Hello Everyone,
I just got off the phone with Hyundai Motor Finance Company (HMFC)
to setup my monthly payments for my new 2009 Sonata GLS. 
Here's some information the CSR's were kind enough to pass along to me:
--- The best payment option is thru Automatic Payment . They draft your normal
monthly payment (principal & interest) directly from the checking or savings account
of your choice.
-- There are additional payment options, but you have to pay a small fee:
Over the phone via Western Union: $5.95
Over the phone via SpeedPay (Western Union): $1.50
Online: 50 cents
Snail Mail: a postage stamp
Yes, I know. 50 cents to pay online! The CSR's at Hyundai admitted that customers
aren't crazy about this..even if it is just 50 cents. We could have a forum discussion
just on this topic for the next 100 years, so please don't shoot the messenger.
-- Once you setup the Automatic Payment option, Hyundai will credit your account the same
day..even if it's on a weekend or if it takes 24-48 hours for the payment to be drafted from your
checking/savings account. That's a definite plus.
-- I asked about making principal only payments. Here's the best way to handle that:
First, setup your regular monthly payment thru the Automatic Payment option.
Then, make your principal only payment on the same day as your monthly payment.
So if your normal payment is setup to be drafted on the 10th of each month, for example,
make your principal only payment on the 10th of the month as well. This way, your
principal only payment doesn't get charged extra interest.
Edit to Add: The fastest and cheapest option for principal only payments is online....
even if it does cost 50 cents. Also, once you setup your regular monthly payment
thru the Automatic Payment option, any additional payments you make that month
will go towards principal only.
Note: If you decide to use snail mail for your regular monthly payments or
principal only payments (and save a few cents by using postage), the mailing
address is in Louisville, KY...not California where Hyundai's main offices are
located. Here's the snail mail address:
Hyundai Motor Finance Company
PO Box 9001101
Louisville, KY 40290-1101
Make sure to write your Hyundai acct number on the payment. And as I said before,
if you setup your normal monthly payment via Automatic Payment, any snail mail
payments you make will go towards reducing principal. Just make sure Hyundai gets
it on/before your regular monthly payment due date.
-- There is absolutely no prepayment penalty on Hyundai's auto loans, so you can pay
them off at any time. Just call to get the payoff amount.
-- Hyundai reports to all 3 credit bureaus at the end of each month.
OK, I think that's it. As I said earlier, in a perfect world online payments shouldn't cost
anything, but it is what it is...and 50 cents isn't going to break anyone.
Hope you found this information useful. Enjoy the day! 
CanDo
"The right attitude is everything"
Message Edited by CanDoAttitude on 09-03-2008 11:27 AM
Message Edited by CanDoAttitude on 09-03-2008 11:43 AM
Thanks for the luv, jdp1! I couldn't be happier
and it's a sweet ride!!!
Edit to Add: We bought 2 Sonata GLS's, actually.
And there's a lesson to be learned.
I qualified for the 1st one on my own thru Navy Fed.
6.25% for 72 months @ $334/month.
My brother also needed a car, so we had to qualify together
for the 2nd one. Unfortunately, when my brother did his rate
shopping the dealership he spoke with "shotgunned" his credit
reports to several banks instead of pulling his auto enhanced
FICO scores. So he ended up with a lot of INQ's he didn't deserve
and his scores tanked to the high 500's. So the best we could
do together was with HMFC @ 12.9% for the same term and
$379/month. 
He's already in the process of getting the INQ's removed, but
that takes time. Also, once 6-12 months of payments are made,
he'll look at refi'ing thru a CU for about half the 12.9% rate or less.
So the lesson learned here is to be careful with granting permission
to someone to pull your scores. Even the most "experienced"
people can make mistakes. 
CanDo
"The right attitude is everything"
Message Edited by CanDoAttitude on 09-03-2008 04:19 PM
Message Edited by CanDoAttitude on 09-03-2008 04:26 PM
Thanks so much for the kind words, 1111mel!!!
I'm gonna try the Automatic Payment route this month and see how things go.
If there are no problems, I'll stick with it. If problems do arise, a quick phone call
to cancel the AP option should resolve it. And starting next month, I'll start making
principal only payments. Small amounts at first to test the waters, then growing over
time as I become more comfortable with Hyundai's payment system.
We've set a goal of reducing the loan balance by 30% within 12 months. It'll be easier
to refi at that time cuz most lenders will only let you refi the current value of the vehicle,
not the original amount borrowed. Plus, paying down that amount should at least match
(if not exceed) the depreciation.
And you're right about the online payment for 50 cents. It does guarantee an on-time
payment, but I'm just used to doing it for free with an email confirmation sent to my inbox.
But like I said, it is what it is...
Thanks again for the Congrats!
CanDo
"The right attitude is everything"
Thanks for the luv, islandchild82!
I love the car and it drives like a dream.
Hopefully the info I posted will help a few folks. And yes,
the 50 cent online fee is a minor PITA, but it's just 50 cents.
Thanks again for the kind words. Enjoy the weekend!
CanDo
"The right attitude is everything"
