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Smart Shopper Buying a Car During the Credit Crunch
343 messages, Last post on Nov 14, 2008 at 5:59 AM
You are in the Smart Shopper Forum. Your Hosts are kirstie_h & tidester
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Replying to: joel0622 (Oct 31, 2008 4:49 am)
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Replying to: joel0622 (Oct 31, 2008 4:49 am) That's not lying. You may know the answer if all the parameters are met but there is no mileage in saying you'll qualify for x% and then finding out that one of the parameters is not met and that the interest rate will be y%. Your answer is really the short version to save time and is not to deliberately mislead. I would find that acceptable. |
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Replying to: mikefm58 (Oct 31, 2008 5:46 am) I think we all can agree that the current system to buying a car is confrontational and we all wish there was a way to setup a no-haggle system where the dealer gets a fair profit and we can shop dealers based on customer service. We all know it's not going to happen as long as we have as many car dealerships that we have and they are owned by individuals rather than the manufacturer. For a big purchase like this, the customer needs to do their homework before starting negotiations. there are too many websites, books and articles out there on car buying and the negotiation process for someone to claim ignorance. Unfortunately, people don't understand if the salesman is being deceptive or unclear in his answers, ask for another salesman or simply walk out. Trust me, that is a very powerful tool because that salesman will have to explain to his manager why a potential buyer suddenly left the dealership. I did this when we purchased our 1994 Accord. I wanted to see clearly on a piece of paper how much they were giving me for my trade (1989 Ford Tempo, yeah I was pushing it) and how much was the price of the car. the salesman kept combining the trade with the discount. I gave him one last chance. He did it again. I stood up, told my wife we are leaving, and walked out of the dealership. Shocked my wife! The salesman called the next morning at 9:15 am and apologized. We finished the negotiations later that day the way I wanted, negotiating the trade separate from the purchase of the car. I'm sure they made a profit on the deal but I was happy with the price and the trade., so win-win. They even beat the financing I secured at my credit union. For some reason, when we get in car dealerships, people forget that it is their money and they have the power. If you don't understand the contract, don't sign it. Nothing wrong with asking to sleep on it and then asking a friend to explain it to you. |
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| we're pretty far off-course related to the discussion title. | |
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Replying to: tidester (Oct 30, 2008 8:26 pm) "In any case, I'm not sure I see the relevance to buying a car during the credit crunch of grammar and whatever it was that you are attempting to say in your message. Not that I am a stickler but " My apologies sir, But I judge your post out of line. Way out of line. Please defend the sentence structure below :link title There is of course no credit crunch of grammar nor is there a credit crunch of mean spiritedness. There is only a credit crunch. If you indeed require an explanation of "what I was attempting to say in my message " I will comply in the most simplistic terms available with stick figures and arrows to indicate motion. Note :humor. Sidenote: K speaks great wisdom but sadly some ego's seem to have gotten in the way. Apologies gladly accepted. It should never go one way. Waiting...
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Replying to: duke23 (Oct 31, 2008 10:54 pm) Try a private email to richard64 for enlightenment on sentence structure. We're sticking to credit crunch issues here.  tidester, host SUVs and Smart Shopper
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Replying to: tidester (Oct 31, 2008 11:15 pm) October auto sales may have hit two-decade lowOctober 31, 2008 7:22 PM ET All Thomson Reuters newsDETROIT (Reuters) - U.S. auto sales are expected to plunge to the lowest levels of the year in October and possibly the slowest running rate in two decades, with no certainty of when consumer confidence will return. The U.S. automakers, struggling to preserve their shrinking pools of cash as they fight for survival, are poised to post sales declines of up to 40 percent, with the overall market sagging potentially to levels not seen since the 1980s, when the United States had 60 million fewer residents. General Motors Corp, Ford Motor Co and Chrysler LLC are expected to lead the U.S. sales declines, but all six of the top sellers -- including Toyota Motor Corp, Honda Motor Co Ltd and Nissan Motor Co Ltd -- were expected to report lower sales. High gas prices blunted U.S. auto sales earlier in 2008, but the plunge in consumer confidence -- which hit the lowest level in the four decades as the Conference Board measured it -- has pushed out expectations for a recovery beyond next year. U.S. October auto sales were "pretty much as advertised," Ford chief sales analyst George Pipas said on Friday, adding that the seasonally adjusted annual rate would likely be around 11 million to 12 million vehicles in October. But Ford executives hope that government response to the credit crisis would improve the overall retail atmosphere. "There is a lot of action being taken by the Federal government, by the Federal Reserve, and by the Congress and we are hopeful that will stimulate demand," said Mark Fields, Ford's president of the Americas. In a bright spot, Ford is confident its retail share of the U.S. auto market in October will rise to the highest in two years. Barclays Capital analyst Brian Johnson expects a 39 percent drop in sales for the Detroit-based automakers in October, which was marked by low consumer confidence and "particularly poor showroom traffic." "We believe that the pressure on auto sales from limited credit availability is mounting," Johnson said, adding it appeared dealers were facing a 10 percent to 15 percent headwind from the tighter lending practices. A BAD MONTH ... NOW A DEAL? Overall, U.S. light vehicle sales were expected to be in a range of 11 million to 11.3 million vehicles, according to analysts and industry executives -- a sharp decline from 16.04 million last October and 12.5 million last month. Overshadowing the U.S. sales figures, key early indicators that economists use to gauge consumer spending and the broad health of the U.S. economy, are the merger talks between GM and Chrysler parent Cerberus Capital Management, which could result in the sale of all or part of Chrysler to GM. Automakers pushed in October to tell customers that financing was still available despite the credit market turmoil and, in some cases, put thousands of dollars on the hood of slower-selling models to try to clinch the sale. Toyota, which led GM in the third quarter as the world's largest automaker by sales volume, offered zero percent financing across 11 models in an effort to boost demand. Toyota's U.S. sales were down 10 percent through September. Nissan said on Friday it was offering interest free loans on five popular models, including Altima and Sentra sedans. Nissan expects a boost in sales in November and December from the loan incentive, which runs through January 5. Some dealers have said consumers were having a tough time closing new car deals because many lenders tightened their standards or had completely pulled out of the auto loans market. GMAC, earlier this month, announced it would offer auto loans only to consumers who have high credit scores, a decision that is expected to hurt GM's sales further. On an unadjusted basis, Edmunds.com expects GM sales to drop 40.7 percent, Chrysler to drop 38.1 percent and Ford to drop 34.7 percent. It expects a 29.2 percent drop at Nissan, a 17.2 percent slide at Honda and a 15.5 percent fall at Toyota. "Looking ahead, November is traditionally one of the worst sales months of the year and December is usually one of the best," Edmunds.com executive director of industry analysis Jesse Toprak said. "If the election and other variables don't have a significant impact on auto sales through December, we are looking at an annual total of about 13.6 million units." Looks like a take no prisoners market ahead. No brand name exempt. Hang tough salesmen. We'll endure.
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Replying to: duke23 (Nov 01, 2008 12:14 am) Traditionally December is our 6th best sales month of the year. That statement used to be true for us years ago before allot of tax laws changed. Nowadays there are just to many distractions in December with the Holidays. |
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Replying to: volvomax (Oct 30, 2008 1:15 pm) No, of course not. After all, buyers are liars, right? I would assume that to an experienced salesperson buyer's lies would be easier to see through since the salesperson does this every day. I would say that most of the examples you give would either be easy to detect or honest errors( I just read a poster who only found out his car had been in an accident when he went to trade it). Saying that another dealer will beat your deal might be a bit tacky but falls within the give and take of the buying process. "...most instances where a customer believes the dealer is lying is due to the ignorance of the customer..." I don't doubt it. If I'm talking to a salesman and what he's saying doesn't jive with what I think is true, I'll pause the transaction until I can verify the information. Sometimes I'm wrong...sometimes the salesman is stretching the truth. In the end it is the salesman job to create a positive impression of his product. This is the classic "create value" role. If he tells me that "all the girls will fall in your lap" if I buy this car I'm OK with that. If he tells me that "the grinding noise in the transmission is normal for this model" that's not OK.  The difference is the degree. 
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Replying to: kdhspyder (Oct 30, 2008 3:29 pm) If I was selling anything to that guy, the only thing he would be riding would be the bottom of my boot. 
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