Last post on Apr 28, 2013 at 10:34 AM
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Car Buying, Car Selling
#3140 of 3217 Re: Did I get ripped off? (I'm pretty sure I did) [houdini1]
Feb 10, 2013 (3:56 pm)
Way to go boom...you leaving is going to be a huge loss for the car sales industry...and a big gain for where ever you land !!
Thanks! I'm working for myself so it's a gain for myself
#3141 of 3217 Re: Did I get ripped off? (I'm pretty sure I did) [thatautguy]
Feb 10, 2013 (4:53 pm)
Coming in late here...
boomcheck as usual, gave you good advice. You were responsible for the remaining lease payments and they simply rolled that money into your new lease.
Did I read that you bought some kind of extended warranty? If so, go back and have them cancel it. You don't need it since your car will be under warranty throughout the lease. That maintence package I'm guessing may not have been explained to you so make them do that. It may or may not be a good deal depending on how much they may have marked it up.
It sounds like you have learned some lessons here. Buyer's Remorse is something probably all of have had at some point in our lives.
EDIT: It looks like you were sold something called "wear care". I think I know
what that is. If you bring the car back with more damage than is allowed, it covers that gap. It is probably VERY expensive insurance and you can probably live without it and lower your paymennts in the process.
P.S. What the heck is a C-Max?
#3142 of 3217 Re: Did I get ripped off? (I'm pretty sure I did) [isellhondas]
Feb 10, 2013 (4:55 pm)
New Ford compact van/tall hatchback
#3143 of 3217 Re: Did I get ripped off? (I'm pretty sure I did) [isellhondas]
Feb 10, 2013 (5:10 pm)
P.S. What the heck is a C-Max?
Hybrid or Plug In Hybrid only.
#3144 of 3217 Re: Did I get ripped off? (I'm pretty sure I did) [boomchek]
Feb 10, 2013 (5:12 pm)
boomcheck, thank you again for restoring my sanity. I'm glad I'm just a mildly incompetent run-of-the-mill car buyer as opposed to the biggest schmuck in the universe I actually showed in the system as having 13 payments to go; I think I always naively thought that when I stayed with the same leasing company, the cars just got more or less swapped and that's it.
Either way, I'm glad I have the car now. Things actually fit, the ride is great, and I love the gas mileage I'm getting.
#3145 of 3217 Re: Did I get ripped off? (I'm pretty sure I did) [thatautguy]
Feb 10, 2013 (5:19 pm)
I'm glad I could be of help!
One more thing to remember is to make sure your previous lease gets cancelled and that payments don't keep coming off your account. Sometimes it takes a few days for paperwork and payout to reach the leasing company and a few more before they stop payments on your previous lease, unless your Fiesta lease was with Ford and the CMax lease is also with Ford.
But just make sure all of that is in order as I've seen it happen before due to the time it takes for payouts to be processed and old lease/finance payments still keep coming out when they shouldn't.
#3146 of 3217 Re: Did I get ripped off? (I'm pretty sure I did) [boomchek]
Feb 10, 2013 (8:21 pm)
Looks good! Ford seems to be back on track!
#3147 of 3217 Re: Did I get ripped off? (I'm pretty sure I did) [thatautguy]
by kirstie_h HOST
Feb 11, 2013 (8:02 am)
You could have maybe done better, but you could have done a lot worse. The best outcome is that you got a car that fits your needs and that you like. And, you didn't get hosed. We see plenty of folks who pay a bit too much, and then they don't really like their vehicle. That's not cool. Since leasing seems to suit you, you're always going to have a payment, so just make sure the payment isn't a budget issue for you.
And - next time, stop by here FIRST and we'll help you understand the details before you drive away.
#3148 of 3217 loan interest rates
Mar 02, 2013 (4:08 pm)
Bought a car and the finance manager contacted a couple of banks for rates.
I've heard the dealer can make some money on these loans by marking up the rate.
Is their profit a fee or it it paid for over time?
#3149 of 3217 Re: loan interest rates [explorerx4]
by kyfdx HOST
Mar 02, 2013 (9:32 pm)
Usually, the bank will pay them a fee upfront for writing a loan above the wholesale rate. If the loan is paid off before a specified period of time (90 days, usually), there will be a charge back (the dealer won't get paid).
How much is it? It's usually the whole extra amount, discounted for present value. As an example, BMWFS pays a BMW dealer 70% of the extra amount over the "buy rate".