2013 and Earlier - Hyundai Sonata Prices Paid and Buying Experience

averigejoe

Sounds like your deal was $1320 (plus tax) better than what I thought after reading your original post. I was assuming the dealer would give you Kelley trade-in only.
So now, using your numbers and guessing 7% tax on that difference between Kelley trade-in and the $2800 you got, it seems you bought your new Sonata for $16,151 plus tax and license.
Does this sound right to everyone else?

What was the MSRP bottom line on your window sticker?

njerald

Bottom Line: Do not finance a depreciating asset unless you can save a $800-900 net by getting the $1,000 rebate.

Then pay it off with cash ASAP and start saving for your next depreciating asset purchase.

You will save interest charges and instead get interest on your savings.

tb88

Your explanation of the % rates makes sense...but the finance contract clearly states "Annual Percentage Rate" and lists it at 6.36%.

If you pay them the interest "every day", then the true rate would be 6.36%.
How many people will write a daily check for the interest?
So, the extra 0.1% is the interest on the interest, which is compounded daily for a whole month until they get your monthly payment check!

bhmr59

But it IS listed as ANNUAL percentage rate.

Not to be snotty about it, but can you explain that? We're only talking about a few dollars over 5 years, but I like to be able to tie-in the numbers. Thanks.

tb88

True it is listed as the annual rate... but the earned daily interest starts also earning interest at the end of the day, until it is paid at the end of the monthly cycle!

The same thing with savings: it will state APR of 4.68% and Yield of 4.80%.
AS I said earlier: if you make a daily payment, then your annual rate will stay the same : 6.36%.

averigejoe

I like to think there are worse things than being anal.
And yes, the numbers should work.

I think the dealer has made at least one mistake on your paperwork and/or I am not aware of the facts of your purchase and finance contracts..

Here is what I think you have presented as facts:
Payment is 212.33 for 60 months
Total amount financed is 10,864.84
That total includes both a 38.15 installment contract stamp tax and a 100 processing fee which may or may not be loan associated fees.

Here is what I will present as facts:
An installment payment is calculated based on the total amount financed at a note rate over a period of months
APR is calculated using that payment amount for the same number of months, but is figured using the face loan amount which does not include fees or costs associated with the loan

Here are my deductions:
If there are no loan fees, APR is 6.45
If loan fees are 38.15, APR is 6.597
If loan fees are 100, APR is 6.837
If loan fees are 138.15, APR is 6.986

Here are some questions:
Is the 50 cent online payment fee included in the 212.33 ?
When the 212.33 payment was calculated, did the calculator know you’d be paying online?
Might the online fee be 55 cents per payment rather than 50 ? (if it is 55 then a note rate of 6.36% would cause a payment of 211.87 and the above APRs would change)
What do you think the dealer meant when he said the 100 processing fee would “go away” ?

averigejoe

APR accounts for all fees and interest associated with the loan. If there are no fees, the note rate and the APR would be equal. You do not need to make a payment every day for the APR to equal the note rate. If payments are made according to the schedule all interest has been paid and the principal is 0 by the end of the loan term.
Daily interest is simply APR divided by 365.

bhmr59

Thanks tb88. That may explain why, when years ago I had a different interest calculator available, there was a small savings (more than just a one-time savings) by making the payment (say) 10 days early each month and it explains why the initial payoff figure was higher than the original note.

Gee, none of the three of us discussing this called each other names or insulted one another. Just an enlightening exchange of information. Thanks both averigejoe & tb88. Hope this discussion will be helpful to others.

tb88

Simply call the bank and ask :
Why is the APR stated on a loan is not the same as the ACTUAL APR PAID (which is a little higher (0.1%)!

tb88

You are correct: Years ago they did not use the same system as today- it was compounded monthly not daily like today!
Thanks to COMPUTERS!

averigejoe

The monthly payment will vary depending on whether the loan is amortized based on beginning of month or end of month or middle of month payment dates. Different calculators may use one or another. Some can calculate all 3 if you press the right buttons. Mine only will do end and beginning of month amounts. I can indirectly calculate the payment for any day of the month though.

averigejoe

"...Gee, none of the three of us discussing this called each other names or insulted one another..."

I guess its good that I worded that #1178 title to only ask if each of us was anal, and not an anus, huh?

averigejoe

If I understand your deal facts correctly, that is one mistake your dealer made. The APR is not 6.36. At best, the note rate might be 6.36%
If you post the answers to my other questions I will try to figure out the rest, if any, of his mistakes.

bhmr59

Now I'm getting confuseder & confusder...lol. Averigejoe, your last 2 posts didn't show when I last responded to tb88.

Total financed is 10,864.84 including 38.15 & 100 processing fee. 50 cent "convenience fee" to pay on line is not included in the monthly pmt (want to pay $250, checkbook gets hit for $250.50). "stamp tax" is a State of Florida fee. The $100 processing was explained, as I recall, a fee charged in the event the loan was paid off in something like less than 6 months. I don't really recall as we were in the dealership for no more than 20 minutes signing papers, etc. The deal had been made over the phone (CT to FL)in 5 minutes. Local guy wanted over $1500 more. 8 days later I flew down to pick up the car. The numbers appeared to be right with about $50 discrepancy which was due to State of FL fees I didn't know about. Each month the payoff figure from HMFC goes down a few bucks more than the amount of my payment which goes toward principal. So, maybe the processing fee "disappears" over a year or so. But I'll be surprised if I don't wind up paying the $100.

bhmr59

Urrgh, dopey me. That's one thing I forgot to include and should have known better. Bought the car on 4/13/05. First payment was due 5/25/05 and all subsequent payments due on the 25th of the month. That of course adds to the interest charge which increases the APR! 12 days @6.36% X 10,864.84 is about $23.

I don't have the resourses to track it further, here at home, but it explains some of the difference.

kyfdx

Two pages of posts about $100 in interest charges is enough....

Let's move on..

Thanks,
kyfdx
Host-Prices Paid Forums

zen2

Oops, sorry. Merry, ah, Happy Holidays.

bhmr59

Yes, sorry if the priciples about the total buying experience including the workings of financing cost is off the mark.

While I appreciated the input from averigejoe & tb88, I thought the discussion would shed light for all readers.

Sorry if you or any of the readers were offended.

kyfdx

Not offended.... just enough on one subject...thanks..

sogoc

Car Price Before Rebate 19,200.00
Window Etching 199.00
Total Taxable Amount 19,399.00
6% Tax 1,163.94
4-year DMV Registration 242.00
Documentation Fees 189.00
Gas 44.00
Credit Bureau Fee 27.00
Total 21,064.94

Please give some comments on it. Are the charges reasonable? Which item could be negotiated down or away? Thanks a lot!

haefr

When I bought my '03 Sonata, the car came with a full tank of gasoline because Hyundai reimbursed the take-yer-money-ship for filling the tank as part of the pre-delivery servicing. Unless Hyundai has changed their policy, I'd question that gasoline charge - the take-yer-money-ship may be double-dipping both you and Hyundai. The document fee is simply more free money to the take-yer-money-ship. It'd be like going to Lowe's and being charged a transaction fee in addition to the price of your new lawnmower. Lowe's doesn't do it, supermarkets don't do it, WalMart doesn't do it, and car dealers shouldn't do it, but they can get away with it, so they do. Same thing for charging you for your credit report. You can do your own window etching for $5.00. Free if your municipality hands out the kits at the local constabulary. If you like the car and like the pre-TTL price, take a deep breath and sign the contract. You might be able to negotiate the take-yer-money-ship down a little more considering most people aren't buying cars this week, but I doubt he's gonna budge much. Any other take-yer-money-ships within reasonable driving range? (Remember you don't have to have routine and warranty service performed by the selling take-yer-money-ship.)

tb88

You could probably get another $500 off the $19,200.
I would recommend getting quotes from other dealers by Phone/Internet... This time is very slow for dealers and they might be more aggressive to bite.
I got a full gas tank and 1 year of service / 3 oil changes Free.
IMO window etching is way overpriced and a waste of money!
Why buy 4 Year DMV?
Credit Bureau Fee? what the heck?
They might also pressure you into an expensive extended warranty; when you get into financing and paper signing... be very careful! (you are dealing with snakes most of the time!)

Go somewhere else !!!

ofc

so what did you pay for it? Can you please share with us the pricing and the invoice pricing aswell.

i'd appreciate your help.

thanks

tonygrove

Hi, there,

I am looking to buy a 2006 Sonata GLS V6. I got an email quote from a dealership for $17,400, including destination fee, excluding sunroof, before tax, title, and docs. This is after the $1,000 manufacturer rebate plus the $1,000 HMFC rebate. Does this sound like a deal? How much negotiation room do I have (to push lower of course)?

This dealership is in the Chicago area. I called them up. They said they don't have any Sonata's without sunroof in stock, but it takes them a couple days to order one.

TIA

roadpilot3

Freehold Hyundai in Freehold, New Jersey is running a TV ad. Sonata GL for $9999 and the LX for $11995. I going to call and get more info. Sounds to good to be true. Whats the catch.

drabbit

Hi,
I got an email quote from a dealer for Sonata LX V6.
The dealer claims that they have $1500 below dealer total invoice cost until Dec. 31st.
Using pkg 1 base at MSRP $23,495.00, and with $1000 factory rebate and $1000 Hyundai finance bonus (o.a.c.), they are offering $18,561.00 after rebate, finance bonus, and Internet incentive to total $20,650.78 OTD @ 8.75% Alameda county(CA) tax rate.
I am not sure what "o.a.c" is. Is this price good? Any feedback is greatly appreciated.

-Drabbit

backy

o.a.c. means on approved credit--you have to qualify for Hyundai's financing to get the $1000 finance bonus.

$18,561 before tax seems like a very good deal, especially since it doesn't include the $1000 loyalty rebate.

nande1

Bought a Sonata LX with the sunroof and upgraded CD package (6 disk changer)in Sacramento yesterday for $22600 after everything (like destination charges; we didn't pay for any advertising fees, credit check fees, undercoating, VIN etching, or any of that stuff), but before TT&L and before rebates. Got $2500 in rebates. They gave us a pretty good deal on the trade-in, also (i.e. gave us above the TMV for trade-in). We had an offer from another dealer for plain vanilla LX (i.e. no sunroof or 6 disk changer) for 21,400, but they didn't give a very good offer on the tradein.

kan2905

In Canada (actually Quebec more specifically) we have a law that force advertiser to use annual rate. to avoid this kind of over compounded interest charge.

tulipyu

It sounds a good deal to me. Could you please tell me which dealership gave you the quote? We are in the Chicago area too.

tonygrove

Hi nande1,

Did the Sacramento dealer tell you what the $2500 rebates were? I know there are $1000 customer rebate and $1000 HMFC rebate. What is the other $500 rebate for?

Thanks.

zen2

Usually, if it's too good to be true, it isn't true.
It probably includes all available rebates, plus a 4 or
5K trade, my guess.

tonygrove

This quote was from the Hyundai dealership in Elmhurst. I tried those in Glenview, Highland Park, and Des Plaines. So far the Elmhurst one is the best.

Here is how I got it - search for invoice price of Sonata GLS V6 on edmunds.com, you will see a link to get dealer quotes. Follow the link, give them your zip code, select the dealerships you want. The quote comes in within a day to your email box. Let me know if you get better quotes elsewhere

tulipyu

The lowest quote I got is from Pugi of Chicagoland. The following is the breakdown:

Selling Price $19,305.00
Doc Fee $55.39
Plate Reg Fee $25.00
State Taxes $1,308.51
Plate/Title $143.00
Rebates $2,000.00 (Financing through Hyundai at standard
rates)
Total Due $18,836.90

nande1

They have two different possible five hundred dollar rebates--one for being a recent college grad (within a 120 days or some such), and one for being military.

backy

I have read some other posts re Hyundai purchases in which the buyer got both the college grad rebate and the military rebate--so you may want to check into that. BTW, the grad rebate is $400 and the military rebate is $500, so if you can only get one, grab the military rebate. (And thanks for your service to your country!)

tonygrove

tulipyu, does the quote include destination fee? Was it with sunroof? Or without? Thnx.

tulipyu

It's a 2006 sonata GLS V6 without sunroof. I did not call them yet but believe that $18836 is the out the door price.

nelif

Hi all,

One dealer give me the OTD price (after rebate) for 06 Sonata GLS I4 18,300? Is it good price?

Thanks.

backy

Can't tell. What was the price before rebates, taxes, license, and other fees--in other words, what was the dealer's discount off MSRP? Also, which rebates are you getting, and how much are the taxes, license, and other fees?

w9cw

FWIW . . . I just purchased a 2006 Elantra from Pugi of Chicagoland in Downers Grove, and not only did I receive an excellent deal, but was treated extremely well by them. I plan on purchasing a Sonata GLS, or possibly another Elantra (the new 2007 model), from them later in 2006.

The delivery last Saturday of the Elantra went perfectly. Their attention to detail is most commendable. For example, tire pressure in each tire was exactly as specified by the Hyundai owner's manual.

I wouldn't hesitate to recommend Pugi - good people.

sgk09

I just bought 2006 Sonata LX with Premium package, silver and gray interior.
Price 22,000
Rebates 2000
Total 20,000 plus ttl
No Extra
The whole exeperience was good and We had good reception, shown all variations, like cloth, leather, color combination, stereo upgrade etc.
The we came to get LX with option #3 and in Silver.
Negotiation took some time and we agreed and I picked up today.
I am in Austin, Texas.
Thank you, thru this forum which I have following for some time, came to Sonata from Accord and got what I think is a good price for a car like this.
A Honda guy changed to Hyundai.
What do you think?

stockmanjoe

Welcome Aboard!!

blnewto

A Honda guy changed to Hyundai.
What do you think?
I was one too, glad to see more folks are putting previous opinions about Hyundai aside and giving this car serious consideration. I think anyone that bashes the new Sonata without taking it out for a drive is really missing the boat. I sure didn't start out thinking Hyundai, but after comparing and driving similar models it was a simple choice

jrock65

You got the most luxurious car one can buy for $20k. I don't know anything you can get for $20k that comes even close.

backy

Not anything new, anyway. I have seen XG350s on sale below $20k, but although they are luxurious they don't have the power and handling of the Sonata LX.

tonygrove

tulipyu,

After showing your break-down to Hyundai in Gurnee, they gave me this quote:

$19,304
55.39 (doc. fee)
1403.56 (cook cty)
143.00 (title and plates)
- 2000.00 (rebate and HMFC)
= 18,905.95

Note the plate reg fee is waived. I live in Cook County so have to pay .50% higher tax. The quote also includes this:

"Also your first oil change is free and you receive a coupon booklet with over $500 in discounts for other maintenance including 2 more free oil changes."

blnewto

I'd also have them include the auto-lock activation (if you want this feature)

splongyuan

2006 Sonata GLS 4-cyl+ package 4:

$18,000
+ 600(freight)
* 1.06(6% tax rate)
+ 289(processing fee)
+ 100(TTL)
- 1900(rebate)
-------------------
= $18,200(OTD)

cxc

Same here - from Toyota and Honda to Hyundai: 2006 Sonata LX. I have been 100% satisfied with the car after more than one month. There is not single complaint.

Honda is selling Civic for about $20K! This reminds me that some people bought the Amazon.com stock for $360 per shear.

I considered hybrid. However, it is obvious that hybrid is good for fuel economy, but it is very bad for "money" economy.