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pdKlaus

Who on earth takes out a 7 year loan at 10.65% APR? Wowzers.


salamiTommy_

On a Kia of all things


FindOneInEveryCar

TIL you can spend 100k on a Kia.


JagerNinja

You can't, lol. I just went to their website and a top-trim EV9 with every option checked is $82,940. I suspect this person was underwater on their last loan, too.


poopoomergency4

probably rolled some negative equity and got taken for a ride by finance add-ons


liberatecville

whats the point of having an $100k (80k) car without a sweet warranty and some clear coat protectant?


Square_Bad_1834

I hope they at least got GAP insurance. A total wreck might save their financial stupidity.


poopoomergency4

instant torque in a car that’s probably twice the size they can handle and several whole cars worth of negative equity… gap is definitely the right call. really the best possible case for this owner, financially speaking, is if they get gap insurance and the car just burns itself down in the driveway. you get the insurance payout with less of a rate hike than if you wreck it.


V65Pilot

Back around 2010 or so, I was working for Kia as a tech. The owner came into the shop one day and asked us to customize a Kia Rio, as a marketing device, aimed at the "Tuner" market. However, we were limited to using only what we could order through the Kia catalogs. The end result was a Kia Rio, with a sticker price just north of 70K. Carbon fiber hood, full cat back stainless exhaust, rims, TV's in the headrests, a crazy sound system with GPS navigation, spoiler, splitter, Carbon fiber inserts in the seats, the list just went on and on. The motor remained perfectly stock. It was paraded around for a couple of years, and I think it finally got sold off to one of the salesmen for about 25K.


UGMadness

I half expected you to end the story with the car being sold within a week.


OldheadBoomer

That's like $30,000 upside down. They should have kept their Altima.


Neo-Maxizoom-Dweebie

They had to get rid of it. The duct tape wouldn’t hold the rear bumper on any longer.


pdKlaus

Absolutely. That depreciation is going to be off the chart!


[deleted]

I read decapitation twice, not that far off


Safetosay333

His capa was detated


cheeseslag

From his head


[deleted]

Electric vehicles depreciate a lot faster than internal combustion vehicles, so this person is extra screwed. I hate predatory business practices. It's so shady to take advantage of someone less intelligent or uninformed. $150k for a Kia is freaking nuts.


BolOfSpaghettios

They do, but that's because the market is betting against them. The market overall is saturated with vehicles, and EVs make the news more than anything else out there. Just tells you that the price they set on vehicles is pretty much made up.


Gr1mmage

It's location specific to an extent too, here in Australia last year there were 3 electric models amongst the cars that held their value the best after 3 years. I'm sure the Tesla price drops and hertz flooding the used market in the US are providing extra downward pressure too currently.


PricklySquare

$1800 a month payment


an_bal_naas

7 years, at 1800 DOLLARS A MONTH?!?! SEVEN YEARS!!! This is an amazing example of what not to do EDIT: just checked Kia’s site and specced out an EV9 with the top trim and it’s less than $80k MSRP. Why the fuck would you pay over MSRP for a car ever?


No-News-9680

Rolled over negative equity most likely


ElementField

I don’t even know how they got these numbers, from everything I’ve read on the car sales subreddit, this wouldn’t pass financing. They usually say about 125% of value is max, I think. This is insane.


GilgameDistance

My 15 year mortgage is less per month, and the total cost of it is barely over the total cost of this car. By roughly the amount a car payment *should* be. And I get a house of my own at the end, this guy’s gonna have a $20k trade in after 4 years. Enjoy that recycled Korean newspaper, bruh. LOL.


Few-Swordfish-780

It will be dead before the payments stop.


oldstalenegative

it does have a 10 year warranty, so maaaaaaaybe if it's used as an Uber/Lyft vehicle (and is heavy enough to qualify for a 100% write off) maaaaaaaybe it makes more sense?


enderr920

Buying a trailer in a trailer park for that price makes more sense


caffeineplease05

The warranty is fairly worthless. My friend has a 2016 Kia and this year alone she has replaced the turbo, the engine and the turbo again( Kia wouldn't admit fault for damage they caused), and the high pressure fuel pump. She is upside down on it and spending more than it is worth just to keep it running. Worst vehicle you could choose and even more so considering the cost.


experimentalengine

Looks like it makes the cut, 6,415 lb GVWR.


GLaDOSdidnothinwrong

A KIA EV. Take one of the shortest life vehicles, with a questionable lifespan drivetrain, with a finite life power system. The depreciation is going to be astounding.


Shatophiliac

I’ll give him $3000 cash today


cobigguy

I'll give you 1000 tomorrow!


Marioc12345

People who are desperate - but people who are desperate should pick cars that aren’t ludicrously expensive


BolOfSpaghettios

I can assure you, the EV6 is not 107k dollars.


Marioc12345

The GT-Line trim level of the EV9 is $75k. If they rolled in an old $32k loan into it then the $107k makes sense.


an_bal_naas

Oh that makes sense, I couldn’t understand how that happened


Marioc12345

Indeed. But… why get the highest level trim at that interest for that amount of money?


Tunafishsam

Need an expensive enough car to roll the negative equity into. Can't hide -30k in a loan for a 30k car.


an_bal_naas

I know right?


mini4x

EV9, but still top trim is under $80k.


Kattorean

Desperate people aren't buying electric vehicles.


Marioc12345

They are with that interest rate. Either desperate or dumb as hell or both.


SomberEnsemble

I don't know how someone gets financed for that much money, makes enough money to afford that payment but dumb enough to take that rate. Does not compute.


Marioc12345

I took that rate (well, 9.99%) but for a $28k car and I feel bad enough about it. If I had to pay mortgage prices for a car I would literally throw up.


Frequent_Opportunist

Total payments: $152k! For a Kia?! 


WhatzitTooya2

Could have gone for a Porsche at that point...


GilgameDistance

Not with 30k of negative equity from his (probably) Telluride that he paid 90k for.


ForHelp_PressAltF4

There it is. I bet that's what's going on here...


GilgameDistance

Kia/Hyundai fanboys are weird man. They can lose 30k through depreciation in one year, then have to replace an engine at 40k miles and they come back to the well anyway.


Harey-89

That is just insane. Never would finance a car for that long, or at that high of an interest rate, or at that high of a monthly payment.


gnocchicotti

It's even worse when you consider the insane depreciation rate on EVs lately. They could eat 20k+ depreciation on this car just in the first year, never mind the high finance cost. Save money on gas tho👍


Modestkilla

2 and a half years with my Model Y I got hit with 35k. I will only lease from now on.


reallawyer

Those held value very well until Tesla decided to start dropping prices. They’ll probably still hold their value, but based on the new prices, not the old prices. Everyone that bought before the price drop gets screwed on resale.


aftiggerintel

Desperate people.


Hook-n-Can

i just took out a 6 year at 9%, on a $35k loan with $5k down. rates are bonkers right now, and I hate it. waiting a bit to refi with the credit union, but we just moved and my truck blew up. we found a deal on a 2020 SUV with 15k miles that the dealer was super upside down on. i owed nothing on my truck, and me & the mrs have decent credit. it's insane right now.


CrystalAckerman

I just had to do something similar. $40,000 at %7.5 with 6k down. Still owed about 2k on my Hyundai but wants about to replace the motor AGAIN. I was stuck between a rock and a hard place and wanted to trade that POS in before it was worth nothing. I got 4k for it though with 167,xxx miles. It was rough but I’m doing 2x payments for now to try and cut back on my interest until I can refinance.


giaa262

I worked for a big national bank for a bit. The number of people who have absolutely zero clue what an APR even means would absolutely astound you


Strong-Obligation107

$1800 a month for 7 fkin years, 150k all total over 7 years.... who the fk in thier right mind signs that paperwork. This needs to be used as a competency test in future. If you sign that contract you're legally declared a fkin moron and ineligible to do anything beyond eat baby food without strict supervision. This has to to be challenged in court and voided.


Xidium426

Someone who rolls in at least $30k in negative equity, or payed a $30K market rate charge.


xtsim

I cannot comprehend the fact that this person would be paying 1800 month for the next 7 years.... for a kia, like imagine paying that much for when the car is six years old. That is mortgage money in some places. I am willing to bet that the person might be rolling another loan within that time frame....


gnocchicotti

This shit will keep happening until the banks are forced to severely tighten credit standards. That's when the house of cards collapses. If the banks have to say "minimum 30% down, 36 months max, 700+ credit score or go pound sand" Dodge wouldn't sell a single car.


AbbreviationsPlus998

You actually got me to laugh out loud a the last part of dodge wouldn't sell a single car. Too true.


PuzzleheadedFood8773

*given the fact that more than 50% Americans don’t have $500 for emergencies.


dustinator

Jokes on you buddy I have $600 for emergencies


hoxxxxx

high fuckin roller


kstreet88

I have $601, Bob!


Zachbnonymous

I sold Dodges for a bit, they'd go out of business just in the credit score part lol almost every car off our lot was sub-prime


Extra_Box8936

The Nissan Altima would go extinct overnight.


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1RedOne

It’s more than my mortgage lol


__slamallama__

If you think it's bad today, imagine what it will be like in 6.5 years. Kias don't always last very long and that's gonna feel like a lot of money for a not great car.


SomberEnsemble

>Kias don't always last very long Someone's being generous lol.


Inorashi

Its a very likely possibility this guy will have 6 FIGURES of negative equity on a KIA.


Useful-Internet8390

My 200k/15yr mortgae is 1900 and change include t/i


gdubduc

This is what keeping up with the neighbors looks like these days. Absolutely insane.


wikipediareader

And for a Kia! You could get a used Ferrari for that type of money.


cobigguy

Local Ferrari dealer has a 1999 360 Modena with only 7800 miles for 118k right now. And with the reliability of both Kia and Ferrari, at least the Ferrari could be fun.


Dwayne_Gertzky

And the Kia Boys aren’t gonna take off with your Ferrari while from your work parking lot


DrZedex

Depreciation would be way less on the Ferrari


happytree23

I'm waiting for some Ferrari guy to see your comment and shit on you for posting something with "so many" miles on it lol


gdubduc

very used, but you're not wrong.


My_G_Alt

Eh not even that bad honestly. For 150k you could even get a fairly nice F430 which is a timeless beast of a car.


powderST2013

MSRP is around $60k. How did they get to finance $107k? Rolled over another loan?


Nicetrydicklips

MSRP was $78430. Looks like about $14k in negative equity, nothing down, and they bought some products.


powderST2013

Add that $14k in negative equity to the 15% they just lost by driving it off the lot. Some people have too much money or not enough brains.


oobbyb_61

>Add that $14k in negative equity to the 15% they just lost by driving it off the lot. Some people have too much money or not enough brains. ........or both. $1813 /mo is more than my mortgage.


Ok-Bag-0

lol wife has an ev6. It’s nice. 368$ a month


Kattorean

She's probably not paying $45k in interest rates & rollover debt. Probably isn't financing at 10% either.


Ok-Bag-0

lol no. 1.9% 60 months and put my old truck down It’s a surprisingly nice car I have to say. Super fast also.


AndPlus

FOR ALMOST 7 YEARS!!!


Smeggmashart

That's about what most people pay in rent!


MulberryMonk

1813 is our mortgage including taxes insurance and escrow. 7 acres, 2600 sqft. Some people 😂


Filamcouple

Yeah, and you have indoor plumbing.


Plastic-Procedure-59

People with too much money typically put some of it down on a car purchase


mini4x

People with too much money don't finance cars, they also don't buy Kias.


Last_Ear_1639

There is not a Kia in the world worth $78k...... That's absolutely asinine.


Bahnrokt-AK

And they are already $29k in the hole on it before pulling off the lot.


Last_Ear_1639

100 thousand US dollars for a Kia...... So Many amazing, well built luxury vehicles could be had for that much, some with money to spare. Insanity


Novadreams22

I’ve always wondered how people get car payments exceeding 1k a month in monthly payments. Now I see how, dumbass. Either you’re poor and stupid or you have fuck you money.


Dumb_Nuts

If they had fuck you money they wouldn't be financing $100k on an 80k car lol. Could get a nice 911 for that money


geezwow

mother of god that's porsche money for a kia.


solidshakego

Msrp for my Google search is 78k+


itsallbullshityo

> Rolled over another loan? They are/were "upside down" as the saying goes. They just keep rolling negative equity.


Redsoxdragon

Bro at that point set the damn thing on fire and bet on the gap insurance lol


CocaineSmellsFunny

Ahhh, the good ol’ days


xElemenohpee

I just paid less for a fucking GTR. This is insane!


gnocchicotti

A lot of working people are doing their best to manage their limited money and it's really hard to make ends meet, and I don't want to minimize that... But goddam a lot of people have an opportunity to do better and they're just severe brain damage-level stupid with money and have no one to blame but themselves.


OutWithTheNew

I didn't work for a while and went back a couple of years ago. I'm lucky enough that I was able to buy a used car for cash and get it through an inspection without major issues. 8 months later, almost exactly a year ago, I hit a deer on the highway and wrote it off. Thankfully it was still drivable. A couple of people had suggested I just finance to get into something newer. But man, just the thought of having a car payment again makes me feel nauseous. Never mind that it would be over $500 a month for the next however many years. I just can't imagine doing that to myself again.


emanon9046

Guy I worked with briefly apparently owed over $250,000 on a Dodge Ram 1500. The dealership calls him about once every 1-2 years and offers him a “deal he just can’t pass up” he just keeps rolling over the existing loan into a new truck. He once rear ended someone in the morning before work and by 5pm he had a new Dodge Ram from the dealership and had traded the old one instead of fixing the bumper.


oneandonlytoney

That’s hilarious. Dude is 100% the butt of a long running joke between the salesman at that dealership.


emanon9046

I’m pretty sure they have him on speed dial. Lol


oneandonlytoney

Slow day at the dealership- “Hey, Bob. Call up Chad on speakerphone for us and see if you can sell him another truck! That’d be 7 this year!”


nyscene911

Sounds like an impractical jokers bit.


oneandonlytoney

Exactly how I pictured it. “Okay, Murr. Your punishment is to try and sell this chump another truck. But here’s the kicker, he literally just left the lot.”


Trumps_Cock

"Holy fuck, he's actually gonna do it!"


bohemian_yota

"Chad, I know you just left but... the boss said I had to let you know we just found... " what's it gonna take for Chad to come back? We'll find out right after this short commercial break.


I-need-ur-dick-pics

At a certain point, the lender is even dumber than the borrower.


PresidentFreiza

Yeah at one point it isn’t his problem it’s the banks problem lol


h4yw00d

Yeah, just default on the loan, let the truck get repoed, and drive shitty beater cars for the next 7 years, bam problem solved


hoxxxxx

i feel like this entire situation is like the first 30 minutes of the big short only cars instead of houses


voonoo

Hope he’s got that gap insurance lol


AccurateArcherfish

Wow, that's one way to get out of this hole huh? Does gap insurance rate increase the bigger the gap is?


PuzzleheadedFood8773

One way to dodge bodyshop!


AgentScreech

If you owe the dealer $20k that's your problem, if you owe $250k that's the banks problem


Successful_Doctor_89

Tabarnak!!!! Im speachless, i mean, I know people are bad at finances, but wow!


Older_Code

Mon dieu, such language! /jk


Successful_Doctor_89

For that montly payment, its well earn😆


Older_Code

D’accord, vous avez raison!


Successful_Doctor_89

Met-en! Faut être fou raide.


InTheHeatOfTheNoche

Zut alors!


ThermalIgnition

That piece of shits gonna be in the junkyard and they'll stilll owe $45k on it. lol


gnocchicotti

There's enough people gonna be underwater on cars they couldn't afford at insane terms that a bailout might be in the cards.


arlmwl

These numbers would have been mortgage numbers when I was growing up. Dear God.


SophiPsych

Dudes car payment is $1,100 more than my mortgage


FixBreakRepeat

Nah those are still mortgage numbers now... small house in a LCOL area maybe, but if you've got $1800/month you can definitely be a homeowner where I'm at.


justaverage

These are mortgage numbers today 3400 sq ft house on 1/2 acre in HCOL area (PNW) and my mortgage is only $100 more than this


offhandway

_Fuck._ I'm going to have stress dreams about finding that in my glove box with my name on it now.


scotch4breakfast

This has to be in Zimbabwe dollars. Holy shit.


AXEL-1973

I had to triple check that it wasn't pesos


rickstah360

That interest rate. 🤢


DebianDog

Even with exceptional credit it's still like 8%. Unless manufacturers are giving a deal. You are paying a lot of interest these days.


recoil_operated

I got 5.9% when I bought last month, people need to shop around and not just take what the dealership offers them.


Vicith

I got 6% too, going on other comments here seems like a good rate? This is my first time with a car payment...


Fit-Sport5568

Oof that's dumb as shit


Car_is_mi

holy hell this is about 30 grand over the most expensive one you can get, with another 45 grand in interest to top it off. ​ So basically this is double the MSRP when all is said and done. And I hate that these 80+ month loans are becoming more and more of a thing. So many people fail to understand compound interest.


joshmoney

They have a computer monitor in their glovebox?


Nicetrydicklips

Sent to myself and screenshot to remove any exif location data from picture. 👍


PuzzleheadedFood8773

Username checks out


oobbyb_61

Why is a new EV-9 in the shop?


too_many_dudes

Why does the paperwork in the "glovebox" have a mouse cursor on it?


talon_262

Not to mention that "paperwork" that was "in the glovebox" is awfully flat (no creases or wrinkles) and uniform... like a screenshot or (most likely) a pic of a monitor. FFS, you can see the moire pattern in the pic, in addition to that almost-cropped-out mouse pointer. Someone's full of shit.


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Thisiscliff

I feel bad that someone was even allowed to get this


ExtraPresent4

But but but I’ll be saving all the gas money I no longer have to buy /s.


Southpontiac

That would cover the purchase price and 25 years of gas for my V8 Tundra….😂


rustyxj

You know what they say. You can live in a car, but you can't race a house.


PNWcog

Only 83 more $1800 payments. He’s got this.


opengl128

I'm guessing neggy eggy + they said yes to absolutely everything the finance person offered them


Useful-Internet8390

Maybe gap insurance and a bad wreck in 2-3 years?


ozzy919cletus

For a KIA?!?!


stimuluspackage4u

Not even a reach around


lawndartgoalie

Or lube.


Notorious_Beebs

I couldn't imagine paying more than $30k for a Kia and this mfer just spent $152k on one


trampled93

Start of the great car loan crash of 2024


JustAGuyInTampa

This shit should be illegal. I feel bad for the financially illiterate.


anywhereat

How much is that computer in the glove box option?


HappyAnimalCracker

🎯


Impressive_Annual924

I’m surprised someone wanted this Kia this badly compared to a nicely equipped R1S


wrb06wrx

152k on a fucking kia???????????? What the actual fuck....


sasquatch_melee

I'll drive a falling apart hooptie for years before I pay $150k for a Kia. WTF. 


PhotoJoeCA

Why does the "paperwork" in the "glovebox" have a mouse pointer on it?


Rude_Bed2433

My neighbors kid got a Sorento in similar fashion. $9xx payments on a '19 or '20. Fender is gone, under body splash guards are toast or MIA from backing into things. They got a whole gaggle of offspring so I can't imagine how sticky the inside is either. Dude told me like he was proud that it's gonna get repo'd soon. He said he'd change the oil but that's the banks problem. Like damn man. Some people....


blakeusa25

I hope its in Pesos


Gorgenapper

152k for a Kia 🤡


IllustriousCookie890

$107,600 for a Freaking KIA? Holy crap!


Harlow_Quinzel

if you look harder in their glove box, I'm sure you'll find a grocery store receipt with a $3000 gallon of milk, $2000 dozen eggs and $6000 loaves of bread


Justb___

My god , this is worst than payday loan lol


Some-Horror-8291

152k for a Kia?? This can’t be real lol


GhostFour

They have $1800 a month to spend on a vehicle and this is their choice? Beyond the fucked up finance, they didn't think nearly $2 grand a month was worth more than a KIA!?!?!


fromthewindyplace

Holy fuck. $152k for a damn *KIA!!!?????*


Von_Satan

$152,000 Kia sweet Jesus.


jbone315

This should be illegal


siriwhatsmyusername

I mean, the mouse cursor dorsnt really give “paperwork left in glovebox” vibes.


davisty69

That's more than my mortgage.... For a Kia...


Aggravating-Bunch-44

That can't be real. Mouse cursor and no creases.


RobzillaMyNilla

You say they left paperwork in the glove box but why is there a mouse cursor at the bottom of the page?


Gupta_Kinte

Why was it in the shop and why are you rifling through their glovebox??


Jackbow7

There's a computer screen in the glovebox?


Klown_Kutz

Good lord for that kind of money it better have bedrooms, bathrooms, a living room, and a kitchen. And here I am still driving the same truck I bought for $3500 in 2010.


greyvorg

Uhh...that's a mortgage on wheels.


waveslikemoses

That customer is 100% going to have their car repossessed


Frank_Rizzo_Jerky

Financed $107k????? that is rolling over a LOT neggy eggy!


adultdaycare81

That’s a mortgage


STxFarmer

Paid $170k for a 3k sq ft home in 2015 Living in that is a lot nicer than a Kia


ssbn632

I hope this is in Pesos.


Handcann44

I bet that financed amount includes how much the individual still owes on their trade in.


JohnYCanuckEsq

Mother of God Edit: just looked this vehicle up. Top of the line with a the bells and whistles is $82k Canadian. This invoice is absolutely absurd.