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Got a Quick Question for a Car Dealer?

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  • boomchekboomchek Vancouver, BC, CanadaPosts: 5,096
    edited February 2013
    Way to go boom...you leaving is going to be a huge loss for the car sales industry...and a big gain for where ever you land !!

    Thanks! I'm working for myself so it's a gain for myself :shades:

    2007 BMW 328i Sports Pkg, 1993 Honda Accord EXR (my 33rd car).

  • isellhondasisellhondas Issaquah WashingtonPosts: 17,347
    edited February 2013
    Coming in late here...

    boomcheck as usual, gave you good advice. You were responsible for the remaining lease payments and they simply rolled that money into your new lease.

    Did I read that you bought some kind of extended warranty? If so, go back and have them cancel it. You don't need it since your car will be under warranty throughout the lease. That maintence package I'm guessing may not have been explained to you so make them do that. It may or may not be a good deal depending on how much they may have marked it up.

    It sounds like you have learned some lessons here. Buyer's Remorse is something probably all of have had at some point in our lives.

    EDIT: It looks like you were sold something called "wear care". I think I know
    what that is. If you bring the car back with more damage than is allowed, it covers that gap. It is probably VERY expensive insurance and you can probably live without it and lower your paymennts in the process.

    P.S. What the heck is a C-Max?
  • boomchekboomchek Vancouver, BC, CanadaPosts: 5,096
    edited February 2013
    New Ford compact van/tall hatchback

    image

    2007 BMW 328i Sports Pkg, 1993 Honda Accord EXR (my 33rd car).

  • robr2robr2 BostonPosts: 7,597
    P.S. What the heck is a C-Max?

    Hybrid or Plug In Hybrid only.
  • boomcheck, thank you again for restoring my sanity. I'm glad I'm just a mildly incompetent run-of-the-mill car buyer as opposed to the biggest [non-permissible content removed] in the universe ;) I actually showed in the system as having 13 payments to go; I think I always naively thought that when I stayed with the same leasing company, the cars just got more or less swapped and that's it.

    Either way, I'm glad I have the car now. Things actually fit, the ride is great, and I love the gas mileage I'm getting.
  • boomchekboomchek Vancouver, BC, CanadaPosts: 5,096
    I'm glad I could be of help!

    One more thing to remember is to make sure your previous lease gets cancelled and that payments don't keep coming off your account. Sometimes it takes a few days for paperwork and payout to reach the leasing company and a few more before they stop payments on your previous lease, unless your Fiesta lease was with Ford and the CMax lease is also with Ford.

    But just make sure all of that is in order as I've seen it happen before due to the time it takes for payouts to be processed and old lease/finance payments still keep coming out when they shouldn't.

    2007 BMW 328i Sports Pkg, 1993 Honda Accord EXR (my 33rd car).

  • isellhondasisellhondas Issaquah WashingtonPosts: 17,347
    Looks good! Ford seems to be back on track!
  • You could have maybe done better, but you could have done a lot worse. The best outcome is that you got a car that fits your needs and that you like. And, you didn't get hosed. We see plenty of folks who pay a bit too much, and then they don't really like their vehicle. That's not cool. Since leasing seems to suit you, you're always going to have a payment, so just make sure the payment isn't a budget issue for you.

    And - next time, stop by here FIRST and we'll help you understand the details before you drive away.

    Need help navigating? kirstie_h@edmunds.com - or send a private message by clicking on my name.

  • explorerx4explorerx4 Central CTPosts: 9,444
    Bought a car and the finance manager contacted a couple of banks for rates.
    I've heard the dealer can make some money on these loans by marking up the rate.
    Is their profit a fee or it it paid for over time?
  • kyfdx%40Edmundskyfdx%40Edmunds Posts: 25,861
    Usually, the bank will pay them a fee upfront for writing a loan above the wholesale rate. If the loan is paid off before a specified period of time (90 days, usually), there will be a charge back (the dealer won't get paid).

    How much is it? It's usually the whole extra amount, discounted for present value. As an example, BMWFS pays a BMW dealer 70% of the extra amount over the "buy rate".

    Moderator - Prices Paid, Lease Questions, SUVs

  • explorerx4explorerx4 Central CTPosts: 9,444
    Kyfdx,
    Thanks, exactly what I wanted to know!
    The finance manager pulled a bit of a fast one on me, so I'll refinance with another lender after I make my first payment.
  • nadia21nadia21 Posts: 6
    Hi everyone,

    I need to buy a used car as soon as possible. I can't really afford to spend anymore than $3000 on the car itself. I've researched a few options and came across two Nissan Sentras that are both available at the same used car dealership. One is a 2001 Nissan Sentra with about 150,000 miles, the other is a 2003 Nissan Sentra with about 130,000 miles (although it is bright yellow in color and I would prefer something not so flashy). They are both priced at $2995. I checked the VIN for both and they both come up clean with no accidents or any red flags. My concern is the final cost with tax included. The sales tax rate in Illinois is 8.75% which would mean the final cost of the car would be about $3270 or so which is more than I want to spend. (I know $270 doesn't seem like a big deal, but that would be pushing it for me right now). If I could get either car for $2800 then that would put me at about $3045 total, which I would be happy with. My question is, how should I negotiate to see about getting the car for $3000 total or less? What price should I start with? Should I tell them my limit up front? Also I know there are other fees that I have to take care of at the DMV, but are there any other fees normally at a used car dealership other than the sales tax? I will be paying in cash.

    P.S. I will also be paying a mechanic to do an inspection on both cars which I know will run me at least another $100. The mechanic's fees along with the DMV fees are exactly why I don't want to spend more than $3000 on the car itself.
  • boomchekboomchek Vancouver, BC, CanadaPosts: 5,096
    I'd start with an offer slightly lower than your limit so $2400 or $2500. See if they counter offer at a lower number and if you have to go up, go up in small increments only, and be firm with those numbers. From $2500 go up to $2600 and be firm. If they are responding to your offers then that means they have room to move. If they are not then they might be firm on the price. You might get a better deal on the yellow one as that's not an easy color to sell. Also if both cars had a regular price of something like $3499 or $3999 and $2995 is the sale price then it might be hard getting it down any lower. But doesn't hurt to ask or try.

    Now even if they lower the price down to $2800 very quickly and you're say at $2650, see if you can get it down a little bit lower. Hit them back at $2700 or $2725 and say that's your bottom line. You might even be able to get it for below your limit.

    When you agree on the price make sure you have a "subject to your mechanical inspection" clause in there. Make sure the dealer is ok with giving you the car for a few hours so that you can get it inspected. I would ask for this ahead of negotiations.

    Good luck.

    2007 BMW 328i Sports Pkg, 1993 Honda Accord EXR (my 33rd car).

  • nadia21nadia21 Posts: 6
    Thank you so much! Are there any other fees at the dealership that I should expect?
  • boomchekboomchek Vancouver, BC, CanadaPosts: 5,096
    No, if you're just buying for cash there will be the documentation fee as you mentioned but there shouldn't be anything else.

    2007 BMW 328i Sports Pkg, 1993 Honda Accord EXR (my 33rd car).

  • nadia21nadia21 Posts: 6
    Thanks again!
  • clutch13clutch13 Posts: 1
    Could anyone give a logical explanation as to why my wife and I saw small seashells on top of the engine cover on a used (certified) Jeep Compass in the middle of Maine? Our first thought was is this a Superstorm Sandy vehicle? Needless to say...we walked away and won't be going back. We didn't even bother to look at the Carfax, but it is still really bothering me someone wanted to sell this to us. Seashells? Come on. At least clean off the seashells!
  • Kirstie@EdmundsKirstie@Edmunds Posts: 10,675
    Well, it's probably good that they didn't bother to clean off the seashells - otherwise, you might never have known. The Jeep could have been previously owned by someone who did live near the sea. In addition to the storm possibility you mentioned, it could also be that the previous owner, for whatever reason, did some off-roading on the beach.

    Need help navigating? kirstie_h@edmunds.com - or send a private message by clicking on my name.

  • melech37melech37 Posts: 18
    My lease is almost up on my VW Jetta. According to the dealer's body shop It will cost approx. $1400 to fix some dents, etc. I don't want to go to my insurance company because of a) large deductable and b) my rates will go up. If I lease a new car from my dealer, can I negotiate the new lease price to include the $1400 as part of the monthly lease payments? Any problems with this approach?
  • kevinc5kevinc5 Posts: 204
    You may see much better numbers and be able to negotiate with the dealer if you get an estimate from an independent body shop.
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