When is this dishonest way of doing business going to ever stop? We don’t have to worry about getting ripped off when we go to the grocery store so why do we have to worry about it when we go to a car dealership. Manufactures please post your invoice price on the car and make it illegal to remove that. Dealers should be required to only be able to add a certain amount to the invoice price. Everything should be upfront otherwise they need to be going to jail for ripping people off
When you pay $3.859 for gas, but the sign says $3.85, you're getting ripped off. The grocery store places EVERYTHING on the shelves to trick you into buying things you really didn't plan on, rip off. Everyone is ripping us off
The only problem with that is discounts would then be just as illegal as price increases. Two years ago, you could negotiate 20% to 30% below MSRP on most vehicles. With the price controls you propose, people will be forced to pay higher prices.
@@iandeleon8132 - 2-plus years ago this was common. It is only recently that cars started selling for MSRP and over. Covid turned the world on its head. Things used to be much different.
@@billybeemus3929 No, I'm not just talking about the past couple of years. I'm speaking of the last 20 years I've bought cars for myself, 5 or 6 different cars. And not just me, friends and family as well. At most, MAYBE 10% off MSRP.
Never say never - I've financed a Ford and a Kia because each included a $2k rebate if financed through the manufacturers. I think many (most?) of those buyers just stick with those, but in each of my cases I refinanced through my credit union less than a month later and saved that $2k (and yes I checked first to make sure early payoff was permitted as part of the original financing).
I was a car salesman and it’s the managers that cause all the problems. I hated going back and forth between buyers and managers because I knew they were being shady. I was as honest as possible with buyers and never did the “my manager wants to talk to you before you leave” BS. You want a car you’re going to buy a car you don’t need to be talked into it.
I've always had good experiences with the salesman... it's as you said, the sales manager, and especially the finance manager who hits you up further after already being worked over. 🙄
Long story short... The last vehicle I bought I researched the value of it, looked at the "asking" price and then went to the dealership and looked the vehicle over. A salesman came out and we started to talk. I took the vehicle for a test drive and when I came back I told the salesman I did not want to haggle back and forth on the price. I gave him a price that was about $4,000 below asking price and told him to go to finance manager and tell him to give me his best price and I only wanted a one-time answer to the prices. The salesman came back out with a price that was 1/2 way between my price and the asking price. Meeting my price in the middle was exactly what I really was willing to pay and we made a deal and I bought the vehicle.
yes! One of the managers said something nasty about our salesman who was the only reason we were sticking around at that point and my nana said something very loudly to defend him. Poor dude... She called out the managers because he was the only reason we were staying.
That’s usually how it goes , we as sales people get all the shit when we’re really very respectable honest people just following orders from the higher ups we’re the lowest guy on the totem pole we have no say on pricing ? Trade? Additions or any of that but yet we’re looked at as scum of the earth
We recently went into a dealership with a pre-approval letter with an interest rate and amount pre approved for and when we started to work on the deal suddenly they forgot about the pre-approval and tried giving us a way higher interest rate. Both my wife and I walked away from the deal. Funny thing is two hours later the sales manager calls and says we forgot to enter all the info from the pre-approval and suddenly they where willing to do the deal that worked for us. It's crazy how shady dealers can be just to try and make some more money.
Days after I signed the documents and drove away with the car, the dealer called to get me to sign more documents. I flat out told them "No. The deal is done.". Then hung up. They mailed a letter asking for the same thing. I ignored it. 10 years later, I still have the car.
I had a dealer let me walk. A week later he called and said he would sell me the car at the price I wanted. I told them that was the price for last Tuesday, if you want me back in the door you need to do way better.
Never ever walk into a dealership if you are not prepared to walk out for any reason no matter how petty. The dealership is there for the sole purpose to fleece you for as much as they can.
Last week, I took my 20 year old granddaughter to our credit union for a pre-approval on a used car. She was approved for a $10000 loan at 2,7% interest. She had saved up $6000 and picked out a car for $14998 out the door and I thought it was an awesome deal. It pays to have an account at a local credit union and go to them first before you look for a used vehicle.
Just so u know, dealers beat credit unions every single time if we care to. It’s a good way to let us know u have one so u can get the beat rate but getting the loan through the dealer will always save u the most money at the end of the day. Cu scares people into not shopping the rate lol
@@hectorsanchez5818 so if I try to finance a car through the dealership and they offer me. 5% finance and a fcu offers me 2% how is that dealership beating the fcu?
@@djnohands3632 they can send it directly to thet credit union through a system called cudl, did they offer you 5% b fore u told them or after? Some credit unions have different tier levels so if your not a tier one customer dealer banks can’t beat credit unions. If your a 800 score they can match 1.9 if it’s available.
I bought a 3 year old travel trailer type RV last year. I found it online, researched the make and model first and then made contact with the dealership. I made an appointment to do the walk through. I mentioned that I had seen a similar private sell for a certain price and asked if they could get close to that. The salesman took the bait. He gave a number assuming he could make up the difference by jacking up the in-house financing interest rate and add ons like an extended warranty. I told him to write up the contract. I waited to tell them that I was paying cash until I had that contract in hand. They had to rewrite the contract omitting the financing and stick to the original price. I was silently elated, they were not. Not bad for a girl.
I had a finance guy try to withhold points because I wouldn’t buy the extended warranty. Little did he know that I already had pre-approval for a much lower interest rate from my insurance company with gap included. I signed the papers, drove off in the new vehicle to my insurance office, and had them cut a payoff check to the first lender. I’d have loved to have seen the look on the finance guy’s face when he got the chargeback for the immediate loan payoff.
@@germandelariva3754 Well, if I’d bought the warranty, he’d have given me 2.9% vs the 4.9% I got. I just paid the loan off early and financed with my insurance company. Where dealers make their $$$ is in the finance room selling warranties, gap insurance, service plans, and other high cost/low value items.
@@josephbarr511 do you mean you got gap with your insurance or you actually financed the car price with your insurance cause I have never heard of that.
That's actually illegal for a finance mgr to do. Reg Z or B, can't recall which one. They are never supposed to try and extort ppl by offering a better deal if someone buys products.
I have purchased 5 new Toyota's from the same salesman over 13 years. I recently tried dealing on a new Rav 4 with the same salesman. He offered me a low ball price in trade for our current Rav 4. I told him his offer was insulting. He came up $500 bucks and said it was the best he could do. I told him there are two other Toyota dealers within a 2 hour drive. He wouldn't budge. I told him he just lost a great repeat customer and I don't think he cared one bit. Supply and demand favors dealers in this current market. They have their entire new car inventory sold before the vehicles even arrive. But I believe that will change one day. His loss is someone else's gain.
Back when I was 16, I got my first car from this one dealership in town. They sold us a car for 5,000 and then they had my parents go back and sign another contract for a lower price for 4,000. The dealer just said oh we got you a better deal save you 1,000 dollars. Fast forward a couple years later the owners and salesman all got indicted on fraud charges.
Read the contract. READ THE CONTRACT! I had a large dealer try and slip an extended warranty in on me in finance. I caught it and made her rewrite the contract. Meanwhile she was telling me I was a stupid businessman for not wanting the warranty. I responded the minute that the manufacturer became a non profit I would buy an extended warranty. I will not darken the door of that dealer or any dealership they own. I have literally bought over 40 new vehicles between business and personal, in the past 20 years, and that dealer was not one I even contacted.
One should never need a lawyer in a finance office. If you cant do basic math, or use a calculator, stay away from a finance office. If you don't know how much you are paying before stepping into the finance office, you already lost. The finance office is the place where you sign the final paperwork on the deal you already negotiated with the salesman. Its not the place where you let them dictate the price and terms and sell you extra crap
If you do make sure they can handle the dealer/your trade in and the finance section!🙄Don’t forget the warranty!!😮If there’s a recall you will need one because they will take FOREVER to fix it!! My P/U had an airbag recall that took a year!! Meanwhile this airbag could have exploded sending shrapnel into me!! Then you need a lawyer for medical injuries!!
Just today I was going to buy a car and the dealership first offered me $6000 less for a trade-in than anyplace else I could find online. Then when I offered to take the trade off the table and just buy the car outright (was going to pay cash and not finance), the dealership said I had to finance with them if I wasn't going to trade anything in. Since the manufacturer is offering 0% for well qualified buyers (and my credit score is somewhere between 840 and 850), I figured I would just finance it at the zero percent interest for a few months and then pay the loan off, but then the dealership said they weren't honoring the manufacturer financing and were doing their own financing. Said "no thanks" and passed on the offer.
@@fernandosan3964 Greenwood's Hubbard Chevrolet in Hubbard, OH. Was just looking to buy a Camaro for a fun, weekend toy, and since I don't need one (just want to get one), I can easily pass this up.
@@rwdplz1 I already called GM Customer Care and filed a complaint. I let them know that I was going to buy the car today, but thanks to this dealership experience I'm not sure if I even want a Camaro any more. I really don't think it will do any good, but I felt like I wanted to let the manufacturer know how their representatives are treating potential customers.
@@saviordream Bite back harder - put a false advertising complaint in with the state attorney general and your states dealer license agency -same thing happening at the other dealerships in your area because of competition amongst car dealerships to lure you to their lot and nobody filing complaints with the right agencies
Very important additional item. Walk out if finance manager covers up contract with another sheet of paper and demands you lean forward and sign without seeing the actual contract first. Happened twice to me over the years. The first time, they exchanged the contract for another and both times the interest rate was at least 2% higher than told approved by bank and was another bank on the covered contract. Don't be shy when you go in. Keep up the great work gentlemen, these are invaluable to us!
Yep. Two different dealerships. Negotiated terms both times and then they printed contract will the fill in the blank. Covered up finished contract with piece of paper first instance, second time they folded contract over on itself. Second time it happened I call state AG's office for attempted fraud. Would not do anything as I caught it before any harm.
@@jasonsprouse2803 Wow! What a sexiest remark. The 70's-80s are calling. "When can you bring your husband?" ect. Hello Mr Bundy, could you please come help me buy a car? CIAO!
Every time I be bought a new car, I’ve come away feeling like I got taken - sometimes blatantly. I wish there were advocates you could hire to advise and walk you through the process. It would be worth it to come away feeling good about the purchase!
About 6 months ago I was interested in test driving a 2022 Nissan Versa. After I put out information online I was instantly contacted by a dealer near me. After speaking with him he assured me he had 2 Versa SR's on the lot and I set up an appointment for the next day to come to the dealership. The next day I arrived there and was told by him the 2 Versa's were gone. One was sold and one was moved to be sold at a different location. BUT he said he can give me a great deal on a Sentra. After expressing my opinion of the bull***t that was taking place my wife and I strongly suggested the salesman kiss our asses, (yes both) and we proceeded to storm out of his establishment and refused to "give him a chance to explain." We both had smiles on our faces as we left while 3 salesmen with their mouths open watched us.
Just had a used car dealer ask me if I would be paying cash or financing a used car I was going on a test drive with. I told him nicely that I'd discuss finance if I was interested in the car. He just said "Oh, okay".
#1 issue for me (based on my sad experience) is the finance manager making a making a statement without putting it in writing. This was at a Toyota dealership in Mississippi. He told me and the wife "you will get a full refund of your car extended warranty if you never use it". Stupid us not getting it on the contract. Yes, he said this to both me and the wife who witnessed the statement. The dealership denied ever making the statement when we went to get the full refund. I only rate HR people worse than car finance managers.
Must be a Toyota dealer thing - same thing happened to me in Victoria, BC. My dislike, no rage, at car dealers keeps my running my old jalopy rather than repeating the experience.
@@erickflores01 forgive me if I'm misinformed, but doesn't the one/two party recording laws only apply to interpersonal conversations? I thought you had every right to record the event of signing a legally binding business contract?
I purchased a new Toyota Avalon years ago and during my negotiations (long story) the dealer threw in a extended warranty, two years later we sold the Avalon because my wife wanted a smaller car. After selling it I had read or heard a video that said if you sell you car prior to using the warranty you’ll get a full refund, so I called the dealer and they confirmed it and told me to come in two days later and they’d have the check, which the did.
Learning your the term “buy rate” from you has earned you my subscription 💯 I love learning, as a woman going into the dealership alone can be intimidating but all this new knowledge has me feeling like super woman, thank you 😊
GREAT ADVICE……around 11yrs ago I was about to sign paperwork and they told me the extended warranty was “mandatory” I slide the paperwork back to him and said “that’s not true, and btw I changed my mind, I don’t want the car anymore, I’m good” the finance guy got upset and said “really? You di need to buy the ext warranty You don’t want the car now? Wow, I didn’t saw that coming” I left the dealership in a heartbeat 🏃♀️
I bought a car yesterday. Everything in this video is true. Even the good dealerships will ask you these things but I believe the difference is that they will back off quicker than the bad ones. Unfortunately you are going to deal with this no matter what. It all depends on you and your responses. It’s their job to take as much money from you and it’s your job to save as much money from them. Remember they are not your friends. It’s nothing personal just business. Good luck.
Don't forget to ask for a holdback as well. For US automakers pay dealers the "holdback" is 3% of MSRP. Mercedes pays 3%, Lexus is 2%, but Edmunds claims Lexus has no holdback. BMW, Japanese imports, etc., pay 2% quarterly to the dealership. You may negotiate to receive all of it, 50% or at least some of it. They'll act like they never heard of it. LOL! And purchase at the last day of the month because they might be short that month by a few more vehicles that they need to sell to get that end-of-month bonus from the manufacturer for reaching the contracted or agreed goal. It's an opportunity to get a great deal, they'd sell under list to get that end of month bonus.
After buying roughly 25 cars over the years, I've made four basic rules that have eased the process and created a conducive buying experience; 1. I demand to deal with the sales manager. I will give the sales credit to the salesperson who I first spoke to but if I can't go right to the GM, I leave. 2. Once prices are agreed upon I make clear that I will not be adding any additional costs, products or services BEFORE I go into the office to sign. They still might try but it is short and sweet. 3. I have financing, when needed, before I walk in. Credit Unions have been traditionally the best and I have even allowed the dealer to choose their own if they match/beat the rate. Once I even took a rate 3/4% higher and then calculated how much more it would cost over the life of the loan and had them agree to deduct that from the sale price (and then pay it off early anyway) so they made a little extra on the loan and I saved a few hundred bucks. 4. Finally, I never lose my cool (well once, but just once). I remain calm, polite and chill......whew
Buy Legalshield before you go into the dealership. When they present the contract to you, call a timeout. Tell them you want to have your attorney review it. And the attorneys will!
I bought a year old truck 10 years ago and the finance guy wanted me to sign up for extended warranty. I said why isn’t this truck solid? He commenced to draw a bid x on the document and said I would be sorry as that truck has 90 computers in it. This was 12 years ago and I’ve had no problems with this unit at 125k miles.
Another thing to watch out for in general: SOME car dealers will hold a "scratchoff ticket" contest, but they require you to fill out a form before they will tell you if you won - DON'T FILL OUT THAT FORM! At the least they they are collecting information to sell to other businesses, at worst it could lead to identity theft!
I had a finance manager at a Toyota dealership back in 2000 tell me that I should Finance the car rather than pay cash because I can put the money in the bank and earn interest on it.... 🥴 I looked over at my wife and said let's go and we walked out... after putting on our hokas
@Zonative I'm thinking about buying a car and this was my thinking to improve my credit, why is that a bad idea to let your money earn interest through investments? I have the cash but I was planning on doing this instead of paying all cash upfront. Is this not recommended?
That’s hilarious I don’t know about back in 2000 but nowadays most banks (at least the big commercial ones) just offer a 0.0010% interest rate for their savings account, might as well not even bother haha!
When I got out the Army in 1970 I had saved up $2,200. The car I wanted was $3,200. I couldn’t imagine borrowing $1,000 to buy a car. Solution - I imported directly from Germany a Volkswagen Beetle. By importing the car directly I saved $100 v the dealer, not an insignificant sum in 1970. I paid $1,700 for the car. I drove that Beetle 170,000 miles! I have only purchased new cars and I have always paid CASH. Imagine how much money I have saved by never paying interest on car loans. Happy trails 🤠.
I find it shocking that most people can't purchase a car with cash. Its the financing that buries most people and is where most people get snookered. Of course, I have found that dealers don't want to work with you if you can pay with cash. This is why I hate buying cars. Its a collosal waste of time.
Made appointment to test Ford Focus, any colour but white or black. Taken to white car, no keys, covered in snow, helped salesman clean off. Later in office finance manager was annoyed I would not say yes, came close to me and said - you will be back to buy that car in a nasty voice, I never did but went to next town 15 km away and purchased green Focus, financed myself with my work credit union, paid less and I had for 14 years with very few issues.
I've walked out before . 1. The sales guy tacked on 2500 in charges. When I asked about getting rid of them he told me the charges were the law. When I called him out to show me the law he beat around the bush I walked out. 2nd. In finance office I told him finance the car and I will pay cash for the extended warranty on a use vehicle. He said it had to be financed with the bank by law. When I said fine was gonna leave cause I knew he was full of it. The dealer manager walked in told him just to do it. So then the finance guy still tried to argue with me. I called him a Lying peirce of crap. More choice words if you know what I mean while I was walking out of his office.
Last week I went to buy a second hand car and I knew how much I wanted to pay. The dealer wanted the window price but I was adamant, he told me he had 3 other people coming to see the car so I stood up. He then said he would waive the admin charges and I told him that I would never pay anyone admin charges for a used car, as that should be in the price. He asked me how much I was prepared to pay and I told him for the second time. He hummed and arred so I said, "Well if that's your answer." My terms were agreed and he asked for cash so I paid by debit card, and the car is outside my house now.
Ummm....so what part of admin charges did you fall for? It matters nothing about how they break it down ... if you paid $5.00 for a car they wanted $10 for, you did good, right! And then the dealer gives you a receipt saying you paid $4.50 for the car, and .50 cent in admin charges, do u give a shit? Of course not. Do u understand the game now?
@Chris R The way that you put it seemed to say that the charges are built into the price. The only thing in the UK that is built in is the tax, so you pay the price shown, unless you can negotiate. Industrial equipment may be shown without the tax, but it has to be clearly stated at the point of sale.
Be prepared to walk out and don't go back. I had that happen many times, with one dealer actually follow my car as I was driving away. His manager must have fired him I bet. Tell them you decline all the dealer fees and scam crap. I had one dealer ring up $1700 in ""fees" (dest fee. admin fee, dealer fee, origination fee, crap fee., etc. ) I decide to walk away after they said they could not eliminate any fees. I say bye bye. They lost a $35000 deal. It was for an Acura TLX.
😂 same … don’t be my sister. You don’t how livid I was when she told me she went to the Hyundai dealership alone and was about sign documents. 🤦🏽♂️ she didn’t even know what an APR was and they gave her a high one PLUS two warranties she didn’t need. Two. For a 2019 Veloster she has a $600+ payment. Idiot.
I had a finance guy give me a lower interest rate because I bought the extended warranty, but I knew I could cancel it. I did so a week later and kept the lower interest rate on the loan.
The only thing they got me in '21 on was the interest rate on the loan and told me the reason it was higher than our pre-approval was because they were giving us the student rebate and we had to go with the higher interest rate and my wife's credit history "wasn't extensive enough". My wife is a GS-12 in the federal government, the qualifying graduation was for her graduate degree, and has fantastic credit. Jokes on them though. I paid off the vehicle almost immediately and they ate that.
I don't know your particular case, but If a new car dealership was offering a sub vented interest rate (lets say Toyota Financial offering 1.9% 60 months) Usually but not always Toyota Financial won't honor the 1.9% rate and the rebate combined.. These types of videos are dangerous and create FUD.. Do your research, do business with new car dealerships, and if their publicly traded even better.. These tactics in these videos are old school, a lot of finance offices have cameras in them to record the transaction.
@@iblocal2465 It was a Toyota dealership in the SE United States. If that were the case, they should have said that, but what you are saying is they lied to me. I believe the special financing rate was 0.9% at the time from Toyota. My loan was through SETF and not directly through Toyota. I didn't even ask for the special rate. All I know is that I was pre-approved with my wife for a full point (1%) lower on a loan and when I told them that, they came up with the reason I was told. The rate was even calculated with how much I knew I was going to finance. I am pretty sure they got a larger kick back from SETF for the rate I was given. In fact, I would bet money on it. I also don't believe that the tactics discussed on this channel are 'old school' and not used anymore. There are channels on YT for salesman that discuss how to maximize profits, etc.
Bottom line for easy negotiating -Know the market value of vehicle -Skip the foreplay and give your best OTD price upfront -Don’t become attached to the vehicle let the dealer know that and walk away if needed even if you don’t expect them to chase after you
I've seen that where they ask you to sign two contracts, the one time I seen it done it was because they were playing the interest rate game, they get you settled on the monthly payment, then they knock a dollar off of it and act like you're doing you a favor, and really what they did was found you a lower interest rate, lower your payment by a dollar so you're happy, and then added another $1,400 onto the loan give or take
I just had the exact situation of getting offered a lower interest rate if I opted for an extended warranty vs a much higher interest rate of I didn’t take it. It put me in a very uncomfortable position, especially since I flew in to buy the car. I ended up taking the warranty after some wheeling and dealing on the price, but it definitely left a bad taste in my mouth. I did read on my warranty paperwork that I have the ability to cancel it and receive a full refund within 60 days, so I’m trying to decide if I want to do that or not. It’s a ‘21 Honda Accord with 18,000 miles so part of me says it’s a Honda, I don’t need it, but then the other part says with all the electronic the car has it might be worth keeping. Either way, with a 800+ credit score, the last thing I thought I’d have to deal with in the finance department was a high interest rate, but he knew my situation of flying in to purchase the car so he took advantage. Lesson learned to hear the financing options BEFORE flying in next time.
Hopefully you canceled it. Cause you can always buy an extended warranty yourself and it'll be cheaper cause the dealer marks those up. Only benefit is you can add the one at the dealer into the financing.
Why did you not shop financing BEFORE going?? Sheesh that's makes NO SENSE! You said you flew somewhere specifically to buy a car and you were just arbitrarily going to leave the financing in the dealers hands??
@@UsernameUnkwn21 it was a very small loan (I put 80% cash down). I’d likely pay it off early too, so the higher interest rate really didn’t make that big of a difference, just to my pride.
I recently ordered a new Tesla. What a dream experience. Picked out my features and colors on my iPad. Was notified when it was ready and picked it up a couple weeks later. The ONLY sales person I ever talked to was at the dealership. All of 1 minute while he confirmed my car to my app, asked me if I had any questions and off I went. 100% recommend!
FM told me the only way i can get approved for a loan is to buy the extended warrenty. So i did for $2,500. He was laughing and rubbing his hands together when i left his office.
Today’s dealer advantage... my Squaw and I bought a 17 Acura MDX with low miles. It was 7-9 k less than the other 3-4 within 75 miles or so. I offered 4K less than asking , sales said no. We left drove around a while and went back. I offered 2k less than asking ,sales said no I offered 500 less , sales said no. Sales asked me had I been watching the car market lately? I said yes and I know yaw feel like you have people over a barrel , but you’re gonna get yours ,soon it coming just wait and remember me when it happens. We did get a deal, I’ve never paid sticker for anything was my issue. Over 6 years ago I heard a radio news break say 65% of all new cars were financed for 72 months or more , 68% of that group had a credit Of 650 or less. I’ve been waiting for this implosion for 6+ years to look like the 2007-08 housing crash.
To be clear: They're not saying: "Do not provide more than 1 signature." There are multiple pages to sign. They are saying: "Do not sign an application from a second lender. Do not sign an application that slightly differs from another while being told that it's 'just in case the bank doesn't approve the first one'."
So many of these problems can be avoided if you just pay cash for the car. If you do not have the cash, then you cannot afford the car. Borrowing money for a car is the worst financial decision you can make.
@@jenhofmann do you know what credit score means? How much money you can borrow that you need to pay interest on. Interest is one of the worst things in this world.
7:40 This can happen at the bank as well. Wife and I went through a Mortgage contract with the bank rep at Royal, thought it didn't flow well from one page to another. The rep just laughed and said it was typical legalize. We signed. Never did get our copy. Two years later, we sell the house, end the mortgage and find out the reason the contract didn't flow was because he left out a page about a "craw-back" we'd have to pay if we ended early. We lost all the benefits of changing the mortgage to them with the crawl-back. Will never deal with a bank again for a mortgage, we've saved up and will pay cash.
There are 100% banks and credit unions that require gap insurance. In states like New York, it’s illegal to make money on gap insurance, and they cap what you can charge for it. Only one I really disagree with here. Gotta say, you’re one of the more honest dealer-bashers out there.
I went to a Subaru dealership here in Connecticut. Young lady give me the price for a new 2022 Subaru Crosstrek premium out the door, $30,000. I asked her what was the bottom price, she said “what do you mean?” I said, we need some room to negotiate! She looked at me like I was crazy and said, no. I said have a great day, thanks for your help and walked away. I will never pay msrp or above it!
you are SO right, the market is so tight right now that it is beyond jaw dropping what I’m encountering as I’ve been visiting dealerships. Thanks for these videos
Dealer leverage is translating into straight up greed. Where is the line? Business/Profit/Greed? Market value? How much is enough? This is the problem with greed. It's never enough money. It's always more and more and more.
Last dealership I walked into did two things wrong. They began telling me what the interest and payments would be, before they even knew my name. Told them I was paying cash, they kept talking interest rates. Then the truck I wanted to buy wouldn't start. Had to swap out batteries. It still wouldn't start. Told them bye. Came back a few weeks later, asked is she remembered me. And pointed to the new Tacoma I just bought somewhere else. Cash.
When I bought my last car they refused to give me copies of any of the paperwork. I really couldn't walk away from the deal because I had already signed everything. So I took out my phone and started taking pictures of all the documents. The sales manager got P.O.'d with me.
Dealerships have to rip you off. They need to keep the doors open and the lights on. Think about that huge payment every month for the next sixty months or more. Will you be able to keep your lights on and have a door to open? Think about it, before you sign your life away.
Just bought a new car yesterday. I sped run the purchase at MSRP with state taxes and fees. Brought the car, finished my own personal inspection, test drove it, etc all in about 2.5 hours. I had a business trip to attend so I had to complete the purchase before my flight went in the air. Otherwise they would cancel my deposit so they could make the sale in Q1.
The one thing any car buyer can be certain at every car dealer is the single most dangerous person they will encounter is always that smarmy F&I manager.
I bought a tesla this year. The best no-haggle experience I've ever had. The only time I had to go to the dealership was to sign the invoice and leave with the car. 5 minutes of paperwork and that's it. No more spending hours at a dealership. Those are the old ways that people absolutely hated. The car before was a 3 hour ordeal like the SS Minow 😅
You missed the most important one, check their payment calculation as I've seen them fudge numbers to increase the payment over what the interest rate actually calls for. When I called them on it I got the "oh I must have fat fingered a number" the payment on a less than $200 mo payment was $30 higher the amount and rate required. Use your own calculator and verify!
I remember I was looking at a raptor and they insisted I needed to trade in my 2012 wrangler. I told them no I will not. They called me the next day asked me information about my wrangler. I gave it to them over the phone. I asked why did you need this? Is this so the bank can look at my assets. Then she said it was for trade in valuation. I literally walked away and told them I warned them I would walk if they even asked me to trade in my wrangler. I did just that.
You guys are so true and right about people not receiving copies or requesting copies of anything they sign and I like what she said specifically about one copy for the finance manager one copy for you if it doesn't go that way then get up and leave I don't know a lot thank you guys it's hard ball out there but that's the real world
We had been looking at a used vehicle at a dealership and we both know our credit scores. We told them what we could afford to pay and that we have a down-payment for the car. They came back an hour later giving us a monthly rate that was $100 dollars over our budget. We walked away from that deal and didn't regret doing so.
If you buy a vehicle from this point on here's your sign wait save your money and wait until all the dealerships start closing down it's coming real soon 😊
I was encouraged to lie on a credit check ( he said everybody does it) stating that I was working at a job for a month I hadn't even started yet! There is more to this story, but if they r asking u to commit fraud, run!
At this point everyone must be as knowledgeable as a dealership to beat the dealership A salesman told me "tell the salesman you're only going to deal with his manager, and tell the manager you will pay ONLY 3% over DEALER INVOICE"
I went to test drive and they wanted me to sign finance agreements that didn't state any values, they said it didn't matter because I would get all that in the next step. Basically wanted me locked in without knowing the price of the car. Don't do business with Hyundai in Louisiana.
My 20 yr old son , at the time, bought his first brand new vehicle. Paper work signed, took delivery. Two weeks later, the CU that this F&I pushed apparently canceled the approval, or so they claimed. The salesman calls my son and says " you need to get another lender or bring the truck back immediately." My boy was in shock and freaked out. In the end, he got a better rate from the CU he wanted to go with in the first place. I spoke with that manager and the salesman and ripped their asses apart. Also put the dealer on blast on social media too. Piss poor it even happened, and esp how they handled it.
I don't agree to purchase any "extras" in the finance office. I've already made my deal as to what I want with the salesperson. When I walk into the finance office, what I've already agreed to with the salesperson is all I'm going to agree to with the finance crook, I mean, manager.
My favourite line to sellers, put that in writing and I will be back when I have checked this out. They get furious and defensive but I don't give a darn, I have super sales resistance. If leasing insist on an agreed buyout in writing. I thought everyone new this until a few friends hot really stung when their lease was up.
I wish I had watched this before I purchased my new car. The car dealership pulled 2, 3, and 4 on me and ignored my preapproval from Chase. They also had this weird thing where they kept telling me I needed to send them documents I provided on the day of sale. When I finally got pissed off and told them I wanted to void the sale and surrender the car, all of a sudden things went through great. All in all, if any of you are reading this, don't purchase a car from Clear Lake Nissan in League City, TX
Good reminder: The car dealership should not be your only source of information. Investigate the local economic situation yourself by talking to a local banker first. Do some internet research on interest rates at local credit unions before you talk with the dealer in person.
After reviewing the contract, I had a finance manager tell me that he saw a mistake and had to fix it. Not 2 minutes later, he returned with another contract folded over, and stupid me, I didn't question it and signed. I got home, and he discovered he added $11,885 worth of WORTHLESS extended warranties that cover exactly what the manufacturer covers. Many complaints later, I got refunded (or the bank did), with a complaint to the manufacturer, and the finance manager wasn't there anymore.
You guys helped me tremendously. I followed your lessons to the "t" and got good deal on trade in and knew all the right steps for executing the purchase. Thank you so very much!!
Let's just agree that 99.9% of dealerships are trying to screw the customer as much as they can! Due to this known fact, customers go into the process knowing that it will very likely be a stressful visit. Besides the customer getting frustrated and walking out, the automobile manufacturer is also being hurt by losing the sale because of the dealerships altering the msrp negatively affecting the number of vehicles ordered/built and sold. Just take this "power to manipulate pricing" away from the dealerships and let the manufacturers decide upon their bottom line/take it or leave it sale price for each vehicle! No discussion/bickering/arguing. Let the dealerships store/show/finalize sales, provide parts and services only. MHO
I wished I watched you back in November 2022 I bought a brand new Honda Pilot- I got the Pilot at sticker price which I was told at the time was very good and financed half of the price of $42,900 EX-L AWD at Honda special rate 0.9 percent which was great but to get that I had to go through all the things you talked about in your videos-the salesman was pushing hard for my wife and I to lease instead of buying which I told him up front I wanted to buy and had no interest to lease but he still pushed the lease hard. After his sales pitch on leasing the Pilot was over the final lease price was $57,000 dollars if we purchased it after 3 years of leasing -it wasn’t until I got up from my seat and told my wife let’s go the salesman made a complete 180 and listen to what we wanted and we made the deal to buy the Pilot that we wanted. We are very happy with the final outcome BUT to get there was very stressful and not enjoyable at all after spending that amount of money and getting what you want you’d think it would’ve been an exciting and enjoyable experience but it was the complete opposite- we will be trading the Pilot and getting a new vehicle in the future but we will be watching your videos to help us make it a better experience for us Thank You in advance for our future purchase.
Just last week as I was about to leave a $500 (refundable) down payment and the dealer would locate the 23 RDX that I decided on. I had let him know early on during the test drive that I would not be interested in any vehicle that included an up-charge / market adjustment fee. They had several lines and I test drove several before zeroing in on the Acura. Spent 2 1/2 hrs there and the sales rep comes out of the finance office with the final figurers / paper work and before showing them to me stated that this vehicle has an adjustment fee but that they were not going to charge me 😂 I looked at the #'s to discover that they were allowing me $5K less for my trade than it was actually worth "as a trade." (I did my homework ahead of time). YES $5K so not even close. ha ha ha. I let him know that I considered it an insult and wished him a nice day. Can't help but wonder how many folks for this BS tactic. 🤬
I fell into this trap and I only can blame myself,the finance guy said we put this info on a memory stick so it’s faster,this is a big no,so this means you get to see everything when you get home and print it out.I’m so mad at myself for doing this.I will never forget and I will never go back to Beaver Toyota in St Augustine fl
@@larryaugust8205 Ehh buying it doesn't hurt especially if you got a 10 year. The only reason why Toyota is perceived as more reliable is their owners take care of them. The service department stays busy though, they are the main money maker for the dealership. The Toyota store I worked at did over a million per month if that tells you anything. A large portion was covered under service contracts. Manufacturer warranty only covers defects anyway
We were lucky to have copies of the vehicle service contract. We went to use it on the cars touch screen, as it should have been covered, but the dealership “forgot” to submit it to warranty company
Young people should be required to take personal finance courses in high school, so they don't wander out into the big bad world totally clueless. And when it comes to purchasing all the add-ons a typical car dealership pushes, they should learn to research all the various items commonly offered prior to walking into a dealership to determine what, if any, add-ons they really want. Also get financing quotes from at least two or three sources before sitting down with the dealership F&I person. Dealerships manipulate the rate to the buyer, adding to the actual rate they have approved from the lender. You don't need to pay them extra, get the loan directly from the lender. The best approach is to do some homework up front, then walk into the dealership knowing how much you are willing to pay for the vehicle, and what add-ons you are willing to purchase from the dealership, if any. Then refuse to get into a negotiating game with the dealership personnel. JUST SAY NO, and be willing to stand up and walk out the door. There are lots of other places selling vehicles, and you don't have to deal with people you don't trust.
Um, the purposely don't teach them in high school because if they did the economy would collapse because no one would ever talk the dealers losy offers. Without those losy offers dealers would become insolvent and go out of business. Dealers exist only by double dealing the customer.
Here is a better idea How about you never set foot in the F&I office in the first place? Or we could take it a step further and never set foot into a stealership at all?
I always write a check for a car. How do I proceed while negotiating. If I tell them directly, they will not be looking to gouge me in financing, and so they will probably high-ball me in the price negotiations. Can I just tell them that I want an Out-the-door price and that we will discuss financing later? Or....Should I simply negotiate whatever financing makes them happy and then pay it off with the bank immediately?
We all learned those things now 1. People seem to have lots of money to overpay. 2. Most people have no car buying skills or know about cars in general. Most Americans don't like to haggle, are afraid to walk out and want things now! And tip trims and all the safety features. So, nowadays people can live without Apple car play, power seats and adaptive cruise lane keep assist?
😮😮When my husband and I were buying our FIRST car, the salesman lifted the hood to show us how clean the used car engine ran. I wondered why they needed to steam clean the engine.
