Is the dealership trying to rip me off? HELP!!!

vivaretrovivaretro Member Posts: 3
edited July 2014 in Hyundai

I purchased an 09 Hyundai Genesis V8 w/ Tech couple months ago.

Here is what happened.

1. When I got to the dealership, I received a verbal quote of $35,000, to be PURCHASED with cash in full.

2. When came back to sign the contract, they said they made a mistake and it is actually $35,500.

3. I said no deal and left the dealership.

4. Dealer called and offered me to work it around by having me sign a LEASE contract instead of PURCHASE so they can get $1,000 rebate from HYUNDAI. I would then make only 3 payments and buy out the vehicle. This way, I would be paying $35,000 for the vehicle.

5. I signed the lease and it is time to buy out the car. I called up the delaership and they said there would be a FINANCE charge of $399 to buy out the car. They never told me about this when I signed the LEASE contract.

Is this a legitimate business practice? My questions are:

1. Do I pay finance charges when I actually PURCHASE with cash in full?

2. The dealer said it's something I would have paid anyway if I bought the car in the first place. Then why didn't they charge for it when I sign the LEASE?

All in all, it's like I've done them their favor and got nothing in return. If I pay them $399 under the table, its pretty much the same thing as buying it for $35,500.

I am going to the dealer on Monday. I would really appreciate your help on this matter.


  • zone4zone4 Member Posts: 46
    Tell them you are going to report them to your state consumer affairs division and you are going on tv after that. That should get their attention. However, you should have read your lease more closely. If it says you have to pay $399 in the lease you are out of luck because you signed it. You don't pay finance charges when you purchase a vehicle buy paying in full with cash. Frankly, I would have went to another dealer when they said $35,500. ;)
  • tayl0rdtayl0rd Member Posts: 1,926
    Yes, you got taken to the cleaners. Not only do you HAVE to buy out your lease, but also you have to pay whatever the current market value of the car is. If you do this, you could be looking at paying over $50K for this car. Just stick w/ your lease and save your money.
  • ll0923ll0923 Member Posts: 3
    Was it at Brad Benson Hyundai dealership in NJ? Cause they did the same thing to me basically when I bought an Elantra. A graduate student right out of college, they have no mercy. I will NEVER do business with a Hyundai dealer or Brad Benson branch because they were so deceiving.
  • billodbillod Member Posts: 31
    Isn't it amazing that you mentioned Brad Benson Hyundai in NJ as the potential rip-off dealership. If you Google that firm you will find numerous complaints about this dealership.
  • kenb757kenb757 Member Posts: 149
    And Hyundai thinks it's going upscale with the Genesis and Equus? Luxury car buyers won't play these stupid shell games and it's about time Hyundai figures this out. Too bad the least able of us to afford a new car are regularly screwed. Off to the BBB and Dept of Consumer Affairs we go.
  • graphicguygraphicguy Edmunds Poster EmeritusMember Posts: 13,599 I confused.

    A few questions......

    -you wanted to BUY the car with cash. But, you agreed to a lease instead? Why do that? Did the dealership give the $1,000 rebate to make the lease instead of a purchase?

    -What are the terms on the lease contract you signed? There are finance charges for a lease. What those are depends on the money rate available from Hyundai and/or the lending institution. How long was this lease for? 12 mos? 24 mos? 36 mos?

    -Lease contracts are pretty iron clad. Getting out of one early is extremely costly. And they usually have acquisition fees, disposal fees, and many other fees that are payable either at lease inception, or lease termination. Were those fees on the lease contract you signed?

    As I said, I'm really confused here.
    2022 Honda Accord Hybrid Touring
  • osaka75osaka75 Member Posts: 88
    Update? Thanks.
  • genesis57genesis57 Member Posts: 21
    You don't have to pay market value for the car....the buyout is determined at the time the lease is drawn up....and increments down to that price over the course of the loan (you can buyout earlier if you want to). (and market value on a used Genesis would never exceed the cost of a new one anyway...). Do your research, know the facts, and then don't let an unscrupulous dealer take you "for a ride".
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