Toyota Dealer will not sell me car with independent financing

[ehcsrop]

Originally Posted by getmeoutofhere

If anything, he was being unreasonable in that he was so deathly afraid of getting "screwed" in finance, yet he already had an interest rate that he was apparently happy with to compare it to.

I agree. If he knows what he is doing, there should be no fear of the F & I person at a dealership. I sold cars at a dealership for a short time 10 years ago.

True, the finance person will try to sell you an extended warranty and more if he can. That's one way he and the mangers make money. Another way is to up the interest a very small amount while selling the loan for a slightly lesser amount. The difference goes in their pocket. A 1/4 % over 60 months can be a nice sum and if he does this a few times a day....

Even another way is to alter the payment for less than a dollar. .80 x 60 is $48.00. Do that 4 times a day and you've made $192.00. Not many complain at the time about the 80 cent overage. The finance person just calls it a "mistake."

But, if you know how it works, then you have no fears. I like to use my knowledge to make even a better deal. For instance, if they say the payment is $501. 90 at the best rate I can find, I will tell them that I really expected to pay under 500 and won't pay more.

I know, that's petty, but it's fun. They seem to "find" the money every time.

BTW, I just worked out the 1/4 % thing. If they get you for the 1/4 % on a 500/mo paym't for 60 mos., that's $75.00. I'll bet they'd do it for an 1/8th.

[Drew303]

Originally Posted by ehcsrop

I agree. If he knows what he is doing, there should be no fear of the F & I person at a dealership. I sold cars at a dealership for a short time 10 years ago.

True, the finance person will try to sell you an extended warranty and more if he can. That's one way he and the mangers make money. Another way is to up the interest a very small amount while selling the loan for a slightly lesser amount. The difference goes in their pocket. A 1/4 % over 60 months can be a nice sum and if he does this a few times a day....

Even another way is to alter the payment for less than a dollar. .80 x 60 is $48.00. Do that 4 times a day and you've made $192.00. Not many complain at the time about the 80 cent overage. The finance person just calls it a "mistake."

But, if you know how it works, then you have no fears. I like to use my knowledge to make even a better deal. For instance, if they say the payment is $501. 90 at the best rate I can find, I will tell them that I really expected to pay under 500 and won't pay more.

I know, that's petty, but it's fun. They seem to "find" the money every time.

BTW, I just worked out the 1/4 % thing. If they get you for the 1/4 % on a 500/mo paym't for 60 mos., that's $75.00. I'll bet they'd do it for an 1/8th.

You need some hobbies!

[johnfrisco]

Originally Posted by Drew303

You need some hobbies!

You say I should have no fears of the finance agreement--then you go to name a few ways they screw the customer in the agreement

[ehcsrop]

But now you know. If a man has to cheat you out of 50 bucks, I'd say let him have it. If you go to edmunds.com and get the prices of the car you want to buy, know what your bank or CU will do and go in to select your vehicle, it should be easy to do a good deal. If something is really out of whack, you will know it immediately. I've heard of people that have little but excellent credit being shoved into a high interest loan that was sold to a prime lender for many points below the contract. That wasn't a 50 buck cheat. If you know where you stand, this won't happen to you.

And never buy anything past the sale. If you want an extended warranty or some special wax, get it on your own.