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If I were him I would go to a credit union and refi that loan. Could easily get a 1.9% with those stats and doesn't cost you anything. Plus the finance guy still made his points so everybody wins.
It sounds like the finance guy bs'ed him. Usually 0% deals are the manufacturer's finance deal (Toyota Acceptance or whatever). If he got his financing from a bank they didn't even try the manufacturers financing. Was the model he purchased eligible for 0%?
Sometimes it only for certain years or models, then a sharp finance guy will finance with a bank because the dealer gives up money on every deal financed through the manufacturer when there is a program on. Generally that's when a dealer gets you financed with a bank.
Don't worry the dealer makes money on the car, they usually make the deal before they finance guy, so what the finance guy makes is over and above. The used to call them Finance and Insurance guys, then they started calling them business managers because people would say, they had their own financing or insurance. It sounds like he bought a "leftover" and the dealer gets extra incentives for leftovers when the new models come out.
I've gotten up and put my coat on and started out the door when looking for a deal. You very rarely make it to the door.
I don't pretend to know the ins and out of dealerships. I only know what we were told.
They had a 0% finance offer and there also was a $1500 manufacture cash back. When we were finished dealing with the sales guy, we got a price out the door with the cash back incentive in the price.
Then we went to the finance guy and asked him about the 0% and he said it looks like we should qualify for it too. When it came back and we weren't qualified, we asked him what his score was and that's when we were told 810. Then we asked what's the problem and he explained he turns in the number to the many banks that work with the dealership and then they come back with the rates and what not. The best rate was 2.9%. We did the that's not good enough cause we had a standing offer of 1% from his own bank. (Even though he didn't)
He left for a while and came back and said that's the best offer they had.
Sounds like he was playing games and we should of just walked but my bro was ok with the 2.9% cause he thought he got a great price for the car. Sticker $25,350 and he got $22,155 walk out.
As far as it being a leftover car, I don't know but it was manufactured just this month according to the sticker on the vehicle. It said 4/16. So it hasn't been out for too long.
There is a $1500 rebate or 0% for 60 months or 0.9% for 72 months on the Camry in my area currently.
Average price paid on a Camry SE is $21k. So if he took the $1500 cash rebate to bring it down around $20k then it sounds like he got an average deal.
Really? Where did you get those numbers? What was the sticker price of those cars because don't you have to put on the option etc?
Like I said, the sticker was $25,350. I wonder if the average price paid of $21k had that sticker price?
As far as the specials, they told him he could get both. Again, just going what we were told at the dealership.
He felt he got a good deal cause his last camry se was a 2007 and he bought it for $25k walk out back then when he bought it new. Granted, that camry se had leather and his new one did not. He didn't want leather. But he figured there no way leather would cost an extra $3k.
Really? Where did you get those numbers? What was the sticker price of those cars because don't you have to put on the option etc?
Like I said, the sticker was $25,350. I wonder if the average price paid of $21k had that sticker price?
As far as the specials, they told him he could get both. Again, just going what we were told at the dealership.
He felt he got a good deal cause his last camry se was a 2007 and he bought it for $25k walk out back then when he bought it new. Granted, that camry se had leather and his new one did not. He didn't want leather. But he figured there no way leather would cost an extra $3k.
Must have some option to hit that price exactly. But I'm seeing 24,979 MSRP with an average paid of $21,189 with USAA's buying service.
Must have some option to hit that price exactly. But I'm seeing 24,979 MSRP with an average paid of $21,189 with USAA's buying service.
Interesting. Wonder if those numbers include the rebate or not? It said 33 sales in your area.
Edit. Went to do the true car thing for my area and the average paid was $22,100. Again, wonder if that is with the $1500 rebate.
Edit #2. Looking at the chart on true car, I think the price does already include the $1500. Cause as of March 2016, average prices paid was close to $23500 for the car and then suddenly, April 2016 the average price dropped drastically down to $22100. That must have been cause of the rebate that started in April and ends on May 2.
Last edited by kcatheart; 04-25-2016 at 07:22 PM..
My brother who has a 810 credit score, stable job of 30 years making around $80 k a year, has no debt except for his mortgage that's around $1000/ month, and a few cc with no running balance cause he pays them off every month.
I know these figure a 100% correct. I know because I was there with him when he purchased the vehicle, filled out the application for finance, heard when the finance guy said his score was 810, etc etc.
He went to purchase a new toyota for $22k and they were advertising 0% interest and he didn't even get it.
If he didn't get it, I wonder if anyone would?
After reading the entire thread and all of your responses, here is my take:
Face it, you ('your brother' in this scenario) got the best deal you were realistically capable of getting, you took the rebate in lieu of the interest rate, AND you ended up with a very reasonable NON-promotional loan rate as well, so 'high fives' all around for a perfectly fine deal. Congrats!
After reading the entire thread and all of your responses, here is my take:
Face it, you ('your brother' in this scenario) got the best deal you were realistically capable of getting, you took the rebate in lieu of the interest rate, AND you ended up with a very reasonable NON-promotional loan rate as well, so 'high fives' all around for a perfectly fine deal. Congrats!
You're absolutely right. The true reason for this thread wasn't to see if he got a good deal cause he believed he did and that's all that matters.
This thread was for me cause I was a little bit shocked that he didn't get the 0% like the finance guy thought he should have. And with my brothers numbers, I thought he should have gotten it too and I just wondered who really got that rate if he couldn't.
If the finance guy told us that he couldn't get it because he took the cash rebate, then case closed. But he said that he could get both. It wasn't one or the other.
So that lead to this thread that he didn't get that 0% solely on his numbers which is a shock to me.
Sounds like he should have and the finance guy just played a little game.
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