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re: Car buying thread: Has anyone pulled the reverse Will Cover?
Posted on 7/30/19 at 6:29 am to kywildcatfanone
Posted on 7/30/19 at 6:29 am to kywildcatfanone
The easiest method is to deal with their online sales department through email then walk in with your price already agreed upon.
It also helps to shop in an area with 5+ dealerships per car brand so the competition is good.
It also helps to shop in an area with 5+ dealerships per car brand so the competition is good.
0
Posted on 7/30/19 at 7:07 am to JohnnyKilroy
Sometimes you’ll qualify for good incentives by using Ford financing, for example. You can ink a loan with them, make a single payment, and then refinance. The dealer doesn’t care and the salesperson really doesn’t care. The point is that you need to be flexible in your buying strategy and be ready to consider alternatives that pop up.
Posted on 7/30/19 at 7:15 am to JohnnyKilroy
Never negotiate off of payment. Unless the interest used is disclosed and you can back into the amount financed.
Posted on 7/30/19 at 7:31 am to JohnnyKilroy
I did this for my parents about 10 years ago. It fricks the salesman though I think
Posted on 7/30/19 at 7:32 am to CajunInFL
The problem with negotiating off payment is you don’t know what the actual total price of the vehicle is. You’d have to basically calculate it ahead of time to know the number you need the monthly payment to get down to.
I’m not convinced the dealers going to go lower on a monthly payment then they would on a total price of a car to someone else.
I’m not convinced the dealers going to go lower on a monthly payment then they would on a total price of a car to someone else.
Posted on 7/30/19 at 8:36 am to JohnnyKilroy
So the extend the loan but lower the monthly payment?
You're still signing off on the same total amount, no?
10K for 4 years = 48 payments = $208 a mos
10k for 5 years = 60 payments = $166 a mos
Still 10k asking price that will need to be refinanced.
Not sure I fully understand. So disregard if I have missed it bigly.
You're still signing off on the same total amount, no?
10K for 4 years = 48 payments = $208 a mos
10k for 5 years = 60 payments = $166 a mos
Still 10k asking price that will need to be refinanced.
Not sure I fully understand. So disregard if I have missed it bigly.
Posted on 7/30/19 at 8:42 am to TaderSalad
Reading these threads, it seems like people think the dealership is the lender if you aren’t preapproved or paying cash. That’s not how it works.
Posted on 7/30/19 at 8:48 am to tilco
quote:
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
The loan amount doesn't change (keeping in mind there's no prepayment penalty so that interest goes away when refinanced).
He then refinances with better rate and terms and if the term stays the same the payment goes down and he still got a discount off of the price of the car.
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