Dealer Inventories

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03-22-2009, 07:30 AM

#11

BootCamp

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Quote:

Originally Posted by tskatz

I will never go back there because the manager(s) I delt with lied to me about available interest rates. I refinanced my car on my own and lowered my rate significantly. I did get the exact car I wanted and should have never let them even touch my financing so that's on me.

I HAD a post/thread on here about Vehicle Financing. Can't find it now (I think it used to be a "sticky" before the migration to the new format). I guess it doesn't matter.
Never trust a dealer to tell the entire truth and give you the BEST deal if it's going to take money out of his/her pocket. They make $$$ on the rate you get. It's called Dealer Reserve. If the bank accepts an applicant at 5% and the dealer writes the note for 6% - and you agree to it - the dealer makes that 1% - in addition to what they make on the car deal. 1% may not sound like much, but if you're financing 35K over 5 years, it's a good chunk of change you could have used to buy mods for your car, or just reduce your payment.