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Started By
Message
Bought a vehicle yesterday.
Posted on 3/26/22 at 11:08 pm
Posted on 3/26/22 at 11:08 pm
Bought from AutoNation in Houston. I live in Louisiana. Im curious to know what the professional negotiators of the OT would have done in this situation.
Got preapproved by credit union for 3.04% for 72 months. and put down 11k. Get to the dealership test drive the vehicle and I love it. We talk numbers and get a price I want. I ask him to pull my credit to see what rates they could give me. He tells me the best they can do is 3.02% and the same term. Now, my credit union also has a promotion where I can refi with them for a rate of 2.74% but I need to go with the dealership rate to do so. I take the rate and we discuss add ons and warranties. I tell him I’m not interested in gap or a warranty because the truck is newer and has less than 20k miles. He asks me to reconsider and I decline again. He then tells me what does he have to do for me to buy one? Looking at my current payment with no add ons I tell him make my monthly payment $3 dollars more ($477 to $480) He then comes back and tells me he can do that by giving me a new interest rate of 1.99% I asked how was this possible since he just told me 3.02 was the best he could offer? He said it was a promotion Capital One was offering but I had to buy the warranty to get the rate.
I don’t believe this Cap One story for a minute. I took the new rate anyway knowing the warranty will issue a full if cancelled before 60 days and no claims.
What would you do differently to get the actual rate you earned?
TL:DR. Dealership held interest rate information from me to incentivize buying an extended warranty from them.
Got preapproved by credit union for 3.04% for 72 months. and put down 11k. Get to the dealership test drive the vehicle and I love it. We talk numbers and get a price I want. I ask him to pull my credit to see what rates they could give me. He tells me the best they can do is 3.02% and the same term. Now, my credit union also has a promotion where I can refi with them for a rate of 2.74% but I need to go with the dealership rate to do so. I take the rate and we discuss add ons and warranties. I tell him I’m not interested in gap or a warranty because the truck is newer and has less than 20k miles. He asks me to reconsider and I decline again. He then tells me what does he have to do for me to buy one? Looking at my current payment with no add ons I tell him make my monthly payment $3 dollars more ($477 to $480) He then comes back and tells me he can do that by giving me a new interest rate of 1.99% I asked how was this possible since he just told me 3.02 was the best he could offer? He said it was a promotion Capital One was offering but I had to buy the warranty to get the rate.
I don’t believe this Cap One story for a minute. I took the new rate anyway knowing the warranty will issue a full if cancelled before 60 days and no claims.
What would you do differently to get the actual rate you earned?
TL:DR. Dealership held interest rate information from me to incentivize buying an extended warranty from them.
26
Posted on 3/26/22 at 11:10 pm to Donka Doo Balls
quote:
Dealership held interest rate information from me to incentivize buying an extended warranty from them.
Fckk the dealership model.
My cousin is a car salesman, he fckks even his own family. Fckk the dealership model and my cousin.
quote:
He then comes back and tells me he can do that by giving me a new interest rate of 1.99% I asked how was this possible since he just told me 3.02 was the best he could offer? He said it was a promotion Capital One was offering but I had to buy the warranty to get the rate.
Capital One Auto oddly has also giving us our best rates when buying our last 2 vehicles.
Never would be my first choice because I hate dealing with Capital One.
What did you purchase? Or did I miss it.
This post was edited on 3/26/22 at 11:12 pm
Posted on 3/26/22 at 11:13 pm to Donka Doo Balls
quote:
What would you do differently to get the actual rate you earned?
Leave and pray.
Posted on 3/26/22 at 11:15 pm to LSU Coyote
Why does that industy have so many sleezy people in it?
Posted on 3/26/22 at 11:15 pm to Donka Doo Balls
That’s actually a pretty damn good rate at the moment
Posted on 3/26/22 at 11:16 pm to Donka Doo Balls
I paid cash for my last NEW vehicle.
Only buy what you afford without financing.
Only buy what you afford without financing.
Posted on 3/26/22 at 11:17 pm to Donka Doo Balls
Former finance guy here, that’s a typical practice but a big no no… also illegal. The guy at auto nation new about the cheapest rate before you got in the room.
You can be mad at it but you did end up with better terms because of the dog and pony show. Always get pre approved bank/credit union prior to purchasing.
You can be mad at it but you did end up with better terms because of the dog and pony show. Always get pre approved bank/credit union prior to purchasing.
Posted on 3/26/22 at 11:19 pm to sawtooth
What did you buy?
Posted on 3/26/22 at 11:23 pm to TopekaTiger
quote:
Always get pre approved bank/credit union prior to purchasing.
This.
Bought a vehicle back in Jan and the finance manager didn’t even want to talk to me once I let them know I already had my financing in order. They prey on ignorance.
Posted on 3/26/22 at 11:25 pm to sawtooth
quote:
I paid cash for my last NEW vehicle.
Only buy what you afford without financing.
I'd rather use someone elses money and keep my own money
Posted on 3/26/22 at 11:27 pm to Donka Doo Balls
best way to frick dealerships and banks is paying cash up front after you agree on a price, they lose so much potential money from interest on a sale
Posted on 3/26/22 at 11:29 pm to sawtooth
quote:
I paid cash for my last NEW vehicle. Only buy what you afford without financing.
Complete ignorance given the current interest rate and inflationary environment.
Obviously your too ignorant to understand opportunity cost and TVM. Sad
Posted on 3/26/22 at 11:29 pm to sawtooth
quote:
Only buy what you afford without financing.
For my F150 we only paid $1K in interest.
Big fckking deal.
Posted on 3/26/22 at 11:30 pm to sawtooth
[quote]I paid cash for my last NEW vehicle. Only buy what you afford without financing.[/quo
Never pay cash for a depreciating asset especially in a low interest rate high inflation environment.
Never pay cash for a depreciating asset especially in a low interest rate high inflation environment.
Posted on 3/26/22 at 11:32 pm to Donka Doo Balls
You should have asked him to show you where Cap One requires the warranty to get said rate. Then, when he couldn't produce it, decline the warranty again, and get the Cap One rate terms or walk out of the deal Call cap One directly, get preapproved over phone-web, walk back in with financing alreadyin place , purchase vehicle. If he tries anything else then walk out and go elsewhere.
Posted on 3/26/22 at 11:45 pm to DVinBR
Actually negotiate the best deal(discount) with them doing financing after you let them know you could pay cash. Accept the finance and discount and then at the 30 day mark pay off the whole balance. You probably save $1000-1500 on the price and only burn a $100 or so on the interest for the one month.
I know this used to work and I presume it still does.
I know this used to work and I presume it still does.
Posted on 3/27/22 at 12:19 am to iAmBatman
quote:
Obviously your too ignorant to understand opportunity cost and TVM. Sad
It’s you’re. Like you’re welcome.
LMAO.
Posted on 3/27/22 at 1:22 am to Donka Doo Balls
Last car I bought the F&I guy lost his shite when i refused to buy Gap. To the point I almost ditched the deal and walked. We had it out and then sat there in angry silence signing papers for ten minutes. He was reallypissed.
Posted on 3/27/22 at 1:24 am to Donka Doo Balls
Is it a Chevy Traverse?
Posted on 3/27/22 at 1:36 am to iAmBatman
quote:
your too ignorant
Sad
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