2019 Hyundai Elantra that I did not purchase. Did I make the right decision?
Having success as a Hyundai owner in the past and ready to re-add a second car to our household, I was close to pulling the trigger on a 2019 Elantra SEL. Sticker was $20,480 with an Internet Price of $13,559. I know I would not qualify for all of the rebates, but with their financing (I'll come back to this), they could sell it to me for $15,300.
My credit score is very high, so I figured I could qualify for the 1.9 or 2.9 rate that they were offering currently, but I guess if I used that, then some of the rebates go away. With the rebates, they came back with a payment breakdown that resulted in about a 7.5-8% APR, at least double what I expected! I then asked if I could use my own financing instead and they said I would not get the rebates, and they said I could refinance after the sale if that is what I wanted. This dealer also sells Gap at $800-1000 per car, which seems about $300-400 too high. Even with all this, I was still willing to deal if they came down on the price somewhere else because I knew the Gap would be high. Also when I asked if I could take a copy of the paper that had the price and monthly payment amount on it, they told me it wasn't allowed. That itself didn't sound right.
Was I right in walking away or was this a good deal? Did they have room to come down if they chose to? Also, why would it matter how I was paying for the car to get the non 1.9-2.9% rebates? Thanks in advance.