Toyota did not lower their prices. In fact they recently announced that they would be increasing their prices for 06. The local dealers may be getting more aggressive with their ads, but do yourself a favor and read the fine print.
Hyundai doesn't provide much of a profit margin in most of its cars at the dealer level. The company itself is making good money, but there isn't too much mark up in a Hyundai which is probably why you see so many ADM stickers on the lots.
As far as being competitive, you can always buy less car for less money. In most cases when it comes to Hyundai, you can buy less car for the same money. Equip any Toyota with the same stuff that Hyundai gives you standard, and the Hyundai will be less. Not to mention what value there is to be had in a 10 year warranty.
"Not to mention what value there is to be had in a 10 year warranty."
The problem is that extended powertrain warranty only applies to the original owner or immediate family members (spouse or child). The ballyhooed extended powertrain warranty (from 60,000 miles/5 yrs. to 100,000 miles/10 yrs. isn't worth the paper it's written on for trade-in or private sale purposes.
When I buy a car, I am far more concerned about my needs than the person who gets my car after me. If I were intending to give it to a family member, then I would purchase the 10yr bumper to bumper extension which is fully transferrable. Same can be said if I sold my cars.
OK - I didn't realize you planned on paying additional out-of-pocket expense to duplicate the warranty protection already provided by Hyundai for ten years or 100,000 miles.
As of 2004 (I think), the Hyundai powertrain warranty was no longer transferrable to family members. That was the case with my '01 Elantra, but I noticed the warranty was different on my '04 Elantra.
The 10 years/100,000 mile warranty only covers the powertrain. The bumper-to-bumper that comes standard is only 5 year/60,000 miles. If you want 10 yr/100,000 mile B-2-B, you have to buy that additional 4 yrs/40,000 miles. Check out http://hyundaiusa.com/global/warranty.asp
Just got off HyundaiUSA's website. You're right on both counts, backy - thanks for the heads-up. I have a feeling owners and immediate family members were costing HyundaiUSA as the years and miles piled. Whatever the reason, it's apparent HyundaiUSA's taken at least minimal steps to reduce their warranty exposure*. You suppose they have further powertrain warranty "surprises" in store in another year or two?
*In a way I can see the company's dilemma. "Dad", sober pillar of the community and devoted family man who reigns benevolently over his "Ozzie Nelson/Ward Cleaver" domain, and drives equally conservatively, turns car with 65,000 clocked TLC miles over to just licensed "Ricky/Wally", who proceeds to flog the livin' crap out of his "new" wheels as soon as he's out of sight and doesn't hesitate to have it towed and dumped at the dealer's service entrance for freebie repairs when the engine and/or trannie understandably tank(s) from the youthfully exuberant abuse.
For those of you who have purchased the 10 yr Hyundai Protection Plan (basically bumper to bumper for 10yr/100,000miles), what have you paid? I am thinking about getting it but i dont know if Hyundai has a fixed price or dealers charge whatever you are willing to pay..
I have checked into the extended coverage on both of my Elantras and got quotes from local dealers ranging from just under $1000 to about $1200. I decided not to spring for it. Keep in mind that you have up until 1 year/12k miles (whichever comes first) to jump for the extended warranty--so you don't need to decide when you buy the car.
That's good to know that Hyundai's policy has changed on the extended warranty. With my Elantras, Hyundai made it clear that the option to get the Hyundai extended warranty coverage expired after 12k miles.
Hi i'm looking for the Canadian prices that you have paid for the new 2006 Sonata LX or GLX. There's lots of information for the US prices and there seems to be more rebates available in the US than Canada. I want to purchase but and wondering what my final price should be??? Can ANYBODY help?????????
The Canadian V6 models are the GLS (with/without options packages). If you are seriously considering buying one of them, you might consider paying $40 and finding out the invoice price to the dealer by going to www.carcostcanada.com which gives you an unlimited time to obtain 5 invoice cost reports. You then want to try and pay cost or as close to cost as possible plus applicable taxes, freight and PDI). The report might also provide you with any rebates or incentives but this is usually available form the Hyundai canada website (unlike the US, not much available). The carcostcanada website also provides you with a freight and PDI amount and this seems to vary greatly between dealers. Good luck and I would be interested in hearing what kind of deal you are able to get.
Tonight I visited my area Hyundai dealership. Test drove Steel Gray GLS V-6, nice car, with premium sport pkg. I let them make first move, 23100. Then I produced my research, (Edmunds TMV pricing report). They acted like they never seen this before. They took the info. to the "guy" behind the glass. Came back, asked me what I would pay above invoice price. Edmunds says with the premium sport pkg, the invoice price would be 21213 including dest. charge. With 2000.00 off for HMFC rebate & Competitive Bonus offer, the price comes down to 19213. I told them I would give them 19213 (invoice price) for the vehicle. A trip to the "guy" behind the glass again, came back with 19607 (19213 invoice & 394 Advertising Fee). Asked me what I would give above that, I believe if I would have offered 100 dollars more, I would have the car in the garage tonight. I politely told them I would think on it & get back to them. They were very nice to deal with. I have recently lost my husband, but not his tactics, he bought most of our vehicles in the past with Edmunds info. My question is this, Edmunds info. says nothing about advertising fees, is it built into Edmunds invoice price? Does everyone out there pay these advertising fees, & do dealerships charge different advertising fees?
Usually, advertising fees are added on to the dealer's invoice by the manufacturer.. They tend to vary by region, market, or metropolitan area, so Edmund's doesn't include them...
That seems like a terrific deal. I just paid $20600 for the same car in Maryland. I didn't have the "competetive" rebate though so that would have brought it down to $19600. The car is a dream. You would have to be very picky to find anything to complain about with it. I actually had the salesman call me the day after I bought it just to thank me for my business.
I can believe that. Hint: he's greasing the skids for sales referrals from you. (And, yes, I'm a cynic - one with the ability to see clearly through baloney.) You did get a good deal, though, and I wish you endless miles and miles of enjoyment from your new ride.
I think my interest rate through Hyundai Financing was 5.25% bUt I did not care because I paid it off two weeks after buying the car. I only financed it in order to get the $1,000 incentive.
Bill: Which dealer in Maryland are you using? I live in Columbia and have talked with Antwerpin Hyundai out in Clarksville. Nice folks, but if you have a dealership that undercuts them, I'd love to get some figures. You can e-mail me privately if you wish at rc_dillier@hotmail.com. Thanks, Bob
Please exchange info here in the forum, where everyone can benefit from it.. Just follow the rules delineated below "Post A Message"
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I went to Ken Dixon Hyundai in Waldorf, MD. Actually they sell Hyundai, Honda and Chevrolet. Their quoted price was initially higher but I called other dealerships and got a much lower quote. I called them back and they met the lower price. Try shooting for Edmunds or Kelly invoice price. You should get it. They also try to sell a lot of addons during the "closing". GAP insurance, Life insurance, extended warranties etc so beware.
Hello all! Picked up my new ride last night. 2006 Sonata steel grey GLS V6 with option package #5. It was $20,488 otd (Michigan has a 6% sales tax) after $1,000 financing and $1,000 comparative vehicle (2002 Nissan Sentra SE-R - fun car!) rebates.
i am trying to buy 05' sonata l4 gl in chicago i request dealer quotes but they always answer "sold out and what about 06'sonata or elantra?" 05' sonata is sold out really?
I purchased 06 Sonata also and financed through HMFC for the 1000.00 Rebate also. The Dealers stated that I have to wait 91 Days before Full Pay Off could occur otherwise lose the REBATE????? Is this BS????? I believe they receive some type of Kick Back on financing??? I want to pay mine off today!
This is BS. I paid mine off the next week. I would have done it sooner but had to go out of town on business most of the week.
They want you to take as long as possble because it's more money in thier pocket. My advise - pay it off today.
Its funny, when i went into the finance office, the guy said he assumed I would want a 72 month load so he had done all the paperwork on that loan. I told him I didn't care what he put on the paperwork as long as I could read the contract to assure myself there was no pre-payment penalty since I already had my checkbook with me ready to write a check to the bank for the entire amount..
They had given me a good deal on my trade in because they assumed I would finance for 72 months. The rate they gave me on financing was very high (My credit score is 820) meaning I should get the lowest rate possible - but I didn't care since I would only be paying interest for a few days on it.
You could make a large extra principal payment for the first month and just leave something like a $1000 remaining on the balance. Then pay that off over the second and third months. You won't end up paying very much interest if you do this and it would be almost as good as paying it off right away . . . and you would still comply with the 90 day loan life requirement. You'll still come out way ahead with the $1000 rebate you got for financing the car.
How does this compare to what it "should" be... I'm close to taking the leap as I figure my current Dodge Neon gets me that $1k off which ends at the end of the month... As always, I'm thankful to you guys for any advice.
Hi Greg, Well I bought my 2006 Sonata GLS V6 with the premium package.... I unfortunately had to order it because I want the Cinnamon and there are none in Ontario. I had already gone to Carcost and knew the invoice price for the Sonata when I went into the dealership. I had also gotten an internet quote of $500 above invoice price (which translates to less than 2%) so I knew what my figures should be. I paid $500 above invoice plus $350 administration fees. When the deal was settled I then asked for a graduate program discount of $500 which I also got. I think I did a great job. Now I am anxiously awaiting my new car.
$16600 OTD - must finance thru Hyundai for 72 months @ 9.9% but can payoff after 90 days. Is this a good deal? Are deals like this advertised elsewhere?
That seems like an excellent deal, since the list price on the car is $20k (assuming it has no options). Be sure they really mean a GLS, not the GL. As someone has suggested, you could pay off all but, say, a few hundred dollars on the loan after a week or so and pay off the rest after 90 days--make sure the finance contract allows accelerated principal payments though.
Well done.. That sounds about as good as it probably gets (in Canada). By the way, what did you pay for freight and PDI?
I have 1700 Km's on the clock and nearing the end of the "break in" period. I am loving the car (no problems except a rattle coming form the rear). I waited for 5 weeks before I took delivery but I am sure you too will see that the wait is worth it! Good luck
Had a good buying experience from World Car Hyundai. Standard LX: $21883 Sales tax; 1243 Inventory Tax: 45 License: 72 Title & state Insp: 54 Document fee: 50 Sub Total: $23347 minus Rebates -2000 OTD price &21347 Dave
Does your deal include a trade -in allowance or is it a buy with no trade? A while back someone posted a deal that sounded too good to be true; it was. She later mentioned there was no sales tax because her trade was worth more than the new purchase. She didn't mention how much more it was worth or if she got cash back on the new car deal.
Your deal sounds real good "depending." If no trade its great. If you have a trade worth $4K it's not too good.
I keep seeing posts talking about paying off the car early (some even before the supposed 90 day requirement)... Sorry for being so naive, but do you all just mean refinancing the car right after you get the rebate? Also, smith20, in your example/suggestion, you suggest paying everything but the last $1000 off prior to the 90 days and then once 90 days hits you could finish paying off the car. My question to you is this...how would you get a bank to front you the auto refinance loan for the car if they were not getting the title until after the 90 days. Are you talking about taking a personal loan? I want to take advantage of the rebate but not at those extremely high interest rates!
I was offered the LX silver Sonata with package 3 for 23,000 I ended paying 23,000 – 1,000 (rebate) + 105 (Title, plate and reg.) and the New York City Tax (8.375%) $1926.25
So before Tax the car cost was 22,000 plus 105 for the LX with the ultimate package. It’s well worth it and definitely gives you the feel of a luxury car. I can’t wait to start using the heated seats and the subwoofer does play a big roll on the sound system.
Cars direct invoice price: $23,339 Edmunds invoice price: $22,839 plus $130 (Regional Adjustment) Edmunds TMV: $24,141
It looks like my dealer (Hyundai of Westchester) gave me a good deal 23,000 Solid!
Only used one rebate for 1000 from HMFC, my previous car was a Dodge Intrepid so I wasn’t qualified for the second 1000 rebate. I called to verify and was told that I can pay it off right a way; so I only incur an interest for a little over two weeks since my purchase was on September 12 2005.
Yes, you can buy and use the HMFC rebate and pay it off immediately without any penalty and since the rebate is already being deducted from the purchase price when you buy the car, you will be all set.
Im in country Victoria and am still waiting (impatiently) for my blue Sonata Elite to arrive in country. I ordered it on 04 Aug but although the dealer told me it would be arriving on a boat from Korea on 14 Sep, it didnt make it but the dealer managed to mysteriously get a white one in for his showroom. I find it annoying that the dealer will stock his showroom before filling a 'real' order.
Then I was told the car would be on the boat arriving 28 Sep. Guess what...its the 28 Sep today and the car isnt on the boat!!!! however the dealer has a second white car (still not assigned to a buyer) arriving.
Now he tells me (one very irate customer) that he has managed to pull strings and kindly is doing me a favour by negotiating with another dealer to get a blue car assigned to me from their stock but this wont make it in country till 18 Oct and so wont be delivered to me until 26 Oct or so.....
I have to say im very very unimpressed that it was only after constant and persistant badgering that the dealer got off his fat [non-permissible content removed] and actually 'did me a favour' by managing to move unsold stock around the country (swapping one of his unsold cars for another dealer's) to fill my purchase. I know the car is great and i am really looking forward to it, but these dealers need a serious lesson in customer focussing and a good kick in the pants to make them do any work once they have your signature on a sales docket.
As far as price went, the salesman refused to budge a cent from his first price and even made deprecating remarks that I 'seemed to be trying to play hardball' when I was pausing to consider his price, it was as if he found my resistance to accept his first offer as an insult, still he did offer me a price I could live with so i took it, just wish i had gone to a larger dealer now, maybe one who can look after actually getting cars delivered to paying customers this side of christmas.
Not sure if Hyundai know or care about the slack attitude of their sales staff in pursuing vehicles for waiting customers without needing an electric cattle prod to wake them from their slumber, but it doesnt make me want to point customers their way at all, ill suggest the car is fabulous (im sure it will be) but recommend they dont deal with these sleepy ingrates of a dealership.
Can i ask what you paid for your sonata elite? How long did you have to wait for yours to arrive post-sale?
I keep seeing posts talking about paying off the car early (some even before the supposed 90 day requirement)... Sorry for being so naive, but do you all just mean refinancing the car right after you get the rebate? Also, smith20, in your example/suggestion, you suggest paying everything but the last $1000 off prior to the 90 days and then once 90 days hits you could finish paying off the car. My question to you is this...how would you get a bank to front you the auto refinance loan for the car if they were not getting the title until after the 90 days. Are you talking about taking a personal loan? I want to take advantage of the rebate but not at those extremely high interest rates!
I do not know how you would do this with a second auto loan. I was assuming that the people wanting to pay it off early had cash available, a home equity line of credit or some other method of paying it off right away.
As for example with my own experience: We bought a Hyundai last year and we had saved the money in advance to purchase the car and so we could have paid for the car in full the day we bought it, however there was a $400 incentive at the time to finance the car through HMFC. So what we did was finance the car and took a loan for $14,000 through HMFC. We paid I think about $12,500 the first month and then paid off the remaining $1,500 over the next two months. I think we ended up paying about $75 in interest charges doing this, so we came out about $325 ahead as a result of the $400 incentive to finance. We could only do it this way because we did not really have to finance the car in the first place and I was assuming the people that said they could pay it off didn't need to either. I don't know how exactly it can be done with an auto loan refinance.
Someone could certainly refinance the loan (there are ads for that kind of loan all the time at Edmunds.com and elsewhere), but then there is a question of whether the interest rate is as low as is possible on an original loan. I financed my latest car using a home equity line of credit, since the interest rate was low and the interest is (usually) tax deductable.
Got it. So I guess mamb1979 you could make a comparison of the following three situations to find out which involves you paying the least amount in total. Determine the total cost of each of:
1. Finance through HMFC with $1,000 rebate. 2. Finance though HMFC with $1,000, acquire a lower rate refinance with another source and pay off HMFC as soon as you can. 3. Finance with alternate source and forego the $1,000 incentive.
If an auto refinance loan is equal or higher than the HMFC rate, then option 2 obviously won't work. If a refinance rate is significantly lower, then you have to consider is what is the time from the HMFC loan origination and the day you expect to pay it off with the second refinance loan.
It should be pretty easy to figure out the costs of straight financing through only HMFC or another lender. Total cost will just be original principal plus the total interest over the life of the loan. If another lender can save you $1,001 or more dollars in total interest charges, go with them.
Thanks guys... this sure clears up my questions. Time to run the numbers through a payment calculator. I think refinancing rates should be significantly less, I just wouldn't be able to do the refinance until the 90 days are up.
On another note, any chance the October incentives will be the same as this month? Or maybe even better (I read somewhere on the forum that the best incentives for the new model year are offered beginning in October since the prior year's models have been mostly sold off). Any thoughts? Should I be rushing to buy before Saturday?
I just got my $2000 deposit back on a cancelled deal after 15 phone calls and several faxes.
I have now cancelled 3 deals on 2006 Sonata LX. Dealers sure are a work of art. How can you play with them at their game and on their premises and expect to win?
Take Documentation Fees: From a low of $45 in Brooklyn to a high of $375 in Long Island. Why? The paper work is the same. Negotiate this figure, don't meekly accept it.
Window Etching: $199. What a ripoff. You can do it yourself for about $25. Say no even if they say it's dealer policy.
How about the 1980's pin striping $245. Now that is creative exploitation.
How about the dealer sticking his logo on your car for free advertising. Tell them to stick it up there collective you know what. They want the logo, tell them to pay you an advertising fee of $100/month. Most dealers stick this logo on when the cars are just delivered with a strong adhesive that will damage the paint if removed.
Dealer Administrative Fee-$385. Now that is a gem-this Long Island dealer should be given an award for outstanding contribution to the welfare of the buyer.
And they get away with all these ripoffs and scams.
What I have learned:
1. When you walk into a dealer, don't shake his hand. It's cruddy because it's always looking to reach into your pocket for your money.
2. When you sit on that grand chair in the grand cubicle be ready to walk because you are dealing with expert fleece artists.
3. Everything has to be written on the contact. Everything-don't assume, don't take anything said for granted.
4. This might be tough but it's your money. Don't give any deposit-your signature should be enough especially with any of the rebates that are offered.
5. Don't sit around waiting when they start to play the salesman/manager game. It's an insult to your dignity.
6. Don't get suckered in by the "nice guy, I'm on your side" routine. Remember, THE SALESMAN is not your friend; he is your enemy. You are there to be plucked.
7. And mostly beware of the pit...the Finance office. This is where the sheer brilliance of a car deal takes on the luster of an Academy Award performance.
To all the people on the board: When you talk about price include nothing but the actual price you paid or were quoted-everything else confuses the issue. The OTD is meaningless.
Comments
Hyundai doesn't provide much of a profit margin in most of its cars at the dealer level. The company itself is making good money, but there isn't too much mark up in a Hyundai which is probably why you see so many ADM stickers on the lots.
As far as being competitive, you can always buy less car for less money. In most cases when it comes to Hyundai, you can buy less car for the same money. Equip any Toyota with the same stuff that Hyundai gives you standard, and the Hyundai will be less. Not to mention what value there is to be had in a 10 year warranty.
The problem is that extended powertrain warranty only applies to the original owner or immediate family members (spouse or child). The ballyhooed extended powertrain warranty (from 60,000 miles/5 yrs. to 100,000 miles/10 yrs. isn't worth the paper it's written on for trade-in or private sale purposes.
*In a way I can see the company's dilemma. "Dad", sober pillar of the community and devoted family man who reigns benevolently over his "Ozzie Nelson/Ward Cleaver" domain, and drives equally conservatively, turns car with 65,000 clocked TLC miles over to just licensed "Ricky/Wally", who proceeds to flog the livin' crap out of his "new" wheels as soon as he's out of sight and doesn't hesitate to have it towed and dumped at the dealer's service entrance for freebie repairs when the engine and/or trannie understandably tank(s) from the youthfully exuberant abuse.
Can you please inform me which City did you get that offer. Any additional detail will be welcome.
Thanks
Seems like the whole bargaining process is different, with our friends to the north not having quite as many scams to deal with.
regards,
kyfdx
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kyfdx
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i request dealer quotes but they always answer "sold out and what about 06'sonata or elantra?"
05' sonata is sold out really?
They want you to take as long as possble because it's more money in thier pocket. My advise - pay it off today.
Its funny, when i went into the finance office, the guy said he assumed I would want a 72 month load so he had done all the paperwork on that loan. I told him I didn't care what he put on the paperwork as long as I could read the contract to assure myself there was no pre-payment penalty since I already had my checkbook with me ready to write a check to the bank for the entire amount..
They had given me a good deal on my trade in because they assumed I would finance for 72 months. The rate they gave me on financing was very high (My credit score is 820) meaning I should get the lowest rate possible - but I didn't care since I would only be paying interest for a few days on it.
Read your copy of the finance contract to verify whether the rebate is contingent on not paying the note off early.
2006 Sonata, 4cyl, GL, auto.
Selling price: $18,500
-$1000 HMFC rebate
-$1000 Competitive vehicle rebate
=$16500
+8.1% sales tax... $1336.50
title/lic = $370
doc fee $329
=$18535.50 OTD
How does this compare to what it "should" be... I'm close to taking the leap as I figure my current Dodge Neon gets me that $1k off which ends at the end of the month... As always, I'm thankful to you guys for any advice.
Well I bought my 2006 Sonata GLS V6 with the premium package.... I unfortunately had to order it because I want the Cinnamon and there are none in Ontario. I had already gone to Carcost and knew the invoice price for the Sonata when I went into the dealership. I had also gotten an internet quote of $500 above invoice price (which translates to less than 2%) so I knew what my figures should be.
I paid $500 above invoice plus $350 administration fees. When the deal was settled I then asked for a graduate program discount of $500 which I also got. I think I did a great job. Now I am anxiously awaiting my new car.
2006 Sonata GLS 4 cyl
$16600 OTD - must finance thru Hyundai for 72 months @ 9.9% but can payoff after 90 days.
Is this a good deal?
Are deals like this advertised elsewhere?
Thanks
I have 1700 Km's on the clock and nearing the end of the "break in" period. I am loving the car (no problems except a rattle coming form the rear). I waited for 5 weeks before I took delivery but I am sure you too will see that the wait is worth it! Good luck
Tom
Standard LX: $21883
Sales tax; 1243
Inventory Tax: 45
License: 72
Title & state Insp: 54
Document fee: 50
Sub Total: $23347
minus Rebates -2000
OTD price &21347
Your deal sounds real good "depending." If no trade its great. If you have a trade worth $4K it's not too good.
I ended paying 23,000 – 1,000 (rebate) + 105 (Title, plate and reg.) and the New York City Tax (8.375%) $1926.25
So before Tax the car cost was 22,000 plus 105 for the LX with the ultimate package.
It’s well worth it and definitely gives you the feel of a luxury car. I can’t wait to start using the heated seats and the subwoofer does play a big roll on the sound system.
Cars direct invoice price: $23,339 Edmunds invoice price: $22,839 plus $130 (Regional Adjustment) Edmunds TMV: $24,141
It looks like my dealer (Hyundai of Westchester) gave me a good deal 23,000 Solid!
Only used one rebate for 1000 from HMFC, my previous car was a Dodge Intrepid so I wasn’t qualified for the second 1000 rebate. I called to verify and was told that I can pay it off right a way; so I only incur an interest for a little over two weeks since my purchase was on September 12 2005.
Yes, you can buy and use the HMFC rebate and pay it off immediately without any penalty and since the rebate is already being deducted from the purchase price when you buy the car, you will be all set.
Then I was told the car would be on the boat arriving 28 Sep. Guess what...its the 28 Sep today and the car isnt on the boat!!!! however the dealer has a second white car (still not assigned to a buyer) arriving.
Now he tells me (one very irate customer) that he has managed to pull strings and kindly is doing me a favour by negotiating with another dealer to get a blue car assigned to me from their stock but this wont make it in country till 18 Oct and so wont be delivered to me until 26 Oct or so.....
I have to say im very very unimpressed that it was only after constant and persistant badgering that the dealer got off his fat [non-permissible content removed] and actually 'did me a favour' by managing to move unsold stock around the country (swapping one of his unsold cars for another dealer's) to fill my purchase. I know the car is great and i am really looking forward to it, but these dealers need a serious lesson in customer focussing and a good kick in the pants to make them do any work once they have your signature on a sales docket.
As far as price went, the salesman refused to budge a cent from his first price and even made deprecating remarks that I 'seemed to be trying to play hardball' when I was pausing to consider his price, it was as if he found my resistance to accept his first offer as an insult, still he did offer me a price I could live with so i took it, just wish i had gone to a larger dealer now, maybe one who can look after actually getting cars delivered to paying customers this side of christmas.
Not sure if Hyundai know or care about the slack attitude of their sales staff in pursuing vehicles for waiting customers without needing an electric cattle prod to wake them from their slumber, but it doesnt make me want to point customers their way at all, ill suggest the car is fabulous (im sure it will be) but recommend they dont deal with these sleepy ingrates of a dealership.
Can i ask what you paid for your sonata elite? How long did you have to wait for yours to arrive post-sale?
I do not know how you would do this with a second auto loan. I was assuming that the people wanting to pay it off early had cash available, a home equity line of credit or some other method of paying it off right away.
As for example with my own experience: We bought a Hyundai last year and we had saved the money in advance to purchase the car and so we could have paid for the car in full the day we bought it, however there was a $400 incentive at the time to finance the car through HMFC. So what we did was finance the car and took a loan for $14,000 through HMFC. We paid I think about $12,500 the first month and then paid off the remaining $1,500 over the next two months. I think we ended up paying about $75 in interest charges doing this, so we came out about $325 ahead as a result of the $400 incentive to finance. We could only do it this way because we did not really have to finance the car in the first place and I was assuming the people that said they could pay it off didn't need to either. I don't know how exactly it can be done with an auto loan refinance.
1. Finance through HMFC with $1,000 rebate.
2. Finance though HMFC with $1,000, acquire a lower rate refinance with another source and pay off HMFC as soon as you can.
3. Finance with alternate source and forego the $1,000 incentive.
If an auto refinance loan is equal or higher than the HMFC rate, then option 2 obviously won't work. If a refinance rate is significantly lower, then you have to consider is what is the time from the HMFC loan origination and the day you expect to pay it off with the second refinance loan.
It should be pretty easy to figure out the costs of straight financing through only HMFC or another lender. Total cost will just be original principal plus the total interest over the life of the loan. If another lender can save you $1,001 or more dollars in total interest charges, go with them.
On another note, any chance the October incentives will be the same as this month? Or maybe even better (I read somewhere on the forum that the best incentives for the new model year are offered beginning in October since the prior year's models have been mostly sold off). Any thoughts? Should I be rushing to buy before Saturday?
I have now cancelled 3 deals on 2006 Sonata LX. Dealers sure are a work of art. How can you play with them at their game and on their premises and expect to win?
Take Documentation Fees: From a low of $45 in Brooklyn to a high of $375 in Long Island. Why? The paper work is the same. Negotiate this figure, don't meekly accept it.
Window Etching: $199. What a ripoff. You can do it yourself for about $25. Say no even if they say it's dealer policy.
How about the 1980's pin striping $245. Now that is creative exploitation.
How about the dealer sticking his logo on your car for free advertising. Tell them to stick it up there collective you know what. They want the logo, tell them to pay you an advertising fee of $100/month. Most dealers stick this logo on when the cars are just delivered with a strong adhesive that will damage the paint if removed.
Dealer Administrative Fee-$385. Now that is a gem-this Long Island dealer should be given an award for outstanding contribution to the welfare of the buyer.
And they get away with all these ripoffs and scams.
What I have learned:
1. When you walk into a dealer, don't shake his hand. It's cruddy because it's always looking to reach into your pocket for your money.
2. When you sit on that grand chair in the grand cubicle be ready to walk because you are dealing with expert fleece artists.
3. Everything has to be written on the contact. Everything-don't assume, don't take anything said for granted.
4. This might be tough but it's your money. Don't give any deposit-your signature should be enough especially with any of the rebates that are offered.
5. Don't sit around waiting when they start to play the salesman/manager game. It's an insult to your dignity.
6. Don't get suckered in by the "nice guy, I'm on your side" routine. Remember, THE SALESMAN is not your friend; he is your enemy. You are there to be plucked.
7. And mostly beware of the pit...the Finance office. This is where the sheer brilliance of a car deal takes on the luster of an Academy Award performance.
To all the people on the board: When you talk about price include nothing but the actual price you paid or were quoted-everything else confuses the issue. The OTD is meaningless.
sligg