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Ready to negotiate new car. Best way to present down payment?
September 25, 2019, 09:53 AM
PowerSurgeReady to negotiate new car. Best way to present down payment?
quote:
Originally posted by Rev. A. J. Forsyth:
quote:
It’s even more amazing that there are people that are so dishonest to be car salespeople.
I was 19 and needed a job. Dealership employees are under tremendous pressure to produce. If you don't produce, you don't eat. It's definitely not moral or right, but that's how it is. The only people that came close to getting it right was Saturn. Here is our price, buy it or don't.
I really wasn’t talking about you personally, just people that stay in that mire for years and years.
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The fool hath said in his heart, There is no God. Psalm 14:1
September 25, 2019, 09:55 AM
PASigBe prepared for the whole "What kind of monthly payment are you looking for?" routine from them.
I'd recommend bypassing these scumbags and leeches altogether at traditional dealerships and going to a CarMax retail pricing type place and sparing yourself the hassle of playing games.
You see a car there with a price on it. That's what you are paying, no games, no bullshit.
September 25, 2019, 09:57 AM
jhe888I don't think it matters. The amount you pay down should affect you financing deal, but shouldn't affect the price of the car. BUT, since car dealers can sell cars and loans, it all ends up being one big indistinguishable ball, with no way to tell what factor affects what other factor.
Whether it is cash or check doesn't matter. It is all the same to them.
For that reason, get your loan lined up at your bank, then go negotiate on the price of the car. Then you can accurately comparison shop loan rates, and comparison shop car price.
The fish is mute, expressionless. The fish doesn't think because the fish knows everything. September 25, 2019, 10:00 AM
PowerSurgequote:
Originally posted by PASig:
Be prepared for the whole "What kind of monthly payment are you looking for?" routine from them.
.
That’s why I tell people that are financing to also only think about drive out price. In fact, you can go into the finance room making the dealership think you’re paying cash then turn around and finance once you get in there. It’s always best to have financing arranged before you get to the dealer. If not, it’s good to know what the going rates for new or used loans are so you can haggle with the finance guy with the interest rate if there are not special financing rates offered by the manufacturer at the time.
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The fool hath said in his heart, There is no God. Psalm 14:1
September 25, 2019, 10:23 AM
BigSwedequote:
Originally posted by PowerSurge:
quote:
Originally posted by Rev. A. J. Forsyth:
quote:
It’s even more amazing that there are people that are so dishonest to be car salespeople.
I was 19 and needed a job. Dealership employees are under tremendous pressure to produce. If you don't produce, you don't eat. It's definitely not moral or right, but that's how it is. The only people that came close to getting it right was Saturn. Here is our price, buy it or don't.
I really wasn’t talking about you personally, just people that stay in that mire for years and years.
That's a pretty broad brush you're painting with. I have been doing this for 25 years, continuously building a base of clients that trust me, that trust doesn't come easy and is easily lost.
I will not work at a place that sells based on lies and deception. Yes there are some shady folks in the business, a lot less than there used to be. Do not do business with shady folks, there is a guy at down the road motors that won't lie to you and is happy to have you as a customer.
To the OP, down payment, financing and trade ins are none of their business while negotiating a sale price. Find out what you want and do your shopping online with the dealerships internet departments before you decide to grace them with your presence. They shouldn't have a problem with a personal check. They might limit you on how much they will take on a credit card though
September 25, 2019, 10:57 AM
Dan the manThe manufacturer is offering 0.9% financing right now (to well qualified buyers, which I am and if they try to say I'm not then I'll walk) which is why I'm thinking of pulling the trigger now. I know from experience that my credit union wouldn't even come close to that offer.
The fine print on their website does confuse me. What do they mean by $17.05 per month per $1000 financed. By my estimate a loan of say 26,000 should equal about $20/month at 0.9APR?
"0.9% APR ONLY FOR WELL QUALIFIED BUYERS WHEN FINANCED A NEW 2019 MAZDA3 SEDAN THROUGH PARTICIPATING LENDER; NOT ALL BUYERS WILL QUALIFY. AMOUNT OF DOWN PAYMENT AND OTHER FACTORS MAY AFFECT QUALIFICATION. 60 MONTHS AT $17.05 PER MONTH PER $1,000 FINANCED WITH $0 DOWN AT PARTICIPATING DEALER. Loan origination fees may apply. Must take new retail delivery from dealer stock by 9/30/2019. Residency restrictions may apply. See dealer for complete details."
China is Asshoe September 25, 2019, 12:15 PM
Anushquote:
Just write a check. Don’t mention the down payment, any financing, nothing, as has been said.
What most people do not realize is that if the dealer arranges financing they get monthly kickback checks. All banks, Ford Credit, GMAC, Etc. do the "rebates". The amount of kickback is the bank's offer for the loan & what the dealership can skim off the customer. You will always get a better deal if the dealership thinks you will finance with them. That is why the salesman likes to only talk monthly payment & rarely does anyone "qualify" for the lowest interest rate. Here is how it goes; "I am sorry but you do not qualify for the .9% (a lie), but I can get you in that auto for only $20 more per month". The extra $20/month is rebated back to the dealership each month you make your payment to the bank.
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If you can't dazzle them with brilliance, baffle them with bullshit!
Sigs Owned - A Bunch
September 25, 2019, 12:20 PM
BigSwedequote:
Originally posted by Dan the man:
The manufacturer is offering 0.9% financing right now (to well qualified buyers, which I am and if they try to say I'm not then I'll walk) which is why I'm thinking of pulling the trigger now. I know from experience that my credit union wouldn't even come close to that offer.
The fine print on their website does confuse me. What do they mean by $17.05 per month per $1000 financed. By my estimate a loan of say 26,000 should equal about $20/month at 0.9APR?
"0.9% APR ONLY FOR WELL QUALIFIED BUYERS WHEN FINANCED A NEW 2019 MAZDA3 SEDAN THROUGH PARTICIPATING LENDER; NOT ALL BUYERS WILL QUALIFY. AMOUNT OF DOWN PAYMENT AND OTHER FACTORS MAY AFFECT QUALIFICATION. 60 MONTHS AT $17.05 PER MONTH PER $1,000 FINANCED WITH $0 DOWN AT PARTICIPATING DEALER. Loan origination fees may apply. Must take new retail delivery from dealer stock by 9/30/2019. Residency restrictions may apply. See dealer for complete details."
$17 per 1,000 is correct at 60 months. How much rebate are you giving up for 0.9%? Depending on how much rebate money you're giving up, a loan at say 3.5% might make more sense
September 25, 2019, 12:29 PM
BigSwedeI'm not seeing anything significant as far as rebates. The 0.9 looks like a good deal, they have 2.9% for 72 as well
September 25, 2019, 12:32 PM
bigdealDon't know why you're sweating any of this. The only concern of 90% of new car buyers today is, can I afford the monthly payment? Interest rate, length of loan, total cost of vehicle, value of their trade, none of this trumps the monthly payment amount. I helped a young lady we know negotiate for her new car, and in the end she looked at me and said,
"But I only saved about $20 a month with your deal, which isn't really very much." I just shook my head and gave up given she had no awareness at all of the other attributes of the deal, and how much she was saving overall. Not shocking at all why so many people make horrible decisions when buying a new vehicle.
For the Op and his question about how to handle the down payment. Do you have a rewards credit card, and do you have room on it for the $5k? If yes, I'd charge the down payment and pick up the cash, points, or mileage award, and they pay it off when my statement showed up. Just another way to maximize your cash.
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Guns are awesome because they shoot solid lead freedom. Every man should have several guns. And several dogs, because a man with a cat is a woman. Kurt Schlichter
September 25, 2019, 12:44 PM
lymanwife's friend just bought a new car,
she did not deal with the sales folks in the dealership until the last minute, when she was ready to buy,
she did all negotiations with the internet sales person,
she played a few dealers against each other, and went and bought from the one that gave her the best deal,
https://chandlersfirearms.com/chesterfield-armament/
September 25, 2019, 12:48 PM
Dan the manquote:
$17 per 1,000 is correct at 60 months. How much rebate are you giving up for 0.9%? Depending on how much rebate money you're giving up, a loan at say 3.5% might make more sense
I guess it's the way they worded it "per $1000 financed" Look's like there's a $500 rebate offer but then I have to fish for financing. They are throwing out 6.9% as an example on the website.
China is Asshoe September 25, 2019, 12:54 PM
Dan the manquote:
Originally posted by bigdeal:
Don't know why you're sweating any of this. The only concern of 90% of new car buyers today is, can I afford the monthly payment? Interest rate, length of loan, total cost of vehicle, value of their trade, none of this trumps the monthly payment amount.
Yeah that must work on a lot of people, they always try it. My response is "If the price is right then the monthly payments will work themselves out."
China is Asshoe September 25, 2019, 12:55 PM
Dan the manquote:
Originally posted by bigdeal:
For the Op and his question about how to handle the down payment. Do you have a rewards credit card, and do you have room on it for the $5k? If yes, I'd charge the down payment and pick up the cash, points, or mileage award, and they pay it off when my statement showed up. Just another way to maximize your cash.
Yes and yes to that!
China is Asshoe September 25, 2019, 03:55 PM
rsboloI'd use a credit card for the points. Then pay off the card with the cash you've saved.
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September 25, 2019, 04:28 PM
jhe888They offer .9% to suck in buyers, and make it up in an increased price for the car, lower trade-in, the chance to sell you overpriced warranties.
It is a good rate, but a lot of baggage comes along with it.
The fish is mute, expressionless. The fish doesn't think because the fish knows everything. September 25, 2019, 06:22 PM
patwThe best way I have found to get a new vehicle is to email the internet team for their best deal, period. I have saved literally thousands for myself and other family members who got new vehicles. You might have to travel a little but to me, it is worth a couple hours drive,if necessary. The thousands you save can allow you to save some of that money you have put away for other things.
September 25, 2019, 10:07 PM
AZSigsquote:
Originally posted by El Cid 92:
It is absolutely reprehensible that vehicle purchasers that are cash only / paid in full are viewed as a pain by the dealerships. My last two vehicles purchases each took about 6-8 weeks.
I hit the lot and look at what I might like and note a vehicle or two that fit the bill. Then, I write down a number and my phone number and give it to the sales person. My instructions are straight forward. "This is what I'm willing to pay period. When the sales manager is ready to accept this call me. But - you only have 3 phone calls to accomplish that. After that I won't do business with you or accept phone calls."
I've walked on more cars than I've bought. Not being emotionally attached to the deal is the key.
My last one was great... Got a Cashiers check from the Bank for the price I was willing to pay. Drop it on the desk of the salesperson with a copy of the vehicle invoice. Told him I'll be there 20 min max for the sales manager to accept the sale.
He came back to counter offer. I grabbed my check and walked out. The next day, the vehicle was delivered to me at home and the deal was completed for the exact amount on that check.
Andrew
I have negotiated deals similar to this in the sales office. I had to separate my wife's emotions from the deal so I just went into the manager's office and acted as if I was doing the salesman a favor by negotiating with my wife. There was always a set price. They just had to understand they weren't getting any more money on the deal no matter how hard I tried to convince my wife. We still laugh about it as she is looking for a new car again.
Getting shot is no achievement. Hitting your enemy is. NRA Endowment Member . NRA instructor September 25, 2019, 10:25 PM
RHINOWSOquote:
Best way to present down payment?
September 25, 2019, 10:29 PM
jimmy123xquote:
Originally posted by jhe888:
They offer .9% to suck in buyers, and make it up in an increased price for the car, lower trade-in, the chance to sell you overpriced warranties.
It is a good rate, but a lot of baggage comes along with it.
This is not true if the offer is through the manufacturers credit company (IE. Mazda credit in this example). Generally a low interest rate given by the manufacturer is in exchange of a rebate if paying cash or taking higher % financing. The dealership could care less which direction you take in financing with Mazda credit as far as price of vehicle or trade in amount goes (that's their profit and the finance percentage doesn't effect that, they make that deal before you even settle on financing)