Dealer Dilema

[GApeachy]

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@Anonymous wrote:

for the record, 99/100 times, difficult or silly customers make the process painfully hard.  it's not very hard, you know your general credit score, you know what you should be approved for. it's probably true the sales person doesn't know the rate.  so, it's simple. get a BANK DRAFT for the exact amount from your local lending institution...not a pre-approval, a bank draft with the promissory note...show up to buy the car..they either beat the rate you have or you pay with the draft..cash in hand ie a draft will get them to lower the rate if they can.  all these silly ideas that they play games is just made up nonsense..they want to sell you the car more than you want to buy it.  they don't want your keys etc, it's all make believe fake news. they want a commitment from a buying customer, that's it..just like any sales person does. the rest is hokey poky balony from the 70's - early 90's.

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Wait......car salesmen think people that ask for "Terms" are "Silly Customer's" ?  

[Anonymous]

Obviously pricing, trade values vary from dealer to dealer? But would financing vary from a different dealer. Reason I ask is on my credit alerts I saw that the dealer sent out to Regional Acceptance ,Global Lending Services and Ally and dealer is an Ally flooring dealer. I would think based on my profile that they would of sent out to GM Financial. I have seen approvals on here with scores similar to mine fairly recently around 9.9. My long auto history is perfect, Chrysler approved me with lower scores, 517, 4 years ago @8.04.
I know some of you would roast me for attempting to purchase with my scores, but I don't mind paying up to 10% with my scores temporarily. I wish Springboard was still around!!

[GApeachy]

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@Anonymous wrote:
Went to a Chevy dealer on Sat pm. Reached a deal Sat evening, filled out credit app at 630pm, all came back pending. My mortgage is current but was sold to another lender over 6 months ago and they are still not reporting in payment status to CRA's so I had to furnish pay stubs, a few other docs as a work around. Saleman called me Monday at 730 pm telling me they have an approval. I asked for terms , salesman told me he doesn't have them,finance has them, but told me to come in today to review. I said I would like to know terms before I come back in since dealership is far from my job. He then said he would call me back today with them. He did not call me back today. Was it wrong for me to expect him to disclose over the phone? Or will they only discuss loan terms in person once approved?
I know this is the reason why you need pre-approvals before shopping, but CapOne Auto navigator keeps denying me,reason for being over the limit on my CapOne card when I am actually not and haven't been for along time. Credit Unions keep giving me hard time about mortgage payment history not showing since Feb.
Thinking of just trying dealer close to work tomorrow out of convenience and of course seeking better deal or is it wrong to do so

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Shopping for a car at the best price is not wrong. Doesn't make you difficult or silly.  You are looking out for you and somewhere closer to you and work makes sense, esp. if you get a better rate. GL!

[Save-n-Invest]

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@LakeLife wrote:

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@Anonymous wrote:

for the record, 99/100 times, difficult or silly customers make the process painfully hard.  it's not very hard, you know your general credit score, you know what you should be approved for. it's probably true the sales person doesn't know the rate.  so, it's simple. get a BANK DRAFT for the exact amount from your local lending institution...not a pre-approval, a bank draft with the promissory note...show up to buy the car..they either beat the rate you have or you pay with the draft..cash in hand ie a draft will get them to lower the rate if they can.  all these silly ideas that they play games is just made up nonsense..they want to sell you the car more than you want to buy it.  they don't want your keys etc, it's all make believe fake news. they want a commitment from a buying customer, that's it..just like any sales person does. the rest is hokey poky balony from the 70's - early 90's.

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As someone who bought his first new car in the mid-80s my opinion is that their tactics have only gotten worse and more sophisticated.  I dread negotiating with a car dealer and probably why I keep my cars so long and/or buy used from private sellers.  The only dealer I ever had a pleasureable experience with was Saturn.  I still stalk craigslist for old S-Series cars and have bought my kids 2 of them.  You can call it fake news if you want to, but I will absolutely call it true.

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RobetJ, I agree with you. I pay cash, no trade. They still try to screw around with the numbers. I've walked out on a few occasions. I have no heart for silly games. 

[Anonymous]

Personally I see both sides of this conflict, I see the dealer's side as well as the customer's.

As a dealer, I wouldn't want to give out too much specific information over the phone, for privacy reason's I wouldn't want to divulge specific credit related term's over an unsecure form of communication.  In addition, quite frankly, you can't buy a car over the phone and they can't sell a car over the phone, alot of work goes into making a car deal happen, sure some sales people can be pushy, arrogant, and hard to deal with, but for those who aren't, it's a tough job and they deserve respect in being allowed to try and earn your business which is almost 100% of the time better done in person. Maybe I am old-school, but I find it hard to believe customer's truly get the best deal possible when soley shopping online or over the phone with dealer's looking for the best quoted price. I'm a firm believer that the best deal's to be had, are done in person as it shows your commitment to actually following through with a purchase which entices a dealer to ultimately give you the best deal that they possibly can in order to earn your business over a competitor. Dealer's have an old saying, "buyer's are liar's" and they are 100% correct in this saying as many consumer's lie quite a bit during the buying process and, salesmen deal with some pretty high level's of disrespect from customer's, which is why their goal is to get you into the store, in person, to better be equipped in dealing with objection's.

On the flip side, I see as a consumer that it can be frustrating with the lack of transparency when dealing with a dealer. Many people simply don't have the time to go into a dealership and spend countless hours trying to negotiate the best deal possible and they just want to know the best OTD price over the phone as well as specific term's in regard's to their potential purchase. Maybe this is why companies like Carvana have come to face, and many consumer's purchase their new vehicle 100% solely online with little to no hassle, unfortunately people who buy from Carvana don't get a very good deal, as they are paying a premium for their "hassle-free" buying service.

[Save-n-Invest]

The expression buyers are liars makes me laugh each time I encounter it. I guess a car salesman can provide an expert opinion on liars.

They want OP to present in person so they can get him to sign a deal. No other reason. An analogue phone (landline) is a very secure form of communication.  

There is a reason people hate car shopping. It's not a pleasant experience. My last car purchase (cash, no trade) salesman tried to play with the numbers during test drive after we agreed on terms via phone. He was pushing financing with some balderdash that I could keep my cash for other needs. When that didn't work he began to insist that I take a color I didn't want. Dang, who's funding the purchase? That's the one who makes the call. 

During the test drive he kept bugging me about buying a black car. I got tired of hearing it and told him they can put me in a black Cadillac when I'm dead. The young wiseman had a temper flare. I had an immediate need so I went with our original agreement and took the car. I had to remind him that a dealer on the other side of town had two in stock exactly the same as I wanted with another in transit.

Goes without saying that young wiseman didn't have time to deliver the car. I was handed off to some gal who's expertise was limited to BT pairing, radio presets and survey begging. My indy delivered the car a few days later when I told him what happened. 

A few weeks ago young wiseman sent a birthday email greeting. Dummies!

[Anonymous]

Decided to go back to the dealer today to see approval terms. Rate was 13.9, 72 mo with 1k down. I asked why it was not ran through GM Financial, was told there rates were much higher. Politely declined, went to another dealer who ran it through GM Financial. Approved @ 7.9 72mo with 500 down.

[pmbrian]

What people don't often understand is that interest rates can be padded by the dealer, so it's always best to go to your CU or Bank to get the loan setup prior, and not use dealer financing.

[Anonymous]

The average dealer markup is between 1 and 2% of the loan price. If you add in products like vehicle service contracts, dealers now make more money on financing than they do selling cars. (We track the markups here: https://www.outsidefinancial.com/auto-loan-markup-index).