The problem is that the Manager is not a finance person and is giving an educated guess on your monthly payment. The down payment should not change, if it did simply say I would like to speak with your GM because ya'll are trying to scam me. Sales managers are sleezy and care about all the extra $$$ they can get, the GM/Owner have to worry about public perception of the dealership. That is if you're shopping at a reputable dealership.
Thank you, i was pre approved at my bank and credit union at 2.0% interest. With my credit score being over 800 that still seems a little high. I'm hoping to get 0% from the dealer
You bet. That's an excellent credit score. Congratulations! Perhaps the interest rate reflects the current uncertainty in Washington. Getting 2% is still pretty dare good, in my opinion. Perhaps you could play your bank against your credit union? Tell one what the other is offering, and ask them if they can beat it. Then do the same thing with the other fellows. Doesn't hurt to try.
unless you have a bad credit, try not to pay interest on something that depreciate. This time of year, many dealers are offering no interest financing to get rid of all their 2013 inventory.
Ahh its partially correct. There are some stipulations and apparently vehicles is not one of them. I was incorrect.
Yes they are but we were offered $2000 cash incentive OR 0.0% financing (cant take both) and its a far better deal to take the $2000 cash offer. We decided to take the $2000 offer, got the financing down from 2.5% to 2.1%, and got the salesperson to lower the price to pretty much the invoice. As for the 3 day cool off period mentioned earlier in the thread, sorry it does not exists in car sales. Make sure you want that car before you sign the papers. Anyways, I checked the paperwork and everything looks good. We are ready to pick the car up. If they call me a week or two weeks later and try to get us to sign a new contract with a higher APR, it wont work. We are pre-approved with a local federal credit union. But if they really want the car back, they can have it after my wife has put a few hundred miles on it.
I have always heard stories about shady car dealerships, but my last car purchase took the cake. I got pre-approved from my bank with a 2.5% interest rate, went to a majour Houston area dealership, found a vehicle and then everything went south. The KBB value on my trade-in was $3500, they offered me $500. Then their finance guy ignored my pre-approval and tried to get me into a loan with a 5% interest rate. They told me since the car was an internet special, they couldn't take the pre-approval from the bank. When I tried to leave without taking their deal, they couldn't find the keys. While searching for my keys, they kept sending different sales guys to question why I wasn't taking the deal. The idiots kept me waiting 45 minutes for my keys. I got home, found the email address of the GM and sent an email detailing my experience, my displeasure and my pledge to tell everyone from the BBB to message boards about the behavior of the sales staff. 24 hours later, I get a call from the salesman offering $4000 for my trade-in and an interest rate of 2% which beats my pre-approved rate. If dealing with a large dealership and don't like the treatment, I recommend contacting the GM.
I've got no complaints about financing through Honda. I've done it twice. I always do a little bit of shopping around town for the lowest rates, which are usually at my Credit Union, and go in and negotiate price, and let them bring me the rates they show. Never been any shenanigans.
Sheesh, I thought the ol' hiding the keys shtick was a myth. I guess they really do it after all. I'm paranoid enough to take an extra set of keys to prepare for something like that. Did you buy the car from the guy after he called you back? CarMax is a great place to sell your car instead of trading it in at the dealership. I've done it twice and both times I've gotten more than KBB value. Take it to a car wash and have them detail it on the way. That makes a big difference. You don't even have to buy a car there to sell yours. They will literally write you a check the same day. The whole process takes just an hour or 2 from start to finish.
