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Car dealership "Bad Credit Rebate" of 2K? Login/Join 
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Today I brought my RAM truck in to the dealership for an inspection and computer flash upgrade. While there, I was eyeballing a new 2018 RAM 1500 diesel marked down $16K off sticker! I requested that the salesman work up some numbers for me. He came back with the price $2K higher than advertised. When I questioned why; I was told that because I have excellent credit, I didn't qualify for the $2K "Bad Credit Rebate". Needless to say I said screw it and left. I got home and I get a call from the dealership, and the salesman said he "fought like hell" to get me the bad credit rebate and they were ready to close the deal. I gave them a piece of my mind and basically told them to stick it.
So, fellow forum members, anyone ever hear of a bad credit rebate of $2K from a car dealership?
 
Posts: 548 | Location: Virginia Beach, VA | Registered: August 03, 2012Reply With QuoteReport This Post
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No but it does not mean it does not exist. A bad credit rebate might exist if they go with aftermarket financing for the vehicle at a much higher interest rate and possibly the finance company kicks them back $2k or Dodge has a $2k rebate for cash sales (which it would be considered if you came in with a check from another lender)?

At this point in time I would think most dealers are trying to unload any 2018's they have on the lot ASAP and are ready to really deal on them.
 
Posts: 16579 | Registered: June 12, 2005Reply With QuoteReport This Post
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quote:
Originally posted by jimmy123x:
No but it does not mean it does not exist. A bad credit rebate might exist if they go with aftermarket financing for the vehicle at a much higher interest rate and possibly the finance company kicks them back $2k or Dodge has a $2k rebate for cash sales (which it would be considered if you came in with a check from another lender)?

At this point in time I would think most dealers are trying to unload any 2018's they have on the lot ASAP and are ready to really deal on them.


Yeah, sounds to me like they give you a rebate on the front end so they can give you hard on the interest rate.
 
Posts: 2713 | Registered: January 27, 2008Reply With QuoteReport This Post
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Picture of mcrimm
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That is really hard to believe.

I found this tidbit on the ar15.com site...

"April 2017 Pricing on all new vehicles may include up to $1500 in finance rebates that have certain credit requirements to be able to claim this rebate. The finance office is Credit Score based and you must be below 620 to qualify. If you are over a 620 you must add up to $1500 to the price. Varies by make and model. Not all units are eligible for this rebate. Call Dealer for Details."

Unbelievable.



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Posts: 1533 | Location: Kalispell Montana & Florida’s Emerald Coast for the Winter | Registered: December 24, 2013Reply With QuoteReport This Post
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quote:
Originally posted by Cousin Vinnie:...I gave them a piece of my mind and basically told them to stick it....


Thank you. <Internet handshake>

I will not be dicked with in any deal.

The Xmonkey used to tell me "they like to haggle, that's part of the game, why won't you deal with them?", and I gave the same reply every time; "I don't gamble, nor play games with my finances."

Real simple, I research what I want to buy, look at the price or ask, and if it is within reason, even a bit higher, I will ask them if that is their best price, and yes or no, I will pay it.

The exception is if it is overpriced for the fair market and research, and I will offer near that higher price of the market and not a penny more for the rear bumper to clear the curb. And none of that "Let me go talk to so and so.", No, send so and so, or whomever has decision making power to talk, one time.

In reverse, I list a price on something, I have figured what the value is to me, and what I believe to be fair asking price. If it is not acceptable to the interested party, then we simply have no deal.

I understand many people like to "haggle" and all of that, but a good many people do not care for it.

We eventually find each other. Smile

And as ol' Robert A. used to say; TANSTAAFL

Rebates Schmebates, your financing that "gimme back" into years.




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Posts: 38494 | Location: fl | Registered: December 20, 2008Reply With QuoteReport This Post
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You may want to investigate the dodge ecodiesel. It was a real turd a couple of years ago.
 
Posts: 1844 | Location: Arkansas | Registered: April 14, 2009Reply With QuoteReport This Post
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quote:
Originally posted by sigmonkey:

none of that "Let me go talk to so and so."
Last car I bought, I told the sales guy that those words would be the signal for me to get up and walk out (well, more like hobble out with my cane). I told him that if he wanted to make the sale, he would go get a manager who had authority to say "yes" or "no," to sit down with us and either accept or reject my offer. It worked out just fine.



A mind is a terrible thing.
 
Posts: 19130 | Location: Central Florida (near Orlando) | Registered: January 03, 2010Reply With QuoteReport This Post
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I've never heard of a bad credit rebate but I have seen vehicles loaded down with rebates that the vast majority of people will never qualify for. Typically it's stuff like you've got to be active duty, first responder, student, farm bureau member, be a member of the royal family, been in orbit around the earth, ect.


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Posts: 2141 | Location: TX | Registered: October 08, 2005Reply With QuoteReport This Post
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It's just part of the numbers game.

If you like the truck and are good with the pricing/payments go for it. No need to take it personally.

Bob


I am no expert, but think I am sometimes.
 
Posts: 4030 | Location: Mass | Registered: January 23, 2004Reply With QuoteReport This Post
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I rarely ever post here as you can see but I am on the site every day. I work in the auto industry and the 18 Ram truck has a 2000 rebate for credit scores below 620 so the rebate is legit. You have to have a score below that to get the rebate though. The all new Ram truck (2019) is a very different truck and the 18's are a screaming deal incentive wise at the moment.


We few, we happy few, we band of brothers; For he to-day that sheds his blood with me shall be my brother. Shakespeare's Henry V
 
Posts: 3 | Location: Indianapolis, Indiana | Registered: November 24, 2017Reply With QuoteReport This Post
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I think the rebate is less than the interest gained on the financing, so net to the dealer is better. I cannot wait for car sales to be truly simple retail transactions. I think the young people of today will move the industry that way.


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Posts: 2962 | Location: Commonwealth of Virginia | Registered: January 15, 2007Reply With QuoteReport This Post
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go with the flow
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I guess they view the people who can't possibly afford the truck as being an untapped market Smile . Funny stuff. The more irresponsible you are, the more benefits institutions are willing to toss you.
 
Posts: 1212 | Registered: March 25, 2008Reply With QuoteReport This Post
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How can I trash my credit rating in order to qualify for this deal?

Maybe miss a few payments? Not sure on what, though, home mortgage is paid in full.



A mind is a terrible thing.
 
Posts: 19130 | Location: Central Florida (near Orlando) | Registered: January 03, 2010Reply With QuoteReport This Post
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I guess it is geared towards the low hanging fruit, these bad credit people generally are stupid and have negative equity in their current vehicle. They will put themselves in impossible debt if given the chance, this idiotic rebate makes it a little easier to do so. What a trashy move


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Posts: 1475 | Location: GA | Registered: September 23, 2009Reply With QuoteReport This Post
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It’s about the financing. Most of the time, the bank offered by the dealership gives a cut of the financing to the dealership. This is more money than they often make from profit from the sale.

The poor credit discount will easily be made back through finance charges. And that’s just it, lower credit ratings mean higher interest. That is why dealerships will always sell to you in monthly payment amounts past the offered financing, and never mention the total amount of purchase.


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Posts: 32070 | Location: Logical | Registered: September 12, 2004Reply With QuoteReport This Post
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quote:
Originally posted by NaploleonSolo:
I rarely ever post here as you can see but I am on the site every day. I work in the auto industry and the 18 Ram truck has a 2000 rebate for credit scores below 620 so the rebate is legit. You have to have a score below that to get the rebate though. The all new Ram truck (2019) is a very different truck and the 18's are a screaming deal incentive wise at the moment.


WHY on earth would any financing company WANT to encourage lending to people with under a 620. That's just asking for a lot of people to default on their vehicles. Vehicles don't appreciate like houses generally do and people with low credit scores tend to destroy them pretty good as well. I don't get it.

VTAIL- You have to work pretty hard to get your credit score below 620......it's quite a bit more than just missing a few payments!!!
 
Posts: 16579 | Registered: June 12, 2005Reply With QuoteReport This Post
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A few weeks ago I was kind of dreaming about a new truck. Mine is 20 years old.

Looked at a new 2017 Silverado on the internet, advertised for just over $23K. Fully loaded, 4WD, etc. Went to the dealership and asked the salesman for his best price, one time offer on my part. If I didn't like the price I was history.

Five employees (count them) huddled for about 20 minutes and came up with a price higher than the sticker price. I asked them about the $23K price they had on the internet and got a ration of BS about a number of things that had no bearing.

Told them that I had seen bait and switch by other dealers and would not do business with them under any circumstances. Drove home which took about 20 minutes, and arrived just in time to answer the phone. Guess who? Yup, the stealelrship wanting me to come back and discuss it with them. Fat chance.

My 2000 Silverado only has about 124K miles on it, runs fine. Figure to keep it until it falls apart. The prices they are demanding for pickups is pure insanity!

Around here the car lots are overflowing with new vehicles, as well as the used car lots.

I never heard of a "bad credit" rebate, and it sounds like some kind of scam to get you to sign up, and then pay a higher interest rate on the loan.


Elk

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Posts: 23610 | Location: Virginia | Registered: December 16, 2001Reply With QuoteReport This Post
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quote:
Originally posted by jimmy123x:
quote:
Originally posted by NaploleonSolo:
I rarely ever post here as you can see but I am on the site every day. I work in the auto industry and the 18 Ram truck has a 2000 rebate for credit scores below 620 so the rebate is legit. You have to have a score below that to get the rebate though. The all new Ram truck (2019) is a very different truck and the 18's are a screaming deal incentive wise at the moment.


WHY on earth would any financing company WANT to encourage lending to people with under a 620. That's just asking for a lot of people to default on their vehicles. Vehicles don't appreciate like houses generally do and people with low credit scores tend to destroy them pretty good as well. I don't get it.

VTAIL- You have to work pretty hard to get your credit score below 620......it's quite a bit more than just missing a few payments!!!


Because they get some payments they the repo the truck and add a ton of repo fees and do it all over again with the same vehicle.


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Posts: 19725 | Registered: September 06, 2003Reply With QuoteReport This Post
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And lots of these crazy offers are made possible because no one is using their own money. The dealer is using another bank, which is probably selling the note in a bundle of others with similar credit risk. If the borrower defaults and doesn't trash the vehicle, the lienholder can repo the vehicle and probably wholesale it off for more than what they're still owed or sell the remaining debt to a collections agency.
 
Posts: 1255 | Location: Cave Creek, AZ | Registered: October 24, 2005Reply With QuoteReport This Post
Sigforum K9 handler
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quote:
Originally posted by Black92LX:
quote:
Originally posted by jimmy123x:
quote:
Originally posted by NaploleonSolo:
I rarely ever post here as you can see but I am on the site every day. I work in the auto industry and the 18 Ram truck has a 2000 rebate for credit scores below 620 so the rebate is legit. You have to have a score below that to get the rebate though. The all new Ram truck (2019) is a very different truck and the 18's are a screaming deal incentive wise at the moment.


WHY on earth would any financing company WANT to encourage lending to people with under a 620. That's just asking for a lot of people to default on their vehicles. Vehicles don't appreciate like houses generally do and people with low credit scores tend to destroy them pretty good as well. I don't get it.

VTAIL- You have to work pretty hard to get your credit score below 620......it's quite a bit more than just missing a few payments!!!


Because they get some payments they the repo the truck and add a ton of repo fees and do it all over again with the same vehicle.


Yep, this right here.

Also add in this pipelines the used vehicle market. New vehicle deals are often driven by what the used vehicle markets look like. Recently GM dropped the prices on Silverados a great bit. This was mainly to stimulate the used market with trade ins.


_______________________________________________________________________
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"Make it a shooting, and not a gunfight" LSP552 02/19/2011



 
Posts: 32070 | Location: Logical | Registered: September 12, 2004Reply With QuoteReport This Post
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