Cam72aro

iTrader: (28)

EOB means end of business. Like said above you had to agree to these terms. Has your signature on it. Everyone likes to blame car dealerships for these things but you had to agree to it. If you dont like it dont ******* sign the papers. Just like an estimate for repairs on your car, you have to approve it or else the work doesnt happen, then yall complain about how expensive it was. It kills me how many retards like to blame other people for their fuckups and get rich off it. You people crack me up!!!!!!!!!! Ok, off the box now, Josh

Galen

iTrader: (3)

Most auto purchases are in part impulse purchases. Most of those customers haven't arranged financing in advance. Once they get past the untrustworthy (in their eyes) salesman and set a price, they then go to the finance office. Here, they feel safe and think that all negotiations are over. The finance manager's job to them is to get them financed as cheaply as possible...they actually trust this finance manager. Big mistake. If after running the credit of the buyer they find the best rate is 6%, they will tell the buyer that the best they could find was 12%. If the buyer accepts this, then the dealership gets the profits with no risk to themselves. While this common practice is not illegal, it is immoral.

Galen

capn smokey

iTrader: (1)

This is a stupid thread. OMG car dealerships are trying to make money!! Who would have guessed that? Every business in the world wants more money out of you, nothing in this thread is news to anyone.

Stroked96Bowtie

iTrader: (22)

Well to be honest...Im quite happy with the car I bought and think I got a decent rate and deal. I dont think I 'f-ed up' and looking for someone to blame...not it at all. I think the car sales business is very shady and there is LOTS of room to push dollars here in there, Im sure no one will argue with that (of course this is the internet). Hide them in the trade so you cant see them on the bottom line of the new car. Ive bought 2 cars new for family vehicles and its never easy getting through the dealership madness...some were all day events and practically like boot camp in the middle of summer out wondering around a parking lot (with kids in tow!!).

Im not the kind of person that signs the first dotted line I see...and agree there are people that do, Im sure.

Plus for folks that have bad credit...there was a guy that paid 20k for a new suburban and got 15k back...if need be use it to better your credit so you have more options the next run.

Thats if you're smart enough not to **** it away in your race car!!

Phil99vette

iTrader: (11)

End of business. Simple solution go to a big dealership that has access to all of the credit unions. The local dealership here is setup with all of the local credit unions so they can take care of the financing with the lender of your choice. And let me tell you, credit unions do send dealerships money for taking care of the paperwork and setting the loan up.

Can anyone tell me a legitimate scam or how anyone has been screwed by a dealership? A local dealer principal was caught spending tax/tag money on his home he built in virginia. Owner was using it for building supplies/labor on his 2 million dollar home and when 60 days came around people got new temp tags to hold them off since their tag work wasn't completed. Todays automobile market is pretty straight forward and there are agencies to prevent customers getting "F"d by the dealership.

Can you price shop? Absolutely

Can you take one dealerships offer to another and have them beat it? Absolutley, but why would you waste the time, gas, and effort? Get a fair price up front and run with it. The time you waste trying to get another 100-200 off you have spent that much in gas/personal time. My personal time is roughly $85/hr so I make my decisions based on that.

Is there a point when a dealership can't/won't beat another dealerships offer? Thats where the gray line is, any deal can be undercut by 50-100 maybe 300-400 depending on how much over invoice your starting at.

Stroked96Bowtie

iTrader: (22)

Someone used to be in the business!!

I was told after 4 years of good and building credit I couldnt get a better interest rate!! Immoral is right.

Phil99vette

iTrader: (11)

Galen,
Unfortunately you are wrong. It is illegal to mark-up an interest rate 6%. Every state has a rate cap that is associated with home loans and auto loans. Believe it or not home loans have markup in them. If you think your mortgage guy is giving you the money @ the rate he is buying the money at, I feel sorry for you. He is buying it at 5, selling at 5.75-7%(market rate) and enjoying the reserve on a 300k rate. About 10 years ago there was no law that stated a rate cap so a person could qualify for 6% and the contract could be written @ 20%. Let me ask you this, if the customer signed for 20% why wouldn't they just go to their bank to get a lower rate? Banks do refinance....

Cam72aro

iTrader: (28)

Dang phil, your hourly rate is only 85 an hour, thats cheap. Mine is 103.50! Our course I dont get that, only a small portion. The man gets the rest, lol. I guess you are the man in your situation, right?

Stroked96Bowtie

iTrader: (22)

There is a government bail out going on in the housing market. The government is going after home lenders that take advantage of buyers. The whole housing market is in the toilet all over the US map because of practices like these. There are other factors also but you get the point to see how far it can go.

The financing game has changed for sure but still needs to continue to change and keeping the pressure on might help that.

2 SLOW

the home lenders didn't "take advantage" of buyers...they just got them into the house the buyers wanted, not their fault they couldn't afford it and the housing market capped off

TWS

iTrader: (63)

Slight change of topic, but sadly true. Unscrupulous/greedy home lenders threw subprime loans at people who were really not equipped to pay the mortgage. Some of this was with people whose debt to income ratio was wack, other cases were talking people who could afford a modest home into a lot more home than they should be going after.

I could bash the lenders as thoughtless, careless bloodsuckers, but also the home buyers were to blame. They didn't have the self-awareness that "hey, maybe I don't need a 2600 sq. foot home. Maybe an 1800 sq. ft. one would be more in keeping with my ability to cover the monthly payment". DOH! ****, some of the people shouldn't have gotten into a home in the first place regardless of the size. They should have kept renting until they got their financial situation on better footing.

Problem is, a lot of us that had nothing to do with it are paying for the fallout.