Program Parameters
First automotive secured loan or credit transaction. *First Time Buyer means
applicant has no previous automotive secured loan/credit tradeline on
his/her credit report.
• Minimum six months on current job or qualified co-buyer.
• Up to 72 months maximum term.
• Minimum of $1,000 total down payment required (Total down payment may
include rebate cash).
Credit Requirements
• No adverse credit history. No bankruptcies, foreclosures, repossessions,
collection accounts, charge-offs, tax liens, judgments, or any other
delinquent credit.
• Verifiable (paystub, W-2, etc.) monthly income sufficient to cover vehicle
payment, ordinary living expenses, and all currently outstanding debt, if any.
• Payment to applicant’s gross income from primary job cannot exceed 15%.
• Total monthly debt to monthly income ratio of 50% or less. Total monthly
debt includes, if applicable: monthly vehicle payment, monthly rent or
mortgage payments, other monthly payment obligations (installment loans,
revolving loans, alimony or support payment, etc).
• Subject to additional KMF credit guidelines.
Eligible Vehicles
New and untitled 2011 and 2010 Forte, Forte Koup, Soul and Rio vehicles,
including demonstrators and Service Loaner vehicles with less than 6,000 miles.
