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What do you guys think?

  • You got screwed

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  • Looks right

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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.
Leases rarely are higher tax rates (unless you're talking about somewhere specific like Chicago that tax leases in a very bizarre manner).

The sales tax rate here may seem higher, but I imagine what's actually happening is the sales tax is being applied to the purchase price, as well as stuff like the service contract add on, so the $54833 probably isn't the actual tax basis.
 

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2021 Limited AWD, Rainforest/Black
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Leases rarely are higher tax rates (unless you're talking about somewhere specific like Chicago that tax leases in a very bizarre manner).

The sales tax rate here may seem higher, but I imagine what's actually happening is the sales tax is being applied to the purchase price, as well as stuff like the service contract add on, so the $54833 probably isn't the actual tax basis.
Was about to type the same thing after reviewing again and comparing to our recent purchase.
 

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Saxman242, Yes good point, you pay taxes on the vehicle and service agreement, thank you. Still can't seem to figure it the ODO price to go with 8.65% sales tax and equal the 4992.32...and get it to match anything in that image. I guess there may be some other accessories in the mix...or gap insurance. I know with a trade in, since you paid taxes on the previous purchase, the amount is deducted from the total before taxes are applied. When there is a down payment, taxes are calculated before the down payment is applied. ODO price, including assessories, plus the service plan...calculate taxes...add in tax, title, license/registration, then deduct your downpayment. The only thing I am not sure of are the other miscellaneous charges like the tire charge...but if it is a govt charge then taxes shouldn't apply. I would definitely request an itemized list breaking down every expense.

***Also, speaking of gap insurance...if it is in there tell them to take it out. Call your car insurance company and have them add it in your policy. Then later, after a year or two you can remove it from your policy. No need to include gap insurance into a 7 year loan and pay for it for the full term of the loan.
 

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Saxman242, Yes good point, you pay taxes on the vehicle and service agreement, thank you. Still can't seem to figure it the ODO price to go with 8.65% sales tax and equal the 4992.32...and get it to match anything in that image. I guess there may be some other accessories in the mix...or gap insurance. I know with a trade in, since you paid taxes on the previous purchase, the amount is deducted from the total before taxes are applied. When there is a down payment, taxes are calculated before the down payment is applied. ODO price, including assessories, plus the service plan...calculate taxes...add in tax, title, license/registration, then deduct your downpayment. The only thing I am not sure of are the other miscellaneous charges like the tire charge...but if it is a govt charge then taxes shouldn't apply. I would definitely request an itemized list breaking down every expense.

***Also, speaking of gap insurance...if it is in there tell them to take it out. Call your car insurance company and have them add it in your policy. Then later, after a year or two you can remove it from your policy. No need to include gap insurance into a 7 year loan and pay for it for the full term of the loan.
They charged you $6,000 more than you thought you paid, plus the tax rate is 9.1% on what they charged you ($54,883)
Here is what you should have paid.
$48,890 purchase price
4,241.21 sales tax 8.675%
53,131.21 Line 1
(5,252) down payment
47,879.21 Line 3
3,357.50 add-ons Line I
51,236.71 Amount Financed Line 5
$778 pmt @ 2.99% 72 months

Bob
 

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I know with a trade in, since you paid taxes on the previous purchase, the amount is deducted from the total before taxes are applied. When there is a down payment, taxes are calculated before the down payment is applied.
That's not true for every state. It is true for PA, where both you and I reside.
 

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Stuff like the service plan should be included in the tax basis.

Some dealer/gov fees are taxed as well.
Thanks for the reminder. It depends upon the state. In California, which is where I assumed he was from due to the $85 document fee. (That is the maximum any dealership can charge in the state.) Service contracts are NOT taxable. I did not add the $85 in my sales tax computation which would have added another $7.37 to the total tax and therefore amount financed.
Bob
 

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Thanks for the reminder. It depends upon the state. In California, which is where I assumed he was from due to the $85 document fee. (That is the maximum any dealership can charge in the state.) Service contracts are NOT taxable. I did not add the $85 in my sales tax computation which would have added another $7.37 to the total tax and therefore amount financed.
Bob

The $85 here is listed as "Gov certificate of title fees", so that's either not the dealer doc fee or this sales contract is even more poorly written than it seems.

Doesn't really matter much though, as there are much bigger issues here than the tax rate.
 

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Discussion Starter #30 (Edited)
They charged you $6,000 more than you thought you paid, plus the tax rate is 9.1% on what they charged you ($54,883)
Here is what you should have paid.
$48,890 purchase price
4,241.21 sales tax 8.675%
53,131.21 Line 1
(5,252) down payment
47,879.21 Line 3
3,357.50 add-ons Line I
51,236.71 Amount Financed Line 5
$778 pmt @ 2.99% 72 months

Bob
So I got in touch with the Finance Guy, he broke it down this :

$48890.00 (Vehicle Price) +
$2999.00 ( Ext Warranty) +
$1800 (Other Aftermarket, this is a 7 year maintenance plan) These two items was disclosed as monthly payments of around $60 per month +
$695 (Admin Fee, Never disclosed)=
$54384.00
+4690.62 (Tax) $300 difference from the initial amount) (requested explanation)+
+75.00 (Title Fee)
+$273.50 ( Registration Fee)
+$10 (Inspection) =
59433.12
-5252 =
$54181 Cash Owed





But then he added $2999 again to this amount + smaller fees and he called $2999+$1800+Interest a Finance Charge

My Loan Pay Off is around $58000 + $5252 = 63525 is what i will pay for the car, if paid today.






Yes it looks like they screwed me big time.
 

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I'm following this thread because I want to see the OP get some justice. The dealership sure looks like they are trying to sneak by with an extra 5k+, and you can't tell me it was an honest mistake.
 

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The Hyundai dealer insisted a $3,999.00 "extended service agreement" be added onto the sale and I refused. The next day they called and said that they talked with "corporate" and were able to get the price down to below $49 grand. All taxes included, the out the door price I got was $51+K for a 2021 Limited Palisade AWD with 2.9% APR for 60 months.
 

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The Hyundai dealer insisted a $3,999.00 "extended service agreement" be added onto the sale and I refused. The next day they called and said that they talked with "corporate" and were able to get the price down to below $49 grand. All taxes included, the out the door price I got was $51+K for a 2021 Limited Palisade AWD with 2.9% APR for 60 months.
I worked a similar deal; $5500 for my trade, $20000
The Hyundai dealer insisted a $3,999.00 "extended service agreement" be added onto the sale and I refused. The next day they called and said that they talked with "corporate" and were able to get the price down to below $49 grand. All taxes included, the out the door price I got was $51+K for a 2021 Limited Palisade AWD with 2.9% APR for 60 months.
I was able to work a similar deal. Trade was $5500....$20000 down. I financed $ 26,800 at 1.9% 48 months.
 

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We were initially going to trade my wife's Infinity 2017 Qx50 but they only offered $19K, we optioned to sell it ourselves ang got $23K from a private deal. We paid off an additional $20K on the Palisade and refinanced to 1.9% from a Credit Union for 36 months.
 

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We were initially going to trade my wife's Infinity 2017 Qx50 but they only offered $19K, we optioned to sell it ourselves ang got $23K from a private deal. We paid off an additional $20K on the Palisade and refinanced to 1.9% from a Credit Union for 36 months.
Nice!
 
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