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Prices Paid: Buying & Leasing Experiences Honda Civic Prices Paid and Buying Experience
7565 messages, Last post on Oct 07, 2008 at 12:32 PM
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Replying to: khung1 (Oct 04, 2006 10:54 am) |
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Replying to: pham0167 (Oct 05, 2006 7:16 am) Don't go for their deal on the extended warranty. As was mentioned, you can get a genuine Honda Care plan for much less from an online Honda dealer at any time before you have 6k on the car. You can also print out the discount prices and make your dealer match them - if you want to finance this with the car. The 9% rate on the car is likely less than the rate on your credit cards, assuming you would not pay cash for the HC warranty. You may not can do anything NOW about your credit and may be stuck with the 9% rate, but you can lower your payments by negotiating a better price on the car and on your trade (if any). A lot of dealers love to play payments - they say $420 a month so you never see or know what you are paying for the car and how much or little they are making on the deal. $420 for 60 at 9.09% would be a borrowed amount of about $20,200. Depending on the model you are buying and your tax rate this could be a total rip off or a great deal. Break it down into parts: 1) Get the best deal for the new car. Post what you are getting, any accessories, and what they price is for the car with destination and any DEALER fees (no tax, tags, etc) 2) Get the best deal on the financing - sounds like you are stuck going with their captive financing since you have gotten bad rates or been turned down elsewhere. The dealer CAN mark up the rate for extra profit - they may have gotten 8.09% from the bank and jacked it up a point to make more money off of you. I really doubt it since the rate is better than your others. You could work a deal at other Honda dealership and see what they say the rate is - then you will know if you are getting the "buy rate" or one dealer or the other is jacking it up. 3) Deal on your trade in, if any. Keep the 3 parts distinct otherwise you are a lot more likely to get ripped off. Don't rush, they make new cars at the plants every day and we are at the start of the month. Take your time and shop around. Post your numbers and folks here can help you decide if the parts of your deal are OK or not. Almost no place is there a "right of rescission" on a car sale, so once you agree to terms and sign you are stuck. Dennis |
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>>>My local Honda dealer does not accept CapitalOne or Citicard (bad experiences with not getting payments from them) This I don't believe. I think she is bs'ing you. Why do they care as long as they see the check for the amount? Actually, this may be true. CapitalOne (used to be Peoplefirst) started out only giving out their "blank checks" to folks with super prime credit. They could buy what they wanted no questions asked. Anyone without lesser credit would most likely be turned down or would be offered a non-blank check loan - you tell them what you want to buy and how much and they say yes or no. CapitalOne decided they could make extra money by approving a lot more folks with a lot higher rates. So they started sending out TWO kinds of checks - one the old "blank check" that was as good as gold. The other was a "bank draft" that had tons of stipulations on it. Basically, the dealer had to send in all the paperwork in advance and get the deal approved. If they failed to (and in some cases even if they did) C1 could not decide not to honor the draft - so the customer had the car and the dealer had no money. Some dealers used to the good as gold checks took the drafts without reading the fine print and got burnt. I just went through this with my daughter. Super credit netted her a super C1 rate, the dealer could not get close - but did not want to take the check (had been burned before). Once I explain this to them and C1 faxed over stuff and they read the fine print on the check - no problem. Clearly with pham's high rate her check would be one of those "drafts" and a lot of dealers indeed would not accept it. Dennis |
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Replying to: rputtagunta (Oct 05, 2006 8:58 am) I co-signed for my daughter's first car loan, and we paid it off quite a bit early. So having a paid for car loan of a significant amount on her credit history makes for easy approval at the best rate now. Heck, with auto enhanced + otherwise great credit I can get approval for any number of car finance or lease deals. I have tons of paid of cars loans and leases on my credit history (including some really expensive cars) so I have no problems leasing 3 cars at one time at the top tier rates - and I would bet I could get approval for another lease or purchase if I wanted to  Dennis |
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Replying to: dwynne (Sep 26, 2006 10:14 am) |
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Before making a deal with the dealer, do I need to tell them I will be either paying in cash or financing it? Does it makes a different in the price of the car? Which one has more dealing power? I hope somebody will help me with this. Thanks.
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Replying to: yennhi2 (Oct 06, 2006 1:32 pm) What *I* always do and recommend: Get pre-approved at a nice rate (assuming good credit) from CaptialOne auto finance online or at your bank or credit union - whoever offers you the best rate on a simple interest loan with $0 set up fee. For folks with good credit, CapitalOne can often beat your bank (but maybe not the CU) and the dealer. Be sure to get pre-approved for enough to cover the car, destination, dealer fees, and all tags, taxes, title fees, etc. Then shop for the car based on price - get quotes from dealers in your area that include car+dest+dealer fees and compare them. Post what you find here and tell us your location. Other forum members may know of other area dealers you can try that may offer a better price. Once you decide, then close the deal. If the finance guy pushes you to finance with them tell them the rate you have on your pre-approval and tell them if they can beat that on a simple interest, no set up fee loan you will go for it. Don't buy any extras like extended warranties, undercoating, paint sealant, etc from the dealer and shut them down if they try to push any of that on you in the finance room. You can buy a genuine HondaCare warranty online later for a discount (near dealer cost) if you want to, and that other stuff you don't need or want. You may be able to get close ($400-500) to invoice if you can find a left over 2006 Civic, but for a 2007 you may end up fairly close to MSRP once you include the dealer fees. In most areas Civics sell as quick as they can unload and prep them giving the dealers no incentive to discount them much at all. You can get a similar Accord for the same or less money at most dealers! Dennis |
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Replying to: dwynne (Oct 06, 2006 2:48 pm)
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Replying to: coupefever (Oct 06, 2006 6:15 pm)
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Replying to: nucivicowner (Oct 07, 2006 3:48 pm) did not financing with dealer either. I have moderate credit score, my CU offered me 7.7~, not bad. Dealer quoted 9%. They tried to sell exptended warrenty for 1600 and another 900 that covers all services. I refused extended warrenty but is it worth 900 that covers services? not sure how many services will be covered. car has 94 miles on it... they said it had to come from dealer in San francisco. should i worry about it... i saw factory date on door, it shows 09/06. total price is 18.7k OTD, got the car at invoice price. Not bad i guess...... |
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