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They tried to do this to my fiance AND my freind. (Why they brought me along.)
Hey look! Lower payment! It took me about oh.....1 second to spot that.
So again, different vehicle than the one in the previous post...I let them drop the price while screwing her with a higher interest rate....then we paid it off via alternative lower interest sourcing.
Hell, I can pay cash for my own vehicles and I let them rape me on the financing. Push them down on price....then pay it off before the 1st payment is due.
The end. Win for me.
Where are you negotiating car price and rate at the same time? Seems rather odd that I've always had to two separated with the car deal coming together first and then moving to finance if it's needed at all
Next time, just tell the sales guy you'd be willing to finance with the dealership to get over any of his issues and potentially negotiate a better price (if they think they can get you on the financing).
Then when you get to the finance guy, tell him you have financing already but would allow him to match or beat your rate.
Take the best rate and go. It's not that complicated. No need to talk about monthly payments, et al.
Where are you negotiating car price and rate at the same time? Seems rather odd that I've always had to two separated with the car deal coming together first and then moving to finance if it's needed at all
yeah, the old 4-square, monthly payment Jedi mind trick.
This happened to a relative of mine. Was trying to buy a new Toyota with a bank check but they gave him a hard time claiming they don't pay for a month. He walked when they required him to fill out a credit application claiming "911 law" which is a blatant lie.
Dealers don't care.... if they can't con you, they'll con the next sucker. Often times, dealers make more money from financing than from the sale of the car which is why they couldn't care less when you walked.
yeah, the old 4-square, monthly payment Jedi mind trick.
We started at 45k sticker last week and the first 4 square came with a estimated payment of 1300-1350 per month lol, once you talk about payments you have been distracted
They tried to do this to my fiance AND my freind. (Why they brought me along.)
Hey look! Lower payment! It took me about oh.....1 second to spot that.
So again, different vehicle than the one in the previous post...I let them drop the price while screwing her with a higher interest rate....then we paid it off via alternative lower interest sourcing.
Hell, I can pay cash for my own vehicles and I let them rape me on the financing. Push them down on price....then pay it off before the 1st payment is due.
The end. Win for me.
Actually a pretty good strategy. There wasn't any penalty for paying off the loan early, I assume, and if your other finance company was kosher with the arrangement, sounds like a way of dealing with the dealership, appearing to be cooperative, while getting what you want later.
I had heard folks say that about Capital One. Ironically the dealership that said no was to UP2DRIVE, which is actually a BMW finance company. Supposedly with a rock solid reputation.
I read too many stories about the games played by the Finance Depts at car dealerships..."pretending" to lower your monthly payments on the front end while extending the months on your loan on the back end...and my personal favorite, letting you sign for one rate, only to call you back after you've had the car for two weeks talking about "the financing for the great rate you had fell through, you are going to have to come back in and get this MUCH HIGHER rate"...all true stories by the way. So getting my own financing was seen as the best way to avoid all the scams/games played.
A lot of dealers don't take Capital One because they are terrible to deal with. And how hard is it to run an online calculator on your phone and make sure all the numbers match up? Or, you know, read the contract before signing to make sure everything is correct?
As for the phone call two weeks later, if they signed the contract and let you drive off in the car without guaranteeing the financing, that's a "them" problem, not a "you" problem.
As for the phone call two weeks later, if they signed the contract and let you drive off in the car without guaranteeing the financing, that's a "them" problem, not a "you" problem.
You would think so, wouldn't you? but not so, They can and will repossess the car if you don't alter the financing to their rates.. even after the contract is signed. I'm not sure how they get away with it, but I have seen it happen...
Actually they are required to get your social security number for transaction over $10,000. So it can be reported to government/IRS. It's the patriot act. But you can request them to not run your credit if you're not financing through them.
I bought a car recently. I paid in full with personal check. I didn't finance with them, and I still had to provide my SS#. They did not run my credit. I signed paperwork, gave them a check. Then took the car home. Easy transaction. No problems.
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There wasn't any penalty for paying off the loan early, I assume, and if your other finance company was kosher with the arrangement, sounds like a way of dealing with the dealership, appearing to be cooperative, while getting what you want later.
