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If you finance through Kia you get 1000.00 cash back.
Their interest rate is 3 points higher than I can get at my credit union.
They told me I could finance through Kia and make 5 payments and than refinance to a lower rate. I confirmed this with my credit union.
I asked the dealership why I had to wait until the 5th payment and was told Kia would want the 1000.00 back if you didn’t make 5 payments. That sounds like a prepayment penalty which the contract says there isn’t.
My thought is that the dealership gets a kickback for getting me to finance through Kia and I need to make the 5 payments so they get their kickback.
Thoughts? Opinions?
Their interest rate is 3 points higher than I can get at my credit union.
They told me I could finance through Kia and make 5 payments and than refinance to a lower rate. I confirmed this with my credit union.
I asked the dealership why I had to wait until the 5th payment and was told Kia would want the 1000.00 back if you didn’t make 5 payments. That sounds like a prepayment penalty which the contract says there isn’t.
My thought is that the dealership gets a kickback for getting me to finance through Kia and I need to make the 5 payments so they get their kickback.
Thoughts? Opinions?