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Started By
Message
re: Bought a vehicle yesterday.
Posted on 3/27/22 at 9:39 am to Dominus5150
Posted on 3/27/22 at 9:39 am to Dominus5150
quote:
Car notes are a great way to avoid building wealth
Yes and no.
If a person buys a reasonable car they can afford, then there's nothing wrong with financing at a very low rate.
IMO, the thing that hurts wealth more than anything is paying too much for food/entertainment. People will drop $20 a day on lunch and snacks at work without batting an eye. Then, go home and get takeout for the family at another $35-50. Factor in other things like Netflix, Amazon Prime, Disney+, Unlimited Cell phone plans, etc., and you can see how people can blow through thousands of dollars a month on things they have nothing to show for.
At least with a car you have transportation on demand and can use it to earn money. All those other things are just frivolous expenses that eat into wealth more than anything.
1
Posted on 3/27/22 at 9:41 am to Donka Doo Balls
Just to be clear, you financed a used truck for six years?
Posted on 3/27/22 at 9:51 am to Donka Doo Balls
This experience right here is why i hope to never have to finance a vehicle ever again…. Im only in my 40s, so i may have another 40 or 50 yrs left of driving, but i currently have a paid-for vehicle that i love w/90k miles on it; i intend to keep it forever and every few years, i plan to buy beater vehicles for cash that i dont mind putting miles on in order to keep the mileage relatively low on my main vehicle.
All that said, ive bought my last three vehicles from Carmax and have had far better experiences than what the OP describes.. i guess for me, it’s just that i want to avoid that process altogether , avoid having a car note, and ESPECIALLY avoid the possibility of a 72 MONTH(!) payment plan .
All that said, ive bought my last three vehicles from Carmax and have had far better experiences than what the OP describes.. i guess for me, it’s just that i want to avoid that process altogether , avoid having a car note, and ESPECIALLY avoid the possibility of a 72 MONTH(!) payment plan .
Posted on 3/27/22 at 10:28 am to Ricardo
quote:
If a person buys a reasonable car they can afford...
And therein lies the problem.
Most people are stupid, selfish and have no impulse control. Most people don't buy a reasonable car that they can afford. They spend 100 - 200% of their income on a depreciating asset they don't need.
The "only pay cash" method is good for limiting the type of purchase you make. In other words sometimes a $10k used Civic is the smart choice over the $60k truck with all the bells and whistles regardless of the financing terms.
Posted on 3/27/22 at 10:53 am to Donka Doo Balls
quote:
72 months.
Your membership is being revoked.
Posted on 3/27/22 at 11:02 am to Donka Doo Balls
I got 0.9% @48 months through Ford.
Posted on 3/27/22 at 11:48 am to tiger91
quote:
Then the $299 for etching catches my eye. I said “ oh no … that’s coming off”. He said they never take it off and I said well you better call the salesman because he said his manager agreed to do it. Finance guy says it helps them with their insurance
Exact same thing happen to us the last time we bought a car. Sales agree to take it off, we go into the finance office and he tells us they never take that off. I told him sales guy already agreed to take it off. He didn’t argue, just took it off and went about his business.
Posted on 3/27/22 at 12:16 pm to sawtooth
quote:
I paid cash for my last NEW vehicle. Only buy what you afford without financing.
Thank you for capitalizing NEW so that us idiots can understand that you bought a NEW vehicle with cash. THANKS again.
Posted on 3/27/22 at 12:17 pm to sawtooth
quote:If you're good with your finances, this is not good advice.
I paid cash for my last NEW vehicle.
Only buy what you afford without financing.
Posted on 3/27/22 at 12:18 pm to shel311
quote:
If you're good with your finances, this is not good advice.
especially with 0% financing, I was prepared to pay cash for my NEW truck that I just bought but it just doesn't make sense to do it
Posted on 3/27/22 at 1:03 pm to Donka Doo Balls
The wife is trying to buy a new car right now and the process has sucked. First, she walked away from buying a Porsche Macan because they tacked a six grand premium onto the car. Next, she put a deposit down for a Mercedes-Benz C300. Soon after the dealer got some AMG CLA 35s in stock, which is the car she wanted to begin with. She called the dealership to switch her deposit over to a CLA. For that car, they tried to charge her a $5000 "dealer allocation" fee on top of sticker price. She pulled her deposit and we went to another Mercedes dealership. Reserved a CLA 35 that starts production in May. What was cool about the visit was the salesman let us take a look at a car that was in a garage bay waiting for owner pickup on Monday. An AMG GT Black Series in orange and black, a $450,000 super car. Looks like this:
This post was edited on 3/27/22 at 1:27 pm
Posted on 3/27/22 at 1:14 pm to tigerwith3
This guy seemed more shocked that 1) we asked and 2) that they agreed. He just didn’t know. And was still polite so I was glad about that.
When we bought our daughters car in 2018, we did it all by email/text. Agreed on everything price wise. We get there and there’s etching and some other crap that I almost stopped the deal but I didn’t. I am STILL pissed at myself for it and swore it wasn’t happening again.
When we bought our daughters car in 2018, we did it all by email/text. Agreed on everything price wise. We get there and there’s etching and some other crap that I almost stopped the deal but I didn’t. I am STILL pissed at myself for it and swore it wasn’t happening again.
Posted on 3/27/22 at 1:21 pm to Donka Doo Balls
quote:
72 months.
Lawd have mercy. I’d rather drive an old car than pay monthly for one that long. 6 years, ouch.
Posted on 3/27/22 at 1:37 pm to Donka Doo Balls
anyone want to go into the basics on WHY you do what you do?
Why do you:
1. Get a pre appvd bank loan rate before you go in? My dealings have always seen that the dealer goes under the rate without even knowing I have one?
2. Mention paying cash?
3. not walk out on day one? dont you always walk out? it's just what you do right?
4. not mention the other cars and dealers you're looking at?
Why do you:
1. Get a pre appvd bank loan rate before you go in? My dealings have always seen that the dealer goes under the rate without even knowing I have one?
2. Mention paying cash?
3. not walk out on day one? dont you always walk out? it's just what you do right?
4. not mention the other cars and dealers you're looking at?
Posted on 3/27/22 at 2:00 pm to Donka Doo Balls
I just played the game last week on a one year old fully loaded truck. Finance guy came back to me and pretended like rates we’re in the 4% to 4 1/2% range blaming it on the Fed increase five or six days before that. He knew I had credit in the 800s so I pulled out my phone and just told him let me shop around and get a better rate myself. Magically he got me a deal at 3.09%. It was a Friday night and I could’ve gone home worked out my own financing and come back on Monday after leaving them with a small deposit. But I got a great deal on the truck and was ok with them getting a small win on maybe 1/2 percent interest. My wife was like “How did he get their interest-rate to drop over a percent in less than two minutes?” I had to explain to her that the interest rate from the bank was always probably in the 2 1/2 to 3% range and then he was just marking it up for extra dealer profit.
I feel bad for all the young people and elderly that get swindled by dealerships on the interest rate and on the extended warranty nonsense.
I feel bad for all the young people and elderly that get swindled by dealerships on the interest rate and on the extended warranty nonsense.
Posted on 3/27/22 at 2:06 pm to dstone12
I’ll play
Why do you:
1. Get a pre appvd bank loan rate before you go in? My dealings have always seen that the dealer goes under the rate without even knowing I have one?
I never bother getting preapproved anything, I just look up with the best interest rates are online so I know to know if what they’re shooting at me is unreasonable or a fair going right.
2. Mention paying cash?
It’s signals to them that you’re serious about buying, it also signals to them if they insult you on the financing they could lose on the opportunity to finance all together.
3. not walk out on day one? dont you always walk out? it's just what you do right?
I’ve walked out twice out of maybe 20 car negotiations over the years, just told him I needed more time to think about it. I don’t know if it will have any impact in these times, with supply being so low but when dealers had lots full of cars you didn’t have the fear of the one you want to getting sold out from underneath you and you could count on a callback from the manager wanting you to come back the next day if he could take another thousand to 2000 off
4. not mention the other cars and dealers you're looking at?
With inventory being so low I’m not sure this has much of an impact on them anymore as well. That may change later this year, you never know
Why do you:
1. Get a pre appvd bank loan rate before you go in? My dealings have always seen that the dealer goes under the rate without even knowing I have one?
I never bother getting preapproved anything, I just look up with the best interest rates are online so I know to know if what they’re shooting at me is unreasonable or a fair going right.
2. Mention paying cash?
It’s signals to them that you’re serious about buying, it also signals to them if they insult you on the financing they could lose on the opportunity to finance all together.
3. not walk out on day one? dont you always walk out? it's just what you do right?
I’ve walked out twice out of maybe 20 car negotiations over the years, just told him I needed more time to think about it. I don’t know if it will have any impact in these times, with supply being so low but when dealers had lots full of cars you didn’t have the fear of the one you want to getting sold out from underneath you and you could count on a callback from the manager wanting you to come back the next day if he could take another thousand to 2000 off
4. not mention the other cars and dealers you're looking at?
With inventory being so low I’m not sure this has much of an impact on them anymore as well. That may change later this year, you never know
Posted on 3/27/22 at 2:07 pm to Old Sarge
Sorry for all the typos, seems like my phone gets worse and worse at dictation
Posted on 3/27/22 at 2:56 pm to Old Sarge
I’ve been agreeing to terms over email/text for an out the door price for the last 6 vehicles (including 2 for my kids) I’ve purchased since 2005. I never buy the day I test drive, lock in on what I want and then get the best deal. On the day of purchase, my goal is to be in and out under an hour.
The last vehicle I bought was in December 2020. On the purchase day, and already 90 minutes in because the sales guy was slow and asked me to hold tight so he could go answer a quick question for a Saints player (CGJ), Finally, when I got to the finance office, the bottom line was $80 different. The vehicle was over 60k. It’s for my wife and I was tempted to walk out knowing the redraft of the paperwork was going to be another 20-30 minute delay. It was a Friday after work and we had dinner plans. I stuck to my guns, they changed it and I got out in time to make dinner. This was before supplies dried up. I can’t imagine now a salesperson/dealership will do much to meet customers desires these days.
The last vehicle I bought was in December 2020. On the purchase day, and already 90 minutes in because the sales guy was slow and asked me to hold tight so he could go answer a quick question for a Saints player (CGJ), Finally, when I got to the finance office, the bottom line was $80 different. The vehicle was over 60k. It’s for my wife and I was tempted to walk out knowing the redraft of the paperwork was going to be another 20-30 minute delay. It was a Friday after work and we had dinner plans. I stuck to my guns, they changed it and I got out in time to make dinner. This was before supplies dried up. I can’t imagine now a salesperson/dealership will do much to meet customers desires these days.
Posted on 3/27/22 at 4:31 pm to sawtooth
quote:
Only buy what you afford without financing.
Bought my last 3 or 4 cars at zero interest for 60 mos
Posted on 3/27/22 at 8:25 pm to RedMustang
quote:
Well, Slick Willy walks in anyway trying to sell it to me. I told him to go away, but he said they were required to explain it. (Frikking lie)
Well he was being partially honest. His boss likely requires them to pitch it to you whether you want it or not. There is, however, nothing in the law that requires you to listen. Also, many many people don't realize this but the GAP and Warranty are 100% refundable and non-contractual. This means you could go ahead and sign up for them and cancel either at any time with no advanced notice and no legit reason. They will refund you the prorated amount on both, less any warranty claims that may have been paid out. If you financed your car the refunded amount is going back on your loan, on the back end likely, but its credited back.
It is illegal for the bank to tell you they won't write the loan if you don't get GAP and/or the warranty. It is also illegal for them to try and charge you more than $799 for the GAP policy. The cost on them is typically $200-$250.
Might not be a bad idea to get a warranty if they offer it and have a little insurance for the first year or so on anything you buy. If something major happens you'll at least be covered and won't have to fight the dealer, which is always an uphill battle.
Doesn't matter what they charge you for the warranty, it's all coming back less the prorated amount and usually an admin fee, which may also be regulated, if you choose to cancel after driving a few months.
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