• Report: #1087023

Complaint Review: Kia Motors Finance

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  • Submitted: Tue, September 24, 2013
  • Updated: Tue, September 24, 2013

  • Reported By: C N — manhattan Kansas
Kia Motors Finance
PO Box 20825 Fountain Valley, California USA

Kia Motors Finance KIA told me to overpay my last payment as a precaution and they would return excess that was 4 months ago Fountain Valley California

*Author of original report: Finally got my refund

*Author of original report: To clear the confusion

*Consumer Comment: A little confused..

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Simple as this, I got to my last payment and my calculation of what it should be didn't agree with what the person on the phone from Kia said I needed to pay.  The explaination I got was that I needed to pay a little extra in case the payment wasn't processed on the day I made it and that if it wasn't needed the excess would be returned to me.

Well I fell for it and paid the extra.  The payments was processed on the day I made it, that was in May.  I am writing this on the 24th of September and still haven't recieved the refund of that overpayment.  It isn't like they don't know about it, when I made the payment they said I would recieve any refund in 4 weeks and I have been reminding them of it every 4 weeks since.

So here is my advice, DO NOT use Kia Finance and if you can't get your low interest rate from somewhere else, don't buy Kia.


This report was posted on Ripoff Report on 09/24/2013 02:43 PM and is a permanent record located here: http://www.ripoffreport.com/r/Kia-Motors-Finance/Fountain-Valley-California-92728/Kia-Motors-Finance-KIA-told-me-to-overpay-my-last-payment-as-a-precaution-and-they-would-1087023. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
2Author 1Consumer 0Employee/Owner
Updates & Rebuttals

#1 Author of original report

Finally got my refund

AUTHOR: C N - ()

It took 5 months but I finally as the title says I finally got them to return the money they admitted they owed me.  So I guess if you don't mind such behavior from a company Kia is for you.  As for myself I think my next car will be from anyone else.

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#2 Author of original report

To clear the confusion

AUTHOR: C N - ()

To Robert

 

Sorry for the delay I thought I had finished this on 9/26/13 but apparently had not.

 

First as with many loans Kia calculates your interest daily, so if you pay off before the final due date you actually owe less, to the day.  It is in the fine print.

 

I never paid late, I paid early and as for what ammount is significant.  I am unemployed with school loans and family responsibilities so any amount is significant to me but I am glad to hear you are wealthy enough you don't mind multi billion dollar companies stealting from you, congratulations on that.

 

As far as how to calculate your interest, see Compound interest - Wikipedia, the free encyclopedia sections 2.2 and 2.3 it is basic math.  I won't tell you the exact overpayment as I don't see that it matters but as a percentage it was around 1% of the payment and it was a bulk payment.  When I call them they say they don't know why it didn't process but they will do it again and I will get my refund in 3 to 4 weeks, hince calling to remind them every four weeks.

 

Now that I have answered your questions I have one for you.  You seem to think I shouldn't expect to get my money back from a company such as this when it is owed to me.  My question is why.  Why do you think that company worth so much should be able to steal any amount of money from a poor person or any person for that matter? 

 

Thanks for you time.

C N

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#3 Consumer Comment

A little confused..

AUTHOR: Robert - ()

 Your car payment has a specific due date every month.  If you paid your loan on or before the due date there is no "extra" interest that would be accrured. 

Now, even if you paid your last payment a few days late.  It was your last payment and an extra day or two of interest even at a double digit interest rate would probably be under $1.    Now, of course if you have had a history of being late during your loan(even by a few days)..it is possible that the accrued interest is a significant amount.

So how exactly did you "calculate" your last payment due? How much extra did they ask you to pay? What have they said when you have "reminded" them every four weeks?

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