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2012 Soul + automatic
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48 Posts
Discussion Starter #1
I know I could call Kia financing about this, but I have been around a while and customer service is unreliable these days.

We received a $500 rebate for financing our vehicle through Kia.

If we pay off the loan in full after 10 months, would we be forced to pay back the rebate?
 

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Cerato S Hatch Auto
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1,236 Posts
I would guess that the $500 rebate is based on a 4-year contract. e.g. For $10,000 loan, you might be paying a total of $13,000, less rebate, therefore $2,500 interest. KIA might be reluctant to give you $500 if you settle early as this is nearly 1 year's interest. (Calculations are approximate, but you will get the idea).

If you think that you might be able to come up with the cash a bit sooner, check the interest rate for a 12-month personal loan from your bank.
 

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2020 Hyundai Palisades
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2,971 Posts
no you will not have to pay KIA back the $500 rebate read your contract there is nothing saying such a thing. i just bought a 2013 hyundai Genesis and received a $1000 rebate to finance through hynudai with 3.99% financing and as soon as i received the registration i financed through my credit union at 1.45% for 48 months. i have done this with numerous vehicles as most people will just keep the loan and if in doubt call KIA finance there is NO PREPAYMENT PENALTY!!
 

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Cerato S Hatch Auto
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1,236 Posts
Sounds like a good deal if you can take advantage of it. I have found that the finance arrangements available through a car dealer are sometimes better than a bank personal loan, although on car deals the money matters are often very fluid, partly to confuse the prospective purchaser.
 
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