Hyundai financing question

We bought a new Hyundai car with their own financing because there was a rebate. We really want to pay the amount off.
The dealer tells me that if I pay off the entire loan within 4 months of
purchase, the Hyundai fianancing department takes the rebate amount from the dealer. Is that true?
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It was explained to me that you had to make three payments to keep from loosing the rebate, so four months sound right.

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Bob Wolf wrote:

Same here, but I could not find that ANYWHERE in writing and I read all of the paperwork before signing it. Did you find it in writing anywhere? I only got it verbally from the salesman.
Matt
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wrote:

I did just what you are proposing. I bought the car in December, and paid it off in the beginning of January. I refinanced the 6.99% loan from Hyundai with a 4.25% loan from a credit union. The only requirement that there is is that you finance the car. After it's financed, you can pay it off anytime. This was verified by Hyundai finance. Call them yourself. After you buy it, you only need to wait long enough for HMFC to send the "welcome" letter that shows your account number. The payoff amount you get when you call is THE payoff. There is no document that you sign where you agree to delaying anything. It's not like they (the dealer) have any recourse anyway. The dealer wants you to wait because they get a kickback from the interest every month. It only cost me ~$65 in interest, and $15.00 for the re-title at the credit union to get the $1000. Not only that, the CU was 2.75% cheaper. Also, the credit union offered "GAP" insurance for $199, which I paid.
More info from my experiences for those that are going to buy.... DO NOT buy GAP insurance at the dealer. They'll try to get $600 for it. Also, when you get to the F&I guy / girl, make sure that the line "total amount finance" = what you agreed to for a price - the rebates + taxes. Also, the "doc fee" is pretty much pure profit. Remember, you are paying for the taxes, title, and tags on a different line. They'll say ANYTHING to get that. They also tried a cute stunt where they included routine maint in the total. I never asked for that, and he wasn't happy when I had him remove it. It was something like another $50 a month. I of course got the song and dance about voiding the warranty.
Remember that the amount above invoice + holdback is all profit. Nothing wrong with them making a reasonable profit - maybe 3-5% above cost, which is basically what the holdback is supposed to be. Go look it up at http://www.carsdirect.com/home You really shouldn't pay much more than their bottom line + tax + tags + title (Title is ~$50 here in NC) . Remember, those items have NOTHING to do with the dealer profit device called the "doc fee". You are paying the state for them - you have to - you are GIVING the dealer the money for the doc. fee.
When asked if you have a trade in, don't lie. Honest answer is.... I do, but I'm not sure whether I'm going to trade it in here, or sell it on my own. It depends on what you are willing to offer me on it. We'll discuss that later, after we figure out how much the car I'm buying is going to be. They don't get the keys to your car to look it over until you've nailed down the price on what you are buying. Make sure it's locked, and only give them a spare set of keys. I once had a dealer in Owego, NY (A Chrysler dealer) "lose" my keys. They had a rep. for doing that, so I was prepared. You'll know what you are really getting for your trade, and can take it or leave it. If push comes to shove, you can ALWAYS walk until you have signed the reg. transfer stuff in the F&I office. Buyer's order means nothing. They are more likely to do whatever it takes (reasonably) on the trade after you've run them through the new car price negotiations.
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CNP wrote:

My dealer told me 3 months, however, I couldn't find any such wording in the loan agreement. My agreement did have a statement in it about a prepayment penalty. It had two boxes that could be checked, one that said prepayment "may" incur a penalty and the other which said that prepayment "will not" incur a penalty. When the salesman gave me the paperwork, most things were typed in, but neither of these boxes was checked. So, I checked the "will not" box and signed the paper. I figured someone at Hyundai would object, but I got my copy in the mail a couple of weeks later with the box checked. I may pay mine off when I get my tax refund, but that will be after 3 months anyway, but if they try to steal my rebate I'll send my lawyer after them.
Matt
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If you wait three months, assuming 7%, $20k, and 5 years, you will lose about $360 from paying interest. I refinanced mine about 2 weeks after buying it.
I'd be interested in knowing what you guys (youz guys = Y'all down here in the south - I'm not a native) got for an interest rate from HMFC. I got 6.99% and my score is 782. Higher than some value - unknown - is gravy for the dealer.
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Bob wrote:

Financing a little over 16K, we got 6.2% for 5 years. Refinanced before the first payment was due and there was no penalty. I'd have to look up the figures to be sure, but it seems like we "lost" about $70 by financing through HMFC to get the rebate.
Barry
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how can you lose $70? if you got $1,000 financing rebate and paid off the car in a month?
seems like you gained $930
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You don't suppose that's why he put "lost" in quotation marks, do you?
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