not done a credit check then they are using in house financing (at least for the second car as it is used) at a terrible rate because they believe you'll pay it. None of that screams 'reputable dealership' unless they did pull your credit and it sucks. If your credit is the problem, fix that first and buy an old carolla till it's fixed.
[OP]
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kr0zet wrote:
Jul 13th, 2018 12:24 pm
Did they do a credit check? Is your credit that bad? As a comparison I purchased my Jeep Grand Cherokee Limited with all the options 4 years ago. OTR price was $48k and change. I paid $28k cash and financed the remaining $20k over 4 years. I paid $2300 in interest to finance $20k over 4 years.

If they have not done a credit check then they are using in house financing (at least for the second car as it is used) at a terrible rate because they believe you'll pay it. None of that screams 'reputable dealership' unless they did pull your credit and it sucks. If your credit is the problem, fix that first and buy an old carolla till it's fixed.
They didn't do any credit checks. They told me because rates are different for 2017 vs 2018.
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EEE2 wrote:
Jul 13th, 2018 12:37 pm
They didn't do any credit checks. They told me because rates are different for 2017 vs 2018.
Demo vs used.

I wouldn't bother with either. The rate on the 47000kms is probably high like 3% while the 1000kms is somwhere like 5 to make it look like the less kms is the better deal.
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EEE2 wrote:
Jul 13th, 2018 12:37 pm
They didn't do any credit checks. They told me because rates are different for 2017 vs 2018.
A half truth, the rates on 2018's are offered by Hyundai Canada because they are new. The pair they offered you are used and need to be financed through a 3'rd party. I would be willing to bet that with no credit check they are offering you in house financing at close to 16%!!! RUN, don't walk!
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koffey wrote:
Jul 13th, 2018 12:40 pm
Demo vs used.

I wouldn't bother with either. The rate on the 47000kms is probably high like 3% while the 1000kms is somwhere like 5 to make it look like the less kms is the better deal.
3%, are you kidding? If the vehicle (2017 w 1000km) $12,388+tax = $13,998.44 at that loan value with an interest rate of 3% would have a biweekly payments of $115.98 tax included. Cost to borrow the money would be $1083.09 over the 5 years. They are asking $141 without tax, $159.33 total. That puts the interest rate between 16% and 17% and the cost of borrowing over $6500, again almost half the value of the vehicle. Let's give them the benefit of the doubt and say it's $141 with tax... That's an interest rate of between 11% and 12% with a cost of borrowing over $4600, a third the value of the car.

But there is no way the biweekly is without tax. The cost of the car is listed without tax and I have yet to see a biweekly rate listed with tax included.

This is why people hate used car dealers, they are scum!
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kr0zet wrote:
Jul 13th, 2018 1:32 pm
3%, are you kidding? If the vehicle (2017 w 1000km) $12,388+tax = $13,998.44 at that loan value with an interest rate of 3% would have a biweekly payments of $115.98 tax included. Cost to borrow the money would be $1083.09 over the 5 years. They are asking $141 without tax, $159.33 total. That puts the interest rate between 16% and 17% and the cost of borrowing over $6500, again almost half the value of the vehicle. Let's give them the benefit of the doubt and say it's $141 with tax... That's an interest rate of between 11% and 12% with a cost of borrowing over $4600, a third the value of the car.

But there is no way the biweekly is without tax. The cost of the car is listed without tax and I have yet to see a biweekly rate listed with tax included.

This is why people hate used car dealers, they are scum!
I didn't math it, I just guessed it, lol, my bad.
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No Problem, and I hope I didn't offend. Car stealerships just get under my skin with this BS. They toss out numbers and try to woo people with shiny things without explaining anything to them. I'm teaching my kids about money right now and this thread ticked me off.

Hope you have a great weekend, stay cool!
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kr0zet wrote:
Jul 13th, 2018 1:40 pm
No Problem, and I hope I didn't offend. Car stealerships just get under my skin with this BS. They toss out numbers and try to woo people with shiny things without explaining anything to them. I'm teaching my kids about money right now and this thread ticked me off.

Hope you have a great weekend, stay cool!
And stay in school kids! It pays to do math right and not guess, it can get you in serious debt.

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