|
Off Topic Off Topic - General non-Corvette related discussion. |
|
Share | Thread Tools | Search this Thread |
04-10-2024, 12:20pm | #21 | |||||||
C4 Mod
Barn Raising II,III
Join Date: Jan 2011
Location: Cincinnati, OH ....ΜΟΛΩΝ ΛΑBE....
Posts: 13,901
Thanks: 1,315
Thanked 7,758 Times in 3,453 Posts
Gameroom Barn Bucks: $19752494
|
Quote:
That agreement is 100% between the buyer and the bank. The "profit" that a dealership sees from a loan is essentially nothing more than a referral fee. It's not much, and more importantly to the discussion, it doesn't change based on interest rate. Dealers don't make more by putting people in bad loans. It's actually usually the opposite. Dealers actually get less for higher risk (ie. higher rate) customers because the bank is more likely to have someone default on it. |
|||||||
04-10-2024, 12:24pm | #22 | |||||||
Barn Stall Owner #116
Doesn't have a big thing
Join Date: May 2022
Location: NOBROCOSOFLO
Posts: 14,084
Thanks: 3,553
Thanked 9,233 Times in 4,620 Posts
Gameroom Barn Bucks: $500
|
Quote:
With that said, always have your financing approved BEFORE you go to the stealership, if the stealership can beat it, go with them, if not, use your source. |
|||||||
04-10-2024, 12:29pm | #23 | |||||||
C4 Mod
Barn Raising II,III
Join Date: Jan 2011
Location: Cincinnati, OH ....ΜΟΛΩΝ ΛΑBE....
Posts: 13,901
Thanks: 1,315
Thanked 7,758 Times in 3,453 Posts
Gameroom Barn Bucks: $19752494
|
Quote:
|
|||||||
04-10-2024, 12:40pm | #24 | |||||||
A Real Barner
Join Date: Sep 2021
Location: NYS Finger Lakes
Posts: 15,044
Thanks: 7,715
Thanked 9,846 Times in 4,091 Posts
Gameroom Barn Bucks: $500
|
Quote:
|
|||||||
04-10-2024, 12:51pm | #25 | ||||||||
Barn Stall Owner #116
Doesn't have a big thing
Join Date: May 2022
Location: NOBROCOSOFLO
Posts: 14,084
Thanks: 3,553
Thanked 9,233 Times in 4,620 Posts
Gameroom Barn Bucks: $500
|
https://www.bankrate.com/loans/auto-...inancing/#what
What dealer financing is and how it works Quote:
How Much Money Do Dealers Make on Car Financing? Quote:
|
||||||||
04-10-2024, 1:00pm | #26 | |||||||
A Real Barner
Join Date: Jan 2011
Location: NorthernNY! (A little town on the shores of the Great Sacandaga Lake) in the peoples republic of NY
Posts: 10,382
Thanks: 5,543
Thanked 3,415 Times in 1,871 Posts
Gameroom Barn Bucks: $2115673
|
Quote:
Dealers cannot hose you that way. Only once did a dealer beat the best rate I could get from local sources and that was a incentive going on by GM. |
|||||||
04-10-2024, 1:04pm | #27 | |||||||
Barn Stall Owner #116
Doesn't have a big thing
Join Date: May 2022
Location: NOBROCOSOFLO
Posts: 14,084
Thanks: 3,553
Thanked 9,233 Times in 4,620 Posts
Gameroom Barn Bucks: $500
|
Quote:
For mortgages and car loans do your homework, as many wealth / investment companies have alliances in place to provide lower-than-market rates for their customers through non-subsidiary companies. I bought my C7Z in 2017, learned about this, my rate was 1.75% for 60 months, about 1.00% lower than I could get at my local bank. U.S. Bank was the auto lender, never used them before or after. |
|||||||
04-10-2024, 1:28pm | #28 | |||||||
Vette Barn Crew
|
Quote:
True story, at ford dealer buying new super duty, get to the finance ****ers office and he goes through the usually scam script and I tell him no on all his marvelous offers, he then proceeds to tell me about all of his fabulous financing options . Chase was 5% but no factory cash , BOA was 4% , and Ford was offering $5000 cash if you financed with them and he said rate was 7% .. I laughed .. I told him I knew what my credit score was and to quit ****ing around. He picked up the phone and acted like he called Ford finance office to see if he could get rate reduced , (I think he called his wife ) anyway he said that was as good as they could do. I said fine . He said to come back in 60 days and he would refi with other lender to get rate down but he would still get Ford kickback and I would get my cash. I said fine just get me the **** outa here. I get a letter from Ford about two weeks later stating that after they reviewed my application and finance agreement that there would be a rate reduction to 2.9% , which was the offer at the time. I called the dealer , who I knew personally and told him what had happened and the prick got fired . I bought another truck about 2 years later from same shop and dealer friend had to tell the new finance prick to skip the bullshit and if he even thought about trying to scam me he would get his ass kicked. So my new conclusion is some dealers can be good people but they hire guys with experience who are greedy cheating sorry ass pricks who know how to screw people over. |
|||||||
04-10-2024, 1:37pm | #29 | ||||||||
C4 Mod
Barn Raising II,III
Join Date: Jan 2011
Location: Cincinnati, OH ....ΜΟΛΩΝ ΛΑBE....
Posts: 13,901
Thanks: 1,315
Thanked 7,758 Times in 3,453 Posts
Gameroom Barn Bucks: $19752494
|
Quote:
What I deleted was that YSP is illegal and applied almost exclusively to mortgages. Quote:
The dealer gets a reserve. It's not much. It's also shown in the Truth in Lending section of any loan paperwork. It's not something that is snuck in undetected. If you get a better rate somewhere else, great. Saves me the time of trying to figure out how many times someone lied on the credit application because they didn't think anybody would notice. |
||||||||
04-10-2024, 1:44pm | #30 | ||||||
C4 Mod
Barn Raising II,III
Join Date: Jan 2011
Location: Cincinnati, OH ....ΜΟΛΩΝ ΛΑBE....
Posts: 13,901
Thanks: 1,315
Thanked 7,758 Times in 3,453 Posts
Gameroom Barn Bucks: $19752494
|
Also, this thread makes me so glad that I decided to get out of the actual ownership side of the dealership.
It seems like every dipshit that walks through the door is hopped up on nonsense that they saw on youtube thinking they are being ripped off. ...and dammit, I'm not going to do it to them. You think that the finance guy is an ass? Read through this thread and imagine having to deal with this bullshit 40 hours a week. (much more than that if you actually own the place) |
||||||
The Following 2 Users Say Thank You to RedLS1GTO For This Useful Post: |
04-10-2024, 1:50pm | #31 | ||||||
Barn Stall Owner #116
Doesn't have a big thing
Join Date: May 2022
Location: NOBROCOSOFLO
Posts: 14,084
Thanks: 3,553
Thanked 9,233 Times in 4,620 Posts
Gameroom Barn Bucks: $500
|
Car buyers are easily bigger aholes than anyone / anything at the dealership.
They will always have lower income and worse credit than stated, and will continue that lie even after you prove them wrong. My 20-year old nephew has been selling new cars for about 3 months. He converts maybe 25% of buyers that need financing. The other 75% are a total waste of his time, there to tire kick and fantasize, as not qualified buyers, which they already know. |
||||||
The Following User Says Thank You to Onebadcad For This Useful Post: |
04-10-2024, 1:53pm | #32 | ||||||
Barn Stall Owner #1120
NCM Supporter '20,'21
Join Date: Jan 2016
Location: La Isla de Ira
Posts: 17,602
Thanks: 3,867
Thanked 18,605 Times in 8,227 Posts
Gameroom Barn Bucks: $1030760
|
New Car Loan
Whenever I am buying a new car I go to my Credit Union and get approved for a car loan before setting foot inside a stealership. Then when the F&I guy tries to sell me on the stealership's financing I show them the rate I'm approved for and tell him if they can beat it they get my business.
So far not one of them ever has. Likely the only way it's possible is if the manufacturer is offering special financing, but even then this is usually in lieu of a cash rebate which is usually worth more than I would save in interest. |
||||||
04-10-2024, 1:54pm | #33 | |||||||
A Real Barner
Join Date: Jan 2011
Location: NorthernNY! (A little town on the shores of the Great Sacandaga Lake) in the peoples republic of NY
Posts: 10,382
Thanks: 5,543
Thanked 3,415 Times in 1,871 Posts
Gameroom Barn Bucks: $2115673
|
Quote:
I have top credit and on some occasions I simply do a check. (They really do not like that.) |
|||||||
04-10-2024, 1:59pm | #34 | |||||||
C4 Mod
Barn Raising II,III
Join Date: Jan 2011
Location: Cincinnati, OH ....ΜΟΛΩΝ ΛΑBE....
Posts: 13,901
Thanks: 1,315
Thanked 7,758 Times in 3,453 Posts
Gameroom Barn Bucks: $19752494
|
Quote:
Top tier credit is easy. Here's your rate. Here are the banks that I looked at. If you don't like it? Great, come back with a check from whatever bank you want. |
|||||||
04-10-2024, 2:07pm | #35 | ||||||
C4 Mod
Barn Raising II,III
Join Date: Jan 2011
Location: Cincinnati, OH ....ΜΟΛΩΝ ΛΑBE....
Posts: 13,901
Thanks: 1,315
Thanked 7,758 Times in 3,453 Posts
Gameroom Barn Bucks: $19752494
|
I have bought many cars from dealerships. I can say with complete certainty that I have never been ripped off or "hosed" in any way. I have also never had to act like a dick or "do something that they hate" to ensure that. I've walked away from deals I didn't like. I've talked through some things that I didn't like but I've never had to pull out some bag of tricks to make it happen.
I've spent a hell of a lot of time on both sides of the desk. I genuinely don't understand the combat mentality towards buying a car. It's a business negotiation just like any other. |
||||||
04-10-2024, 2:07pm | #36 | ||||||
A Real Barner
Join Date: Jan 2011
Location: NorthernNY! (A little town on the shores of the Great Sacandaga Lake) in the peoples republic of NY
Posts: 10,382
Thanks: 5,543
Thanked 3,415 Times in 1,871 Posts
Gameroom Barn Bucks: $2115673
|
I think they do not like it because they do not get a chance to run numbers by you. By not needing fiance they only have the paperwork to do without gaining any more chances of getting more money.
|
||||||
04-10-2024, 2:10pm | #37 | |||||||
C4 Mod
Barn Raising II,III
Join Date: Jan 2011
Location: Cincinnati, OH ....ΜΟΛΩΝ ΛΑBE....
Posts: 13,901
Thanks: 1,315
Thanked 7,758 Times in 3,453 Posts
Gameroom Barn Bucks: $19752494
|
Quote:
EDIT: Holy shit. Nevermind. You mean you pay with a check. Like I said. Reading comprehension. |
|||||||
The Following User Says Thank You to RedLS1GTO For This Useful Post: |
04-10-2024, 2:13pm | #38 | |||||||
A Real Barner
Join Date: Sep 2021
Location: NYS Finger Lakes
Posts: 15,044
Thanks: 7,715
Thanked 9,846 Times in 4,091 Posts
Gameroom Barn Bucks: $500
|
Quote:
He was a complete asshole. He started his spiel about all the extra warranties available yadda yadda. I said "Are these cars so poorly built that we need warranties beyond the manufacturer's?" He didn't find that funny. Finally I said to him that I'm not buying any of that crap, so can we move on? He said "Well, a lot of wealthy people don't need these warranties . . . " GFY. There are numerous other reasons I will never go back there for anything. My backup camera is working intermittently, still under warranty, but I will drive to the next nearest dealer, 10+ miles away to get it fixed. |
|||||||
04-10-2024, 2:18pm | #39 | |||||||
Vette Barn Crew
|
Quote:
I’ve experienced the stupid shit from ****wad finance guys, from Porsche dealerships to Ford dealerships, I’ve only ran across a few who weren’t total dicks trying to take advantage of your ignorance. I don’t need to watch YouTube. Imagine being a finance guy that doesn’t lie, gaslight, and try to cheat his customers out of their hard earned cash .. his 60 hour work week is tiresome perhaps but he’s trusted and good folk aren’t pushed to fight for their lives to make a purchase. |
|||||||
04-10-2024, 2:35pm | #40 | ||||||||
A Real Barner
Join Date: Sep 2021
Location: NYS Finger Lakes
Posts: 15,044
Thanks: 7,715
Thanked 9,846 Times in 4,091 Posts
Gameroom Barn Bucks: $500
|
Quote:
From post #15: Quote:
|
||||||||
|
|
Support the Barn: |
Download the Mobile App; |
Follow us on Facebook: |
||