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Started By
Message
1
Posted on 8/7/14 at 2:01 pm to Rolltide10
I told them I was gonna do it(friends with the owner) and they said as long as I make one payment they would be fine.
Posted on 8/7/14 at 2:04 pm to yellowfin
quote:I doubt the finance manager would have made much on you knowing you were gonna pay it off the quickly. You would have needed to keep the loan for 90 days for them to avoid a chargeback. 3 payments to you but like I said I doubt they tried to make much on you knowing you were gonna pay it off
make one payment they would be fine
Posted on 8/7/14 at 2:19 pm to Rolltide10
Paid cash for my truck and they agreed to throw in a free 3 inch lift, new tires, and running boards.
Posted on 8/7/14 at 2:21 pm to Rolltide10
the guy at the chevy dealership told me 3 payments financing with ally
Posted on 8/7/14 at 2:29 pm to yellowfin
quote:It's pretty much the same with every lender. I'm with Ford now but worked for a Chevrolet dealer for about 15 years.
the guy at the chevy dealership told me 3 payments financing with ally
Posted on 8/7/14 at 2:33 pm to yellowfin
Ford throws out the extra incentive to finance with them and as a rule their standard rates are higher than most other banks and credit unions. I think they know most people will either pay off their loans or refinance them. It's a numbers game where they are hoping most people wont.
Posted on 8/7/14 at 2:37 pm to Woodford Reserve
quote:
Woodford Reserve
as a Tennesseean, I know which dealer you work at (if it really is the largest ford dealer, as you said)
and I will be sure to avoid your dealership
Posted on 8/7/14 at 2:44 pm to yellowfin
quote:
Are the finance companies looking into putting in place an early payoff penalty? I bought a new truck, financed with Ford Motor Credit, made first payment, then mailed them a check for the balance from my credit union. I get $1,500 rebate for financing with Ford, they get 30 days worth of interest.
Most I've ever seen on prime was chase's $25 in the first 1/2 of the loan but they accepted a generic contract also that had a no payoff penalty clause written into it, it was weird. Anyways, I put A LOT of deals through FMCC because of their tied rebates to financing. I'd simply be honest and tell the customer that I make a little (and it really wasn't much usually with FMCC on these types of deals) but after 90 days they can't take it back so if they would just make 3 payments and then pay it off that'd be just the best.
Posted on 8/7/14 at 2:47 pm to yellowfin
Btw I would tell them they could pay it off earlier without penalty if they wanted. Pay as much as they want as long as it was a minimum of their monthly obligation of course (advantage of simple interest loans, boyeeeeeeee) the while spiel. Never once did I lie to a customer, I reasoned with them and built value through facts and discussion. Basically, I did my fricking job
Posted on 8/7/14 at 2:50 pm to yellowfin
Why would anyone finance at the dealership 
They cannot come close to USAA or penfeds rates
They cannot come close to USAA or penfeds rates
Posted on 8/7/14 at 2:52 pm to BACONisMEATcandy
quote:
Why would anyone finance at the dealership They cannot come close to USAA or penfeds rates
Yes, yes they can. It's more convenient and if you don't buy products you don't need (im a believer in a few F&I products, namely GAP) it could very well save you money
Posted on 8/7/14 at 2:59 pm to seeLSUrun
I'm not going to argue with you because you know the industry 10x better but I've never seen them be beat unless you have a 0% special.
And I disagree it's more convenient. I took a check from USAA to the dealer and walked out with my car.
On top of only having one website to login to in order to pay things and keep track
And I disagree it's more convenient. I took a check from USAA to the dealer and walked out with my car.
On top of only having one website to login to in order to pay things and keep track
Posted on 8/7/14 at 3:04 pm to BACONisMEATcandy
There are times we cant beat USAA and there are times we can and the customer still wants to use USAA. USAA customers are as a rule very loyal.
Posted on 8/7/14 at 3:07 pm to BACONisMEATcandy
Right but the F&I Mgr can cut the step of visiting a USAA office or their website and applying for the loan yourself. While their system is convenient it is still less convenient than just showing up to a dealership and leaving with a car. Assuming the numbers are apples to apples most dealerships can get at least one wholesale rate that can match or beat any direct lenders rate, especially in Louisiana. I would routinely get calls of 1.99% for 72 months from a non manufacturer lender, that's pretty goddamn strong. Oh and anything over 40k financed they paid me $1000 flat reserve, beautiful isn't it? 
Posted on 8/7/14 at 3:09 pm to Rolltide10
quote:
There are times we cant beat USAA and there are times we can and the customer still wants to use USAA. USAA customers are as a rule very loyal.
Troof, they are. Thank god for CUDL and CUAC, huh?
Posted on 8/7/14 at 3:11 pm to Rolltide10
I can understand that. There is trust that has been built over the years, at least there is for me. Just like I have a mechanic I trust and don't question him or a price he gives me.
Then again I am typically a very loyal consumer. However, I'm not sure I will buy a jeep again.
Then again I am typically a very loyal consumer. However, I'm not sure I will buy a jeep again.
Posted on 8/7/14 at 3:11 pm to seeLSUrun
I mean, this thread is about becoming a better, more knowledgable car buyer isn't it? I know I'm kind of crass and a dick about this stuff but the misconceptions and stereotypes insult me a bit, but at the core of this is me trying to humanize the industry. I am holding nothing back either, I don't know it all but I guarantee I know enough to make anyone outside the industry a more savvy buyer
Posted on 8/7/14 at 3:12 pm to seeLSUrun
quote:believe it or not I can actually get 1.84% for 75 months now if a deal is structured just right. Flats are also very strong sometimes even at that rate. Like I said the money is good but the hours and the years in this business are starting to get to me
1.99% for 72
Posted on 8/7/14 at 3:13 pm to BACONisMEATcandy
Penfed(and I'm sure USAA) makes it so easy I could log in and be approved in 5 minutes because all my info is saved to their site. They overnight a check to me and I'll have it by 10 AM tomorrow morning
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