- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Car buying thread: Has anyone pulled the reverse Will Cover?
Posted on 7/29/19 at 9:48 pm
Posted on 7/29/19 at 9:48 pm
Most sound car buying advice says to focus solely on total price and forego any conversations about monthly payment. It's good advice.
However, I came across someone who said they did the opposite and came out with a pretty incredible deal.
By focusing entirely on getting the payment as low as possible, the dealer took substantially off the MSRP, knowing that they'd make it up BIG with the insanely long loan term and corresponding interest rate. After consummating the deal, this person then turned around a week later and refinanced with their credit union for ~2% for 48 months. All in, this person claims they were able to get about 30% off of the MSRP at the dealer, and a great loan term with his credit union. His original loan he got from the dealer didn't have any penalties for early payoff.
Is this person full of shite? Have you heard of anyone doing something similar?
However, I came across someone who said they did the opposite and came out with a pretty incredible deal.
By focusing entirely on getting the payment as low as possible, the dealer took substantially off the MSRP, knowing that they'd make it up BIG with the insanely long loan term and corresponding interest rate. After consummating the deal, this person then turned around a week later and refinanced with their credit union for ~2% for 48 months. All in, this person claims they were able to get about 30% off of the MSRP at the dealer, and a great loan term with his credit union. His original loan he got from the dealer didn't have any penalties for early payoff.
Is this person full of shite? Have you heard of anyone doing something similar?
16
Posted on 7/29/19 at 9:53 pm to JohnnyKilroy
I wouldn't say "full of shite". Negotiations are always fluid. The Will Cover method is a wonderful tool, especially for those who don't do negotiations as part of their every day life.
If you're an experienced negotiator, you already know there is no textbook to negotiation. There are guidelines for sure, but you have to be prepared to modify your plans at all times.
If you're an experienced negotiator, you already know there is no textbook to negotiation. There are guidelines for sure, but you have to be prepared to modify your plans at all times.
Posted on 7/29/19 at 9:55 pm to JohnnyKilroy
quote:
this person claims
Posted on 7/29/19 at 10:01 pm to JohnnyKilroy
i would think if the dealer pulls your credit and it is really good, they are not going to come down off MSRP very much because they'll suspect you can just refi or even pay it off.
Posted on 7/29/19 at 10:02 pm to JohnnyKilroy
Maybe I was too harsh. Hear me out.
Your friend is financing through the dealer on shitty terms which will increase the cost of the loan. Then he is refinancing the total amount of the loan with another bank.
Seems like his total amount of the loan would be about the same if he just bought the car like a normal person
Your friend is financing through the dealer on shitty terms which will increase the cost of the loan. Then he is refinancing the total amount of the loan with another bank.
Seems like his total amount of the loan would be about the same if he just bought the car like a normal person
This post was edited on 7/30/19 at 6:12 am
Posted on 7/29/19 at 10:02 pm to JohnnyKilroy
I was able to pull this trick off maybe 11 or 12 years ago. Only left them with the option of lowering the sticker. This was before they had over 60 month loans is most cases though. I feel like now If they aren't ripping you off they don't want to be bothered. They will just wait for the next sucker.
Posted on 7/29/19 at 10:04 pm to PrivatePublic
quote:
i would think if the dealer pulls your credit and it is really good, they are not going to come down off MSRP very much because they'll suspect you can just refi or even pay it off.
Yea I thought of that aspect. Seems like the dealer would wise up and sniff out the scheme.
To be fair though, this guy is already young, and looks about 5 years younger than he is. He said he went in there with a "brand new college grad looking to buy his first car" attitude and just hammered them on wanting the lowest monthly payment possible.
Posted on 7/29/19 at 10:07 pm to JohnnyKilroy
Can you provide a little more details, other than "Getting the payment as low as possible"?
Posted on 7/29/19 at 10:10 pm to East Coast Band
Don’t most dealers figure the buyer will be refinancing with their back of choice after the purchase?
Posted on 7/29/19 at 10:12 pm to East Coast Band
quote:
Can you provide a little more details, other than "Getting the payment as low as possible"?
My understanding is he did the "Will Cover" method and just kept telling them that there number wasn't low enough for him. That he needed it to be lower until he would be comfortable buying. But instead of telling them their total price wasn't low enough, he was telling them the monthly payment wasn't low enough. So I assume, eventually they just started lowering the total price with the thought that they'd still come out ahead because his loan term was going to be 72 or 84 months with a reasonably high interest rate.
Posted on 7/29/19 at 10:15 pm to JohnnyKilroy
What’s the Will Cover strategy? Just focusing on the total price?
Posted on 7/29/19 at 10:21 pm to TigerFanInSouthland
quote:
Just focusing on the total price
That's a main tenet of it.
Others such as never say what you're willing to pay. Just keep telling them that they're too high until you're satisfied with the number and to always walk away if they aren't willing to come down to a number you're satisfied with.
But a main tenet is to never discuss monthly payment and always focus on total price.
Dealers typically want you to focus on monthly payment.
Posted on 7/29/19 at 10:47 pm to JohnnyKilroy
Maybe possible to do this by playing a goober at a small time used car lot moreso than a dealer.
I would think either way you have to really sell that you dumb to the addons and such, which is something they will no doubt tack on and just get you to extend even further. All costs you wont recoup.
You would have to go in knowing exactly how much they are willing to come down. Which is a huge gamble.
The Will Cover method is great at throwing away many many hours of your time for very little money.
I would think either way you have to really sell that you dumb to the addons and such, which is something they will no doubt tack on and just get you to extend even further. All costs you wont recoup.
You would have to go in knowing exactly how much they are willing to come down. Which is a huge gamble.
The Will Cover method is great at throwing away many many hours of your time for very little money.
This post was edited on 7/29/19 at 10:49 pm
Posted on 7/29/19 at 10:54 pm to fightin tigers
quote:
Maybe possible to do this by playing a goober at a small time used car lot moreso than a dealer.
I would think either way you have to really sell that you dumb to the addons and such, which is something they will no doubt tack on and just get you to extend even further. All costs you wont recoup.
You would have to go in knowing exactly how much they are willing to come down. Which is a huge gamble.
The Will Cover method is great at throwing away many many hours of your time for very little money.
This is why I was skeptical of his whole scheme. While one could certainly play themselves up as an easy mark, the cat's out of the bag as soon as you play hardball on getting out of the fees. They'll know you know what you're doing.
I could never do it because the eventual credit pull would show them my score and other information that would let them know I'm putting on a show. That and I'm pretty sure this "method" would take forever with a high chance they just never really come to much off the price.
This post was edited on 7/29/19 at 10:57 pm
Posted on 7/29/19 at 10:58 pm to JohnnyKilroy
I found the same model car at CarMax and got a total OTD price. I went to another dealer and negotiated the same model and trim package, but with several upgrades. I showed them the total OTD and kept pointing to that number every time they came back... "Your number is not this number. I can pick that one up on the way home unless you want to make a deal and get this one off the lot."
Took about $9k off the $40k tag
Took about $9k off the $40k tag
Posted on 7/29/19 at 10:59 pm to JohnnyKilroy
The problem with this thought is that the dealer isn’t who is loaning you the money.
There might be kickbacks to push in house financing but for the most part the dealer gets 100% of his sale price money shortly after the sale and he is done with the transaction.
There might be kickbacks to push in house financing but for the most part the dealer gets 100% of his sale price money shortly after the sale and he is done with the transaction.
Posted on 7/29/19 at 11:03 pm to JohnnyKilroy
A credit score has absolutely nothing, zero, nada, zilch to do with how much a dealer is willing to sell a car for. Most people negotiate the price way before credit is pulled
Posted on 7/29/19 at 11:07 pm to JohnnyKilroy
The dealer doesn't actually own the loan, right? I don't think they're making money off of crazy terms on the loan. I'm not sure this makes sense.
Posted on 7/30/19 at 4:11 am to Volvagia
quote:
There might be kickbacks to push in house financing but for the most part the dealer gets 100% of his sale price money shortly after the sale and he is done with the transaction.
They make most of thier money putting you in a higher loan than you qualify for...
They will make bare minimum on the sale in order to do so cause the profits are so high.
Posted on 7/30/19 at 6:01 am to JohnnyKilroy
quote:
By focusing entirely on getting the payment as low as possible,
This is how most sheep buy. Dealership makes bank.
Page 1 of 2
Popular
Back to top
Follow TigerDroppings for LSU Football News