CPO, warranty questions

[jjj]

I'm not car smart...
1) Dealer told me that the genesis I want to buy is certified CPO, but it will cost me an extra $1835 because that's what they paid Hyundai to certify it. I walked out shortly after... What the hell

2) if I buy a Genesis from a non-hyundai dealer, not a CPO genesis, can I still purchase an extended warranty for it? What I'm looking for is bumper to bumper extension for up to 100k miles/5 years, not just powertrain extension.

I've read the various threads and I'm still a bit lost.

3) If all goes well I should have a Genesis tomorrow. Saw one ...but ... it's a 5.0L. mpg hell. I saw one for under $27000 with moonroof. Is this price too good to be true.? I can barely find any 3.8L for that price

 

[Trap.]

1. The dealer does have to pay a nominal fee to Hyundai for CPO certification. Not sure the actual price but the dealer I just recently purchased mine from stated the same.

2. You can still get extended warranty through Hyundai. It is called HPP but the used Genesis must be under 36K to receive warranty without on-site inspection, see here (http://www.officialhyundaiwarranty.com/assist.asp).

3. 27K for a 5.0 is a steal. How many miles on it. I was looking at a CPO before I got my 3.8 and the cheapest I found was 31K with almost 50K miles.

 

[Mark_888]

As mentioned by Trap, the dealer does has to pay HMA to sell a car as CPO, but $1835 sounds a little high for their cost. However, they are also supposed to thoroughly check out the car and make certain repairs if required. I would make a counter offer of about $1200 if you are interested. However, the CPO only extends the powertrain warranty, and not the other stuff to 10 years or 100K miles. But the HPP extended warranty may not cover everything either, as there is a lot of confusion about whether it covers all the safety systems in the car that depend on some kind of radar, etc.

 

[jjj]

To get the hpp warranty must the used genesis (under 36000) be a certified CPO vehicle or can it be any genesis under 36000 miles bought from any dealer?

Thanks

 

[Mark_888]

To get the hpp warranty must the used genesis (under 36000) be a certified CPO vehicle or can it be any genesis under 36000 miles bought from any dealer?

Thanks

You can get a HPP extended warranty no matter where you purchased the car if the current warranty is in effect. It does not have to be a CPO. But prices may depend on various factors. You can purchase it at any Hyundai dealership, although rumors are that HMA is strongly discouraging selling them to out of state customers, because it is creating too much competition for dealers, who depend on profits from extended warranty sales.

 

[jjj]

You guys were helpful thanks.
The Genesis i was looking at i checked the carfax and it had an accident, hence the pricedrop.
Back to the drawing board

 

[DurtyByrd]

Patience is key. One will pop up eventually for a really good price.

I was able to buy a CPO 2016 Genesis 3.8 RWD for $26,500 (13K miles) before taxes, fees, etc. I've heard of other people getting a better deal than I did though. I didn't really look at any other models so can't really speak to the going rate on AWD or 5.0's.

 

[jjj]

Right now I'm test driving RWD, 28000k miles, pano moonroof, asking 27500.
Not sure if we'll be on the same table on price.
I like the car, they fixed some alignment issue i found while test driving. I don't think it's cpo.

A gray one, roof, 39k miles, cpo, is asking 25k. Those are my two contenders. Miles are a bit high for me here though, and they're taking about fee to certify cpo. Bleh bleh. Sucks

 

[DurtyByrd]

One other thing I did that helped to save me lot of money when purchasing my used Genesis was to get pre-approved for a 3rd party loan before talking with the finance dept. I was able to get a 2.59% unsecured loan (no lien on the car) with no down-payment through LightStream (Suntrust). I had this loan ready to go while I was shopping, but was willing to hear what kind of financing the dealer could do as well. In the end, the lowest the dealer could offer me was a 3.5% secured loan with money down. Needless to say, I used the third party loan and now have the car and title.

 

[jjj]

Maybe it wasn't meant to be.
Went to a dealership that had that 5.0L genesis, with the accident on carfax. Made a few calls on it. Hyundai said still has manfctr warranty. My bank said they'll still loan me for the car regardless of its history. Great. I'm take the gamble, priced well.

I figure if it's under warranty I'll just take it and be done with the headache of looking for a car. Nooooo. Not me!
Turns out with the fees added it exceeded my loan amount. Even if i wanted to add cash to the deal the banks were closed. And i fly back in the morning. Nice car. Gambled on it, accident and all, but even that didn't work in my favor. They wouldn't budge on fees. High volume place, they didn't care about me.

Goodbye florida. I'm still without a car. Sucks

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[jjj]

DB what's the advantage of doing it that way. Do you end up paying less than auto loan regarding interest? Or is it flexibility in the initial payment, leveraging/negotiating the deal in cash, etc.

 

[Trap.]

DB what's the advantage of doing it that way. Do you end up paying less than auto loan regarding interest? Or is it flexibility in the initial payment, leveraging/negotiating the deal in cash, etc.

It will end up driving your monthly payments down since you can get a lower APR. I did a similar thing to DB. I had my loan transfer ready to go from USAA at 4.1% with no money down. I told the finance rep at the dealer I had a better interest rate than the initial approval. After he found this out he made some calls around and was able to get an approval via Suntrust at 2.89% no money down.

 

[glennk]

There are also many aftermarket warranties you can get. Check the thread I created for details.

 

[DurtyByrd]

DB what's the advantage of doing it that way. Do you end up paying less than auto loan regarding interest? Or is it flexibility in the initial payment, leveraging/negotiating the deal in cash, etc.

There are a few advantages. As Trap mentioned, I think the most important advantage is that if you are able to obtain a loan for a lower rate than the dealer can offer, the difference will be reflected in your monthly payments. Secondly, also mentioned by Trap, it gives you an advantage at the negotiating table because one of the dealers main sources of income is the interest on the loans that they finance. Since they are usually eager to get you to finance through them, having a low interest rate loan ready to go gives them a benchmark that they have to beat (i.e. you get to skip all the high rates they initially throw at you). Thirdly, with a third party loan, you can usually finance for more than the value of the car if you wanted to. This would be helpful if you were planning to buy new wheels, tint, springs, etc. and would rather just pay it off with the car loan instead of up front. Lastly, the loan company I dealt with didn't want to be involved as a lien holder on the car, so they essentially gave me a personal loan with a car loan interest rate (much lower than a personal loan interest rate). This is helpful as far as dealing with paperwork and stuff if you end up selling the car since the title will be in your name only.

Sorry to hear about your stressful car buying experience so far. I'm confident you will find a solid vehicle for a good price soon though. Good Luck!

 

[jjj]

Called a dealership to get "out the door" price (didnt negotiate yet, trying to see if we're on the same atmosphere). their out the door price is $31,500k.
2015, AWD, pano roof, 19000 miles, cpo (they say it is cpo.....)

higher than i want to pay, but lower than ive been able to find around the country. with a lower price ill try to close. I have to apply with lightstream to see if they may be able to help sweeten the deal with cash.

if anyone has seen an AWD, with pano roof with low miles for less please let me know as i have looked and looked and looked and have not found anything around the country. awd with pano is harder for me to find.

ive been patient, but its time to get aggressive and close soon.

 

[cdccjohnson]

I think I had mentioned in another post, the dealer fee's in FL are a pain. I believe the state regulation is that if a dealer charges one customer that fee, that all customers must be charged. I have been able to get them to reduce the price to take the fee's into account but never was able to zero them out. Hence is why I now look out of state.

Here is a really good deal on a 2016 3.8 AWD. A bit more than your budget but its also a year newer. Not sure if they still have it but worth a look

 

[jarred52]

Hope you have read the threads in this site about the continuing problems with the pano roofs.

 

[jjj]

CDC I don't see a link....

 

[jjj]

Went to the dealership. The supposed AWD is not an AWD. It's a red. They made a mistake when they told me it was.
My luck keeps getting worse. Was going to close on it too.

Sucks

 

[Mark_888]

Went to the dealership. The supposed AWD is not an AWD. It's a red. They made a mistake when they told me it was.
My luck keeps getting worse. Was going to close on it too.

Sucks

No, they didn't make a mistake, the lied. They figured that if they could get you into the dealership, they had a least "some" chance of selling you something. This is one of the fundamental rules of selling.

Happened to me once when buying a new car (before they had online inventory).