typical car crap. congrats for standing your ground and getting your rate!
OP:
Good job doing your work ahead of time.
That's the same rate I have from Cap One as well.
Dealers can mark the rate up to 2 basis points as commision for providing the loan in most if not all states.
It's an area of the profit dealers make for operating in business.
(Mod Cut-nonFSR)
@fury1995 wrote:OP:
Good job doing your work ahead of time.
That's the same rate I have from Cap One as well.
Dealers can mark the rate up to 2 basis points as commision for providing the loan in most if not all states.
It's an area of the profit dealers make for operating in business.
Shooting-For-800:
(Mod Cut-nonFSR)
You can make profits without being a scumbag.
No one expects to get a car below cost, but the fact that more aggressive customers get better deals is the reason so many normal people hate typical car dealerships.
I have no problem with them. I will pound and pound till I get what I want, but it is a messed up system that allows many to be taken advantage of because they are ignorant or frankly too nice.
@StartingOver10 wrote:I believe that you are entitled to a profit, after all, without one you would shortly go out of business. No one wants all dealerships to go out of business. We just want the dealerships to change their method of sales/financing. It is possible that you don't operate this way, but enough of those types of finance reps are still in the industry to make the car buying experience a nightmare.
The big difference I see with some dealership is this:
- "Mistakes" in pricing that land on the contract rather than the price agreed to prior to meeting with the F&I guy
- Add on's that the consumer specifically did not agree to suddenly show up in the contract
- Needlessly shot gunning the consumers credit report to many lenders rather than limiting the inqs to the lenders that are likely to pick up the deal.
There are more examples. I don't fall for these things because I read everything before i sign it, but many consumers simply believe the F&I guy and fail to read what they are signing. This type of negotiating seems to run rampant in the auto industry. It assumes the consumer is stupid. We are not, as a group, stupid. We do not like to be treated that way by any sales rep in any professon. And financing is certainly a sales profession.
There is a way to purchase intelligently in a consultative type manner rather than tricking or outright lying to the consumer.
Personally, I think the dealerships and the consumers would be better served by having an informative approach rather than having the dealer F& I guy lie. It would save time and everyone would end up happier because the options (interest rate, down payment, price, add on's) would be chosen with the consumers consent. JMO.
PS I have been in that situation a couple of times in my lifetime. I just walk away. Why reward a deceitful F&I guy? Many years ago I discovered the beauty of outside financing before you shop for any vehicle. It makes the process so much better all the way around. That is why you find us recommending it here so much.
Sure.. I agree with you on your points where there is clearly illegal incidents occurring.
But..
I take issue with anyone who paints broad strokes regarding this aspect of my industry that I know more about than most of the people here posting.
I work in it. I'm in it everyday. Most consumers deal with it once every few years and read about it from others the remainder of the time..
There is a difference in perspective.
It's like saying "all you people are scum " then adding "well.. except you, you're one of the better ones"
Nice story, congrats on the new car 
I have removed multi posts from this thread for flaming and nonFSR, I want to remind everyone that posts must be done in a friendly, supportive and respectful manner, there are no exceptions. Violations of our policies will be addressed by PM.
http://ficoforums.myfico.com/t5/Credit-Cards/Forum-Etiquette/td-p/2905196
