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Prices Paid: Buying & Leasing Experiences Subaru Outback Prices Paid and Buying Experience
2229 messages, Last post on Nov 30, 2009 at 3:34 PM
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Replying to: xwesx (Jun 03, 2009 9:23 am) |
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Replying to: rdy (Jun 03, 2009 7:32 am) No, they would rather you finance rdy, I notice that in your excellent post on car buying, you say to never finance through the dealer. Would mind explaining why? The 2.9% that Subaru is offering is pretty tempting... Thanks for all the great info.
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Replying to: marsound (Jun 03, 2009 8:00 pm) Ah, I was unaware of manufacturer supported finance. Subaru are buying down the rate. That's unbeatable in the regular marketplace, and the only time one should consider buying money at a car store. Never finance beyond 48 mo. Preferably 36 mo. Beware - Oftentimes they attach conditions like 'Rate only applies on dealer approved unit cap cost (selling price) or some such language) Essential to know your FICO going in...dealerships will often tell applicants they don't qualify but they can offer you a wonderful rate of xx%. So know your credit union or bank pre approved loan rate in the back of your mind, for true apples to apples. Personally it would be the Subaru of America 2.9% deal or nothing. I would never consider any third party dealer finance co. It will cost you more in nickel and dime fees and gotcha's etc than your own source - guaranteed. Only folks without options finance at dealerships. Dealerships typically make between 1% - 4% on money. That's a huge spread over a 48 mo term. Did I say never finance beyond 48 mo ? Preferably 36 mo. Like every other contract, read the fine print. 
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Replying to: marsound (Jun 03, 2009 8:00 pm) If you just finance through the dealer with no promotions, the dealer has authority to give you any rate they want. Generally, they get a loan from a bank, then they can add another 2% for themselves.That means if you qualify for a 6% loan, then they could sell you the loan at 8% and pocket the 2%. This is why dealers are not swayed by cash buyers anymore. Not only do they get that extra % rate to themselves, but they also get a commision for it. You can still do it through the dealer, just know what % rates you can qualify for. If you got pre-approved for a 5% loan (or you already have the loan check), tell them when you get down to the financing aspect of the deal. I am willing to bet that once you are about to walk away b/c you do not meet on financing terms (or you just show them your approval and say you will use that), they weill meet it or even beat the % rate. If they cannot meet or beat it, you still win because you can just hand over the loan check. |
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Hello, I am about to purchase my first vehicle in nearly 10 years - live in Chicago and have been able to get by using public transit, car sharing and the occasional rental, but needs have changed - and I am strongly considering the Outback 2.5i Ltd. Am targeting a very low mileage '09 or possibly '08, but will also consider buying new IF the deal proves good enough. Given the 2010 redesign, it seems new '09s will increasingly become a real value. The current $2K rebate and promotional financing of 2.9% for 36 mos or 3.9% for 48 mos are attractive. My question: should I try to close the transaction at the end of June (end of quarter as well as month) or wait further into the summer? Not sure what is prime time for model year close. I really would like to make the purchase sooner vs later, but as someone who has been without my own car for 10 years, I can certainly be patient if it means saving myself decent money. Thanks for your thoughts.
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Replying to: 1stin10 (Jun 06, 2009 10:53 am) No one knows for sure, but of course the selection of '09s will dwindle ... good luck.
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Replying to: fendertweed (Jun 06, 2009 12:13 pm) For a used, if they do not sell it, it wil just go to an auction. There is no rush to get rid of them (but they stil need to sell them). If you see a used one you want, just try and get it. If you see that it has been sitting on teh lot for a while, then keep pestering them for the price you want.
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Replying to: abchin486 (Jun 06, 2009 1:10 pm) I definitely agree that selection dwindles, so wait only if you are flexible about color and options. The other thing, which happened to me, is that a rebate may increase on the first of the month. So if it's $2000 now and goes up to $2500 on July 1, you may miss out on a bigger rebate. Happened to me with an MX-5 purchase in March. |
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Replying to: ateixeira (Jun 08, 2009 8:14 am) Also, I would like to learn more about how a dealer decides to send something in his used inventory to auction. Seems like he would need to be desperate to do that since I can't imagine he could make very much. I recently spotted online one used car that, according to the posted CarFax report, has been for sale since early March. They list it for slightly under $500 more than what I'm willing to pay OTD, excluding TTL. So I'll be curious to see if they're willing to deal or let it go to auction.
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Replying to: 1stin10 (Jun 08, 2009 11:28 am) I wrote a letter to Mazda and at least they sent me a gift card. Oh well. |
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