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I'm planning on keeping it more than 6 years, and I'd think that the re-sale value difference will be less than $1100 in, say, 10 years...
2013 LX 570 2016 LS 460
However, I can also see why the assumption was made, since most cases we see posted around here involving a longer-term loan are, indeed, cases in which the buyer couldn't otherwise afford the payment. Everyone seems to be at peace now, in any case.
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It's a privacy violation only if they actually sold your personal info to another company.
Otherwise when sales and service transactions are done most customers ok the dealer to contact them with special deals and offers.
Yes it can be annoying and from working in the car business for nearly 10 years I know it's like that everywhere.
The only thing you can do is write a letter asking them not to contact you or speak with management directly and say that if they continue to harass you that you will not do business with them anymore.
I worked at a Honda dealer where every 3 months the owner decided to do an "invite only private sale". Everybody who ever bought something or serviced something at that dealership was called, every 3 months. Ultimately the management eased up but it did tend ot tick off a small percentage of customers.
Unfortunately these days, especially at this time of the year when walk ins are few and far in between and competition is fierce, management finds it more cost effective to get sales guys who are just hanging out to call existing clients rather than spend money to send out 10000 mailouts to the neighbourhood with little or no results.
I would talk to the management and ask that they don't contact you. On our client followup system we had a few clients whose numbers were marked in red stating not to contact them. Good luck.
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
2013 LX 570 2016 LS 460
This is my idea of "micro-managing", which, in my opinion, builds an unimaginative, paranoid and dispirited sales force.
There is a lot of downtime at this time of the year in the showrooms. The last place I was at, you'd be lucky if in a 6 hour shift you talked to more than one customer. :sick:
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
The managers don't look at lists, they just print them off and divide them up between sales guys.
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
I used to hope I got an answering machine.
Some wer happy to hear from me, others seemed to just wonder why I would call and a few (very few) seemed annoyed.
The idea was to keep our name in front of them. It was probably better than doing nothing but not much better.
I have heard that some stores have managers tear pages out of a phone book and make their salespeople cold call people. I couldn't/wouldn't do that.
A lot of stores treat their salespeople like little kids or like garbage. One local Ford store makes their salespeople stand outside in a row calling "Up's" as cars drive into the lot. If it's a bad " up" like someone picking up parts or selling something, that salesperson go's to the end of the line.
A lot of stores turn their staff over every six months. They don't care.
Then there are the stores where the "managers" sit in a "tower" on the showroom floor and watch everything like a strict teacher.
Horrible!
Tesla, for example, does not sell through dealers at all, just direct to the consumer.
I sure am glad I got out of the rat race a few years ago.
2013 LX 570 2016 LS 460
Speaking of turnover, the worst place I ever worked at was a GM dealer.
All their ads bragged how the salesguys can make $100k/year etc....
When I started on the 15th, the whole dealership had all of 13 cars out for the month between the 16 salesguys there, meaning they would probably finish with 30 units for the month.
There are 12 guys on the floor and 4 doing their own thing.
Out of the 12 on the floor, 7 of them (me included) started working there the day before, 3 others have been there less than a month, one has been there 3 months, and the most senior guy about 20 years.
So more than 50% of sales guys are new and 90% of them 3 months or less.
I gave it a shot and stood outside at the dealership entrance to catch an up for the 2 days I was there, including a 9-9 shift one of those days. About 4 sales dept customers pulled into the lot over the entire 3 days, all were be backs or had appointments except 1. The rest were service customers.
I caught one sales call and got the guy to come in only for the management to blow him away because they didn't want to estimate payments on a used car unless he put a deposit first. :sick:
Edit: my sales manager told me to keep myself busy by you guessed it, calling a list of customers he gave me to see if they want to trade their cars. :sick:
I finished the shift and left never to return. :shades:
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
Ding-Dong! Hi, I'm selling BMW 3-Series today at a great discount? Care to buy one? LOL!
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I decided to push the retirement button 2 1/2 years ago and I'm glad I did.
Yes, I got VERY lucky when I picked the store where I worked. It's family owned and we were treated with respect. They didn't rip people off or play games. We were expected to sell 20 cars a month and the top half of the salespeople usually did. It wasn't uncommon for us to sell 400 plus cars a month new and used.
We didn't run "screamer" ads and turnover was, I'm sure much less than other places.
And, did leave at a good time. I keep in touch with some of my co-workers and they tell me that. My last couple of years I lost interest and patience and my results showed. I still made good money but my heart just wasn't in it.
I do a lot of community volunteer work now and that keeps me busy.
Who knows, after a lifetime of retail sales and management I just might get bored and do something part time.
Although I'm always on the lookout for a management position, I would not go back to sales, it's just been a grind everywhere lately. :sick:
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
Through the years the pressure increased and we went through several "restructurings". People were having heart attacks and strokes.
The final straw for me was the last restructuring when I was told I could take a lesser job and move at my expense to Chicago.
I left and ended up making more money six miles from my home.
I was home every night. No more constant travel, crowded airports, lonelyu hotel rooms and intense board room meetings.
I tell our son..." The only thing for certain in your job will be change"
The days of working your way up the ladder and staying with a company for 40 years, getting a gold watch and a pension are no more.
I agree. I always have a few things on the go on the side, but right now I'm at home stress free and haven't been happier. I'm far from retirement as I'm in my 30s but now when coming up with ways of having an income I look at what will pay me the most with the least amount of stress. Especially after having a job with a fancy title at a local exotic car dealership but having to deal with a ton of stress and a GM that didn't "get" what my job involved as I was hired before he started.
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
I really needed to find some people that actually know what they're doing - because it's definitely not me
I leased a new C-Max this past Wednesday; my wife and I just had a baby, and my car (a Fiesta) ended up being way, way too small for the baby + car seat + stroller + my wife's wheelchair.
We actually went to look for the Escape, but I fell in love with the C-Max - and then I did just about everything wrong. I went for the SE because it had really everything I needed.
My first big mistake was that I was in a rush - with my wife tired from her day, and the newborn baby with us (and fussy). I made the big, big mistake of focusing on the payment, not the price - and kind of accepted a payment that was about $90 more than my Fiesta's payment. I know we passingly talked about the sticker price of the car, but that was it.
As I keep going, I realize I'm definitely the dumb one in this story - I know I did everything wrong in the book, and deserve whatever the outcome is if I really got ripped off...
We signed the lease paperwork, etc. (which of course took forever, and both my wife and I made the mistake of reading through it but only focusing on the payments).
When I got a chance to look at it in detail at home, it shows under "Agreed Value" of the car a price of $30,000 plus some change. The interest rate charged is super low, so the payment comes to what I expected - but it seems the dealer just flat out charged $4000 over sticker.
I reached out to the sales person who said something about the residual value being the reason for the $30,000 price; after researching it more I really feel like I was just severely ripped off though.
Again, I know: I did everything wrong in the book here, and I deserve whatever happened (I'm not an experienced car buyer). I just wanted to see if anyone can tell me if I really got ripped off as badly as I think I was.
Mike
Were you leasing or financing your Fiesta? Did you have equity in it or were you upside down on it? If you were upside down on it it's quite possible the negative equity of the Fiesta was added onto the MSRP of the CMax making it seem more expensive than sticker price and the payments calculated from there.
What was the sticker price of the CMax with the options you wanted? If you don't recall then go to Ford's website and build one on there to see.
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
But, for your sake, I will say no, you did fine, now just enjoy the car for the next 3 years, your baby for the next 60 or so, and prepare better before your next purchase.
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
I was leasing the Fiesta. On the Lease agreement it shows up as a even trade, with no money owed.
The sticker (I actually have it in front of me) is $25,995. I know they added a maintenance plan and Ford's "Wear Care" for a total of about $1100 to the purchase price.
The complete terms for the lease are:
Monthly payment $399
36 months long, $3000 down, $1750 in dealer incentives, Residual Value $14817, 10,500 miles / year
Gross Capitalized cost including Wear & Care, Maintenance, and acquisition fee is 31,925. Net Capitalized cost is $27175 after the money down.
The money factor is 0.00075, so effectively about 1.8% financing charge.
On the itemization of the cost, "agreed upon value of the vehicle", is listed as $30,125 + cost for maintenance plan, etc...
When was your Fiesta lease supposed to end?
Sometimes trade ins will show as "even trades" on paper because banks won't finance negative equity in some cases. However the negative equity is just added to the MSRP of the new vehicle and it shows the price to be higher than MSRP.
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
If your Fiesta lease you said was about $90/month less so let's say $300/month. Times it by at least 12 months and that's $3600 that you still owed.
Take the $25999 + $3600 + protection package + other fees etc = your $31000 price.
I can see that maybe there's a $1000 squeezed in there for extra dealer markup but it looks like most of the additional cost are your previous lease payments.
When you go car shopping for your next car just get the dealer to break down all the costs/price etc... so that there wouldn't be any confusion.
You can still go back to that dealer and just ask them to break it down for you. I bet you it will look very similiar to my estimate here.
EDIT: If the dealer bought out your car then the numbers could also look like this (just guesstimating about your Fiesta):
Payout amount $15600 ($12000 residual + $3600 payments)
ACV (Trade in value of Fiesta) $12000
Negative Equity $3600
$25999 + $15600 payout less $12000 trade in value + protection pkg, fees etc... = $31000
Either way the bottom line would be same as my first calculation.
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
2013 LX 570 2016 LS 460
Thanks! I'm working for myself so it's a gain for myself :shades:
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
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?
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
Hybrid or Plug In Hybrid only.
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.
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.
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
And - next time, stop by here FIRST and we'll help you understand the details before you drive away.
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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?
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".
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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.
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.
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.
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
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