@Anonymous wrote:
I can't imagine how you think they are swindling you (now) by offering a lower price....
They may have been swindling you before, if they pushed packages (presumably, extended warranties, GAP, service plans, etc) into the deal without telling you about them...
If they hand you a contract to sign for the lower amount, sign it.
And ask for the original one back, just to be sure. Or at least a copy of it with "VOID" written on it by them.
Sometimes they have to lower the price a liittle to get anyone to buy the deal - especially with used vehicles. They may have had the lender say sure, we'll fund that deal, but only if the car is less than $39k... and the dealer decided to do it to get the thing closed. This happened with the car I just bought over the weekend - a one-year-old Mazda - where the dealer was trying to beat my prequalified interest rate. They found one of their lenders to do it, but only if they lowered the selling price of the car by $1500, which they did to get the loan through. Dealers make a little on each finance contract they initiate, too, so don't feel too bad about the claim yours made that they "lost money" on your car.
The truth is they did lose money (or put another potential profit). But it's how it's phrased and put into a sentence... By saying "I lost xxx or losing xxx" it trying to elicit an empathic response from you.
The dealer discounting a used car to get the bank to accept it, means they were charging full retail for it, while having given the original owner as LITTLE as possible for it.
If the owner is like most people, they didn't put up much of a fight and just wanted to trade the car in because it was the wrong fit for their circumstances.
Between this forum and various websites including Fighting Chance, I have been the victim of every trick because I was desperate -
a) I needed a car
b) I had credit challenges
c) It had to be affordable
Even with my newest car, I was forced into a sub prime lender when Hyundai actually had approved my loan but wanted some more information. The dealer likely got a kick back from the subprime lender.
Also by law most states allow for dealers to move the interest rate 2-3 points in either direction.
They also dropped the price but I'm not complaining. MSRP was $17,295 the bank said it had to be $16,000 or less. So instead of forcing me into a cheaper car which would have been the base Accent Hatchback (wheel covers, et-al, you've seen them around). They lowered the price down to $15,295; didn't plan on collecting sales tax and were hoping I would buy at least GAP insurance because that's all the F&I guy offered.
Even collecting taxes they would need additional down to cover it. But as it was, they only needed the rebate $500 and used that to insure I would fly up and pick up the car.
So I won, but I still lost on the financing. Luckily because of this forum I was able to re-finance it and save money + paying down more of the principle.
