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When I go to close the deal on a used car, do I need either to buy insurance from the Finance and Insurance office at the dealership or have car insurance beforehand?
If I don't have insurance or don't buy it at the dealership, will they still close the deal and sell the car to me?
I was plannning to buy the car first and then shop/buy for insurance afterwards.
Also, how much should the dealer charge for title and registration fees?
Shop for and get insurance beforehand, that way you have insurance at a reasonable price and you will know what it will cost before you have the car.
If I don't have insurance or don't buy it at the dealership, will they still close the deal and sell the car to me?
Not sure about the dealership but finance companies require that a car be insured.
Also, how much should the dealer charge for title and registration fees?
That depends on the dealership and the state.
2011 Hyundai Sonata, 2014 BMW 428i convertible, 2015 Honda CTX700D
Actually, I really hope the automakers make it, no pun intended.
I am trying desperatly to get a Dodge Challenger, my wife has a Jeep Liberty with warranty, my mother just got a focus, and if I can't get the Challenger, I was looking at a couple GM cars. So, I really want things to work out, but ya never know what's going to happen.
If you do, please let me know.
So, I really want things to work out, but ya never know what's going to happen. If you do, please let me know.
If I could predict this mess, I wouldn't be posting here on Edmunds. I'd be out making some money as a consultant. :shades:
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KY charges personal property tax on any car registered on January 1st, for the entire year... No proration..
It's usually collected at the time you renew your tags..
So, in the last year of a lease, you'll almost always have a bill coming for the entire property tax for that year, but, it's likely to come from the bank after the lease is up, because you aren't renewing your tags. The bank pays it, because they are the owner, but all registration and tax costs are passed along to the lessee (you).
Hope that helps.. I've got a lot of experience with leasing in KY..
regards,
kyfdx
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That bites! I would hate to have a lease ending in early January in KY if I understand you correctly. Sounds like you are paying taxes on property you no longer "own"! :mad:
In SC, we turn the tags back in to the DMV and take the receipt to the courthouse and get a prorated refund for any unused full months remaining until expiration. (or transfer it to another vehicle and pay taxes on the new car in the renewal month for the tag.)
Also, I am personally billed by the county, not by Chrysler Financial.
Yes, If that is how it works then I suppose so.
You do have to be careful if you are making transactions around January 1st... You don't want to buy a car on December 30th, and sell the old one on January 2nd... You'll pay property tax on both cars the next year..
I actually turned in a lease on December 31st, once... then, bought the next car on January 5th... No property tax that year! :P
Of course, on real estate, property taxes are pro-rated... just like everywhere else..
regards,
kyfdx
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Does the dealer really care what the interest rate that a customer pays on a loan actally is? I mean a loan with the manurfacturer and not the friendly finance company that is kicking back to the dealer.
Is it worth it to "push" for the low interest rate after negotiating a good price for a car, does the dealer have options?
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
Edmunds TMV is an average. I'd try to go lower.
It's not very common but it happens once in a while. My most memorable was a customer who traded an 03 Mercedes Benz SL55 AMG for a loaded minivan. He got the minivan and we cut him a check back for about $50k.
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
So what's the story on these cars? I did hear that after June 9th Chrysler dealers who had lost their franchise had to sell their stock as USED but would another dealer who bought up the closed store's NEW stock have to do that too?
As for the rental companies, why would they sell off brand new vehicles? Could it be that with the slow economy the rental companies are dumping cars that they haven't been able to rent?
Finally, if I wanted to buy one of these cars is there anything I should be wary of?
As it stands, the price on some of these units is low enough that I could fly 1000 miles to their location and save enough to pay for the trip, shipping back home and having a vacation .
2019 Kia Soul+, 2015 Mustang GT, 2013 Ford F-150, 2000 Chrysler Sebring convertible
Does anyone know how the dealership would have come up with the cost breakdown that they showed on the sales receipt? Also, does this breakdown impact the salesman's commission?
Dealerships can shuffle numbers around as well.
If they got more for your trade in from a wholesaler than the amount they showed you on paper, then the extra money will go into the deal as gross profit.
If we guess and say their cost on the new car was $28k, and a wholesale value of your car was $3k, then they would break even at $25k, and make a profit on anything over that.
So if you paid a difference of $26.5 then they made $1.5k on the deal.
The salesperson will get paid on the gross profit of the deal, in this case we're assuming profit would be $1.5k. Typically a salesperson's commission would be 20%-30% of the gross profit.
They could have lost money on your deal for all we know :confuse: so in that case the salesman will get paid a flat most likely of $150.
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
That's what I was thinking, but then I started to wonder if the purchase and sales was giving a little insight into actual costs. I'd been wondering if I had over estimated the value of my trade, which wouldn't surprise me too much. However if the $1.5K for the trade is what the dealer thought it was really worth, then I got a much better than expected deal on the new car. Unfortunately I highly doubt my negotiation skills are good enough to pull that off. :sick:
When negotiating, yes, that's all that matters. To the dealer though it does matter eventually where the money goes, but that's behind the scenes stuff that would be looked at after.
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
You pay it one way or the other. Either up front, or in the price of the car. Makes no differnce.
You pay it one way or the other. Either up front, or in the price of the car. Makes no differnce.
Yes, you can return it to my house as long as it is all paid for. :P
2019 Kia Soul+, 2015 Mustang GT, 2013 Ford F-150, 2000 Chrysler Sebring convertible
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
Consumers often ask the New York Attorney General’s office whether they can cancel a contract after signing. There is no general “cooling-off” law in New York. Consumers should be very wary of salespeople who tell them differently.
There are some consumer cancellation rights under the New York buyers remorse laws, however. Whether these rights are applicable depends on the facts and circumstances surrounding each contract. Under the Federal Trade Commission’s Cooling Off Rule, a consumer has until midnight of the third business day after a contract was signed to cancel either of the following:
•Door-to-door sales contracts for more than $25, or
•A contract for more than $25 made anywhere other than the seller’s normal place of business-for instance, at a sales presentation at a hotel or restaurant, outdoor exhibit, computer show or trade show (other than public car auctions and craft fairs).
A federal law called the Truth in Lending Act lets a consumer cancel a home improvement loan, second mortgage or other loan where the consumer pledged his or her home as security (except for a first mortgage) until midnight of the third business day after the contract was signed.
A number of state laws collectively called the New York buyers remorse laws allow a consumer to cancel written contracts covering the purchase of certain goods or services within a few days of signing, including contracts for dance or martial arts lessons, health club memberships, and home food service plans. Consumers also have the right to cancel contracts with charitable organizations, membership campgrounds, home improvement contracts, prize award schemes, personal emergency service response agreements, sale of foam insulation, dating services, weight loss programs, time-share properties and hearing aids. In most cases, the contract must be cancelled within 3 to 7 business days.
tidester, host
SUVs and Smart Shopper
I am pretty sure Tidester knew I didn't write that, just simply pointing out I took 20 seconds out of my day to do a google search and post it here. :P
tidester, host
SUVs and Smart Shopper
I have an Acura MDX coming off lease on July 25. A Lexus dealer has a RX 350 in the color combination I want scheduled to come in on August 15, and expects to get the VIN around July 25.
The Lexus dealer is offering to give me a loaner between the date I have to turn in my Acura until my Lexus comes in. We’ve reached an agreement on an OTD price – but the “catch” is I have to purchase and pay for the Lexus when the VIN becomes available. In other words, I have to pay for the Lexus before it actually comes in and I take possession. To me, that’s the price of getting the free loaner – otherwise, I would need to extend my existing Acura lease another month, which would cost me about $450.
Anyone ever done this before? I assume I’ll get the loaner if there’s a delay in delivery, but what happens if the Lexus is damaged before I take possession? Since I would own it, wouldn't that be my loss?
If there would be any damage like a scratch or dent, chances are you won't even know about it, as it would be fixed before you come to pick it up, so when the vehicle comes in, from the time it lands on the lot to the day of your delivery, it will be made spotless and perfect.
I doubt that the dealer will offload a damaged car on you. Customer satisfaction surveys are very important to Lexus dealers so I can't see them jeapordizing that.
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
I'd say - go ahead and do the deal.
We sell cars sight unseen all the time, because a lot of our cars are in high demand, and if you don't want to buy it - someone else will, and we never had any problems with it.
For the rest of my reply, assume his intent was to have the rebate included in the $16,995. In this case, what the salesman did by adding the rebate to the total in order to calculate sales tax is legitimate. I don't know the sales tax laws for NY very well, but in many states including mine, taxes are calculated on the price of an item before any rebates.
Think of it this way. If you went to Best Buy to get a $1000 TV that came with a $50 rebate, you'd give Best Buy $1080 (assuming 8% sales tax). Then you'd mail in your rebate and get your $50 a few weeks later. Taxes were calculated on the $1000 not $950. The same thing is happening here except you don't have to mail in your rebate, you're getting it at the point of purchase.
One thing you may want to check is how much of a rebate Hyundai is offering. I priced an Elantra on Edmunds and it was showing a $2,000 rebate. It's possible that Edmunds is wrong or that the specific model that you are getting has a lower rebate, so check other sources including Hyundai's web site. Also, the TMV price was much lower than you agreed to, but those prices aren't always accurate and are regional as well. If you are overpaying though, that's bad negotiating, not being scammed.