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Thread: Odd dealership ad wording

  1. #41
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    Quote Originally Posted by muse017 View Post
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    Can you take the finance deal and then just pay the loan off next day? Of Course I'd grind down the price a bit more as well.
    This was the part that they were really shady on. They said, technically I could, but would prefer that I keep it for 6 months. Since they didn't really feel confident of the approach I didn't want to deal with it.

    Quote Originally Posted by JordanEG6 View Post
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    From a revenue perspective, cash buyers make the dealer almost no money. From anyone's experience, do dealerships sneak in weird BS fees and hidden costs on the final price of the car to make up part of what'd they'd lose on a finance deal? I've heard of dealerships in the US that do this.
    So, unless a dealership is being sleazy like my experience, is it better to walk in essentially keep it ambiguous on how you want to pay until the numbers are finalized?
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    Quote Originally Posted by Neil4Speed View Post
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    So, unless a dealership is being sleazy like my experience, is it better to walk in essentially keep it ambiguous on how you want to pay until the numbers are finalized?
    I thought about this in getting sales to give me the bottom line first (final price, fees + tax in), while being ambiguous on how I want to pay and not saying anything until they move me to the Finance dept., but then I am afraid that an experienced salesman may see this tactic coming and it may not work out in my favor.
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  3. #43
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    Quote Originally Posted by JordanEG6 View Post
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    I thought about this in getting sales to give me the bottom line first (final price, fees + tax in), while being ambiguous on how I want to pay and not saying anything until they move me to the Finance dept., but then I am afraid that an experienced salesman may see this tactic coming and it may not work out in my favor.
    I think they are going to push pretty hard for an answer about financing with them or a third party before they start negotiating on price. I think the best way is to say you are leaning toward in house financing and then change your mind later after negotiations. Then you aren't telling them you are committed to one way or the other and they shouldn't get mad if you choose not to finance in house.

    I guess another way to avoid finance fees would be to use the Beyond route and HELOC that shit. Not having a line of credit, I don't actually know how to pay for something with a HELOC/LOC. I need to ask my wife, that's how she pays for school.

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    IMO what you generally want to do is:

    1) Get the dealer to show you their cost. If they won't, find a new dealership or salesperson. You can get it yourself for ~$30, so them not showing you is just a slap in the face. Most dealers have CarCostCanada subscriptions as well so it doesn't even cost them anything, and that way you see the number from a third party (CCC) rather than one of their internal documents which they could potentially play games with.
    2) Negotiate a fair profit with full transparency. Often this is something like $500 for cheaper vehicles, $1000 for more expensive ones and so on. It's not an exact science. I know that wont apply to every scenario, but for most "normal" cars it should.
    3) Then, tell them how you want to pay. Sometimes there are specific incentives for leases vs finance or whatever, so you will need to take that into consideration, but you should be able to get that information beforehand easily anyway to make your decision.
    4) Do not pay any admin fees, glass etching fees, "security" fees, "doc" fees, etc. 100% money grab. If they need to have that fee on the invoice because reasons, it comes out of their side and they can deal with the number juggling. The best dealerships don't even have these fees to begin with because more and more customers these days realize they are complete BS.

    That's just what has always worked for me regardless of brand, I know everyone likes to deal a little differently but full transparency is my preferred method and I think most dealers will play ball if they know they're getting the sale.

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    Quote Originally Posted by Gman.45 View Post
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    The word went out at the start of the Covid thing - that's what they told my father anyhow. He's been at the same bank for nearly 20 years now since he retired/medicaled out from being LE. He decided he wanted 10k cash at home just in case. The bank flat out refused at first, the teller at the counter did, then the manager came out and asked him why he wanted it, and then told him it was safer "in the bank anyway". He argued, a lot, she eventually gave him $3k and said that was the limit. He called the customer service line and told them what happened, and he had to get them to force the branch manager to give him $10k, which took a couple days (understandable, and that used to be the policy, you could order in as much as you wanted, but it would just take a few biz days to get it in). Stupid, but that's what they've been doing in my father's city in SK at least.
    The reasons for this is 2 fold. 1, it is a security measure. Banks keep minimal physical cash in the branch in the case of a robbery. It also helps to keep their insurance costs lower. And 2, it prevents a run on banks. If something happens they are not aware about and people panic and a bunch of people try to withdraw their savings...well, things get ugly quick. So SOP is notify the bank you want to make a large withdraw, and they will arrange it. They place an order from their depot or whatever, and a secuirty truck will deliver it to the branch just before you pick it up.
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    I've been noticing a some dealer ads for cars with a cash price significantly lower than a financed price. I saw an ad for a Kia Stinger it was $52,000, when you hover over the price it said something like $4000 Cash incentive. To finance the vehicle the price was $4000 more however they were offering 0% financing. They weren't even trying to push towards a loan with their lender with an interest rate so I found it confusing that there would be such a variance in price with no incentive.

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    Quote Originally Posted by spikerS View Post
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    . So SOP is notify the bank you want to make a large withdraw, and they will arrange it. They place an order from their depot or whatever, and a secuirty truck will deliver it to the branch just before you pick it up.
    Or do what we did. Took $1000g out of the bank machine each day for a week.

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    Quote Originally Posted by Tik-Tok View Post
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    Or do what we did. Took $1000g out of the bank machine each day for a week.
    Whoa... Do atms even have that kind of money?

    So reading this thread, if you get a bank loan from your bank instead of say a go auto loan, they won’t sell you the vehicle cause you didn’t finance through them
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    Quote Originally Posted by adam c View Post
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    Whoa... Do atms even have that kind of money?

    So reading this thread, if you get a bank loan from your bank instead of say a go auto loan, they won’t sell you the vehicle cause you didn’t finance through them
    Lol, obviously meant $1g

    To the second point, this is probably where a lot of "oh sorry, there was a miscommunication and another salesman already sold that car even though you left a deposit" comes from.
    Last edited by Tik-Tok; 08-20-2020 at 05:32 PM.

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    Am I interpreting this thread correctly ? Say if I go to a dealer and they have a car that I want (new or used), but their finance rate is 4.99%. I cant cut them a bank draft from my HELOC to buy it since the rare is 2
    99%? They might consider this a "cash deal" and potentially decline the sale?

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    Quote Originally Posted by hurrdurr View Post
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    I've been noticing a some dealer ads for cars with a cash price significantly lower than a financed price. I saw an ad for a Kia Stinger it was $52,000, when you hover over the price it said something like $4000 Cash incentive. To finance the vehicle the price was $4000 more however they were offering 0% financing. They weren't even trying to push towards a loan with their lender with an interest rate so I found it confusing that there would be such a variance in price with no incentive.
    Thats the cost of financing and there should be rules of hiding interest rates like that
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    Quote Originally Posted by dirtsniffer View Post
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    Thats the cost of financing and there should be rules of hiding interest rates like that
    What am I missing if the interest rate is 0%?

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    Quote Originally Posted by hurrdurr View Post
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    What am I missing if the interest rate is 0%?
    0% plus $4,000 cost to finance versus paying cash. So your financing costs are much higher than 0%.

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    Quote Originally Posted by hurrdurr View Post
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    What am I missing if the interest rate is 0%?
    They inflate the purchase price by the same or more dollar amount they would have made by financing you the car at say, 3% at a lower purchase price. That is one reason why you don't tell them what you want to do before you negotiate a sale price, but some dealers are extremely shady.

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    0% is only on new cars.
    Example 0% financing on a new 40k SUV. Or 3-8% on a vehicle that 3 years old at 28k.

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    Quote Originally Posted by tonytiger55 View Post
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    0% is only on new cars.
    Example 0% financing on a new 40k SUV. Or 3-8% on a vehicle that 3 years old at 28k.
    You can sometimes finance used cars at 0%, but with used they have even more of a"black box" to work with on pricing, so they make all the same money off you anyway as if you had financed it - you just pay it upfront.

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    Also, some lenders will give you the option to buy down the rates with more down.

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