Consumer complaint received 2025-12-18 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Getting a loan or lease — High-pressure sales tactics
Company: HYUNDAI CAPITAL AMERICA
State: NJ

Complaint narrative:
We went to a XXXX car dealership in XXXX solely to purchase/ buy a new vehicle. We chose a vehicle, were given details about it, and sat down to sign paperwork. We informed the salesperson that we wanted to buy the vehicle. When it came down to payments, the salesperson told us that in order to lower our monthly payment, we can have the vehicle for 3 years and that after 3 years the price of the vehicle would come down. We believe there was a misunderstanding about us wanting to buy the vehicle and them presenting it to us as a lease. This vehicle was a XXXX XXXX XXXX XXXX XXXX, purchased in late XXXX with an MSRP of {$39000.00} and a total / final price of {$53000.00} according to our documents. At signing, we were told that a lower payment of {$250.00} per month was for a specific amount on our account that they were spreading out for us across the XXXX XXXX  years. We put {$20000.00} up front as a down payment because we told them that we are buying the vehicle. There wasnt an explanation that the {$20000.00} would not go towards buying the vehicle. For the XXXX XXXX years, a total of {$9000.00} was paid ( {$250.00} per month ) which also didnt go towards buying the vehicle, as we are now finding out. In XXXX, after the XXXX years, we were contacted regarding purchasing the vehicle or returning it to the dealership. Only XXXX of us went in to handle those documents. We were told that the current MSRP for the now XXXX XXXX XXXX vehicle was around $ XXXX with a financed price of {$35000.00} and a finance charge of {$11000.00} for a vehicle with a little over XXXX miles. XXXX states that the total payment would be {$46000.00}. We were given a finance company / bank based on personal credit ( which was above XXXX ). The payments were {$610.00} per month for XXXX months with an APR of XXXX XXXX and an additional down payment of {$1500.00}. We thought that because we said from the beginning that we are buying the vehicle, the original {$20000.00} down payment plus the {$9000.00} from the XXXX XXXX years would decrease the price of the car. The finance bank claims that they had no knowledge of the {$20000.00} down payment and so they are unable to help us. This is all coming up now because the vehicle was recently totalled in an accident and the cars insurance company valued the vehicle ( at the time of the accident ) at {$23000.00}, which is a payment that will be going straight to the finance bank. At the time of the XXXX of XXXX payments were made totalling another {$8000.00}. The payoff quote for the vehicle ( from the finance company / bank ) was {$30000.00} at the time of the accident, but the total for the XXXX month term would be {$46000.00}. When financing the vehicle, XXXX insurance was also added and so that will pay the difference to the finance company. Up until XXXX, {$29000.00} has been paid for this vehicle, yet it was financed for a XXXX month term at {$610.00} per month totalling another {$46000.00}, causing the vehicle to cost {$75000.00} by the time it will be paid off. As of now, the payments weve calculated from the beginning ( {$29000.00} paid plus {$46000.00} in progress ) til now will be over {$75000.00} for a vehicle that didnt cost that much from the start. We want to know where the issue or discrepancy is and how to move forward from here.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation