I’ve gotten conflicting information from a dealer on a Kia Carnival Hybrid Ex and the single pay MF rate,
First he said it was 0.0004, but that his dealership doesn’t have a system that can do it and no dealer in Florida does. Then he said Kia Motor Finance actually only offers 1pay on EV’s of a 0.00015 rate.
What should I believe?
You don’t need to believe anybody. Move to the next dealer.
MF reduction for a OPL is a nice cherry on top if you already have the cake.
But I wonder if you do because I can’t recall the last time I saw a hacked lease deal on a Carnival
Getting a dealer to write up a 1pay is way more trouble than its worth on Kia, save yourself the hassle and just do a monthly lease
What’s the particular issue with Kia and a OPL?
I tried contacting many dealers and many said they don’t do a 1pay, some said they have system barriers, others acted completely unaware of any Kia Motor Finance programs at all for it.
I’m not sure what you mean?
Right now I have 11 months left on a 2024 Carnival LX w/ seat package with equity around $8,000 over my buyout.
With local dealers offering 5-10% off MSRP, this makes a 1pay a potentially very good deal if there’s a MF reduction off the current buy rate of 0.0025
This is the issue, dealers hate doing 1pays and/or aren’t willing to learn.
You are better off spending time on getting the best discount instead and just invest your money instead of have the bank lock it for 2/3 years for a 0.0004 rate cut
I suspected there was an unstated assumption or caveat here.
If your equity is real (ie a Kia dealer valued your car at $8,000 above your current buyout) then it’s as good as cash. Skipping the step of taking a check and depositing it doesn’t change the cash equivalence of that equity.
How does your OPL or monthly lease look like now that you’re putting down $8,000 of your money as a cap cost reduction?