2013 and Earlier - Hyundai Sonata Prices Paid and Buying Experience

docjosh

To everyone reading this board,

I received an offer from Fitzmall.com and I wanted to know what you all thought of it. Listed on their website is a Steel Grey Hyundai Sonata LX w/ package 3 (power moonroof and subwoofer/stereo) for $20,570. This is the price AFTER the $1,000 instant rebate and $1,000 financing rebate. I would also get a recent college graduate rebate of $400 or military rebate of $500 . Then, I was guaranteed at least $1,000 on my 1995 Geo Tracker $20,576.50. I was offerred 6.69% for a financing APR Anyway, I'm looking for positive or negative feedback. Is this low enough, or should I try to compare with a price here locally? I would have to drive to Maryland when I was home in Bedford, PA next week to pick it up. Anyway, please help me decide. Thanks for your time!

docjosh :shades:

tb88

Beware... I was told that if you pay off the loan before 90 days HMFC will bill for the $1,000 Rebate(back).(according to Dealer)

Also here in FL. if the Loan is paid off within 6 months there is a $75 penalty/fee.(state law)

lemonade2

The dealer is not being honest with you. The dealer gets a bonus from HMFC for the loan but if you pay it off before 90 days HMFC takes back the dealers bonus...they can not take back your $1000. I don't know about the Florida penalty for prepayment but in NY there is no state penalty fee.

sonata_gl

I am get best quote something like $17500 for GL 4 cyc automatic in Wash.
This is with after $500 rebate. before financing rebate $1000.
Am I missing something here? :confuse:

starriver

Package 4 includes:(you can check it from hyundaiusa.com)

1, Power tilt-and-slide glass sunroof
2, Electronic auto-dimming inside rearview mirror with HomeLink® integrated transceiver and compass
3, Power driver seat

backy

If you check the invoice price, e.g. here at Edmunds.com, you'll see this is actually a good deal, right around invoice before the rebates. There isn't as much markup on the GL as on the V6s.

kathyrn

I have a check from eloan in the mail with a 5.3% interest rate for a new car purchase. I am planning on paying off the Hyundai Financing ASAP. I got different stories from various dealers as to what would happen if I paid off the loan early. One said there would be a $150 payment penalty, one said I would have to make four payments then could pay it off, another 2 payments. Another said it would end up costing me $300 in interest/penalties but it was worth it because of the $1000. The dealer I decided to buy from said the car dealership loses money when we pay off early, but they were OK with that, as long as I bought the car from them. He said, pay it off as soon as you get the coupon book, in about two weeks, before any payments are due. My husband (an accountant) wonders if it still qualifies as a new car from a dealer at that point for the lowest interest rate from lenders.
I bought from a dealer one hour away from my home, to save $250! So will pick up the car in two days. Funny, they are buying the car from another dealer, so I have to show up, sign purchase papers, they will go buy the car, bring it to their lot, I test drive and then they detail. Interesting, sounds like a long wait!

zen2

Kathryn, make sure your purchase papers, if you sign
them before you drive, say something like:
Purchase contingent on buyer being 100% satisfied with
car after test drive. And take it for a long test drive
under varying conditions. I found that some have
idiocincracies that others do not have, and you don't
want to be going back and forth to get something fixed.
Good luck
p.s. I was told by my credit union to just bring in reg.
and coupon, and I can get new car financing, no problem.

kathyrn

Thanks for the advice. I am getting better at this car-buying thing, but obviously there are still areas I wouldn't have thought about. By the way everyone--my car insurer quoted me $42 per six months for gap insurance, a better deal than I remember from our last credit union car loan. Is that good. This is the one extra fee we actually want.

backy

Check with the finance person at the Hyundai dealer first--some leases and financing contracts include gap insurance.

tb88

>>> One said there would be a $150 payment penalty...<<<

It should be spelled out (what the penalty is for paying off a loan early,and the specifics if any ... It is a state law in most States.) on the back of the financing contract...
The only question is if there is a stipulation to pay the rebate back if any... I am still waiting to get my coupon book etc...to see if there is any mention!
So far I haven't seen any mention of Rebate cancellation on any of the financing documents I signed!

zen2

That seems like a good price for the gap, but depending on how much you finance, you may want it longer than 6 months.
I'm going to get full gap, since I will refinance
almost the full price, at a cost of about 200 bucks.
Really would be in effect for about 2 years, I guess,
so the cost is about the same.

Also, I just got my first coupon, no book. The payoff
balance just includes the first month's interest.
I read the contract several times, can't find
anything about a penalty or repaying rebate if you pay early, so I am going to make one payment, then refinance.
I'll save more than 20 bucks a month, and that will
include the gap.

bhmr59

I'm an insurance agent in CT. Prices vary from one location to another within the same state for various coverages. Our lead company has a multi-coverage endorsement which includes GAP coverage, for lease or loan, at $28 per year throughout CT. It also includes up to $3,000/up to 30 days to rent a car when your car has a "covered loss", such as collision, fire, theft, etc.

Everyone should check with their agent before paying extra to the dealer for GAP coverage. On Monday this week a client came in because he was buying a 2002 Lexus. The dealer was hitting him $500 for gap insurance on his loan. He wasn't financing a large portion of the purchase price.

I believe Kathryn was saying that the gap coverage on her policy would be the charge for each six month policy term. It would automatically renew with each policy period until she told he agent she no longer wanted or needed the coverage.

bhmr59

If you are going to pay off your car in two years, you obviously will not need gap coverage for that long. The gap only pays the difference between what you owe and the fair market value at the time of a total loss. (If your car is worth $12,000 and you owe $10,000 gap doesn't do you any good, except that Hyundai will cover up to $500 of your deductible. How much are you willing to spend to insure $500 of value?)

Just check the numbers so you don't waste money, or ask your insurance agent for advice or an explanation.

sonata_gl

Thanks, I am going to dig more on finance.

kathyrn

Interesting thought...how can I tell I need gap insurance? I will put down about $2700 and finance $17,000 on a 5 year loan. We pay off our loans as fast as possible, but 5 years gives us wiggle room, just in case. How do I know how much my car is worth a year from now, no doubt when the gap insurance needs to be evaluated. Purchase price $17,750, tax $1757 (I'm feeling faint now!), Govt fees $129. Do I look at depreciation numbers?
Just got my eloan blank check and it says it must be made out to a car dealership only. So not sure if it will work to pay off HMFC. I need to call them. It is good for 45 days...surely enough time to get a coupon or book. The rate is 5.3% so am would really like to have that loan. HMFC rate 6.9%.

silverstone1

Can anybody here from around Houston, TX tell me what's the best price you got (or was quoted) on LX with no additional package, before TTL and after rebates. Also please say which dealer

egarcia52282

We purchased our car on 10/22/2005 in Houston, TX. It is a Bright Silver Sonata LX with Pkg.3 (Sunroof and CD Changer)

$24,895.00 MSRP
$ 199.00 (Price of Tint b4 Negotiations)
$23,439.00 Invoice (includes a $600 Advertising fee)

$22,500.00 Sale Price
+ $ 100.00 Tint
+ $ 1,293.75 Tax (6.25%)
+ $ 242.51 Fees
- $ 500.00 Manufacturer Rebate
- $ 1,000.00 HMFC Rebate
- $ 400.00 Graduation Rebate
___________________________

$22,236.26 Final Price


I purchased it at Champion Hyundai on the Gulf Frwy (Houston). The rebate is better now since it went up from $500 to $1000 on the LXs. You can probably get it a little lower if you negotiate a little more. I refinanced with my bank a week later.

Thanks.

sludgefoot

Just purchased a dark cinnamon LX with pkg 3 today in Los Angeles. Numbers were:

MSRP 24,895

SALE PRICE 22,000
cash rebate 1,000
finance rebate 1,000

TOTAL 20,000 (before tax and registration)

out the door 21856.01 (after tax and registration)

This appears to be over 800 below invoice according to Edmunds before the rebates. All in all, it was a pleasant buying experience. I purchased from Fuccillo Hyundai in Canoga Park. First time Hyundai buyer, just could not pass up on the car after test driving it a few times. Hope it satisfies me enough to make me a return customer in the future.

kathyrn

Dealer is telling me when we finance through HMFC we must pay 4 payments or we will get bill for the $1000 rebate. This is different than what people on message boards are saying. Will someone share whether this happened to them? Seems like several of you went and refinanced right away.

nivek911

I was told by the dealer to wait until the 4th payment also. I asked if there was a penalty for paying off early. They said no, absolutely not. In the next breath, they said that paying off before the fourth payment would mean I would be charged back the $1000. :confuse:

I am just waiting to get the coupon book, then I'll pay it off after calling Hyundai to see what the rules are. I believe the information posted here, that the dealer receives a kickback when the loan hits 90 days, and they are trying to protect it.

kathyrn

You know, this dealer gave me such a great deal on the car, I am OK with waiting the 90 days. I just want the truth so I know where I stand. My husband figured out the 90 days of interest would cost us $90 extra over the 5.3% loan we have with an eloan check. So the $1000 rebate is worth it. I wonder if I will be able to refinance at a good rate, I sure won't get the 5.3%, but may be able to do better then the 6.9% HMFC rate. Dealer tells me the car is still considered new since it is 2006 model and qualifies for new car financing. I am going in today to actually buy the darn thing. (By the way, we brought home the loan papers to read through before we buy and there is nothing about surrendering the rebate, it says no prepayment penalty.)

tb88

I was told the same thing by the dealer concerning the $1000 HMFC rebate... paying off before 3 months will get me a bill to repay the $1000.
It could be a scary tactic by the dealers to protect their Financing commission.
I haven't seen anything in writing or signed anything... By the same token, if that was the case, I can ask them to take the car back altogether!
(car bought 11/14/2005)
My Retail Installment Sale Contract (FL state approved) says on the back, if I pay off the loan before 6 mos they are allowed to charge me up to $75 as "acquisition charge"

lemonade2

Call HMFC 1 week after you buy the car. They can give you your account # for your loan if you provide them some personal info.

If you want to pay it off early but want to keep the loan open for the 90 days (for whatever reason) then just pay it down so there is only 3 payments left. The interest you will pay on this minimal balance is insignificant and you are still keeping the loan open for the 90 days. This would be an especially good way to go if you live in florida as it would eliminate the $75 penalty for paying off the loan early...although yo would have to leave a balance to cover 6 months of payments

nivek911

I just don't want to lose the 4.99% loan rate available to me. I plan to do an app next week so I'll be locked in for 30 days. Once I get the coupon book, I'll call Hyundai and ask them about the rebate. If HMFC says there is no charge back, it's not up to me to watch out for the dealer's profit.

tb88

Thanks lemonade2
That is almost exactly what I had in mind.
The 1st month I will pay the whole amount minus $1,000; which I will spread over the next 5 months to satisfy the 6 month requirement.
Total Interest: less than $200 - including Loan Stamp Tax*($38.50):

* Since FL has no income tax, they "stamp tax" almost anything for revenues

lemonade2

Just be sure you don't pay off to much. In otherwords..if your original monthy payment was supposed to be $300.00 even though you are paying off most of the loan your monthly payment stays the same $300.00 So in the example above, to be able to keep the loan open for 6 months you wuld have to leave a balance of $1800. If you make smaller payments then your original monthly payment amount as stated in the loan agreement you could be hit with late charges and/or other penalties (I'm not sure what they might be as I have not read the contract in regard to penalties)

Hope this helps

sludgefoot

I haven't refinanced yet, but I did go to the HMFC website and call the information number listed there. The HMFC person I talked to said that you could pay off the loan as soon as they had it in the system WITHOUT A PENALTY and STILL KEEP THE REBATE. I asked her why some dealers are stating otherwise and she replied that she does not know but they are incorrect and should not be doing this. So I will be refinancing from 5.9 to 4.49 with my credit union as soon as HMFC has it in their system.

lemonade2

The only reason I am not paying the whole thing off right away is because the salesman was upfront about it with me from the start. He asked if I would keep it open for the 90 days so he could be compensated for it. I have no problem with that. If he would have tried the scare tactic of saying HMFC would come after me to get the rebate back if I did not hold it open for the 90 days you can be sure I would have paid it in full.

zen2

My credit union will refinance any 2005/2006 car
as new, whether it is new or not. The rate I was
quoted was 4.99. Surely you must have a credit union
you can join. For mine, which used to be the Teachers'
Cu, you only have to live in the county to be eligible.
BTW, my finance rate was 7.49 with a FICO score of 782,
so I have no qualms about refinancing.

jack2345

In the charlotte area dealers are competing with prices that are around $15,900 for GLS-V6.

http://newspaperads.charlotte.com/RopAds.aspx?adv=158109

http://newspaperads.charlotte.com/RopAds.aspx?adv=314578

bhmr59

I'd be careful of the advertised price. The second adv is clearly a 4 cyl based on the advertised MPG. The first adv may or may not by a 6 cyl. Dealers do funny things with advertising. Maybe its legit. Just be careful and check it out.

A local CT dealer had an adv in our weekly Thursday saying $16,888 for a GL with AT. Fine print says it assumes rebate, HMFC rebate and Hyundai owner rebate. Plus ad $398.50 conveyance (plus all the unavoidable state taxes & charges). But, just add back the $2500 in rebates and you'll find that this "great sale" is a whopping $7 less than MSRP.

bhmr59

Checked Keffers web site & stock #33543 is indeed a 6 cyl GLS. The next question is whether or not it's a demo with several thousand miles.

Something seems too good to be true for a new car. List is about $23, take off $3K for maximum rebates and you still have $4K of dealer disounts.

It could still be a good buy, but not as good as the adv seems to make it.

tb88

...The second adv is clearly a 4 cyl based on the advertised 34 MPG...

.
It is also a manual shift ... which is the only one with 34 mpg. all the A/T have 33mpg list.

dan42

I've seen these adds with other manufactures. If there is a stock number it usually means that that adv price is only for that vehicle only (not all of the cars on the lot). By the time you see the add, the car is sold. They probably do this to get you to call or stop in.

sonata_gl

A very nice dealer is willing to sale a 2006 GL AT to me with $17K out of door at washionton.
It is better than car direct.
However when I was on the lot, the car was marked on paper as assembled in Korean, I was surprised by this, but the Tag at the front door is really saying assembled at USA.
It is not necessary a big deal, however anyone know where 2006 sonata GL assembled?

nivek911

I was told from a sales rep that 4cyl GL were made in Korea up to September or so. Now, all Sonatas are coming are assembled in the US.

sonata_gl

The car marked as assembled 2005/10/15.
That match what the sales person is make right correction.
Thanks,

zen2

If you read the fine print, that price is with 485
down, and a 485 doc fee, so now it is up to 17k,
now add in the loyalty rebate, and it is at 18K,
which is what I paid. Very misleading ad.

tb88

From what I understand only the "4 Cyl engines" are made in Korea not the whole car, whereas the V6 are made in the US... and the cars are all assembled in Alabama. Furthermore, you can tell if it is assembled overseas: it has the outside FOLDING MIRRORS, to make shipping more efficient.

tiburon118

Bought a GLS v6 with no option packages in the Dallas area Denton) Nov. 19.
19,231 msrp
600 destination
600 national advertising
---------
20,431 (invoice including the darn advertising)
-1,000 buyer incentive
-1,000 financed with hyundai
-1,000 owner loyalty for 99 tiburon
---------
17,431 adjusted invoice (after rebates)
17,229 price negotiated (with a free tint) before tt&l

The experience was pleasant. If you are interested in the Dallas area dealer, shoot me a note. I went in with an internet quote from a competitor in the area. It was lowballed obviously beyond any profit. But it got my dealer to the brass tacks quickly.

Also, I see that the early payoff is a topic for discussion. I was told by both the salesman and the finance manager that I could payoff as soon as the paperwork was in the system. No mention of penalty.

alayman

Just drove a GLS (MSRP 19,995) off the lot here in Houston for $15,988 with all applicable rebates. As a bonus, it had just come off the truck the night before and had not received the usual pinstripes. I think the stripes detract from the clean lines.

This is one sweet automoble for the money. Accord or Camry can't be touched for this price. Looking forward to the new and improved Santa Fe to possibly replace my 04.

lawrence45

From what I hear, the 4-cyl Sonatas are now being made in Alabama. My 4-cyl Sonata, which I picked up yesterday, was assembled in Korea in August with 72% Korean parts and 28% American parts. The side mirrors DO NOT fold in. Look at the VIN#. If it begins with the letter "K" it was assembled in Korea. If it begins with the number "5" it was assembled in Alabama.

jack2345

I got a message from them and they are touting some new tires for life program .. will drop by today and check out the final price.. Email response says ..

"And exclusively here at Keffer Hyundai....FREE TIRES FOR LIFE!! You will only find this free tires for life offer here at Keffer Hyundai!! (*On new vehicles only!) "

tb88

Thanks for the Info... mine starts with a 5.
The folding mirror story was another dealer misinformation, along with the "Financing rebate give back"...
Another misleading info from this dealer is that Sonata still has a " Timing belt"; which is not true of course... all Sonatas come with a Timing CHAIN... no more timing belt replacements!!

tb88

Make sure you read the fine prints about the so called tires for life! What kind? the cheap ones?
This is another gimmick which I saw used around here by a Kia dealer; and not too far by a Hyundai dealer.
How soon will anyone need new tires? My trade in had 50,000 miles and the original tires still have another 15-25,000 miles to go depending on how one drives.
If it were Free maintenance for life; or even for 36,000/3 years... that would be worthwile!
IMO, it is nothing but another worthless sales gimmick!

raleighkid

Hello All,
Looking to purchase a 2006 Sonata LX before the end of December. Am in hopes there will be some great deals as the end of the year approaches. Anyone on this board have experience purchasing in the Raleigh, NC area? Negotiated prices from posted invoice value and of course all the add on cost (like delivery) would be most appreciated as well as good or bad comments on a dealership or sales person.

I plan to use their financing just to get the extra $1K then switch over to my credit union.

Thanks,
Patsy

zen2

I think you'll find if you do any kind of research
yourself, you'll know more about a new model than
the salesmen you deal with. One salesman told me
the only difference between GL and GLS was fog lights.
Another told me GLS V6 and 4 both had same type glass,
until I showed him the difference. This one thought the
GLS 4 didn't have auto headlights, until I went through
a tunnel, and they turned on. And also told me I had
to make 6 months of payments, or pay back the rebate.
Unfortunately only dealer in town. I find this
ignorance, or laziness really irritating, especially
since they seem to have a lot of spare time, in which
they could be researching the cars, just like we do.
Anyone else have these type experiences?

zen2

You probably have to rotate every 3000 miles,
or something idiotic lke that, or the free tires
for life is void.

sonata_gl

Actually the sales tell me VIN number 5 is assembly in US.
The mirror can not fold.
I guess he is just in the bussiness too long and slow to learn.
Anyway, finish the GL deal. With Base Price of Vehicle 16775.
Thanks for the helps for the board.
Best wishes.