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Smart Shopper Questions About Financing New Vehicles
2253 messages, Last post on Nov 18, 2009 at 12:07 PM
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Replying to: joel0622 (Sep 03, 2009 2:04 pm) And, personally, I use bankrate's calculators, by the by. ;b
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Replying to: qbrozen (Sep 03, 2009 2:17 pm)
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Replying to: grandtotal (Sep 03, 2009 4:44 pm) actually we used edmunds calculator for the final numbers before we signed the papers at the dealer (I dont really trust the dealers) the edmunds calc includes tax and stuff which is cool, the agcalc calculator is good for just quickly seeing the relative difference between different loans, etc. I just checked it again and the difference between 20k for 48 months at 5% and 4% was $9/month - or did i screw something up?
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Replying to: bhi (Sep 04, 2009 5:00 pm) |
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A high number of complaints about auto dealerships and predatory lending practices are causing several consumer groups to ask that the dealerships be watched by a potential new agency that would oversee consumer financial products. Consumer Groups Want Dealerships to be Watched by Consumer Financial Protection Agency |
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I just purchased a 2010 Honda CRV EX-L 2WD, today and feel I fell into a trap at the dealership, when it came to the interest rate. My credit rating is 835 and they gave me 5.69% APR, and I had to fight to get them to come down from 5.99% I had been an excellent customer and returned a leased Honda Pilot, like new and they even supposedly gave $1,100 in equity toward this purchase. I quoted the rates I had found 2 weeks ago with the range being 4.99 to 5.49% for 36 to 48mos. They suggested I go to the bank or credit union and refinance - for 50- 100 dolllars if I can find a better rate. The price of the car was at invoice, however. Does it sound like I got a fair deal? I DON'T feel good about this. Thanks.
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Replying to: pchiffon00 (Nov 12, 2009 9:10 pm) The dealer isn't required to give you any interest rate... you have to negotiate for it... To negotiate properly, you need leverage. That leverage comes from knowing what rate you can get elsewhere.. You weren't really trapped at the dealership.. you just weren't prepared. I'd take the dealer's advice... Shop around local banks and credit unions and see if you can beat their rate. If your credit is that stellar, it should be easy. regards, kyfdx |
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Ok, so I went to one of my local Subaru dealers, and bought a new Outback. Got a great price, what I wanted for my trade, and knew all the fees, taxes and what I was going to put down. I put in my present value, future value, interest rate, and number of months into my trusty HP H10B financial calculator and got my payment. I had previously calbrated the periods and finace rate with Edmunds payment calculator, so I knew it to be pretty accurate within $0.05 or so. When I got into the F&I guy, he tried to pass off my payment being $5.50/month more than what I had. When questioned, it was explained as a "glitch", and new finance agreement was printed off immediately. Over the course of the loan, that was almost $350 extra. So, how common is this practice? This is why dealers have such a bad reputation. It seems so slimey and unethical. I don't know why it's not illegal, as it was not listed on either the bill of sale, or the finance agreement in the "cost of financing" as an added fee. It just seems soooooooo shady. Anyone else have any ideas?
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Smart Shopper Questions About Financing New Vehicles
