Dealer Financing or Credit Union?

[dayvedayve]

Oh it was sweet. I got burned by dealers and finacing when young and I just said "not again" I stopped buying on impulse. #1 rule. I have missed out on some great cars but I still stick to it. #2 Be ready to say "No". You dont have to buy that car at that dealer. The more you realize that the less power the dealer has over you. #3 Be an ass the less likely that they will continue to try delay tactics. #4 bring a blocker. My wife is the best. She can really upset the dealership to all get out. She says some stuff that would make a sailor blush. If she thinks they are taking to long she goes and finds the people and tells them "loudly" that they need to hurry up. #5 have a "not a penny more" price in mind. #6 check the competitions lots and have a comparable unit to throw up in the conversation. "yeah I like this one but jo blow down the way has one just like it plus this option that I want. #7 Be an ASS. Wolves go after the lambs not the rams.

[dayvedayve]

PS

Dont worry about makin a scene. You can always go back a few weeks later and ask if they came to their senses.

And it is also a good feeling when you get the followup calls after walking away. Yes sir I remember you. No I am not looking for a new car anymore. I bought one from somebody that wanted to sell me one without all the games.

This plan prevents me from ordering my Camaro. I know that I will have to wait a while. I know that I will drool when everybody else is driving by in theirs. But I know that I will have the leverage when I walk onto the lot and say that I want to buy do you want to sell one today. The only thing that sucks is that I will have to arrange finance. The last time I borrowed from my retirement. 4% interest is even better when you are paying it to yourself. Cant do that again until I pay the first one off. Hopefully the economy will straighten out by then. I dont know If I can wait 2 years.

[Txturbo]

Originally Posted by dayvedayve

Do your own leg work if you can. Much easier to do a deal that doesnt involve finacing trhu dealer. I had Financing already approved and "blank check" from the bank when I got my Avalanche. Walked on lot told them what I wanted and how much I was going to pay for it. They started the crud about lets run a credit check then we will look at the numbers. I stopped it right there and told the guy straight up, "the only thing you need to worry about is whether you are going to sell it to me for what I was willing to pay." He told me that his manager forced them to run credit and try to arange financing. I told him that "that may be the case but you got 5 minutes to go tell your manager that I said he better get his but in here with answer to drive out or I was walking." He looked like a kicked puppy dog and went into the "suits" office. A minute later they both came out and met me with the same crap. I showed them the check I was going to write and said " drive out not a penny more" and your down to 3 minutes. They both left with check (I found out that they called the bank to verify funds) and came back and said okay do you want us to wash it. I said nope got that covered too just give me the papers to sign and the keys. Apparantly not to many people buy cars that way anymore.

Thats pretty much the way my purchase went on my Avalanche. I showed them the blank check and said" I'm buying an Avalanche today.You want me to make this out to this dealership or the one down the street?" I was in and out in 1-1/2 hours total.

[Camaro509]

Originally Posted by Wassert

Which one is better?

Whichever one will give you the best deal.

I prefer going through my bank/credit union.
Face-to-face discussions with the loan officer
usually end up with lower financing etc.

[odie23]

Lot of wisdom here. Remember you are entitled to get a "free" credit report once a year from the three major credit reporting services. However, make sure you go through the gov web site for your credit request form.
Those companies that advertise free report reports require you to "pay them a membership fee" before they give you your free credit report, so it really isn't free.
In addition, to drive your credit score up even higher, close out all unused accounts. The credit reporting firms go on the premise that you "could" go out and max out an open account (even if you have a $0 balance or always pay your bills on time).

[davidj]

Originally Posted by odie23

Lot of wisdom here. Remember you are entitled to get a "free" credit report once a year from the three major credit reporting services. However, make sure you go through the gov web site for your credit request form.
Those companies that advertise free report reports require you to "pay them a membership fee" before they give you your free credit report, so it really isn't free.
In addition, to drive your credit score up even higher, close out all unused accounts. The credit reporting firms go on the premise that you "could" go out and max out an open account (even if you have a $0 balance or always pay your bills on time).

Not necessarily. Though it’s true they go by what you “could” max out. They also go by the length in time you have had credit. So if you have an old credit card and cancel it, your score can actually go down.

[perfxn]

http://www.lovemycreditunion.org/GM_171.html

i put up a post about this under general stuff. if you can find a dealer to honor it, go get a credit union and feel like a supplier and save at max 2grand!

[Vash]

Originally Posted by GOLDDOG

Being a President of a credit union, I say credit union all the way. However, you need to go with the best rate out there. But if your credit union is slightly higher, still consider their benefits. Better service and more willingness to work with you in the event of financial problems.

What CU? hehe ... get some sales.

[sac-au-lait]

GM has 0% financing,can it be beat?

[slick rick]

Originally Posted by sac-au-lait

GM has 0% financing,can it be beat?

Hmm I don't see the Camaro listed on http://www.gm.com/vehicles/currentoffers

Where do you see 0% for the Camaro?

[Vash]

Originally Posted by sac-au-lait

GM has 0% financing,can it be beat?

GMAC is not GM (side note). Just to be clear it's a seperate operating entity.

[Jamie Mac]

Originally Posted by sac-au-lait

GM has 0% financing,can it be beat?

That depends. I had the option of GMAC at 0% or $2500 cash back. I took out a loan at 3.49% and was scheduled to pay only $2300 in interest. A savings of $200 when I took the cash back deal. Paid it off 2 years early and saved even more. Check your options people!