Is the dealership trying to rip me off? HELP!!!
Hi,
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.
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.
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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.