1.1K views
New Reviewer
5 comments
stars-rating-full stars-rating-full stars-rating-full stars-rating-full stars-rating-full
1.8

I financed a new 2017 Sportage in June 2016 through Kia Finance. What a mistake.

I always try to pay off loans as fast as possible by making extra payments to principal. No where on their website can you stipulate that the extra money/payment is to go to Principal ONLY. Instead, they require that you call their customer 'NO service' two days later and request it be done retroactively. So up to 45 minutes on hold to speak to a representative and then, they still don't do it.

I have had to call back AT LEAST 2 more times and go over it again and again every single time I've made an extra payment. I actually gave up two months in a row as I don't have hours to explain something so simple EVERY TIME I MAKE EXTRA PAYMENTS!!!!! Instead they just keep pushing the payment date out further so they can keep charging interest on the higher balance. UGHHHH Most recently, on Jan 21, 2017 I made an extra payment online, called and spoke to cust.

serv. on 1/23/17 requested payment again be applied to principal ONLY. Not done by the 25th, called again and requested again. Given more excuses about holidays, being 'extra busy', they were 'behind schedule, please wait until Feb.

2nd and if not showing on-line by then, call back'. Guess what Kia Finance? I HAD TO CALL BACK AS IT STILL WASN'T SHOWING. The first representative I spoke to either couldn't understand what 'principal' was didn't care.

I told her to get me a supervisor to straighten this mess out. I was transferred to Mike, Supervisor ID # 94214. He was nice, (but everyone has been, they just haven't followed through in getting the money applied correctly) and said that he was 'escalating the request to the finance department' and stated that this 'normally doesn't happen'. I corrected him immediately as I told him to look at all of the payments that I've made since August 2016 and then read all of the notes in their computer showing how many times I had to call requesting the extra payments go to principal only.

Over 25 times in 6 months for 6 extra payments! THAT is how Kia Finance 'normally works', and I find it completely unacceptable. The amount of interest that they continue to keep may be small, but since I can't be the only person going through this I can imagine how each of these small amounts is adding up in extra interest for Kia Finance. On top of all of this, it's only because I've persisted in calling and asking and complaining, that Kia Finance has corrected the payments to principal only.

What about the people who are just fed up and don't pursue it?

I guess I might have to contact the Attorney General and have them look into Kia Finance's practices? At the very least, they are EXTREMELY SHADY regarding principal only payments!

Reason of review: Problems with payment.

Monetary Loss: $500.

Preferred solution: Let the company propose a solution.

Kia Motors Finance Cons: Lack of applying money to principal only.

Do You Have Something To Say ?
Write a review

Comments

chat-icon

Please avoid publishing any personal information and promotional content

You will be automatically registered on our site. Username and password will be sent to you via email.
Post Comment
Guest

They are straight bogus. I wish I had known about their shady business practices.

I have NEVER been able to reach a live, breathing person. In addition, I have never financed anything where there wasnโ€™t an option to apply extra principal payments on the companyโ€™s website.

I will NEVER buy another Kia. Miss me!!

Guest

I am in the same situation and have done everything exactly as you have since April 2021 and here it is April 2022 and not even the supervisor seems to know what principal is. I finally gave up just not enough hours in a day to spend three hours at a time trying to make sense to them.

don't use Kia finance if you have a choice!

My last car was thru Chase and you could see the extra money applied toward principal on your monthly statement! Kia finance changed their name recently but not their crooked identity!

Guest

I had this EXACT thing happen to me! Horrible!

Guest

This is a test.

Guest

Theyre extremely shady regarding everything. They repoed my car based of "late fees" that didnt even show on my account.

I paid 1200 dollars to get it out after 6 days of incorrect information and after i paid 1200 theres a 92 dollar "late fee" on my account that ive called numerous times to get rid of and everytime i call nobody knows what i am talking about. Right now im refinancing to get out from under them and theyve been sitting on a 14000 dollar check from the refi company im assuming to make me pay even more fees.

Kia Motors Finance Reviews

  1. 352 reviews
  2. 102 reviews
  3. 66 reviews
  4. 49 reviews
  5. 29 reviews
Kia Motors Finance reviews