Is the dealership trying to rip me off? HELP!!!

[vivaretro]

Hi,

I purchased an 09 Hyundai Genesis V8 w/ Tech couple months ago.

Here is what happened.

1. When I got to the dealership, I received a verbal quote of $35,000, to be PURCHASED with cash in full.

2. When came back to sign the contract, they said they made a mistake and it is actually $35,500.

3. I said no deal and left the dealership.

4. Dealer called and offered me to work it around by having me sign a LEASE contract instead of PURCHASE so they can get $1,000 rebate from HYUNDAI. I would then make only 3 payments and buy out the vehicle. This way, I would be paying $35,000 for the vehicle.

5. I signed the lease and it is time to buy out the car. I called up the delaership and they said there would be a FINANCE charge of $399 to buy out the car. They never told me about this when I signed the LEASE contract.

Is this a legitimate business practice? My questions are:

1. Do I pay finance charges when I actually PURCHASE with cash in full?

2. The dealer said it's something I would have paid anyway if I bought the car in the first place. Then why didn't they charge for it when I sign the LEASE?

All in all, it's like I've done them their favor and got nothing in return. If I pay them $399 under the table, its pretty much the same thing as buying it for $35,500.

I am going to the dealer on Monday. I would really appreciate your help on this matter.

 

[wallymn]

You didn't provide a lot of details about your lease.

Term, residual, the payoff price.

Unless the lease contract lays out the 399 charge for buying out the lease, I wouldn't pay it.

Having said that, WOW what a deal. I bought my v-8 w/tech in Jan. and paid 39,500 and thought that was a really good price,

At 35,500 you are paying 6500 below sticker and 1500 below invoice. well done sir.

 

[Dimitry]

The charge would be in the original paperwork. I thoroughly look through any paperwork before I sign it for such situations.

With the HMFC rebates, it is actually often more beneficial to lease than to straight out pay cash, so that is a prudent case.

That aside, you got a fantastic price. My V8 Tech was 37850 - or 36600 once the rebate was rolled in. Sounds as if the dealership is pretty desperate to move inventory.

Talk with the General Manager through an appointment, if he/she is unwilling or you have a negative experience and the dealership is not willing to compromise, take it up with some calls and letters to Hyundai.

If that was the actual cash price, they seemed to have kept some of that leasing rebate cash when they promised to get that down to the original price you negotiated.

Keep us updated!

 

[dataguy]

Aside from the shady sounding dealer, it is a very good price. I paid $36K before TTL for a V6 Tech about 3 months ago, and that was a pretty good deal at the time.

I'd also tell them that you're not going to give them a 10 on the Hyundai dealer satisfaction survey. That's supposedly the kiss of death.

 

[LLT]

Wow, was there a trade involved? I think I got ripped off - I paid quite a bit more than that for my V6 w/tech. I also had a trade, which I got more than wholesale for, but still. You certainly got a good deal.

 

[dataguy]

Considering at the time I bought mine, there were no customer incentives and the price was well under invoice, I wasn't complaining. Sounds like it's anticipation of the new model year.

 

[JPW]

I'm shocked as well. Vivaretro, can you give us a few more details? Did the car perhaps have quite a few miles on it when you were purchasing/leasing it? The reason I'm curious is because I'm confident I'm about to buy a Genesis once the 2010's come out. I thought I had done my homework to understand what the going price would be for a 2009 (seems to be around $38,500 to $39,000 for a V8 with Tech) but your price is the lowest I've ever seen.

 

[vivaretro]

Unless the lease contract lays out the 399 charge for buying out the lease, I wouldn't pay it.

Wallymn, I went over the contract again and it has 400 for "early termination fee". I guess that's what it means. Now I'm upset about the fact that I did them a favor by sigining the lease so they can get the rebate and knock off 500 in return (the actual price was $35,095 so add this extra $95 + $400 it's the $500 they promised). But it seems like I have to pay 400 to buy out the car. They put me in between a rock and a hard place.

I mean, isn't that something they sould be responsible for? I wouldn't have had to pay for it had I just purchased the car...


I feel like a fool

 

[vivaretro]

The charge would be in the original paperwork. I thoroughly look through any paperwork before I sign it for such situations.

With the HMFC rebates, it is actually often more beneficial to lease than to straight out pay cash, so that is a prudent case.

That aside, you got a fantastic price. My V8 Tech was 37850 - or 36600 once the rebate was rolled in. Sounds as if the dealership is pretty desperate to move inventory.

Talk with the General Manager through an appointment, if he/she is unwilling or you have a negative experience and the dealership is not willing to compromise, take it up with some calls and letters to Hyundai.

If that was the actual cash price, they seemed to have kept some of that leasing rebate cash when they promised to get that down to the original price you negotiated.

Keep us updated!

Thank you, I will see what they say and seek advise from the group!

 

[vivaretro]

Aside from the shady sounding dealer, it is a very good price. I paid $36K before TTL for a V6 Tech about 3 months ago, and that was a pretty good deal at the time.

I'd also tell them that you're not going to give them a 10 on the Hyundai dealer satisfaction survey. That's supposedly the kiss of death.

I know! but I already completed the survey back in May, I don't think that could work as my weapon... I'll see if there are any other ways to straighten them up!

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[vivaretro]

And to all,

I think I got a good deal (it was a brand new car with only 25 miles on it priced at $41000) using some psychology tactics. lol

1. There were 4 Hyundai dealers that I emailed to get price quotes, and only 2 gave me an offer.

2. I contacted the ones I didn't get a response from, and told them "I got very good bids from your competing dealers but you are the only one I didn't get an offer."

One dealer told me that I should come in ASAP because Genesis are selling like hotcakes and have limited availability! (tried to put pressure on me)

I counter attacked by implying that the purchase decision must be made very soon, and Genesis is NOT the only option I'm considering. (time is ticking against you)

and said that I also am considering other makers, and they got me good prices too. Genesis could be an alternative if the price is right (Here I say "please refrain from giving me sticker prices. It would help us avoid making any unecessary investments")

By doing this I got them to reveal very low prices. I took the numbers and did some more negotiating in person.

I guess the important thing was to get THEM compete against each other, and I did it all via email. I didn't even answer their calls because I knew they would to talk me into something.

Along with that, the economy was worse in May and that should have helped me a lot...

So the bottom line is, get them to show their cards on the table first!

Hope this helped!

 

[Seattle Genesis]

WOW... This sounds like a good deal at that price. I would have paid the extra $500 and called it a day. I paid a bit more for the v6. I wanted the v8 tech but didnt get it due to the price. One dealer I visited would only sell the v8 at $41,500.. That was just too much for me.

 

[ctrcbob]

IMHO, when you first walked, you should have continued walking. JMHO

 

[Mark_888]

When I got to the dealership, I received a verbal quote of $35,000, to be PURCHASED with cash in full.

According to the Statute of Frauds (valid in almost all states), verbal agreements for goods to be sold over $500 are not binding contracts unless the are in writing.

 

[speakthetruth]

whether is 35 or 35,5..either way thats a fabolous deal as it is.

 

[wallymn]

well your stuck at this point.

The contract states you pay a early term fee. so you can either keep the the lease or buy the car for 400 more than planned, (but less than anyone else on this site).....

 

[BATTCHIEF]

Consider yourself very lucky to get a V8 Genesis w/Tech pkg at this price. Pay the $400 and laugh all the way home.

 

[rhyx]

Take it at that price. Stop haggling. You are getting an amazing deal as is.

 

[mkny73]

Did you purchase the car?