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There, it's about all three. Tied up rather simply...
'21 Dark Blue/Black Audi A7 PHEV (mine); '22 White/Beige BMW X3 (hers); '20 Estoril Blue/Oyster BMW M240xi 'Vert (Ours, read: hers in 'vert weather; mine during Nor'easters...)
Hey Captain, I just found your problem; you're easily confused. :shades:
Tell a car tale and save the board. Just keep in mind, it can be spun to suit our needs.
jmonroe
'15 Genesis V8 with Ultimate Package and '18 Legacy Limited 6 cyl
LOL You are the best :shades:
GP
Banks are flexible enough to give you any term you want, just like a car loan.
If we were to refi, I'd go for a 25 year so that we don't start the clock over.
Or, if your bank won't do that, and you're disciplined enough, you can figure the amortization based on the number of years you had left, and send in additional principal to pay it in the same amount of time. This also has the advantage of letting you make a smaller payment some months, if need be.
All the above!!!
Several years ago some folks came in to trade down there Mustang to a Escort.
So the sales person shows them an escort and they don't like it. They then come in to my office to get their pay off because they wanted to shop around.
No problem. Well from my door you could see a new GT Mustang sitting on the show room. The guy comments how nice it is and his wife says she loves it.
She ask how much that would be, I run a few quick payment scenarios and then we banter back and forth for a few minutes over $20 a month and strike a deal. In the process I sold them a service plan. Its all laughs and smiles and they are very happy.
A few weeks later we receive a glowing survey, they even mentioned me by name in the comment section as being a good guy.
What does this have to do with a mortgage loan you may ask?
Well, in the process of closing the deal and signing the paper work the lady comments that Gloria (I don't remember the real name) was going to kill them, ha ha ha. I ask who Gloria is and they say there mortgage loan officer. I ask if they are buying a house and they say they are thinking about it
Fast forward about 6 weeks.
I get a call from an irate women who does not say who she is, she just starts out screaming that I screwed them and I should have told them that a new car will hurt there chances of buying a house.
I asked who I was speaking with and she told me, I had to think for a minute then I remembered the deal.
She was mad as hell screaming that she had told me they were buying a house and as a finance person I should have stopped them.
Apperantley there reasoning for trading was to lower there payment to get there DTI in line. Instead their payment went up and that was my fault.
They wanted to bring the car back and cancel the deal blah, blah, blah. hell they had already made the first payment.
I did call the loan officer and ask if it would help any if I was to cancel their warranty and let them have the $1600 for down payment on the home loan. She said no not to worry she had it worked out and apologized to me for possibly alluding to the fact that I should have known better. I told her that in the past I have asked young people people who were buying a car and a house at the same time if there mortgage loan person new they were buying a new.
I can think of two occasions where they called from my office and were advised to wait for the home loan to close. Both times we did the paper work and held the loan till their home loan closed and then finished the deal.
As it turned out the gal called me back and apologized profusely for blowing her top on me. They even invited me to the house warming.
I still sell them cars and every time she says "Don't worry, we are not buying a new house"
-moo
Well, if we would have done that it would have been one one those what you don't know can't hurt you with the bank and the cancelation. but as it turned out we did not have to CXL it.
I just had a $4000 front end / $2500 back end go sour. :sick: It is the start to a long day.
GP
That is a great tale.
I was laughing so loud that several guys came into my office wanting to know what was so funny. One thought it was due to a blistering e-mail I sent yesterday to one of the duds that works here. When I showed them the post, it set them off also.
I’ve now had about 7/8 people coming in wanting to see your post. Since I’m such a great guy, I copied it and had the secretary (ooops, Administrative Aides now) put it on distribution to the group. We can all tell when someone opens their e-mail because you can hear laughter. Everyone here is just waiting for a new person to open this e-mail.
Problem: Do you have a charge number for the lost time that you caused at this place?
Do it again.
BTW, what is/are VSC dollars?
jmonroe
'15 Genesis V8 with Ultimate Package and '18 Legacy Limited 6 cyl
But when you make that first payment on the loan, you are working on a payment table that has been sized to pay interest and almost nothing on the principal with tht first payment. The first large group of payments is essentially interest--no principal.
What to do is treat the reduced payment as your savior and pay the amount the original loan would have required. Do that for most months of the first five years and you'll have saved yourself a huge amount of total interest over the life of a loan. It's much better to pay extra money at the front of the loan than to spread it out over the life of the loan or wait until your finances (hopefully) are better near the end of the loan's years and pay more then.
2014 Malibu 2LT, 2015 Cruze 2LT,
Same loan amount + lower interest rate + shorter term = greater principal payment
Now, if you go to a longer term (from 27 yrs to 30 yrs, for example), then that won't be the case..
And.. to get back on topic... I like PIE!!
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VSC stands for Vehichle Service Contract. What LR was talking about is if you finance a car with a warranty and then CXL the warranty prior to the car being PIF the refund money goes to the bank not the customer.
For some reason I thought you were talking about VSI charges from the bank... I for get what it stands for off the top of my head but i amsure Joell will know. It is the $60 charge the bank charges for their papaer work. Vehicle Sale Insurance or something?
GP
Vendor Something Insurance... :surprise:
Single-interest?
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all popular three letter acronyms.
Mack :shades:
Yeah thats what it is...
I was told a long time ago that it went into a kitty for the bank to handle any repos... It alway seemed to work when I went over paper work at my last dealer. Now the F& I handles all papaer work for me at the dealersgip I have been at for the last 3 years so I haven't had to answer that too often. Ussualy you get a better rate with the banks that have the VSI... Just a little better...
GP
Monday, I make follow up calls and Slovosic indicated that he wanted to purchase an Altima 2.5S without a conv. pkg. in Dk Slate Gray. No prob, I could dx for one about 65 miles away. All of the time Slovosic was acting, for want of a better term, "squirrely." He questioned every part of the deal, including my integrity several times. I even agreed to go get the car for him at no charge and not to demand a deposit check. " This is too much bother, Carlin I am going to go buy a Camry." He exclaimed several times. Between this and his comments, I was getting pretty frustrated but instead of "firing" him as a customer, I held my tongue and made plans to get his car.
I got his car fairly easily from a dealer that was 65 miles from me. But this car had been DX'd to them from a dealer 365 miles away. The New car had 430 miles on it when it pulled into my lot. I had called and cleared it with the customer, no problem as long as the car isnt damaged, He will take it.
Slovosic comes to the lot to pick up his new car a day later. We inspect the car and he does a very thorough job but finds nothing to complain about. We take the car for a test drive. I had driven the car before he got there and found nothing wrong with it. Slovosic and I drive the car for about 8 miles and bring it back to the dealer. When we get back to the dealer, he says he doesnt feel good about this car beause there are vibrations in the motor. I honestly did not feel anything out of the ordinary. I get him to let me have it checked out by the service dept and if its ok he agrees to take it.
The next day he comes back. In the meantime, my senior tech with 35 yrs Nisssan exp. my svc mgr. with 18 yrs exp and my sales mgr with many years exp. have all driven this car and proclaimed it ok and normal. Slovosic comes in and after all 4 of us explaining that the car was normal and ok, he refuses to take it. At this point my frustration meter is pegged and I am close to inviting him to leave. Meanwhile my manager is running a locate for yet another car. Slovosic is getting more and more squirrely. The mgr comes back with a car that he can obtain and MSRP is 100 dollars more. I show the new numbers to Slovosic and he hits the roof. I am cussed in both his language and mine and my integrity and honesty is thoroughly questioned. It was actually quite impressive upon reflection. I invite him to leave. My manager who has been following the negotiations steps in at this point. He tells Slovosic where this new car is, at a dealer 80 miles away. Slovosic agrees to go look over the car and test drive it. If the car meets his standards he will buy from us. He shakes my managers hand and says three times " I am a man of my word and if I like this car I will buy it from you."
You can probably guess what happened.
I get a message on my voicemail this last saturday from Slovosic. He says that he test drove the car and liked it and ended up purchasing it that day from that dealer. I was enraged. But oh well life goes on. The moral of this story is...screw it there is no moral...some people are jerks!
How much did it cost the dealership to have the Altima shipped in?
We are a small town dealer. Its our philosophy that sometimes to gain trust you have to give trust. Besides we did not have an Altima in this particular configuration and it would be ok to have on our lot as a price leader.
I know that in car sales 101 they tech you to always get the deal glue. In this case we had a gentleman from a different culture and we were trying to get his trust.
I think you meant to say conv. plus pkg for $2150
When we get back to the dealer, he says he doesnt feel good about this car beause there are vibrations in the motor.
All i hear when a customer says something like that when I know there is nothing wrong is that they want more discount
I show the new numbers to Slovosic and he hits the roof. I am cussed in both his language and mine and my integrity and honesty is thoroughly questioned. It was actually quite impressive upon reflection. I invite him to leave. My manager who has been following the negotiations steps in at this point.
This is one my favorite times to mirror match a customer... especialy one I have done a lot of work for :mad:
I am a man of my word and if I like this car I will buy it from you."
You can probably guess what happened.
At that point you might have been better off having him buy it at the other dealer. Did you suggest that he can do all of his service down there also?
All I can suggest is " Win some... Loose some " That is my quote for the day... And i am also telling myself that after loosing a $4000 front end deal today :lemon:
All i can hope for that one my squares hits on Super Sunday
GP
GP, why didn't you just look the fair price up in Edmunds and charge that from the beginning?
Why would you let them damage the roof on a new vehicle? Surely you knew they were so upside down that it wouldn't slide over the curb thus netting you Zero.
2013 Mustang GT, 2001 GMC Yukon Denali
Great question but I didn't want to rub salt in the wounds :sick:
He was obviously trying do everything he could for the customer to earn the customers business... Also I would have to put that on the Sales manager they are the ones that make those decisions...
Sounds the kid worked pretty hard for this one and lost.
GP
Just a salesman or lot guys time... Which is ussualy just covered under normal business hours. If it was a carhags it would have cost the dealer nothing I would assume. Ussualy only high line dealers will pay for a tow truck...
GP
I like pie also. One of my favorites is mixed with blue berries and raspberries with a "coffee cake like" crumb on the top. Put that pie in the microwave and add ssome vanilla ice cream :surprise: forget about it.... it is the best!
GP
-moo
-moo
It was a fair price it was used car... The deal blew up in Finance... Buyers remorse what ever you want to call it.
GP
I would like a little slice of that....please :P
GP
Just a salesman or lot guys time... Which is ussualy just covered under normal business hours. If it was a carhags it would have cost the dealer nothing I would assume. Ussualy only high line dealers will pay for a tow truck...
GP
Exactly. In this case it cost us about 70 or 75 bucks between admin fees for the paperwork and the runners time. Now if we are talking about MY time the cost is incalculable.
I'll get the insurance binder and put it in clean up right now :shades:
GP
Me I'm ready for another car.
Mack-
Mack
Wait till the Captain hears about you guys turning this board into a bakery. :mad:
Mack...I think you spent enough time in the Navy to know you're going to be on REPORT for this; disobeying an order like that (well, it was only a hint), but you know how those officers treat enlisted men.
jmonroe
'15 Genesis V8 with Ultimate Package and '18 Legacy Limited 6 cyl
Careful jmonroe - I never would have made Captain if I did not have great Chiefs and Petty Officers like Mac - their performance, expirience, work ethic and support did it, not me.
Besides, I loves Pumpkin cheesecake. :shades:
MACK :shades:
Just popping in some homemade chocolate chip cookies.
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2015 Kia Soul, 2021 Subaru Forester (kirstie_h), 2024 GMC Sierra 1500 (mr. kirstie_h)
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2001 Prelude Type SH, 2022 Highlander XLE AWD, 2025 Camry SE AWD
A simple slice of heaven
No whipped cream, no berries .. just plain NY style cheesecake baby!!
LET'S GO BIG BLUE ...
It sounds like a Pina Colada :surprise:
That actually sounds really good.
I told her she should bake a bunch and we should sell them to save some money for a new Camry but she always nixes the idea. She does'nt want a car payment.
Put me in for a order.... As long as you throw in the whipped cream for free
GP
Which one is the captain again?
GP