Your Guide to the Finance Office

What is the Finance Office?

So, what exactly happens in the finance office? This article will help you get prepared before you head into this final stage of buying a vehicle.

Aka the Business Office or Financial Services Office. Known by many names, this is the final step that makes it official. Before you drive away in your new or new-to-you vehicle, you’ll meet with the finance department of a dealership. This happens once you’ve reached an agreement on vehicle and price with the sales department.

In addition to arranging the final documents of sale, the finance office is where you will sign your lease or loan documents, as well as go over all the paperwork necessary to license and title your vehicle.

On top of that, the financial services manager also provides additional warranties and protections for your car. These can include items such as extended warranty, extra insurance, and paint protection, among many others.

Most likely, you will meet with your financial services manager twice – once for the meet and greet, and once to accept delivery of your vehicle. You may need just one if you’re paying cash. However, more will be arranged if necessary. For example, if you require preapproval or have credit questions, it’s best to set a meeting before you start shopping. Simply call or email to set up an appointment. We’re here to help.

Here’s what you need to know:

The Finance Office Meet & Greet

Once you’ve settled on a vehicle and have agreed upon a price with the sales department, you will head to the Finance Office. The first meeting is called the Meet & Greet.

We call this the discovery phase. Your Financial Services Manager will take the time to find out exactly what your needs are and how the vehicle will be used. The more we know the better we can advise you.

If you have chosen to finance or lease your vehicle, your Financial Services Manager will work with you to get approved. Or, if you have chosen to pay cash, they will get the paperwork set up for a cash sale.

At this point, your Financial Services Manager will recommend a few warranties and protections for your vehicle.

Purchasing or leasing a vehicle is a large investment, and we highly recommend weighing all your options. Some people choose almost all of them, but most customers opt for 2-5. Not everything is good for everyone. A good Financial Services Manager will only recommend what will suit you and your lifestyle.

At the end of this page, you will find a comprehensive list of what we offer at Kia Victoria.

What you Need to Know to Pay With Cash

You will need:

  • Valid ID: BC DL or BC ID or Canadian Passport
  • Insurance papers and plates if transferring insurance from another vehicle or trading in

We do a quick cash interview if you are paying with cash. We are legally obligated to know where the money is coming from due to anti-fraud/anti-money-laundering regulations. So don't worry - we ask everyone these questions.

Some food for thought if you are planning to use your line of credit to pay for your vehicle. It may seem that the best and easiest option is to pay with your credit line. And it makes sense. For example, no jumping through hoops to get approved. Plus, flexibility in payments. And, you can pay it off any time you want… makes perfect sense, right?
But maybe not. Check out our article here on Why You Should Think Twice Before Using Your Line of Credit.

What you Need to Know to Finance or Lease

You will need:

  • Two most recent paystubs
  • Valid ID: BC DL or BC ID or Canadian Passport
  • Void cheque or pre-authorized debit form
  • Insurance papers and plates if transferring insurance from another vehicle (or trading in)
  • Rent or Mortgage information
  • Income and Employment details

The first step: we conduct a confidential credit interview. We run a credit check to determine the best course of action to get you approved for your loan or lease. We work with you to get approved at the best possible terms. All options are available to us: from KIA Motors Financial to countless other lending and financial institutions. We are adept at finding you the best possible terms and rates that are available for you.

Then, we submit a credit application for approval. Sometimes you can wait at the dealership for the approval, and sometimes we'll send you home to wait. The approval can take anywhere from a few minutes to several days depending on your credit history. And sometimes, quite simply, there’s a large queue of customers ahead of you and we need time to work on your file.

If you have poor credit history, this process can sometimes take a bit longer. But we're used to being creative to help our customers. If you can be approved, we will get you there! Learn everything you need to know about your credit score in our article here. You can also get preapproved for financing here. It's free, confidential, and won't count as a hit against your credit.

When we receive the approval, we'll give you a call to book an appointment for delivery.

Looking to reduce your car payment?
Buying a vehicle is probably the 2nd most expensive purchase you'll make, second only to buying a home. Well informed vehicle buyers can use a variety of different options to reduce their monthly payment. This in turn lowers the interest paid and cost of borrowing related to the purchase. Check out our article on How to Reduce Your Monthly Car Payment.

What you Need to Know to Insure and Register Your Vehicle

You will need:

  • Valid ID: BC DL or BC ID or Canadian Passport
  • Void cheque or pre-authorized debit form
  • Insurance papers and plates if transferring insurance from another vehicle or trading in

At this point, we call an ICBC agent to the dealership to register and insure your new vehicle. Alternately, if you prefer to use your own insurance agent, we can help you arrange that too.

It's the moment you've been waiting for! Once you’ve been approved for financing or for your lease, you will meet with the finance department to finalise documents and accept delivery of your new or new-to-you vehicle.

You’ll first finalise any waiting documentation with your Financial Services Manager. Next, you’ll meet with an ICBC insurance representative to insure your vehicle and transfer the vehicle title into your name.

Then, it’s time to accept delivery of your new vehicle!

At this time, we will show you everything you need to know about your new vehicle. A member of our sales team - most likely your sales representative - will go over your car's features, recommended maintenance, bells, and whistles. We'll show you how everything works and how to keep your vehicle in top condition. By the end of the session, you'll know everything you need to know to drive away with confidence. If any other questions arise later, please don't hesitate to contact us! We're here for you!

Visit Kia Owner Resources for everything you need to know about your new vehicle. Here you'll find owner's manuals, warranty and recall information, and roadside assistance resources. You will also find articles and videos on every topic you can think of, from How Lane Departure Warning Works to How to Text with Apple CarPlay and everything in between. 

 

OUR PRODUCTS

At your business office appointment, we go over all the protections and warranties that are available for you and your new vehicle. A good Financial Services Manager will get to know you, your lifestyle, and your needs first. Then will recommend only the products and warranties you truly should consider, that suit your lifestyle and needs. At Kia Victoria, our Financial Services Managers are there to guide you and help you make a great decision. Here they are, in no particular order:

Extended Warranty

The most important form of protection for your vehicle is the warranty. Manufacturers offer a no-charge warranty broken down into rust, roadside assistance, powertrain, and comprehensive warranty coverage. Warranty over and above this is usually in the form of extended powertrain and comprehensive warranty, or a more thorough comprehensive warranty that covers additional items on the vehicle. You can also opt for a warranty that extends years beyond the standard manufacturer warranty.

Who's this good for? well, people buy from kia for many reasons including our reliability, best-in-class warranty, and value. An extended warranty protects over-and-above our gold standard. It is an excellent idea for anyone who keeps their car long-term. It's also a must-have for used car buyers when available.

Paint Protection Film

Paint Protection Film is a thin polyurethane adhesive film that is used to protect the paint finish on your vehicle. It is known by many different names: 3M, Proskin, or simply a paint protection film. It is placed on frequently impacted areas like the front hood, front bumper, and mirrors. It protects your vehicle from rock chips, small scratches, and scuffs.

The installation is backed by an 8-year warranty that covers certain defects. This is a particularly popular product with people who drive on highways frequently. It’s also worth considering if you visit places like Alberta or Mt Washington where they use a gravel mixture on their icy winter roads. Regardless, this is a great way to protect the exterior of your vehicle from rock chips and rusting.

Who's this good for? If you go on long road trips, you're a frequent skier, or you travel on snowy roads often

Rust Protection - Undercoating

The oldest and probably most well-known form of rust protection is undercoating. Undercoating is the sprayed application of an oil or rubber-based composite onto the underbody of the vehicle. This tried-and-true method is designed to create a rust-proof layer between the underside of the vehicle and the water, ice, rocks, and salt on the road. Undercoating only protects the undercarriage of the vehicle and does nothing to address rust anywhere else on the vehicle. Over time, this layer will be worn down so reapplication of the undercoating may be necessary down the line.

Rust Protection is for rust perforation and not visible rust. Your vehicle needs to be rusted through the metal or panel for coverage to apply. It does not cover rust that was caused by stone chips or any other road hazards. It's important to note that all vehicles come with some form of rust protection that will depend on the manufacturer.

Who’s this good for? Rust protection is worth considering for all drivers. Very few things devalue a vehicle more than visible rust.

Rust Protection - Rust Proof Spray

Rust proof spray is applied to the inner cavities and crevices of the vehicle and bonds to the metal to stop rust from the inside out. You are also able to purchase a similar product commercially and apply the rust proof spray yourself. The advantages of going through the dealership is the professional application of the spray and the guarantee that goes with it should any rust form.

Rust Protection is for rust perforation and not visible rust. Your vehicle needs to be rusted through the metal or panel for coverage to apply. It does not cover rust that was caused by stone chips or any other road hazards. It's important to note that all vehicles come with some form of rust protection that will depend on the manufacturer.

Who’s this good for? Rust protection is worth considering for all drivers. Very few things devalue a vehicle more than visible rust.

Rust Protection - Rust Inhibitor Module

A Rust Inhibitor Module is a small electronic device that is attached to the underside of your vehicle. In very simple terms, the device emits a low frequency electrical charge which, in turn, can 'repel' or prevent rust. Keep in mind these modules are used to reduce the rate that corrosion happens, not completely stop it, or reverse the process.

Rust Protection is for rust perforation and not visible rust. Your vehicle needs to be rusted through the metal or panel for coverage to apply. It does not cover rust that was caused by stone chips or any other road hazards. It's important to note that all vehicles come with some form of rust protection that will depend on the manufacturer.

Who’s this good for? Rust protection is worth considering for all drivers. Very few things devalue a vehicle more than visible rust.

Soundshield

Soundproofing your car is a step-by-step process that starts from the ground up. If you're looking to prevent rust and you’re dealing with annoying road noise, a spray on sound deadener will do the trick. So, if you have a loud truck/hot rod/performance vehicle or drive frequently on gravel or other low-quality roads, this is a good one for you. You’ll also get bonus rust protection.

Who's this good for? some form of rust protection or sound dampener is good for most drivers. It's great for resale and for the longevity of your vehicle.

Fabric/Leather Protection / Protection

Leather or fabric protection is a preventative spray-on treatment applied to the interior of your vehicle. It helps prevent permanent stains on fabrics, and also treats leather interiors to hold up better over time. As with other forms of coverage, the importance lies in how the company backs its product in the event it doesn’t work. Many interior protection packages offer repair or replacement in the event a permanent stain does occur or your leather cracks.

Who's this good for? This is great for everyone, but if your passengers are children or pets, you might want to consider this one. Just like you opt for protection on your new couch or carpet, you cannot go wrong giving yourself peace-of-mind. It's great for all car owners, but especially commuters who eat or drink in their car!

Rip Tear Burn Protection

This is a simple insurance against rips, tears, and burns. If the interior fabric/leather/vinyl on the seats becomes ripped, torn, or burned, this insurance will cover the cost of repair up to a maximum amount. However, it will not cover the cost of re-upholstery or any replacements.

Who's this good for? This is great for everyone. Just like you opt for protection on your new couch or carpet, you cannot go wrong giving yourself peace-of-mind. It's great for all car owners, but especially people with kids or pets.

Windshield Repair, Head/Tail Light Repair

A small crack in the front windshield can lead to a big problem. Repair chips and cracks as soon as they happen to prevent them from getting worse. This insurance will cover the cost. And with head/taillight repair, if your headlights, taillights, or fog lights are damaged due to road hazards, you’re covered for repair or replacement.

Who's this good for? if you regularly drive on the highway this one is for you.

Paint Protection

A sealant is sprayed over the paint of the vehicle to stop the paint from degrading. With this costing, your vehicle will better reflect the sun, and block out dirt, salt, moisture, and other pollutants. For those who park outside, additional coverage can be added for tree sap and bird droppings at an added cost. Both are known to eat away at the paint. As with all previous coverages, investigate how the company guarantees its product. It's also good to note how the claim process works for any paint imperfections or discoloration.

Who's this good for? In sunny, beautifully treed Victoria, this is a great idea for everyone who parks outside. Blossoms, caterpillars, and bird droppings, and sun can kill your shiny new paint.

Tire and Rim Protection, Plus Curb Damage

Tire and rim warranties offer protection for the tires and rims on your vehicle from any road hazards like potholes, glass, nails & screws, fallen rocks, or debris from other vehicles. However, it is very important to note that this warranty will not cover driver error such as hitting a curb and damaging your rim. Look into how the claim process works and if it offers full coverage or is prorated to only offer partial coverage.

Who's this good for? If you live in a new housing development where construction is constant or have a vehicle with large and expensive tires and rims, this plan can potentially save you thousands.

Key and Remote Protection

Most new vehicles sold now come with keyless entry fobs that offer convenience. Unfortunately, this has increased the cost of producing keys, making replacement costs much more expensive. Replacing a lost, stolen or damaged key or remote transmitter is as annoying as it is expensive. Replacement plus programming costs is hundreds of dollars for the average car.

Key and remote protection covers the full cost of replacing your key or fob and the reprogramming needed to pair the new key to your vehicle. This is something you should consider if you have lost keys in the past. So, weigh the cost of a key replacement versus the cost of the protection plan to make a more informed decision.

Who's this good for? If you've lost a fob in the past, you know the heartbreak of having to pay to replace it. If you share this car with other members of your household (hello new teen driver), or you've lost keys in the past, this is an option to strongly consider.

Dent and Ding Protection

Various forms of dent protection are offered by manufacturers and third-party companies alike. The cost and coverage of these plans differ greatly by manufacturer. Coverage varies from just dent repairs, to coverage of all cosmetic damage, so look into each plan carefully before deciding. Third-party companies will also offer this service on used vehicles under a certain km limit. So, if parking your car between two others in a crowded parking lot gives you anxiety, this plan will help alleviate that stress.

Who's this good for? if you park on the street or in busy parking lots often, this can save you thousands in cosmetic repairs and help you get the best resale value.

GAP Insurance

Guaranteed Asset Protection, aka GAP Insurance, is coverage in the event your vehicle gets in an accident and is declared a total loss or is written off. Often, when this happens, the valuation of the vehicle offered by your insurance company is less than what you owe on it. In other words, what your vehicle is worth is than that what you owe left in your contract due to depreciation. Frequently required for leasing a vehicle, GAP insurance is a good idea for those who put little or no down payment on their vehicles. It's also good if you drive high kilometres each year or are financing a vehicle over a long term. Or, if you simply want the peace of mind that you won’t be on the hook for the remainder of your loan in an accident.

Who's this good for? often required for lease customers, this is great coverage if you have a small down payment, drive above average kms, or need additional peace of mind.

Loan and Credit Protection

Similar to GAP insurance, Loan and Credit Protection provides coverage when unanticipated events leave you unable to work, such as critical illness, sickness, injury, even death. Creditor insurance will pay your loan while you are unable to work or even pay off the vehicle completely in more serious circumstances. However, it’s good to note that creditor insurance is not limited to a car loan and can be applied to any loan such as a line of credit or mortgage.

Who's this good for? this is excellent peace of mind for you and your family.

Maintenance Packages

We all know maintenance is just part of owning a vehicle. A complex machine with many moving parts, and complicated computers/software, maintenance is best left to the expert. With Maintenance packages, you can prepay and save big.

Who's this good for? Everyone. This is just a great idea. A well-maintained vehicle has a higher resale value and offers greater reliability long-term for the driver and its passengers.

Parting Advice From Yolande, Financial Services Manager at KIA Victoria

Yolande Jones, Financial Services Manager, has been a caring fixture at KIA Victoria for over 10 years. This is what she has to say about helping customers in the business office:

"I make sure all of my customers leave the dealership happy, with the products they need - and nothing they don't. I help all types of people, including friends and family too.

"My mother purchased a new KIA Sportage from us in 2018. I know she likes to keep her vehicles long-term, well past the manufacturer warranty dates. So, I made sure that she extended the warranty to 10-year/200,00 kms. I also recommended the full Platinum Shield Protection Package, and Appearance Protection because the beauty of her vehicle is important to her.”