I purchased my Hyundai Genesis from Hyundai of Asheville, NC in Sept. 2013. By the time the dealer made their "add ons" and taxes, I paid a little over $50,000 for this vehicle. It rides and drives like a dream!
Since the last part of 2013, I have become disabled by a neurological disorder that came on suddenly. It is becoming harder and harder for me to get in and out of the Genesis because it is low to the ground. My solution would be to trade the Genesis for a Santa Fe Limited, which would make it easier for me to get in and out. I went back to Hyundai of Asheville since I have purchased 4 other new vehicles over time. I was told, "Oh you are horribly up side down. We can't help you!. I figured that I had some negative equity on my last trade and this was the reason I was "horribly" upside down. I found out they did not tell me the whole truth!
I went online to the Cadillac website. They appraised my car at trade-in for $23,000! WHAT! They are crazy! They are just trying to rip me off! I went to an high end dealership in Charlotte, NC. They use Auto Trader to price their trades. According to Auto trader, my car was only valued at $18,500! WHAT! YOU HAVE GOT TO BE KIDDING! I just bought this vehicle 11 months ago for $50,000 and now you say that I have lost over 50% of the value of this car! The dealer even made several phone calls to different Hyundai dealerships to "call in some favors" to help me get out of this vehicle. NOT ONE OF THE HYUNDAI DEALERSHIPS WOULD OFFER ME MORE FOR THEIR OWN VEHICLE!!! I was told that "negative equity" had nothing to do with the value or appraisal of the car. I saw the results on the computer! They even went into Kelly Blue Book's web site and checked the value of the Genesis. Their appraisal for my car with no problems at all was $23,000! I have contacted customer service at Hyundai and registered a compliant. The representative took all the information but told me they didn't know what could be done. I HAVE A CAR THAT I PAID $50,000.00 LESS THAN A YEAR AGO, AND NOW IT HAS LOST APPROXIMATELY 62% OF IT'S VALUE!!! What am I to do!
Update from Sep 1, 2014: MY MATH ERROR. THE DEPRECIATION WAS ACTUALLY 62%!!! STAY AWAY FROM THIS OVER PRICED VEHICLE!!!
A D V E R T I S E M E N T S
I purchased my Hyundai Genesis from Hyundai of Asheville, NC in Sept. 2013. By the time the dealer made their "add ons" and taxes, I paid a little over $50,000 for this vehicle. It rides and drives like a dream!
Since the last part of 2013, I have become disabled by a neurological disorder that came on suddenly. It is becoming harder and harder for me to get in and out of the Genesis because it is low to the ground. My solution would be to trade the Genesis for a Santa Fe Limited, which would make it easier for me to get in and out. I went back to Hyundai of Asheville since I have purchased 4 other new vehicles over time. I was told, "Oh you are horribly up side down. We can't help you!. I figured that I had some negative equity on my last trade and this was the reason I was "horribly" upside down. I found out they did not tell me the whole truth!
I went online to the Cadillac website. They appraised my car at trade-in for $23,000! WHAT! They are crazy! They are just trying to rip me off! I went to an high end dealership in Charlotte, NC. They use Auto Trader to price their trades. According to Auto trader, my car was only valued at $18,500! WHAT! YOU HAVE GOT TO BE KIDDING! I just bought this vehicle 11 months ago for $50,000 and now you say that I have lost over 50% of the value of this car! The dealer even made several phone calls to different Hyundai dealerships to "call in some favors" to help me get out of this vehicle. NOT ONE OF THE HYUNDAI DEALERSHIPS WOULD OFFER ME MORE FOR THEIR OWN VEHICLE!!! I was told that "negative equity" had nothing to do with the value or appraisal of the car. I saw the results on the computer! They even went into Kelly Blue Book's web site and checked the value of the Genesis. Their appraisal for my car with no problems at all was $23,000! I have contacted customer service at Hyundai and registered a compliant. The representative took all the information but told me they didn't know what could be done. I HAVE A CAR THAT I PAID $50,000.00 LESS THAN A YEAR AGO, AND NOW IT HAS LOST APPROXIMATELY 62% OF IT'S VALUE!!! What am I to do!
Update from Sep 1, 2014: MY MATH ERROR. THE DEPRECIATION WAS ACTUALLY 62%!!! STAY AWAY FROM THIS OVER PRICED VEHICLE!!!
- Gerald W., Morganton, NC, US