Kia Coronavirus Financial Relief and New Car Incentives

As the Coronavirus pandemic continues to wreak havoc on the global economy, people across the globe find themselves trying to navigate these uncertain times. Kia is taking steps to assist new customers in buying vehicles and providing financial relief to its existing customers.

Kia Coronavirus Financial Relief and New Car Incentives

The number of Coronavirus cases in the U.S. is still growing, and the pandemic has grown exponentially during recent weeks. A growing number of cities and states have implemented severe restrictions on things like personal interactions, travel, and most notably, business operations.  The spread of COVID-19 has severely restricted commerce and brought many businesses to a relative standstill. Even worse, the pandemic came at a time when the auto industry as a whole was experiencing one of its best February sales months in recent memory.

In response to the Coronavirus crisis, Kia is joining a growing list of automotive companies looking to slow the spread of the virus and doing their part to keep employees working. Below you will find a summary of the financial relief efforts and new car incentives that Kia has created in response to the Coronavirus pandemic.

Kia Customer Relief Programs - Find the best deals!

The shelter-in-place orders that have been issued in many parts of the world have resulted in abrupt business closures and the unexpected layoffs of millions of workers in the U.S. With this surge of Americans losing their paychecks seemingly overnight, it’s fair to assume that the coming days may prove difficult for recent car buyers. Making their monthly payments on time will likely be challenging for many, Kia has added its name to the growing list of manufacturers offering Coronavirus Car Payment Plans.

Customers who purchased or leased their new Kia vehicle before March 14, 2020, and have suffered a job loss or find themselves temporarily unable to work as a result of the COVID-19 crisis may be eligible for payment deferral options. Kia Motors America stated that it would be offering payment deferrals of up to 90 days to existing Kia Motors Finance customers. Payment deferrals would be evaluated on a month-to-month basis. For customers who have been impacted by the crisis, the company encourages them to contact Kia Motors Finance at 1-866-331-5632.

Current Kia owners and lessees who are struggling to make their payments but did not finance or lease their vehicles through Kia Motors Finance still also have options for relief. Consumers in this situation should directly contact their finance or lease company and discuss options with a representative. Many are also offering various forms of payment relief.

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Kia New Car Incentives - Find the best deals!

Though substantial efforts are being invested in providing help to consumers around payment deferments and other sources of relief, Kia is also offering generous incentives to customers who purchase new vehicles as well. Additionally, the automaker is offering both financial incentives and payment deferral options to qualified new customers.

Qualified new customers who choose to finance their vehicle through Kia Motors Finance may defer payments up to 120 days with a zero-percent APR financing rate once installment payments begin. Kia’s customer loyalty programs, incentivized lease offers, and low-interest rate loans represent one of the most comprehensive and wide-spreading responses by any automaker to the Coronavirus pandemic.

Kia is also offering a number of valuable incentives on select vehicle models. They are offering lease rates of $309 per month for 36 months on the 2020 North American Utility Vehicle of the Year, the Kia Telluride midsize SUV, with $3,499 due at signing. In addition, Kia's "Accelerate the Good" program also includes offers like a $199 per month lease on the all-new Kia Seltos compact SUV, along with zero-percent financing on the 2020 Optima, Soul, Forte, Sorento, Sedona, Sportage, and Stinger models.

Kia Motors is offering an online sales and leasing process at many of its affiliated dealer locations across the country. Due to the shelter-in-place order that is active in much of the nation, it may prove difficult to visit a dealer in person. Service appointments can also be scheduled online at most dealers, with many offering loaner cars, shuttle, or home pick-up and delivery service to customers.

Kia Factory Closures - Find the best deals!

As a result of the growing health concerns and the equally growing emphasis on social distancing, in addition to concerns regarding the company's supply chain, Kia Motors Manufacturing Georgia, Inc. (KMMG) suspended production at its West Point, Ga. facility. Operations have been at a standstill, an issue compounded by a previously planned shutdown for new-model equipment changes that were initially slated to take place from April 6-10th.

While manufacturing operations are currently suspended, KMMG has stated that it will perform cleaning and disinfecting processes at all the workstations throughout the plant. The Georgia factory acts as Kia's lone U.S. assembly facility and employs roughly 3,000 workers. Kia says it will continue to monitor the situation in the coming days as new developments occur, and continue to follow safety guidelines set by local, state and federal authorities.

As of this moment, production is expected to tentatively resume on April 13th. The Georgia facility is most notable for being the manufacturing hub for the Optima, Telluride SUV, and Sorento SUV.

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

As a result of the unknown and uncertain future that awaits both businesses and working Americans, Kia spokespeople declined to comment thus far on the effects the crisis would have on vehicle sales in the U.S., and on Kia's sales projections for 2020. As is the case with nearly every automaker during this crisis, it’s more likely than not that Kia will experience a substantial dip in sales over the coming weeks.

When asked directly about the company’s prospects for U.S. vehicle sales and forecasted sales for 2020, a Kia spokesperson told J.D. Power, "We can't comment on forecasts at this time."

It may be true that the best-case scenario strongly suggests a major shortfall in comparison to 2019 sales. However, there are some factors that may provide a ray of hope for both automakers and consumers. Vehicles are considered durable goods and they have historically demonstrated the ability to recoup lost sales resulting from short-term disruptions in the market. As a result, the auto industry may be one of the most adept industries when it comes to rebounding from the virus-related sales disruption. Of course, the extent and speed of the recovery will be directly influenced by the overall economic environment following the pandemic.

Notably, J.D.Power states that its 2020 outlook of 16.8 million U.S. light-vehicle sales - an outlook projected before the globe was ravaged by the Coronavirus - is no longer realistically attainable. J.D.Power expects that sales will likely fall in the range of 14 to 16 million units as a result of the fallout from COVID-19.