[jcamaro]

I had a similar experience when buying my Sonata last October. I had a manual 2006 Elantra financed through my bank at a good rate. My wife and I were expecting our first our first child and she didn't want to drive stick when the baby came. So we went to the dealership to look at a used 07 Sonata they had for a good price. I only had about 1500 to put down but we were still upside-down some in our Elantra so there would be a balance on the new loan. They told me they could give me more for the trade in if we got a new car, so we started looking at the 09s and found one we liked. We handed over the 1500 and the Elantra keys (this was a Sunday also) and signed temp papers for their finance company and on monday they would get it through our bank. Come monday, I found out through the bank directly that they won't finance it with the balance of the first loan due to cost to loan ratio being too high. Now we are stuck with a 14.5% interest rate.

Granted I should have checked with the bank first and should never have dumped a balance of the old car onto the new one... But as they say, hind sight is 20-20. It is a nice new car and Hyundai has a great warranty (they replaced the clutch 3 times in 2 years on my manual Elantra for free). Plus we got the tire warranty that covers just about anything and its got a lot more room. But we are stuck with the high interest rate until we pay enough to get the loan to value ratio in range of the banks standards.