@Cellice wrote:I am so glad I found this thread. I spent several hours reading through most of this thread,lol
I am in the processing of purchasing a new vehicle. I pulled my credit and right now TU - 694, EQ - 724 and Exp - 715. I have 1 negative on my report from 2005 when a dealership did not payoff a car I traded in for over 45 days (So I got a 30 day late. I was mad)
My goal is to purchase a 2013 Hyundai Genesis Coupe 3.8 R-Spec. The MSPRP is $29K. I will be buying it for 26.5K before tax, tags etc. I plan on trading in my 2010 Hyundai Genesis Coupe Base 3.8 Coupe Automatic. The car has 11K miles on it and is in excellent condition. No accidents or any issues. I am the 2nd owner. KBB list the value at 20K and I own 21K. I plan on doing a downpayment of 3-5K.
I am hoping to finance the vehicle but I am concerned about what kind of interest rate to expect. My current car loan is through BBT at 4.5% for 75 months. I am hoping to get better than that but dont know if that will happen. Do you tthink any banks will give me a better rate for the same term or even same rate. What kind of rate am I looking at most likely? My credit score was lower when I got that loan.
Also the trade. I havent traded in a car before but I found out it would be beneficial for taxes in MD compared to selling it myself. How close to KBB does dealers give? I will be selling it to a Hyundia dealership so they can easily turn around and sell it as a certified used car.
What should I expect? I appreciate all the help!
First off have you researched your number on the new car? KBB isn't far off on your trade. I would think as long as you don't need any reconditioning you can expect somewhere between $18,500 and $19,000. $20K may be pushing the envelope a little. I would push as hard as you can to get your payoff for the car by telling them you don't want to carry any negative equity over into the new loan. If you push for $21K the dealer may be more willing to step up and give $20K. And with your scores you should have absolutely no trouble getting a great rate. Hyundai is offering 3.9 for 60 months and 4.9 for 72, which can both be beat through outside banks. Price sounds right from what I know. It looks like Hyundai is offering a $500 loyalty rebate as well so make sure you're getting that. Hope this helps 
@UpNComing wrote:Well musicdiva, I'm sorry to hear that you're having a tough time finding someone to help you without judging you by your credit score. I grew up in California (Bay Area and Lake Tahoe) but now I'm in the Northeast. But, I actually have a friend who is a Sales Manager at a VW Dealer in L.A.. I'll give him a call and ask his opinion.
I grew up inbetween your hometowns..Sacramento. I'm willing to deal w/someone up there too. That actually may be better than LA.
I did find a dealership on the outskirts of LA that was fantastic and they quoted me a 09 G37 and 05 G35 (Infiniti). What I found is their pricing was not as competative as market permits, but they did go to great lengths to help me. But.. if the price tag is higher from the start.. that just further complicates my dp & monthly numbers..
I put that on hold to resolve a few things, but seeing feedback here where folks are getting 3-4k off the asking price boils my blood. I was given $500 off. That makes me believe again while this dealership was genuinely helpful w/financing, they still in a way used my ugly FICO against me. If I were to walk in with cash or good FICO I'm sure that $500 would have been a few thousand.
Thanks for your help!
Starting Score: EQ 522, TU 482 June 2012
@UpNComing wrote:
@cadesertcredit wrote:UpnComing,
thanks for all your help on here. after reading thru many pages of this thread i felt confident enough to go in and negotiate hard with my local acura dealer.
@i am looking at a cpo acura 2010 rdx tech. car has everything and only 25K miles. it is a lease return and i actually know the previous owner so i know it's in great shape with no problems. Dealer had it on the lot for 31.5k and on the internet for 29.4k. i got him to 27k plus tax. I called my credit union and got a pre-approval for a 30k loan @4.19%. dealer says he can probably go 3.49%. CU says my equifax was 706 but that the dealer would probably see a higher number. I haven't let the dealer run my credit yet. Obviously i would do the dealer finance but would give the cu the option of matching it. However the loan officer at the cu told me to call their car buying service (auto expert) because they could most likely get a better price. Having said that, in your opinion 1.) would i be able to get a better price? 2.) am i being fair to the dealer/salesperson even though there is nothing signed.....thanks for your opinon
Sounds like a decent deal.
1) It's definitely worth a try. Exhaust all possibilities!
2) Don't worry about the salesman. He gets paid either way. Let the CU and dealer duke it out. You'll come out a winner. My money's on the dealer
UpnComing,
thanks so much for your all your help and advise. i have beed reading through your posts as much as i can and trying to learn. After making an initial offer of $27k, sitting for a couple of days to let the dealer counter, I closed the deal on my "new" 2010 rdx tech sh-awd vehicle on the 30th. Kept negotiating with the dealer until late Saturday night when he finally thru in the gap insurance (for whatever it's worth $250 instead of &795 original quote)to get me to sign the papers with a loan rate of 3.49%. I held my ground after many attemps on his part and got the car for an even better price ($26.5k plus tax). i let the dealer finance even though the credit union was willing to match terms. it then became easier to let the dealer do all the paper work work and not have to run back and forth between dealer and bank as well as get the car sooner rather than later.
So i just want to thank you for giving me the tools and confidence i needed to get the deal i wanted...
THANKS!
@cadesertcredit wrote:
@UpNComing wrote:
@cadesertcredit wrote:UpnComing,
thanks for all your help on here. after reading thru many pages of this thread i felt confident enough to go in and negotiate hard with my local acura dealer.
@i am looking at a cpo acura 2010 rdx tech. car has everything and only 25K miles. it is a lease return and i actually know the previous owner so i know it's in great shape with no problems. Dealer had it on the lot for 31.5k and on the internet for 29.4k. i got him to 27k plus tax. I called my credit union and got a pre-approval for a 30k loan @4.19%. dealer says he can probably go 3.49%. CU says my equifax was 706 but that the dealer would probably see a higher number. I haven't let the dealer run my credit yet. Obviously i would do the dealer finance but would give the cu the option of matching it. However the loan officer at the cu told me to call their car buying service (auto expert) because they could most likely get a better price. Having said that, in your opinion 1.) would i be able to get a better price? 2.) am i being fair to the dealer/salesperson even though there is nothing signed.....thanks for your opinon
Sounds like a decent deal.
1) It's definitely worth a try. Exhaust all possibilities!
2) Don't worry about the salesman. He gets paid either way. Let the CU and dealer duke it out. You'll come out a winner. My money's on the dealer
UpnComing,thanks so much for your all your help and advise. i have beed reading through your posts as much as i can and trying to learn. After making an initial offer of $27k, sitting for a couple of days to let the dealer counter, I closed the deal on my "new" 2010 rdx tech sh-awd vehicle on the 30th. Kept negotiating with the dealer until late Saturday night when he finally thru in the gap insurance (for whatever it's worth $250 instead of &795 original quote)to get me to sign the papers with a loan rate of 3.49%. I held my ground after many attemps on his part and got the car for an even better price ($26.5k plus tax). i let the dealer finance even though the credit union was willing to match terms. it then became easier to let the dealer do all the paper work work and not have to run back and forth between dealer and bank as well as get the car sooner rather than later.
So i just want to thank you for giving me the tools and confidence i needed to get the deal i wanted...
THANKS!
Glad to help. You did well! By giving the dealer the financing you gave the them incentive to lower their price. I couldn't have done it better myself. $250 is cost on the gap insurance by the way. Great job!
I'm looking at Vin: WVWED7AJ4CW275575
MSPRP is $27,315.00
Its not the exact car I want. I want a white one but they said they cant find one and the best price would be on the one on the lot so Red it is 
This is from Heritage VW in Owings Mill, MD. They are about an hour away. I was going to drive 4 hrs to get the Hyundai. I'm willing to drive far for price and service. There is closer dealerships but they had horrible sales people when I was researching the car back in May. How do I know if they are a Wholesale dealership?
@Cellice wrote:I'm looking at Vin: WVWED7AJ4CW275575
MSPRP is $27,315.00
Its not the exact car I want. I want a white one but they said they cant find one and the best price would be on the one on the lot so Red it is
This is from Heritage VW in Owings Mill, MD. They are about an hour away. I was going to drive 4 hrs to get the Hyundai. I'm willing to drive far for price and service. There is closer dealerships but they had horrible sales people when I was researching the car back in May. How do I know if they are a Wholesale dealership?
My wife and I LOVE Baltimore. We drive down about 5 times a year. LP Steamers knows us by name!
They're full of it. I see quite a few in the Northeast Region. I think they are trying to get you to buy from stock. Invoice in this one is $26,204. Dealer hold back is $531. $25,923 is a fair price. Push for them to locate the car you want. We swap with dealers in MD all the time, so it's not asking too much. They may tell you they can't locate one for that price. If they do, then find a dealer that will. Thats deal we'd do all day and then some.