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Comments
I think this idea worked, and might still work if a dealer is making money on the financing. I mean, there was a time, when the dealer could make nothing on the car, but could make money on financing the car. Financing is so competitive these days, that ethical dealerships aren't going to rely on the loan to make their profit.
However, the shady characters, might prefer to finance the car themselves...Just $200 bucks a month for 18 years.
2017 MB E400 , 2015 MB GLK350, 2014 MB C250
I called the dealer [in Texas ] and he said there were no rebates on the 08.I called Toyota USA and even the agent gave me the same info.But she did mention that the 09`s have a cash rebate of 500. :confuse:
So is this unusual?No rebates on the 08`s but rebate on the 09`s.And how accurate are the 08 Edmunds rebates info?
Also how do I get invoice pricing with options for the 08`s on Edmunds?I can only access info for the 08`s as used TMV values even though the 08 is an unsold brand new car.I can only do invoice pricing just on the 09`s.How do I get the previous year`s invoice pricing?
Thanks .[And by the way, I myself am waiting 2 years down the line for a used Hyundai genesis loaded model.
Sometimes people make car buying more complicated than it has to be. There are no special tricks or methods to fool the people in the business. After all you're dealing with humans, not some automated system you can get around and "trick".
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
Amen. When we bought our last car (Nov 07), agreeing on a price was painless (invoice - rebates). The F&I office was something else. We told him we were pre-approved from credit union, but that if they could beat it, we would be happy to get financing through them.
He went through his mop & glow, lojack, and extended warranty spiel. When we declined it all, all of a sudden the interest rate that he had offered and that was lower than our CU went up. When I asked him about it, he said "well, I have to make money somewhere." :confuse: :sick:
We financed through our credit union. Felt like taking a shower after getting out of his office, but I didn't penalize the salesperson on the survey though.
Why?Too much room for manipulation.He can say that you are approved for 5% on your new 25k car and then you take delivery and sign all the paperwork.2 weeks down the line,,he says he can`t approve you at that rate and that he needs to increase the rate or you have to get back the car or if you don`t agree to the new rate ,he can try to repo your car..Stretching it a bit here,,but definitely possible.
So always always---I repeat,Always---- get your own finance--be pre-approved from a bank or credit union or even online like say,Capital One-- and only then set your foot into the dealership.
Most of the guys here seem to be OK...but a lot of sales folks can be pretty slippery so turn about is fair play.
I saw a youtube video once that was taken in a convenience store. The robber came in and yanked a big pistol out of his coat. He sort of fumbled it around and dropped it right into the sales clerks hands. The clerk pointed it at him and he went low running out of the store.
Most likely this is what would happen to me if I went into a dealership armed with this technique!
2013 LX 570 2016 LS 460
Military Humvees are by AM General. Another animal altogether. GM merely contracts for the H1 which that is a civilian version of.
Interest rate - didn't he say the F&I guy changed rates on him? That would be enough for me to take my business elsewhere. If he couldn't make money on the first rate why did he offer it? I'll qualify for any rate promotion out there. If you're not going to give it to me someone else will.
Here are the numbers from the main players
General Motors***** 190,881
Ford Motor Co.**** 161,197
Toyota‡ 152,583
Honda (American)† 98,344
Chrysler LLC** 79,010
Nissan††† 67,489
Numbers in this table are calculated by Automotive News based on actual monthly sales reported by the manufacturers and may differ from numbers reported elsewhere.
Source: Automotive News Data Center
Note: Other includes estimates for Aston Martin, Ferrari, Lamborghini and Lotus
*Includes Mini and Rolls-Royce
**DaimlerChrysler sold the Chrysler group on Aug. 3, 2007
***Incudes Maybach, Mercedes-Benz and Smart
****Includes Jaguar and Land Rover (through May 31, 2008) and Volvo
*****Includes Saab
†Includes Honda Division and Acura
††Includes Hyundai and Kia
†††Includes Nissan Division and Infiniti
‡Tata Motors includes Jaguar and Land Rover as of June 1, 2008
‡‡Includes Toyota Division, Lexus and Scion
‡‡‡Includes VW, Audi and Bentley
Not to me.
As u deal with Landrovers,it is a very different store compared to regular dealers.Lexus is a very different dealership than say Dodge/Toyota/Honda ,,based on my personal experiences.
Things like calling back in 2 weeks saying financing did not go through is more common among the mainstream stores not highline stores like LR/lexus/BMW/MB.
It is a slightly different process at these stores.Personally the best experience I had was at a Lexus dealer..Very upfront pricing,no gimmicks ,no rate changes --only negative point,Not too much haggling on price
Things are much different at a local Chevy/Dodge/Honda/Nissan store.. Again not all but there still are such places..The internet has changed car buying so much for the customer !!:surprise:
Even for folks with good credit --but those who do not know their score and who are not pre-financed--these folks too can be taken advantage of.
Thats the difference between a highline and a mainstream store.
Always be pre-approved and if the dealer gets u a better rate and then later changes tack,u can atleast re-finance the loan. :surprise:
Take some time to research,,Internet is your best tool folks!!!
Used car loans are definitely higher than new cras but not by much,,say 6% vs 8%..Not that it would matter to a LR buyer who probably can pay cash!!
Yes. That's exactly it.
What's the best rate you have right now for good credit? (750-800 fico, not from a captive but from a bank)
---------------
Del, FWIW, for me the dealer usually has been able to beat the banks and credit unions that I use. Other times, they simply agreed to match my best rate. For convenience sake, I let them do the paperwork. Once, the dealer could offer a better rate through his relationship with my own bank than I could get from my local branch office. It sort of ticked me off....at my bank, that is. I suppose they "buy" a lot more money than I do. They key is to know beforehand what is and isn't a competitive rate.
I used Capital One, back when they were called "Peoplefirst," maybe eight years or so ago to refinance an auto loan. Back then, their rates were pretty low as compared to what I could find locally. Unfortunately, I haven't seen a rate from them that I would call attractive in quite a long time now.
Yes, you are probably right. Operating on four hours sleep and a short fuse when I wrote that.
I provided the guy with my real name, email, and home phone. In the comment section, I asked about options, accidents, and service history --- this was on the contact section of the web page of the specific vehicle in question.
Contrast that with another "e-request" I placed on a similar vehicle that happens to be on the other side of the country. The lady responded within the hour with comments that were obvious that were "genuine" and not canned. An email or two later and I called out to California and had a nice conversation to fill in all of the details that were too cumbersome to handle by email. Unfortunately, they were firm on their price and we ended the exchange with her agreeing to let me know if the price was lowered or before they took it to auction if it doesn't sell. (keeps fingers crossed)
On another note, what is the best way to handle a long distance purchase? Are these "car inspection services" worth a flip? (I need some ammo to counter the wife's notion that such a transaction is "a little sketchy.")
If the deal is in line and you are 720 + 4.85% on 48 5% on 60.
But the best rate is not always the best deal. On that same loan if you are financing $20K plus the tax it is the same deal to take 7% and $1000 Ford credit Cash.
Like I said earlier, I give a dang how you pay for it, just come buy one lol.
If Ford can get the good Euro stuff (and there other new products) over here quick, they will be in great shape to take over the domestic market place.
No idea when (if?) Chrysler will have new Fiats in place to sell. or if anyone wil buy them.
And now that GM is being run by Obama and the Unions (can't decide which is scarier, the govt or the Unions calling the shots) I expect the product mix to be a disaster. If they manage to have any product to sell...
The economy has to rebound at some point, and car sales will tick up. Maybe only to 12mill instead of 17, but there will still be cars purchased. And the maker with the best product will reap the benefits.
And there are still enough Domestic-only buyers to really prop up Ford. Especially if they also bring in some exciting new stuff to draw in the Euro fans.
I would love a compact "van" thingee (C-maxx?), and hopefully Ford brings one in. Fiat has plenty of neat cars in Italy, but I dno't know if I could ever bring myself to buy one (visions of my sisters 850 spider come to mind..)
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
Yes sales may be slow temporarily,but when the market rebounds they will be in a very good shape.They have 7 new models in the next 2 years.That`s a lot.Reliability is improving too.I think they are at a place where Toyota was 25 years ago.
But their dealers and salesmen---totally different than their cars.Their only selling point--cheaper than Toyota/Honda. I think their salesmen need to to be trained to tell how improved Hyundai is now with lot of good safety features rather than harping on the fact that they are dirt cheap which is what their salesmen do.Even worse is Kia which has an image of poor credit folks shopping there with even bad salesmen with no training whatsoever.
What say folks?
C'mon, you know better than that. There is enough ammo in the National Armory to combat something like that.
jmonroe
'15 Genesis V8 with Ultimate Package and '18 Legacy Limited 6 cyl
Once again, you are probably right my friend! I'll wear her down eventually though as I am as persistent as she is bullheaded.
Oh, I think you meant "there isn't enough ammo"....
Car sales were up much more than expected in May. And, people bought more Chryslers and GMs than expected, even with bankrupcies in place - however the government has guaranteed the warranty.
Lots of tax rebates went out this year, so that might be a reason for buying. Consumer confidence is coming back. Could be some pent up demand too.
Things are looking up, I am waiting for the next catastrophe to hit, things seem to be going along too nicely.
2017 MB E400 , 2015 MB GLK350, 2014 MB C250
When I bought my Elantra back in 2000 the salesman talked about the cars features and how much Hyundai had improved their line up over the last decade and nothing about cheaper than any other car. Same thing in 2002 when we bought the Accent.
The last year or so when I was considering replacing the Elantra I went to two different Hyundai dealerships and the auto show to check out different cars. At each one the salesperson I talked to talked about the features of the cars and nothing about how they are "dirt cheap".
2011 Hyundai Sonata, 2014 BMW 428i convertible, 2015 Honda CTX700D
This is always in the back of my mind....If the dealer is giving me zero percent financing, where is the money coming from?
The ad might say 0% financing, but what was the actual price on the car the week before. More importantly, how much were they discounting it?
I would go in armed with what a loan rate from the bank would be. Negotiate the best price on the car, then see what the dealer is offering.
0% sounds great, but I have this weird belief, you seldom get nothing for nothing :sick:
2017 MB E400 , 2015 MB GLK350, 2014 MB C250
There is nothing wrong with that. You just have to use the right psychology. If you remember, when I bought my Genny, in the end I had her believing it was her idea; color and all and I didn’t have to buy any furniture or a house either. It’s all about the approach. I’ve learned a few things from her over the years myself.
jmonroe
'15 Genesis V8 with Ultimate Package and '18 Legacy Limited 6 cyl
I agree with that. However it could affect the MSRP and the dealers cost price, or it could be a loss for the manufacturer if they want to move product.
I have even seen ads that say 0% financing, but they give you the price of the car for cash, which will probably be lower.
All I am saying, is the money is coming from somewhere. I might get 0% financing, but someone is paying for the money, and I think it is built in to the price of the car...probably not the dealer, but the manufacturer.
I suppose from the dealers perspective, will I get exactly the same price for a car if I take 0% financing....as I would get if I paid cash?
2017 MB E400 , 2015 MB GLK350, 2014 MB C250
An Elantra is about the same price as an Accord!
Much improved to be sure but dismal resale values continue as in the past.
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2015 Kia Soul, 2021 Subaru Forester (kirstie_h), 2024 GMC Sierra 1500 (mr. kirstie_h)
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I think you have your wires crossed somewhere. A new Elantra can be had for around $12,000. Much less than a Civic and nowhere near an Accord.
The Sonata competes with the Accord but is still much cheaper. Fairly nicely equipped at around $14,000. street price.
2013 LX 570 2016 LS 460
And yes I admit,,Hyundai salesmen are getting much better.
In my experience.I have always found Nissan salesmen to be the last in the rating.
I have been to quite a few Nissan dealers and somehow I was not impressed.I dont know if it is nationwise that way for Nissan or just a local thing.
Other dealers ,more or less quite OK,but for some reason Nissan salesmen were just not upto the mark.
How about your sales experiences at Nissan or other dealers?
...but I do agree that an Elantra is nowhere near the cost of a like-equipped Accord!
Edmunds' numbers
09 Honda Accord LX Man. - 20,905 MSRP
09 Honda Civic LX-S Man - 18,055 MSRP
09 Hyundai Elantra SE Man - 17,020 MSRP
The Hyundai is the top of the line trim, while the Accord is the cheapest available and the Civic is as like-equipped to the Hyundai as possible (the -S adds alloy wheels to the Civic, which the Elantra SE also has)
Even with all that, the Hyundai's MSRP is over $1K less. Yes, the resale value is lower, but as Kirstie observed, if you keep the car it makes no difference.
The quality of a sales force is a dealer issue - not a brand issue. The dealer hires and trains and sets policies.
SG - 'Oh, BTW, this is a demo unit with 5K miles'.
Me - 'I'll call later in the week to follow up' - I hate having things sprung on me.
So, we go in on 5/30, thinking that we'll be able to get a pretty good deal on a demo.
OMG - what a disaster. The finance manager who drove it apparently used it to move furniture. The cargo area was scuffed (seat backs, headliner, hatch struts), there was a HOLE (3"x3") punched in the plastic trim of the hatch, and there were scuffs along the passenger side. So, wife is PO'd, and I'm thinking that trim can be replaced, paint buffed, etc. Took it for a drive, and the front brakes are toast, probably warped rotors.
Sales manager comes out and threatens to 'fire somebody today' (finance guy), and asks what he can do to sell me the car. Umm, nothing.
So, they offer to do a locate of similar unit. Fine - nearest is 150 miles away, not one of our top color choices, and they offer a price pretty close to that of the demo (of course, only good that day - last day of May). Wife is completely turned off of the whole thing at this point, so we say we're going to lunch to think about it.
If any one of those problems existed, we could have probably worked with them. All of the problems - no way.
Observations/questions:
First, shouldn't there be an end-of-demo protocol so that vehicles are cleaned and checked for any damage prior to being put up for sale?
Second, if you're going to quote a price on a demo, shouldn't you take a look at it yourself, and, additionally, mention the fact that it is a demo in your quote?
Third, as a dealership employee who drives a demo, shouldn't you take a little more care of a vehicle that your employer is going to be trying to sell for as close to the 'new' price as possible?
Fourth, his pricing on a demo (that had 7500, not 5000 miles) was way off, and when I mentioned I had a trade, he immediately started tap-dancing - "GM and Chrysler have taken a big hit - I'll tell you 'real' money." The correct response - "Let's take look and see what we have".
We have bought from this dealership in the past (many years ago - 1990, 1993). Since then, they've changed quite a bit, and we usually avoid them, even though they're the closest. In this case, they had a unit in the color and config that we wanted. My wife said if I ever suggest we go there again she's going to slug me.
Mark
Last two purchases, when I got into F&I, I simply said "I'm pre-approved - what's your best rate?" If it was too high, I told them to meet or beat my approved rate. Both times, they met my rate, which was fine with me - easier closing. Neither F&I guy seemed to get very upset, though the second one wasn't exactly jovial after I turned down mop & glow, extended warranty, etc.
BTW - I was recently (last week) approved by Capital One for 4.27% for 60mo, which was below their advertised rate.
Mark
These are not top of the line models at these prices, but still nicely equipped.
2013 LX 570 2016 LS 460
All of our manager driven demos or kept in mint shape, not smoked in, not abused, and certainly not used for moving furniture. Used trucks on the lot are used for that purpose.
There is an end-of-demo protocol. It involves getting an oil change done, checking brakes and cleaning the car up. The problem is many demos are sold before they are put back up for sale. Meaning if inventory is tight, we will offer a demo to a prospective customer while a manager is still using it. That being said the finance guy should have taken better care of the vehicle, as he knew it could be sold any time, and especially since you were coming in to have a look at it. And this is precisely the reason why managers usually keep demos in mint conditon, in case they get sold suddenly.
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
The toruble is a lot of people find themselves in situations where they need to get rid of a car quickly as their circumstances change.
For people on a ten year cycle, it wouldn't matter much.
I think if you check when you compare features and models that you'll find the Sonata isn't THAT much cheaper. 14,000? dont think so.
I guess you get what you pay for.
2013 LX 570 2016 LS 460