[2000yearsago]

I'm not very good with Finance, I just want know if I got screwed by the Finance or does situation below sound about right.

So I bought a Limited for 48890 + 2999 (platinum package) + 4992.32 (Tax)and I put 5252.00 Down at 2.99% for 72 Months. I have ended with a $879.00 in monthly charge.
Can you guys check if the finance played any trick? Cash Price didn't make any sense.
Here is Itemization:

 

[SidneyCenter]

I think you could have got the Platinum Plan cheaper elsewhere. Don't feel bad about that, though. I wouldn't have known if I hadn't explored these forums beforehand.

Here is the link to the thread.

Any good dealers nationwide selling Hyundai Extended...

Most car manufactures seem to have a small number of dealers who make a business of selling authentic factory extended warranties just above cost via the internet. I just bought my Palisade Limited AWD but the offer for extended warranties was ridiculous ($1600 for a 3rd party "dealer backed"...

www.palisadeforum.com

 

[2000yearsago]

I think you could have got the Platinum Plan cheaper elsewhere. Don't feel bad about that, though. I wouldn't have known if I hadn't explored these forums beforehand.

Here is the link to the thread.

Any good dealers nationwide selling Hyundai Extended...

Most car manufactures seem to have a small number of dealers who make a business of selling authentic factory extended warranties just above cost via the internet. I just bought my Palisade Limited AWD but the offer for extended warranties was ridiculous ($1600 for a 3rd party "dealer backed"...

www.palisadeforum.com

Thanks for your input on the Platinum Plan. I just need help with the financing figures. I thought the first number was supposed to be price of the car + Taxes + add ons.

 

[SidneyCenter]

Thanks for your input on the Platinum Plan. I just need help with the financing figures. I thought the first number was supposed to be price of the car + Taxes + add ons.

Got it. It looks like the amount you financed is almost $58K, which at first glance doesn't seem right to me. Did you trade in a car that you owed more on than it was worth?

 

[2000yearsago]

Got it. It looks like the amount you financed is almost $58K, which at first glance doesn't seem right to me. Did you trade in a car that you owed more on than it was worth?

No Trade In.

 

[SidneyCenter]

No Trade In.

Hmm..Not sure. Doesn't sound right, but maybe I'm missing something.

 

[RTBoston]

Something is off.
48890 + ignore service plan + 4992.32 (Tax) should be Line 1 if your info is accurate.
- down payment.
+ other items (including service plan)
= amount financed

I hope this wasn't signed before your questions are answered?
Also... you should be able to return the service contract (maybe depends on state??).

 

[SidneyCenter]

Yeah, it looks like there was an addition where there should have been a subtraction someplace. My wife and I just got a limited for around the same price but the amount financed was about 10,000 less with close to the same amount down.

 

[Smims94]

I'm not very good with Finance, I just want know if I got screwed by the Finance or does situation below sound about right.

So I bought a Limited for 48890 + 2999 (platinum package) + 4992.32 (Tax)and I put 5252.00 Down at 2.99% for 72 Months. I have ended with a $879.00 in monthly charge.
Can you guys check if the finance played any trick? Cash Price didn't make any sense.
Here is Itemization:

View attachment 2875

Did you want the service contract?

 

[2000yearsago]

This is something I already bought.

 

[StarshipEnterprise]

Yeesh. What state and dealer?

I got 2020 limited FWD for $48k OTD and 0% for 48 months... No warranty though and I did have a trade in, but was a little under on it. Just paid down the difference on it (about $2k).

 

[Blistry18]

From I can see from the contract and your initial comments, you may have thought you bought a palisade limited for $48890 , however you actually bought it for a little over $54800 taxes not included. I hope you have a quote or some document to support $48890 quote because you paid around $5k more than that amount. Is there a possibility that the vehicle you bought was loaded with dealer installed accessories such as ceramic coating, window tinting, rust and other protective coatings, security VIN, etching etc, etc that was addded to the 48990 quote you were given? These items can add up quickly

 

[SidneyCenter]

some document to support $48890 quote because you paid around $5k more than that amount. Is there a possibility that the vehicle you bought was loaded with dealer installed accessories such as ceramic coating, window tinting, rust and other protective coatings, security VIN, etching etc, etc that was addded to the 48990 quote y

Yeah, it definitely looks like that.

 

[2000yearsago]

So I spoke to the finance , he gave me break down: 48890+4992.32( Tax)+ 5331.66 (Finance Charge)+261 (registration)+97.50(title)+695 (Admin Fee)= 59908 . Then he said im playing finance on 2.99% of $54650.

 

[Eric2203]

So I spoke to the finance , he gave me break down: 48890+4992.32( Tax)+ 5331.66 (Finance Charge)+261 (registration)+97.50(title)+695 (Admin Fee)= 59908 . Then he said im playing finance on 2.99% of $54650.

What the hell is that finance charge for $5,331.66? There's absolutely no reason for it to be there. And why isn't it on the paperwork?

And where's that extended warranty that you bought for $2,999 in that breakdown? Is that part of that mysterious finance charge? I think they're screwing you.

He's saying you're financing $54,650 because you put down $5,252 according to your earlier post. $54,650 + $5,252 = $59,902, which is close to the $59,908 total you just posted.

The key part is that finance charge. That needs explained, even if it includes that extended warranty.

 

[Blistry18]

Eric is correct. The dealership appears to have overcharged by approx $5k. As a first step, get the manager of the dealership involved. If that doesn't resolve the issue, bring in corporate Hyundai, with the clear message that you will go to the local press to discuss what has occurred. No business will be able to support a $5k finance admin charge.

 

[Blistry18]

In follow up to my last post. I did a check of your numbers on a loan calculator. 72 months at 2.99% for $57980 works out to the $879 per month you quote in your original post. If you multiply $879 by 72 months, this will come to $63288 total paid over 72 months. This equals $5308 in interest charges which is basically the finance charge you mentioned in your last post.

You are paying double for finance. They mistakenly have added total interest charges in line 1 of the contract you provided a copy of in your original post.

Out of interest do you have any sales person documents that provided the quotes? This will make it easier to get this resolved.

 

[Pruitt146]

Dude you are getting screwed big time! I agree with the other poster....call the dealership and threaten to go to the press. This is ridiculous.

 

[damAcon]

Not trying to pry, but thought I would point out that you were charged a sales tax over 9%. Although this could be right depending on where you live and whether or not you leased versus bought...leased being a higher sales tax. I keep looking at the $4,992.32....which was included in the top corner price of $59,875.32...and it looks high. If you reverse the math to figure out your sales tax...you take the 59875.32 - 4992.32 which gives you 54,833. Then you take the 4992.32 and divide it by 54833 which gives you a sales tax of almost 9.1%. The shorter version would be to Google sales tax calculator, add 54883 as the sales price and the 59875.32 as the total...and it will confirm the sales tax.

 

[2000yearsago]

Not trying to pry, but thought I would point out that you were charged a sales tax over 9%. Although this could be right depending on where you live and whether or not you leased versus bought...leased being a higher sales tax. I keep looking at the $4,992.32....which was included in the top corner price of $59,875.32...and it looks high. If you reverse the math to figure out your sales tax...you take the 59875.32 - 4992.32 which gives you 54,833. Then you take the 4992.32 and divide it by 54833 which gives you a sales tax of almost 9.1%. The shorter version would be to Google sales tax calculator, add 54883 as the sales price and the 59875.32 as the total...and it will confirm the sales tax.

Thanks, Tax Rate is supposed to be 8.675. Will look into that aswell.