Tried to tell em

[KROLIS]

So I took my car for a oil change last Saturday, got a call from dealer on Wednesday asking if I would like to sell my car. Tell em no, maybe my wifes car. They said COME ON DOWN we can make a deal.(LOL) Went in told the guy I would pay $400 a month (which is more than what the payment is on the car).Told them what I was looking for (2017 2lt/rs). Guy came back asking if I was firm on the $400, said yes, why what are YOU looking at. He said $861 a month for 6 years LOL.

Now I went there knowing I could never get that but they CALLED me. Shortest time spent in dealer ship ever (30 minutes).

Same dealer that let me walk over $25 a month on another car about 6 months ago.

[STUNNAH]

Yeah the old sucker you in trick and the worst thing a person can do is tell them what their willing to pay...Glad you were on your A game...

[Snoman]

Originally Posted by KROLIS

..Told them what I was looking for (2017 2lt/rs). ..He said $861 a month for 6 years LOL.
....

$60,000 Financed
0.9% Interest
72 Months
= $856/mo


Credit bad? The only way that math computes is if you're $28k upside down on your trade in or your financing at over 20% interest.

$32,725 Financed
24% Interest
72 Months
= $861/mo

[STUNNAH]

Originally Posted by Snoman

$60,000 Financed
0.9% Interest
72 Months
= $856/mo


Credit bad? The only way that math computes is if you're $28k upside down on your trade in or your financing at over 20% interest.

$32,725 Financed
24% Interest
72 Months
= $861/mo

You don't have to have bad credit for a dealer to try to catch you making an impulse purchase...

[Snoman]

Originally Posted by STUNNAH

You don't have to have bad credit for a dealer to try to catch you making an impulse purchase...

so, if I want to make an impulse purchase, dealers now charge 24% interest?

[jrhagen]

I worked at a dealership about 10 years ago. The salespeople would have competitions on who could screw the customer the most. One guy was able to sign a lady to $17,000 financed for 60 months for $350.

I quit when the sales manager congratulated that one.

[STUNNAH]

Originally Posted by Snoman

so, if I want to make an impulse purchase, dealers now charge 24% interest?

If you're a sucker they will...

Really I made that statement in reference to your post that mentioned "bad credit"...Didn't know if it was a general statement or targeting...

[riozlander]

Wtf woow. Back in 2011 I was trying to buy a 500E Mercedes it was a 2009 for 15k. That was the payment per month 800+ at 28% interest and my credit was a dumpster fire rolling down a hill tords a small gathering of children it was so bad.

Glad I got pre approved this time at 4.22% 325.11$ a month for 4 years. I expect to be upside down by 5k when's all sed and done on a 14.8XX$ loan

[pbeyer2010]

As a word to the wise to the younger more vulnerable C5 folks out there, here is a bit of information i have found useful over the years, my apologies for hijacking the thread OP...

Starting your negotiations with a dealer with "what are you willing to pay per month" is basically the same as handing your checkbook over to them. The price of the car has been thrown out the window and they will just extend your payment cycle out 12,24,36 more months to make their nut.

Always, always always nail down "Out the door" pricing first ! Price + Taxes title and fees. Don't even mention financing until your ready to sign the deal, let them assume you are paying cash. Dealers make more money on the financing than they do on the sale of the vehicle. When they try to raise the price because you want to talk financing, call them out on their BS and demand the agreed to out the door price. Then back into the financing.

Hopefully you will bring your own financing to the table in the form of Cash or an unsecured auto loan so essentially the dealer is left out of the financing. Remember, even 0% APR is not free money. You wont get the same factory and/or dealer incentives that you would if you were not taking the 0%. This is to account for the loss of profit in the financing. Which again leads me back to the importance of nailing down the out the door price first !!

Sorry, thats my rant i am done !

[Snoman]

Originally Posted by pbeyer2010

...
Hopefully you will bring your own financing to the table in the form of Cash or an unsecured auto loan so essentially the dealer is left out of the financing. ...

^^^^^ This right here;


I have always and secured cash or financing before shopping for a vehicle. Good credit, bad or otherwise, never secure financing after finding a vehicle. You are welcome to accept dealer financing, just don't ever walk into the financing department without a blank check from your bank and pre-negotiated rates. You will get screwed every time if not.


The payment scam is amazing profit for the seller, most of the public are too ignorant to see it. This the primary reason banks and financial institutions lobbied and has had nearly all "finance" instructional classes removed from grades 6-12.

The latest is the cell phone scam, especially AT&T. $25 x 30 for the latest S8? $750 is cheaper than the $850 cost of the phone right? Don't forget the $25/mo 'financing charge' hidden into your data plan and 20% in taxes. Suddenly that Galaxy S8 doesn't look so attractive at $1,650+.

[jrhagen]

I bought my last vehicle with my credit card. I wanted the 43000 miles. Paid off the card balance the next month. Not only did the dealership not get the financing money, they had to pay the credit card fee. Kinda pissed them off but they were required to accept the card or risk losing the ability to accept cards in any other department.

[Hurst]

Originally Posted by Snoman

I have always and secured cash or financing before shopping for a vehicle. Good credit, bad or otherwise, never secure financing after finding a vehicle. You are welcome to accept dealer financing, just don't ever walk into the financing department without a blank check from your bank and pre-negotiated rates.

Exactly...

[bkevind]

Originally Posted by jrhagen

I bought my last vehicle with my credit card. I wanted the 43000 miles. Paid off the card balance the next month. Not only did the dealership not get the financing money, they had to pay the credit card fee. Kinda pissed them off but they were required to accept the card or risk losing the ability to accept cards in any other department.

[WoodBoss]

I wouldn't even have gone in to waste my time. Ask them for the bottom line on the car you may have been interested in and do the math. Figure on getting them down a little more when you get there.