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Accord's and Camry's are usually not deeply discounted because they have a very strong market. Dealers have no issues getting rid of inventory for these cars. Unless one has done research and received quotes on similar car from multiple dealers, its really tough to deeply discount this car unless you know the fair market price of the car in your region.
That would be great if the dealership was willing to take your word for it.
I have not worked in dealership but I have been in various environment where a credit check is required to make a purchase. Majority of times,people with bad credit or no credit have no issue with their credit being run multiple times and some people don't want to be upfront of their credit situation, so its best to see what numbers they have so that a decision can be made if a deal could be made or not.
Others are confused as in they don't give straight forward answers and say last time they checked it was great etc etc or completely deny any charge offs or foreclosures on their file and look for excuses for the low credit score (not that it matters). There is lot of ambiguity dealing with such people. Only people with above average or good credit scores are the ones who have done their homework and are ready to negotiate right from the beginning. Rest seem to work in reverse as in let the dealership work with their credit score and down payment/trade in information and see if they can get a monthly payment which fits their budget
That would be great if the dealership was willing to take your word for it.
They should for negotiation purposes. When I bought my most recent car, the agreed-on sales price and payment was contingent on my credit being at the level I represented it was.
This isn't complicated - walk if you don't get treated the way you want. There is no way I would let a dealership run my credit until we had a deal contingent on my credit being fine.
Accord's and Camry's are usually not deeply discounted because they have a very strong market. Dealers have no issues getting rid of inventory for these cars. Unless one has done research and received quotes on similar car from multiple dealers, its really tough to deeply discount this car unless you know the fair market price of the car in your region.
Actually the Accord and Camry are typically discounted very deeply. Dealers have tons of inventory and need to keep turning them over and there are plenty of dealerships selling them. True Car shows 2017 Accord EX's selling at an average of $1900 and 2017 Camry XLE's at an average of $3700 under invoice here in Boston. The local dealer (with 4 Honda stores) has 400 2017 Accord EX's in stock and Toyota shows about 400 Camry XLE's in stock in the Boston area.
If you have top tier credit, then you know that you qualify for the top tier finance rates. Just look up whatever that is for the manufacturer. Negotiate the purchase price of the vehicle, then work out the financing.
Also with well established great credit, 2 hard inquiries aren't going to matter. But there's usually no reason to even have more than one inquiry for a vehicle purchase, for someone who is already aware of their creditworthiness (my opinion).
Make the dealer separate the car price and its negotiation from the financing. Get a cash price, tell them you are likely to finance through the lowest interest rate and lowest cost source, which is typically a credit union. So the dealer will see a cash payment for the car unless they have a lower interest rate due to manufacturer subsidy of financing and that can be dealt with after you get a cash price for each car.
If you have excellent credit just put it on a credit card. Open a new 0% 18 month card. If you can't pay it off in 18 months just roll the remaining balance onto a new 0% 18 month card (usually costs 3% but you should have gotten 1%-2% cash back when you made the car purchase). The cost of this has to be lower than any car loan.
The key is to negotiate the price first. Once you have the price where you want it and on paper, hand them the credit card. They won't be happy and will probably try to refuse it as payment. Just remind them of Visa merchant agreement the dealership has signed - “Visa merchants are not permitted to establish minimum/maximum transaction amounts, even on sale items. Imposing minimum or maximum purchase amounts is a violation.” Then ask them if you would like you to contact Visa for clarification. MasterCard also has a similar agreement with merchants.
At which time, they say to go ahead and contact Visa. If that actually worked, the points & miles credit card churning crew would have been all over it long ago.
If you have excellent credit just put it on a credit card. Open a new 0% 18 month card. If you can't pay it off in 18 months just roll the remaining balance onto a new 0% 18 month card (usually costs 3% but you should have gotten 1%-2% cash back when you made the car purchase). The cost of this has to be lower than any car loan.
The key is to negotiate the price first. Once you have the price where you want it and on paper, hand them the credit card. They won't be happy and will probably try to refuse it as payment. Just remind them of Visa merchant agreement the dealership has signed - “Visa merchants are not permitted to establish minimum/maximum transaction amounts, even on sale items. Imposing minimum or maximum purchase amounts is a violation.” Then ask them if you would like you to contact Visa for clarification. MasterCard also has a similar agreement with merchants.
At which point they will politely decline to sell you the car and ask you to leave.
At which point they will politely decline to sell you the car and ask you to leave.
^^^
Yeah.. insisting to the dealer that they have to let you charge the full purchase price on you Visa isn't going to fly. Well unless one did such a bad job with negotiating that dealer can eat the fee for accepting a credit card.
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