Law and Rights
The last time you had a problem getting warranty to pay for a repair to your Hyundai or Kia, did you wonder what they were doing with their money? Well, maybe they were saving it up, as Americans buy more and more foreign cars.
Just how much money do you think Hyundai would pay for the land on which to build their new headquarters building in Seoul, Korea - land owned by an agency of the South Korean government?
Which number below do you think is closest to what they agreed to pay, just for the land itself mind you, without going over the actual number -
$500,000?
$1,000,000?
$2,000,000?
$5,000,000?
$10,000,000?
Whatever your guess, you aren't even close. It was so much that when it was announced, Hyundai's stock took a nose dive because they paid three times what the land was said to be worth.
"...nonsense. I was stunned," said the fund manager for an investment company that owned stock in the company, according to Automotive News and reports from ABC News. He was no happier about it than many other stockholders, some of whom probably had no clue how much cash the company was sitting on (maybe more) in its cash reserves.
Would you believe $10 billion? Yup. And their plans for the property will reportedly cost another $6 billion to develop and construct. The size of the land is only 854,030 square feet. Our desk calculator won't go beyond one billion but if our hand written calculations are right, that comes out to $18,851 per square foot of land. Look down at your feet. They take up a little less than one square foot. Are you wearing $18,851 shoes? Apparently Hyundai is.
One commenter at Automotive News joked that Hyundai paid "Triple appraised value for a government owned property. The same government that granted the CEO freedom from prison. No, I see no connection," referring to the conviction of CEO Chung Mong-koo on embezzlement and corruption charges involving a $106 million corporate slush fund. On Korea?s 63rd Independence Day, the ministry of Justice granted a special pardon to eliminate all charges and sentences.
Hyundai sells several dozen model vehicles with prices ranging from $16,000 to $64,000 but you have to sell a lot of cars to plunk down that much just to buy some land to build a glitzy headquarters building.
Got a Hyundai lemon? Got a Kia lemon? And they won't or can't fix it? Give us a call. Getting rid of lemons is what we do. Everyday.
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Law and Rights
The $18,851 Shoes at Hyundai
The last time you had a problem getting warranty to pay for a repair to your Hyundai or Kia, did you wonder what they were doing with their money? Well, maybe they were saving it up, as Americans buy more and more foreign cars.
Just how much money do you think Hyundai would pay for the land on which to build their new headquarters building in Seoul, Korea - land owned by an agency of the South Korean government?
Which number below do you think is closest to what they agreed to pay, just for the land itself mind you, without going over the actual number -
 |
| $18,851 per square foot - a waste of money? |
$500,000?
$1,000,000?
$2,000,000?
$5,000,000?
$10,000,000?
Whatever your guess, you aren't even close. It was so much that when it was announced, Hyundai's stock took a nose dive because they paid three times what the land was said to be worth.
"...nonsense. I was stunned," said the fund manager for an investment company that owned stock in the company, according to Automotive News and reports from ABC News. He was no happier about it than many other stockholders, some of whom probably had no clue how much cash the company was sitting on (maybe more) in its cash reserves.
Would you believe $10 billion? Yup. And their plans for the property will reportedly cost another $6 billion to develop and construct. The size of the land is only 854,030 square feet. Our desk calculator won't go beyond one billion but if our hand written calculations are right, that comes out to $18,851 per square foot of land. Look down at your feet. They take up a little less than one square foot. Are you wearing $18,851 shoes? Apparently Hyundai is.
One commenter at Automotive News joked that Hyundai paid "Triple appraised value for a government owned property. The same government that granted the CEO freedom from prison. No, I see no connection," referring to the conviction of CEO Chung Mong-koo on embezzlement and corruption charges involving a $106 million corporate slush fund. On Korea?s 63rd Independence Day, the ministry of Justice granted a special pardon to eliminate all charges and sentences.
Hyundai sells several dozen model vehicles with prices ranging from $16,000 to $64,000 but you have to sell a lot of cars to plunk down that much just to buy some land to build a glitzy headquarters building.
Got a Hyundai lemon? Got a Kia lemon? And they won't or can't fix it? Give us a call. Getting rid of lemons is what we do. Everyday.
Burdge Law Office
www.BurdgeLaw.com
Helping Consumer Get Rid of Lemon Cars, Everyday.
Subscribe in a reader- Hundai Getting Too Big For Its Britches?
There just isn't anything quite like a "maybe recall" where the manufacturer will fix some cars, but not the ones that it has already sold, but that's what Hyundai is trying to get away with now. They win. You get stuck. Sound familiar? Hyundai...
- Are You More Loyal To Your Car Brand Than Your Hyundai-owning Neighbor? Data Shows They Are More Loyal Than Anyone
When Hyundai shipped their cars to the US for the first time, they hoped folks would come to like them. Well, it may have taken a while to get there, but there they are. New data on sales and service is reported to show that Hyundai owners are more loyal...
- Top 10 Vehicles
Consumer Reports has released its "Top 10" Best Cars for 2008 in its annual auto issue that is about to hit the newstands. Here's the scoop... The "Top 10" list is their ranking of the top vehicles in ten categories and for the last two years Japan...
- America's Worst Warranty
Don't buy a new Hyundai. That's our advice. That new Hyundai comes with an ugly surprise buried away in the fine print of your glove box manuals. If you buy their new car, you give up your Constitutional rights. No kidding! If your new Hyundai...
- Car Crooks Have Creative Lawyers
It is reported by Alisa Priddle at WardsAuto.com that the second richest man in Korea sits in a jail cell right now (deservedly so, some say). He happens to be the Chairman of Hundai Motor Group, Chung Mong-koo, who was arrested April 28 on embezzlement...