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Questions About Financing New Vehicles

2257 messages,  Last post on Feb 24, 2010 at 12:11 AM

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#2251 of 2257 Re: F&I managers "skimming" off the top? [ifontaine] by british_rover Nov 18, 2009 (11:50 am)
Replying to: ifontaine (Nov 17, 2009 6:48 am) This is one reason why I always quote payments as about 329 or 399 or 499 at least until the customer sits down to finalize the deal in F&I.   There is always the chance a fee or something isn't in their right and then you get the guy with the spread sheet or Financial calculator who will take you to task over $2.85 a month.   Here is one scenario where payments can get skewed a little and the F&I guy won't notice right off. We have a bank that we no longer use for financing but it is still in our menu as the first bank on the list. Why? Probably because it costs money to have it removed by R&R.   Anyway this bank always charged a bank fee of XXX dollars. When I make a deal as a finance it defaults to that bank unless I change it to a cash deal or some other bank. That fee is worked into the deal already in the back. Even if you switch to a different bank that fee gets left on their unless you delete in manually from the back screen.   You work your payments and I work mine they come out 3 something bucks different because we all forgot the bank fee. You can't get charged the bank fee even if no one caught it because when the office reconciles the deal they won't be able to get the numbers to zero out. Its just like if you overpay a state fee things won't zero out and the back office will send you a check for the difference. Replies to this message: lrguy44 (Nov 18, 2009 12:42 pm) british_rover (Nov 18, 2009 1:07 pm)
#2252 of 2257 Re: F&I managers "skimming" off the top? [british_rover] by lrguy44 Nov 18, 2009 (12:42 pm)
Replying to: british_rover (Nov 18, 2009 11:50 am) Another thing that can skew a payment by a few dollars is time to first payment. The deal will differ if the computer has 30 or 45 days to first payment - could be a $10 or more difference. Replies to this message: british_rover (Nov 18, 2009 1:07 pm)
#2253 of 2257 Re: F&I managers "skimming" off the top? [lrguy44] by british_rover Nov 18, 2009 (1:07 pm)
Replying to: lrguy44 (Nov 18, 2009 12:42 pm) Oh yeah see I rarely do real F&I work so I forgot about that.   Most banks default to 45 days but if for some reason it was 30 days or 60 days or whatever days if they were running a promotion that would drastically change the payment.
#2256 of 2257 monthly payment by newbie1985 Feb 23, 2010 (8:19 pm)
hi I just purchased a car and I dont know how to make my charges over all lesser in the long run...when I pay my monthly payment, there is like an option to put in money for a standard payment and there is an another option where I can pay up for a principal amount. It says there that if I pay the standard payment ( that is principal with interest) my monthly payment etc would be lesser as months go by. And then If I add an amount in the principal payment, no changes in monthly payment would happen. I want to finish paying for the car as far as I can with a lesser overall cost in the end and that would make my credit score still ok. What should I do....is it paying over the standard monthly payment? paying the standard payment, adding up an amount on principal payment and then refinancing my car? What should I do and what are the steps that I should do? Anybody please help. Replies to this message: tidester (Feb 24, 2010 12:11 am)
#2257 of 2257 Re: monthly payment [newbie1985] by tidester HOST Feb 24, 2010 (12:11 am)
Replying to: newbie1985 (Feb 23, 2010 8:19 pm) Ordinarily, when you make the "standard payment," your monthly payments will remain the same. That is also the case when you pay directly toward the principal. The difference is that when you pay directly toward the principal you will end up making fewer payments and you will get a refund on the interest which can be substantial.   tidester, host SUVs and Smart Shopper

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