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Comments
While true on its price structure face, functionally, I can't help but wonder whether demos have had the long-term livin' snot run out of them right from the get-go without the slightest regard for Hyundai's specified 1,200 mile gentle powertrain break-in.
For that reason, I will never consider buying a so-called "demo", no matter how discounted it is!
It could be a one day loaner... driven by dozens of different people in different manners!
gentle breakin?
finance for the total payoff they faxed to me.
Unpaid balance, plus interest until 1/2/06. No 65.00
fee. Where did that come from?
gentle breakin?"
Such cynicism! Yep, I did - does that count?
Thanks in advance.
I'm looking to buy an '06 Sonata GLS V6 before the end of
this year. According to Hyunadi's collateral I can add
options such as, a moonroof, power driver's seat, 6 CD
changer and the interior metallic trim as opposed to the
fake wood [available on black cars with the grey cloth
seats]. I have two questions in this regard:
1. As today is December 15th, when is the best day in
December to buy the above vehicle? This coming
weekend? Xmas Eve? The last day of the year? In
short, when will the dealers be at their most desperate
to strike a deal and move the car from their lot at a
price which is most advantageous to me?
2. I have heard stories of people walking out with a
GLS V6 for as low as $17K. Is that really possible?
I live in Dallas, TX, and a couple of Internet quotes
I have received are in the $19.5K ballpark whereas
Consumer Reports' "Bottom Line Price" [from which
one should start negotiating] is $21,142.
Thanks in advance for your help.
Cheers,
Smethwickman
New Year's Eve might be a real good day to buy, near closing. People might be more concerned with getting to parties than buying a car. I have also heard from people with some experience at this game that buying on the 15th of the month can be good, because dealers place orders on the 15th and can only replace cars they have sold (unfortunately today is the 16th). I also heard that buying 1-2 days before the end of the month might work well. That is because by the last day of the month, the dealer may have met its quota already. But a day or two before, they might still be working to meet it and a little more hungry. Also, there may be fewer people in the dealership at, say, 8:30 pm on Friday the 30th than on a Saturday the 31st. (I got a really good deal on my last Hyundai buying it the last Friday of March, at 8:30 pm--there was no one else on the showfloor!)
Sometimes there are exceptional deals to be had, but a lot of that is luck (finding a dealer who has to sell one more car to make their quota for a bonus), or dogged persistence (contacting lots of dealers until they find one who is desparate). If you can get a deal that is at invoice or a little under, before rebates, taxes, and license, that is a good deal. If you can do better, great--go for it.
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I think ill pay it based on the rebates and the deep other discount the dealer gave me.
I recently bought a new 06 Sonata LX with Sunroof and upgraded stereo. Final price $20500.00. This is after Trade in but before taxes. Color is Silver-Blue. Edmunds does not have this color as a selection nor can I find it on any Sonata accessory web pages. I am curious to see if this is Hyundai's replacement for Pearl white that cannot be painted in the Alabama plant. Pearl is a three step process that the new plant is not capable of producing. I had read somewhere that only Hyundai's made in Korea can be obtained in a "pearl" color. I wanted the Pearl white but could not find one anywhere in the LX trim.
The dealership was very friendly & no pressure, also activated our Autolocks for free and unlimited lifetime $9.99 oilchanges (and they wash your car after every service).
Just curious what others thought about the choice of the fake wood trim pieces or the carbon grey inserts. IMO the wood looks far better (classier)and was one of the main reasons in choosing our Aquamarine w/ beige cloth rather than the Midnight blue w/ grey interior. I thought the dark blue w/ grey interior was a nice combo but the grey inserts screamed "bargain" to me.Looked like they belonged in a Scion rather than an upscale sedan. Just my 2 cents and don't mean to offend anyone that prefers the grey
of blue to it. In the sunlight it does look like
a dark silver though. At night, it looks, well....
gray.
They told me it was a 1/2 hour charge of about $42, but they ended up waiving the charge after my wife had an excessive wait at the service dept.
Price paid $19,431 minus $2,000 in rebates. (Didn't own a Hyundai before.) Plus tax, title, licence. They also insisted that they must add some other fees totalling to $140.
You should be able to get it for less than this. (We did have a trade-in, but we chose to bump up the trade-in value rather than reduce Sonata's price.)
Making this request as part of the sales deal really was not an issue...and they were glad to do it for me. However my previous experience with having the same dealer install a cabin air filter in a 2003 Sante Fe after the car was delivered did become a problem and I did not want to go through that process again.
Price paid $19,431 minus $2,000 in rebates."
Skarkada, that sounds like a good price. I was offered a GLS V6 with moonroof for $19,000 before any rebates (I'm not a Hyundai owner so I only qualify for $1K rebate). I would like to pick it up this week.
Would you mind showing us the price breakdown?
Thanks.
HMFC is OK to deal with. Each month I pay on-line about 10 days before due date. They get the payment immediately which should lower the actual dollar cost of the interest in the long run (I took 60 month loan). They do charge 50 cents to pay in this fashion--not much more than a postage stamp. You may sign up for automatic payments to avoid the 50 cent charge. I prefer initiating the payment so I can control when and how much to pay. My payment is $212.33 and I usually send them $250 which also will reduce the dollars of interest.
Hmfc is not the problem... it is the greedy "dealers" who finance their sales at the highest rate they can (8.9% in most cases, regardless of the credit rating of the buyer!) , because they get a better commission.
Those greedy dealers are harming HMFC which shells out $1,000 per deal- and which gets re-financed because of the high interest 8.9% +.
Those are the same greedy morons (dealers) who charge an arm and a leg for regular maintenance... and who in the long run will cause Hyundai's downfall! That is why most people don't go to the dealer for maintenance! I hope Hyundai will realize that soon enough and either force them to charge a decent price or remove them from its dealership network.
If they keep charging those outrageous prices for service ie.($500-$700 for a timing belt!?); and/or not really servicing the cars properly; Hyundai no matter how low they will sell their cars for, do not stand a chance of catching up with Toyota/Honda... What good is a 5-10 year warranty if you have greedy incompetent morons as helpers!
But paying 10 days before your due date consistently, by itself, only shortens your total loan term by 10 days. It only saves you 10 days of interest one time which does not amount to very much $. The real money saved in paying early (or even on time) is not having to pay late fees.
The trade-in allowance is an important factor in determining the true price of the new Sonata. How much did you get? And what was Kelley Bluebook trade-in value for your model with mileage and condition factored in?
How much did the dealer tell you he bumped up your trade allowance? From what to what?
Just curious.
On payment #4 (last August) I only sent the scheduled monthly payment. If I continue paying the extra $37.67 each month, the 60 month note will be paid off in 50 months and total interest savings will be $321.64 according to my amortization schedule.
I was thinking maybe you'd save more than that $322 of interest by paying the additional monthly principal. But I was guessing about the loan amount and APR before. I'm sure you are correct having all the numbers there.
The $100 fee goes away? I wonder where he thinks it goes. I don't understand what that means at all.
Hahaha. Dealers will say anything. Yeah, it goes away after you make all your payments. Then you owe nothing, so it went away, right?
Trust your calculator, not what the dealer says.
NO... The 6.36% is the daily rate and 6.45% is the annual rate... it has nothing to do with the processing fee.
All loans have a Daily % rate and an annual % rate; which is usually less than 0.1% higher.
It has to do with DAILY COMPOUNDING and nothing else!
APR is calculated based on the total financed amount including all fees and costs associated in getting the loan.
The note rate is calculated based only on the principal amount borrowed.
If there were no loan fees or costs financed into the deal, then the note rate and the APR would be the same.
So it is very likely the difference between the 6.36% note rate and the 6.45 APR is due precisely to the $100 processing fee being included in the loan.
the dealer told me was the best they could do,
even though my FICO score was near 800. My new
rate is 4.99 with the local credit union. If I
take the full 60 months to pay it off, that's a
savings of about 1200 bucks. I'm waiting for
someone from the dealership to call, in fact hoping
someone will call, about my refinancing.
I'm not holding my breath on the $100. The deal was good: $16,705.45 including all dealer fees and the $1500 rebate available at the time, plus TTL (tax $1093.74). OTD at $17,826.69. Finance charges (if paid according to schedule) are $1874.96 which = 60 months pmts @ 212.33 minus amount financed. MSRP was $19594 incl destination.
Since your total loan payments (60x212.33) equals $12,739.80 and the financing costs totalled $1874.96, that leaves $10864.84 as the total amount borrowed. Using those numbers, your APR is 6.45, not 6.36%.
If your APR was 6.36 and your cost of financing was $1874.96, then either:
1. the total amount borrowed was $10,888.36 or
2. the monthly payment was $210.38
The real question is whether that $10864.84 borrowed amount included the $100 processing fee and/or any other fees.
If you look at your sales contract (not the loan agreement) you should be able to tell how much of the car's price including tax title and license was owed after your down payment and or trade. That would be the principal borrowed.
How much did the dealer tell you he bumped up your trade allowance? From what to what?
Just curious."
Kelly BB said $1480 trade-in value. Another dealer wouldn't offer more than $1500. This dealer offered $2000. We finally got $2800. As I implied in my original message, some of it should go to reduction in Sonata price and some of it should go to trade-in. My aim was to get overall reduction in price - so I wasn't too interested in knowing how the dealer split the $800.
Amount financed was $10,864.84 of loan agreement vs $10,826.69 shown as amount to be financed on the sales contract. The $100 processing fee in included in the $10,826.69.
I've tried running the numbers many ways but keep coming up with 6.45%, while the loan agreement lists "APR" at 6.36. Just an interesting puzzle. For the couple $ involved, compared to the overall price, I'm not concerned, but guess I'm just anal about making the numbers work.