Honestly I would leave it. I’m just not a “stir the pot” kind of person. Believe me I’ve dealt with shady salesmen. At the ripe old age of 23 I’ve already gotten 3 car loans. He probably wants you to finance with the dealership. I would just utilize your best offer and enjoy the new car. Congrats on that Chase offer—seems like a good step up from the others!
As someone who works at a dealership. They have the flexability to mark up the buyrate by 2% if they choose, I would tell him that you will just secure financing on your own and that you spoke to capital one and its 7%.
The manager probably taught him everything he is doing.
Its padding and its legal. The dealership gets the difference between your rate and whatever they get you to sign for.
Why not walk out if you don't like your salesman?
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I wouldn't call this a shady salesman more like "industry standard". They will try to make money from you 10 different ways and jacking up the interest rate is one of those ways. This, as you know OP, is why it pays to be an informed consumer. Good job!
In my opinion, a more apt definition would be "industry standard shadiness."
I wouldn't call this a shady salesman more like "industry standard". They will try to make money from you 10 different ways and jacking up the interest rate is one of those ways.