Kia Coronavirus Financial Reli...

Jack R. Nerad | March 31, 2020

Kia Motors has announced customer support for current customers and additional incentives for new customers as it responds to the coronavirus pandemic and the associated economic upheaval.

Kia Coronavirus Financial Relief and New Car Incentives

The severe business restrictions currently in place are expected to limit vehicle sales in the short term, and they may have farther-reaching effects depending on how long they are in effect. As a result, Kia, like all global car companies, is altering its expectations for the 2020 model year while at the same time doing all it can to support its customers and motivate more Kia purchases.

What follows is a recap of the coronavirus financial relief and new car incentives Kia has assembled to deal with the crisis, joining numerous automakers offering coronavirus car payment plans.

Kia Customer Relief Programs - Find the best deals!

Kia Motors Finance has responded to the coronavirus pandemic with an offer to help current customers who anticipate difficulty in making their monthly payments.

Existing customers who purchased or leased a new vehicle before March 14, 2020, who are caring for themselves or a member of their household and are temporarily unable to work or suffered a job loss as a result of the current global health crisis, may be eligible for a payment deferral. According to Kia Motors America, payment deferrals of up to 90 days are being offered to existing Kia Motors Finance customers on a month-to-month basis. Those impacted by the crisis are urged to contact Kia Motors Finance at 1-866-331-5632.

Current Kia owners and lessees who did not finance their vehicle or obtain their lease through Kia Motors Finance are urged to contact their lender or leasing company directly. Many of them are offering various forms of payment relief. Discussing your individual situation with them is the first step toward understanding your options.

 
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Kia New Car Incentives - Find the best deals!

The sudden onset of the pandemic has caused many American consumers to wonder about the security of their job. To help allay those fears and prompt immediate car sales Kia is offering both strong financial incentives and lengthy payment deferrals to those who purchase their vehicles soon.

Kia's low-interest loan rates, incentivized leases, and customer loyalty programs represent some of the most varied and comprehensive responses to the COVID-19 crisis. The Kia Telluride midsize SUV, the 2020 North American Utility Vehicle of the Year, is available for $309 per month for 36 months with $3,499 due at signing. Kia's "Accelerate the Good" program also includes a $199 per month lease on the all-new Kia Seltos small SUV, along with zero-percent financing on 2020 Forte, Optima, Soul, Sportage, Sorento, Sedona, and Stinger.

New customers who finance their vehicle purchases through Kia Motors Finance may qualify for a 120-day payment deferral, which means no payments until July, with a zero-percent financing rate (APR) when the payments begin.

To facilitate limited personal interaction, Kia Motors is offering an online sales and leasing process at many of its affiliated dealer locations. Service can also be scheduled online at most dealers, and many are providing loaner cars, shuttle service or home pick-up and delivery.

Kia Factory Closures - Find the best deals!

In response to serious health and supply chain concerns, Kia Motors Manufacturing Georgia, Inc. (KMMG) has suspended production at its West Point, Ga. facility. Operations will be halted for two weeks, including a previously planned shutdown for new-model equipment changes that is slated for April 6-10.

While manufacturing operations are suspended, KMMG will perform cleaning and disinfecting processes at workstations throughout the plant. The factory, Kia's lone U.S. assembly facility, typically employs about 3,000 workers. Kia will continue to monitor the situation as new developments occur and follow guidelines set by local, state and federal authorities. As this is being written, production at the plant is planned to resume on April 13. The Georgia facility is manufacturing home to the Telluride SUV, Sorento SUV, and Optima mid-size sedan.

Kia Economic Outlook & Sales Forecast - Find the best deals!

The coronavirus crisis is certain to diminish overall economic activity, total vehicle sales, and Kia's vehicle sales in 2020. It is too early to tell how long the dramatic decline in commerce will last and what the long-range effects of it will be. Asked about the prospects for U.S. vehicle sales and its sales for 2020, a Kia spokesperson told us, "We can't comment on forecasts at this time."

Taking a larger view, J.D. Power believes both the health and vehicle sales effects of the virus have not yet reached their peak. Those effects will ripple across the country with some markets several weeks behind others. According to Tyson Jominy, vice president of Data and Analytics at J.D. Power, beyond the inherent uncertainty of the pandemic, a key determinant of auto sales will be legal restrictions on dealership sales operations and consumer activity. J.D. Power's March retail sales outlook is for a decline of 16% to 41% from March 2019 with 14% to 39% of the decline is directly attributable to the effects of the virus.

The outlook for the entire year is somewhat brighter, though the situation contains a great deal of uncertainty. While its pre-virus 2020 outlook of 16.8 million light-vehicle sales in the U.S. is no longer attainable, J.D. Power forecasts sales will likely fall in the range of 14 to 16 million units for the calendar year.

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