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re: Anyone ever hear of a dealership charging for not using their financing?
Posted on 9/20/22 at 4:07 pm to sloopy
Posted on 9/20/22 at 4:07 pm to sloopy
I would think that if you are using a bank to finance, it should be treated as a cash transaction by the dealership.I don't see any liability for the dealership.
But if there were even a nominal fee, you walk...and you cause a scene right there.
But if there were even a nominal fee, you walk...and you cause a scene right there.
1
Posted on 9/20/22 at 4:37 pm to KiwiHead
I was looking for a used car for my daughter a few weeks ago. Found a 2011, Fully loaded, Honda CRV with 146K on the odometer. Asking was $13800; in the car was the carfax.....with the nada value in the package ($10800, based on miles). I of course knew this before walking in as well.
The salesmen goes through the whole rigamarole and comes to me with a price of $13800 +,+,+ for a grand total of somewhere in the low $15's out the door. He asked what I thought. I handed him back his sheet with their KBB / NADA value on it and simply stated I'd pay that. Not looking for a good deal, just a fair deal.
After a few minutes the manager came over and said there was no way, they had too much in it, yada yada. So I walked after telling him I was back on the hunt.
About 3 hrs later I received a call and he said he'd take my deal. I handed them a check.
Happy new owner. Always be willing to walk....they need you, not the other way around.
The salesmen goes through the whole rigamarole and comes to me with a price of $13800 +,+,+ for a grand total of somewhere in the low $15's out the door. He asked what I thought. I handed him back his sheet with their KBB / NADA value on it and simply stated I'd pay that. Not looking for a good deal, just a fair deal.
After a few minutes the manager came over and said there was no way, they had too much in it, yada yada. So I walked after telling him I was back on the hunt.
About 3 hrs later I received a call and he said he'd take my deal. I handed them a check.
Happy new owner. Always be willing to walk....they need you, not the other way around.
Posted on 9/20/22 at 10:02 pm to oneg8rh8r
You can play both sides of this by financing through the dealer, paying that note for 3-5 months, and then refinance.
Typically that is enough time for the dealership to “get credit” for the financing deal.
Typically that is enough time for the dealership to “get credit” for the financing deal.
Posted on 9/21/22 at 3:13 am to LSUFanHouston
Elon may break that barrier down with his Tesla lawsuits.
Posted on 9/21/22 at 7:48 am to AUHighPlainsDrifter
Looks like we found the car salesman. Congrats on ripping people off.
Posted on 9/21/22 at 7:50 am to Billy Blanks
quote:
Really? I haven't heard that but would like to hear more on this
LINK
quote:
Ford and GM’s warnings expose tense undercurrents between legacy carmakers and dealers, which have grown more fraught in recent years as upstart electric vehicle manufacturers like Tesla, Rivian and Lucid sell directly to consumers. Legacy manufacturers, which often are required by state law to sell through dealerships, have conspicuously eyed direct-to-consumer sales strategies in recent years.
There's more at the article. The dealers are annoyed with pricing above MSRP. Then it appears a lot of dealers are not thrilled with selling more EVs since EVs need less maintenance.
Posted on 9/21/22 at 10:54 am to LSUFanHouston
quote:
The dealers are annoyed with pricing above MSRP. Then it appears a lot of dealers are not thrilled with selling more EVs since EVs need less maintenance.
Dealers can rot in hell. The need to exist to service vehicles under warranty and nothing more. They have only themselves to blame for poisoning their industry.
Posted on 9/21/22 at 4:06 pm to sloopy
Looks as if they’re going to beat our financing rate we secured through our local credit union. Anything to watch out here for?
Posted on 9/24/22 at 1:11 pm to sloopy
Dealers get what's called reserve when financing through them from the bank they sell the contract to. At buy rate, most banks pay a 1% reserve to the dealer, in MS the legal mark up is 2 points. At that point, most banks pay up to 7-8% of the amount financed. If you pay the loan off within 90 days, the dealer will get charged back the reserve amount.
Most dealers are willing to get the 1% flat at buy rate when you mention credit union. Usually captive lenders will give a lower rate than your credit union. If that's the case, no need to refinance. Dealers are for profit businesses just like most every where else, the difference is there are a ton of bad habits inside a lot of them. There are a lot of honest dealers out there, but the bad ones give the name a bad rap
Most dealers are willing to get the 1% flat at buy rate when you mention credit union. Usually captive lenders will give a lower rate than your credit union. If that's the case, no need to refinance. Dealers are for profit businesses just like most every where else, the difference is there are a ton of bad habits inside a lot of them. There are a lot of honest dealers out there, but the bad ones give the name a bad rap
Posted on 9/24/22 at 1:32 pm to LSUFanHouston
Ford is who I have read about getting pretty ticked off at their dealer network lately. There are cracks forming in that business model.
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