Help! Finance for a lower price or buy it??

[Yesitsme7]

Hello,

I'm in the process of buying a used car. We have been going back and forth over the price the last 2 weeks. The dealership and I landed on a price that is $4500 less than the selling price but $1000 more than my asking price. The dealership asked me if I would consider financing the car for 90 days instead buying it so that they could make money from the bank to make up the discount they're offering me. They said whatever option I choose, it would not affect the sale price of the car.

I filed Chapter 7 BK last year. Discharge May 2020. The car is over $80K with TT&L. My plan was to pay for it flat out. The counter offer I was going to present the dealership was: if I finance the car, I want it for my asking price which saves me another $1000. I would put down a huge down payment and pay off the car in 3 months since I have the cash. Is this worth doing just to save $1000? I have no idea what the finance charges would be.

Also, how does a car that's been paid off in 3 months look on my credit report?

[Jnbmom]

Me personally if you have the cash buy it . Split the difference 500.00 and they have a deal .

[Yesitsme7]

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@Jnbmom wrote:

Me personally if you have the cash buy it . Split the difference 500.00 and they have a deal .

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Why?

[Jnbmom]

Why..... I would not  finance for 90 days . If you have the money buy it outright .

[Yesitsme7]

Anybody?

[203bravo]

I cannot believe that either side has risked losing a 80k sale over 1k.

You have worked hard to recover from your BK... pay cash for the car and enjoy it. 

[4sallypat]

Yes, if you have the cash pay for it in full!

In this crazy used car market, where used cars are selling for more than new cars - take the discount they gave you and run!

[Yesitsme7]

Thank you all for the advice. I will pay in cash.