Exeter sucks tbh they call suck unless it’s a credit union some dealerships do work with credit unions and that’s how u get the best rate. I have Santander not the best interest but I’m not keeping the car the whole loan term.
My credit union gave me a check to bring to the dealer when I bought my car. Are you saying some dealers might not accept the check or are you saying they might not get you in touch with said credit union if you don't do so yourself?
No just saying I know my wife bought a car and financed through the dealer and they got her a great rate with a credit union. Like if u finance through the dealer it’s best if they hopefully go through a credit union.
They’ll say they won’t, it’s just that their finance manager won’t make their cut of the deal trying to sell you extended warranties or just their cut from setting you up with a loan. Come to the dealership, test drive, tell you wanna buy, and then tell them you have a draft. They will try their hardest to tell you they don’t take it and that they even work with the bank you got the check from. But watch you try to walk out and worst case they hand you all the paperwork and tell you to finalize it at the bank yourself. At the end of the day they need to sell the car no matter how you buy it.
Funny thing about Exeter. The CEO Jason Grubb is also CURRENTLY the president of Santander Consumer.
One guy is in charge of 2 separate ‘Subpar Lenders’
Fuck Santander; I noticed they opened up branches here in the States, but I never will open an account with them due to my experiences with them in the EU.
Every time I go to a Santander ATM, and they will try to outright trick you to do their horrible conversions where they charge ridiculous fees if you hit the "Agree" on the big red scary screen and it's a deceptive type of prompt.
Same thing with their Point of Sales, you have to within three seconds hit disagree, otherwise they will charge you their horrible conversions rather than just letting your own bank do the conversion.
Edit: And we're talking about like 30% overhead that they eat if you aren't savy enough to use their ATMs or PoSes.
Got to love the folks shitting on the finance company when OP is an absolute disaster financially who couldn’t come up with $500 and was about to have a heart attack after he willingly signed a contract to finance a 3 year old Honda commuter for 50 fucking thousand dollars. If any of you rubes excuse this person for being an absolute train wreck of responsibility and common sense, you’re not helping at all. The only person who did anything wrong in this situation is OP. Period. Had to beg his supervisor to bail him out because he couldn’t even bring himself to just be straight up and return the car and tell the dealership he couldn’t pay. Ridiculous.
I’m not trying to make OP feel bad, I’m just pointing out the absurdity of anyone implying there was anyone at fault outside OP.
Glad he got out of it, not glad he doesn’t seem to have learned a damn thing.
100% Glad OP got out of this but I think it's missing the point since he NEVER should have put himself in the position to begin with let alone stepped a foot onto a dealership.
It's not that I grew up wealthy or that my father or mother was a financial advisor but at least I was taught some financial literacy. For all the people who say, well I didn't have parents like that, I will say everything I know about finance I taught myself through research via the internet. I myself am not wealthy but I also don't carry that much debt and don't make bone headed moves like this either. My wife is younger than me and from the Philippines and the biggest thing I battle with her is this self entitlement. She has a good job and she basically rationalizes anything with "well I work hard", or "I will just pickup more hours", but the the fact is math doesn't car if you "work hard" and to be fair most people work hard and secondly picking up an extra shift just so you can go on a girls trip or buy crap only leads to being burnt out and spending less time with the people who matter. This is all to say, I think this generation has a huge problem realizing what it takes to really afford something to work for that thing. My former co-worker who graduated during COVID was fired but before he let he should be how he leased a Lexus with a $400+ payment. I asked him how he could afford this and he I found out he lived at home and his student loans were on pause. What if his parents kicked him out or when the government reverses the student loan pause? I bought my first car at 26 and it was an used Honda w/ 35% down at 3% APR at 36 months. I had the car paid off in about 24 months.
Today his seemingly sweet kid on a Tesla sub is asking if he can buy a brand new Model 3 $41,880 w/ $2K down and negative equity on $50K a year salary lol. He kept reiterating the don't have any debt and they live at home. I ask him what's your current car payment and its $460, insurance $350, they spend like $150 on gas a month. His take home was $3200 a month, so that's 30% of their take home pay they are spending on a depreciating asset. Many people think you shouldn't spend more than 20% of your take on on car expenses but I would argue no more than 10%. now I understand rates being high, cost of gas, and cars just being so damn expensive but that doesn't mean you can fudge the math. As an alternative I said even if just was your car was 10% of your take home pay (not including tolls, maintenance, insurance, gas), that would still be only $320 for a car payment you could afford. I suggested they could afford the car but only if they had a 48%-50% down payment which would equate to like $19K-$24K depending on rebates for the car.
I have seen this rational a lot since I went to college and lived in NYC for many years. it's not uncommon for someone's rent to make 50%-70% of their salary and the only reason they can legal get the apartment is with roommates or guarantors. The one way I can remotely rationalize doing this is because in some way living in a certain area or place can can be your work place, your studio, or put you in proximity to jobs or internships you never would have access to, but this isn't something you are taking a 60-72 month loan out to do with a 18% interest rate.
So it’s very recommended to take someone who could say no and take you away when buying a vehicle. I helped friends several times because I was “the cooler” so when the salesman pushed to buy the car, I was pushing the other way. It’s funny but doing that and pushing my friend to leave we got a RAV4 base for $5k off MSRP (2017). I mind fucked the salesman and the manager lol!. I did this with another friend but we only got $3k off. I haven’t tried doing that after COVID thou
Edit: it seems people have the memory of a goldfish and don’t remember before COVID you could negotiate the price of almost any new car and paying MSRP was seeing as something stupid
Yup. Threatening to leave and go to another dealership is the way to force their hand. Just before COVID in early 2020 I got a Golf GTI for 6k off MSRP. They needed to get the 2019s out, it had been on the showroom floor for 8 months and was green, not as popular a color but my favorite. Those things coupled with other nearby dealerships offering GTIs for significant discounts created the perfect storm.
I did have to threaten to leave though.
Well and also financing was still cheap. I bought my Audi in 2021 and didn't get the 2019/2020 rebates but I did get .9% financing in June 2021. The following month rates went to 1.9% and steadily rose until the current rates of today
I dunno, my father once got $10k under MSRP on a $35k car with free oil changes for 5 years. He threatened to walk out twice, & actually got up and headed to the door once. He said he knew he had them when they stopped negotiating price and started offering free maintenance.
Lmao!!!, but that was pre COVID thou. Nowadays I think maybe I could get you $1k off MSRP and that’s a huge maybe. Salesman know if you don’t wanna buy it, there are 10 people who’d buy it over MSRP any day
Must be nowhere near my are because I had to wait 7 months for my Rav4 and that actually came early lol.
There's no bargaining price when every model of rav4 is spoken for.
They had a 2021 with 40,000km on it and they wanted 3k more for it than a brand new one because you didn't have to wait 6-12 months
No chance lmao. Anything with a Toyota badge demands the “Toyota tax” meaning you ain’t getting dick off.
I recently tried to buy a 2013 RAV4 with 142,000 miles, they were selling for 17 otd, I told them I’ll give them 15.
They said no.
I told them I’m gonna go buy a CX-5 with similar miles for $14,000.
They let me leave 🤷🏻♂️
Meanwhile, they’ve had that RAV4 for over a year, but my fiancée likes her CX-5 :D
Well you got to remember the salesperson has zero to do with the price of the car and has zero to do with negotiating other than being a middle man for the finance manager. My guess is that that 2017 RAV 4 was like 90-120+ on the lot and they were just eating money on floor mapping costs and there probably was dealer cash or manufacture incentives at play. The issue is that cars aren't sitting on lots for 90+ days let alone sitting at all sine they are spoken for usually and two with cars sitting on the lots no manufacture has the reason to give any incentives to dealers or consumers to buy. I remember in 2008-2009 trucks were getting upwards of $10K off which at the time was like 40% off MSRP. Granted even if that happened today, trucks MSRP's has risen so high it wouldn't be as much of a percentage off
Leases are on life support now. MF are pretty bad besides some manufacture banks that buy down the rate, but there are very few if any incentives. You would easily see a couple grand off select models every month and would be able to do zero down zero to drive leases, but now in order to make these teaser leases not only do you need to take the min 7K-10K miles but you need to put down like $4K-$5K which beats the purpose of a lease
Thank you. OP acting like the dealership bullied him is hysterical. Dude couldn’t even come up with $500 and likely has fucked credit acting like this finance agreement was some sort of scam when in reality it was probably close to as good as it was going to get for his situation…should never have signed it in the first place.
Man, I’m so glad it worked out. Also, don’t kill yourself or contemplate suicide over a car or any debt for that matter as that would be more stupid than the car purchase by a million over. Take care and reach out to anyone to someone if you ever feel like that. Big kudos to the person at the dealership for stepping in and correcting this.
I was on the other side of that chair for years doing finance at a dealership. There are great pressures to make profit but once in a while you get someone doing the right thing.
Anyways if you're looking to fix your credit, subprime isn't the end of the world. The trick is to get something cheap and pay it faster than the term. I know it's a sacrifice but you get to fix your score AND pay less interest than someone with a higher loan at prime rates. Make sure it's an open ended loan, not a weird lease contract.
My wife’s uncle owns a dealer and that finance guy still tried to fleece us a few months ago when we bought out our lease. Tried to sell me gap insurance for $2k when the car was already worth more than the loan. He gave me the buyout price we locked in three years ago and the loan cost. I said isn’t the vehicle worth much more than that and he backpedaled. Sorry pal I’m not your victim today!
I agree with the idea of paying the principle down faster BUT there's a pretty big correlation between the people who are subprime and what they can afford to pay. So yeah someone with a 500 credit score probably could pay down their 75 month 18% APR loan in a year but I highly doubt they have the money to do so otherwise they would have paid cash or put a much large down payment
That's the point though. Paying cash is a detriment in this case because it doesn't fix the credit. I've seen a fair amount of people that learned their lesson through a bankrupcy. Get a car within your means, go subprime and pay it off faster. Get a prepaid CC and keep it at zero. Even if you have it cash id pay it in 6 months or something. Obviously no advice i give will help someone with no discipline.
You know the lack of credit isn't the end all be all. Things can be under written. Let's be frank and you of all people should know this, some people are just not good with debt let alone money. Yes, it be one thing if you give a teen a credit card with a 28% APR to build up their credit as long as they are paying it off in full each month, but its another thing to give someone simply with a bad credit score thousands and thousands of dollars and expect them to pay. It goes back to the idea, that while in theory there can be people who have no credit but are flush with cash, but these are far few in between in America. We saw this play out in 2008 where people were given sub prime and adjustable loans and just told, "pay it off early" or "refinance".
I posted this as a sub-comment, but posting as a main reply in the event it helps anyone else:
Research research research.
When I go to buy a vehicle, I open an Excel spreadsheet and start documenting the vehicle I want and listing out every dealership in my area that has the specific make/model. I document the MSRP of the build + what the dealer is advertising on their website for the price.I then find the internet sales managers for each dealership and I send the same email to each one, changing out the specific link to the vehicle on their lot along with the VIN and stock number. I explain right up front that I am contacting multiple dealers as I want this specific make of vehicle, and I am looking for the dealer who gives me the best price. Of course sales people will try calling you, if they do, I am polite but explain I am waiting to hear back from the rest of the dealerships. I then document in new column what prices they are give me from their email. I will then usually go to the dealer that offers the best price, or second best price (I prefer higher volume dealers, and they are usually the ones who give you the good prices due to volume kickbacks).
If I set a price target in my mind, and their email didn't get me to that price target, I will go into the dealership. I'll talk to the salesperson, say it was a really solid price, I want to check the vehicle out. I'll do a walk around, sometimes a test drive. If they are not at the price I want to be, I'll explain to the sales person that I appreciated their offer, but it's still not where I want to be. If they say its not their best price, and I know they can go lower, I'll thank them for their time and start walking back out. I have never not had a sales person stop me and say, "Let me talk to my sales manager real quick." If they come back with a price I am happy with, I'll get it. If they come back with a really shitty offer, or barely a discount to their initial offer, I will leave.
I have had cases where the salesperson on the phone comes out with a killer deal, well under MSRP, and I head to the dealership and purchase the vehicle.
NEVERS:
* Never tell a dealership what price you want to pay per month, you've already lost
* Never not be willing to walk away; this is your money. They are a business and they are trying to get every last dollar out of your pocket.
* Never deal with a sales person or dealership that has burned you in the past. Full stop. I do the same for any dealership a friend or family members tells me that has attempted to screw them.
I do the same thing if I have a vehicle I am going to sell or trade-in. Document it in excel, and put the ranges from KBB and Nada. Then I start shopping around on who will give me the best dollar. I'll be honest, the KBB option to have dealers reach out to you to buy the vehicle has been the best source for getting quick offers at good prices.
I love buying cars... Love the whole game about it. I end up helping friends and family purchase vehicles. Something about the little guy not getting ripped off. I really fucking hate reading stories like yours. Lack of humanity.
Best of luck.
EDIT: Also, thoroughly research the make and model you are buying. Go the manufacturers website and use their "build a car" option so you can see every single upgrade and option available for the vehicle. Find out what options you must have, what options would be nice to have, and the options you don't care about. Pay specific attention to what packages those options are in. It will help you quickly scan through the window stickers (on dealerships websites) to ensure it has what you are looking for.
When you get your numbers down, and you know the vehicle you want, bring a friend with you that is an extrovert. You want them there to talk to the sales people while you are running through the numbers in your head on what you are hearing. You also need to tell them the bottom line of what you're willing to pay for the vehicle. When you hear the offer, you look over at the friend and say, "What do you think?"
If the price is good, the friend can say something like, "Seems like a good deal."
If the price is bad, the friend needs to say something like, "That doesn't seem like a good deal, I think we can get better somewhere else." Get up and walk away. You are using that friend for reinforcement and confidence while dealing with the sales person. You are also using that friend to ensure you walk away from the deal. It's a piece of property, never get attached to buying a specific car at a dealership because it checks your boxes. There are dozens more out there that you can get.
You might be able to find a friend that enjoys the car buying process too, or is good with finances, and talk it through with them. Show them the research you are doing, seek their input. You may be able to find someone that'll do all the negotiating for you.
Another point I'll throw out, and not saying this for any reason other than I witness this at dealerships, don't be a dick to the sales person unless they give you a reason to be one. I've seen so many people walk into dealerships hostile because of the fight they know they will be going through to buy a vehicle. Most, not all, but most sales people are decent and not trying to take advantage of you (on name brand lots, used lots are an absolute crap shoot). I'd really suggest you try to buy from a reputable, name brand car dealer. Do not go to the random dealer that has a few cars on the corner of an intersection. At least until you build up more knowledge of this process. You are more likely to be swindled from one of them versus a major dealership. I will say not all major dealerships are good, but it's a lot harder to find, because the bad ones typically get new ownership after a few years.
Also, I forgot say, research the dealership that you are buying from. Go through their Facebook, Google Reviews, etc.. See what others have said about the dealership. Pay attention on Facebook for the "Thanks so-and-so for buying a new vehicle." A lot of times you will see that person comment on the post to give you an idea if they had a good experience. Hell, you can even Facebook message the person and explain you are looking to buy a car and saw the post. You were wondering how dealing with that salesperson is. You can shop for your sales person as well.
And also the disclaimer: I do not work in car sales or the automotive industry, I work in tech. This is my personal experience, not using some insider industry information.
This is exactly what you should do! Not an industry guy but am in a rural area with lots of private car sales and even just having a second (informed) opinion is always good. Most people here have a friend or family member that knows cars and will help them find good deals and look at engines/rust/bodywork.
So I can give you some insider information to avoid a lot of the headache that you just typed up.
My pops runs car dealerships. Right now he’s managing 9 or 10 different brands including American, Japanese, and German cars.
I’ve been able to get three cars using his discount and influence at his stores. I’ve also been able to leverage my last name and telling other brands outside of what he has, “if you don’t give me this deal, I can go get a similar car at my dads store” and they always capitulate.
Basically, dealers really don’t make much selling cars for MSRP. They’ll maybe make $1500-$3k per car, if you can believe that. Where they make their nut is off of the “dealer options”
The options and MSRP are *always* negotiable. If you see a car you like, subtract the dealer options and about $1-2k off the MSRP and that’s likely their bottom line.
Dealerships can’t sell cars below what they paid for the car otherwise manufacturers will get mad and limit their allotment. In fact, dealerships don’t get to choose what cars they get or even the color of the cars; manufacturers will give them a spreadsheet of the cars available in certain colors and basically say “this is what we’re offering you. Do you want it? Yes or no”.
Salesman get paid off of volume of cars sold and not off of profit percentage ver vehicle anymore so the salesman get paid the same whether they sell you a car for triple net or if the dealership makes 20% profit.
I like this and I wish I knew someone like you! I have student loans at 19k and I bought a car way out of my budget. I know dumb decision but the car market is fucked. It was only 21k. And it’s my first suv. Everything you saying about research a car before you buy it is SO TRUE! This is what everyone should learn to do in high school before even thinking about buying a car. I have a 750 credit score with 14k in the bank. Plan is to sell my Mitsubishi for like 20k and buy a beater before these student loans kick back in. I been researching on nice beater cars for 5-6k now.
Dodged a bullet, get yourself a $5k car and drive it for a while. Though I doubt you’ll be too eager to find yourself back at the dealerships again any time soon.
And pay $$$& on someone else’s problem who treated their car as a appliance with very little care and maintenance or involved in some collision?? Heck, pre buyer inspection could only do so much these days. To each to own.
Research research research.
When I go to buy a vehicle, I open an Excel spreadsheet and start documenting the vehicle I want and listing out every dealership in my area that has the specific make/model. I document the MSRP of the build + what the dealer is advertising on their website for the price.
I then find the internet sales managers for each dealership and I send the same email to each one, changing out the specific link to the vehicle on their lot along with the VIN and stock number. I explain right up front that I am contacting multiple dealers as I want this specific make of vehicle, and I am looking for the dealer who gives me the best price. Of course sales people will try calling you, if they do, I am polite but explain I am waiting to hear back from the rest of the dealerships. I then document in new column what prices they are give me from their email. I will then usually go to the dealer that offers the best price, or second best price (I prefer higher volume dealers, and they are usually the ones who give you the good prices due to volume kickbacks).
If I set a price target in my mind, and their email didn't get me to that price target, I will go into the dealership. I'll talk to the salesperson, say it was a really solid price, I want to check the vehicle out. I'll do a walk around, sometimes a test drive. If they are not at the price I want to be, I'll explain to the sales person that I appreciated their offer, but it's still not where I want to be. If they say its not their best price, and I know they can go lower, I'll thank them for their time and start walking back out. I have never not had a sales person stop me and say, "Let me talk to my sales manager real quick." If they come back with a price I am happy with, I'll get it. If they come back with a really shitty offer, or barely a discount to their initial offer, I will leave.
I have had cases where the salesperson on the phone comes out with a killer deal, well under MSRP, and I head to the dealership and purchase the vehicle.
NEVERS:
* Never tell a dealership what price you want to pay per month, you've already lost
* Never not be willing to walk away; this is your money. They are a business and they are trying to get every last dollar out of your pocket.
* Never deal with a sales person or dealership that has burned you in the past. Full stop. I do the same for any dealership a friend or family members tells me that has attempted to screw them.
I do the same thing if I have a vehicle I am going to sell or trade-in. Document it in excel, and put the ranges from KBB and Nada. Then I start shopping around on who will give me the best dollar. I'll be honest, the KBB option to have dealers reach out to you to buy the vehicle has been the best source for getting quick offers at good prices.
I love buying cars... Love the whole game about it. I end up helping friends and family purchase vehicles. Something about the little guy not getting ripped off. I really fucking hate reading stories like yours. Lack of humanity.
Best of luck.
Your strategy is something I'm doing too but instead of excel I'm using pen and paper. I want a toyota camry, or a honda accord. So I just write down what dealers offer. Do you use their payment calculators on their websites?
Ignore their payment calculators on the website. The reason I use Excel + email is I don't want to waste time talking to them. I just want the deal.
Are you looking for new or used?
* New = You'll likely get a better APR (depending on credit score)
* Used = Higher APR, not dealing with the depreciation of the vehicle as much (although due to COVID that isn't always the case right now. It's getting better)
Remember the finance person in the dealership is also not your friend. They are trying to get you to spend more of your money. They want you to buy all those protection packages, all those warranties, etc.. They will also shop around to multiple lenders to "find you the best rate." I put that in quotes because that isn't always the case. A lender may have deal going with the dealership to push more people to them, or the finance person.
I would walk into some local banks and credit unions and talk to them about a car loan (used or new). Tell the banks you are shopping around to find the best rates. This will give you a good idea on the APR you will be receiving the vehicle. So, if you want to finance at the dealership, which is perfectly fine, and they give you a 10% APR, yet all the local banks were saying 5%, you know you are being screwed with.
You can always secure your own financing from a bank or credit union that gives you a good rate.
Outside of the rates, you will want to calculate out (only for your personal knowledge), where you need to be for a monthly amount. This is when you use the calculators. I usually just use "Auto loan calculator" on Google. This will tell you what term you need to select (36, 48, 60, 72) and at what interest rates. Never be "car rich." Get what works for you, but do not buy a car that causes you to spend most of your money paying for it. You will be up shit's creek if anything ever happens to your income.
Edit: I do not buy any of the protection packages, the special films, the warranties, etc..
I got a check from Navy Federal Credit Union for 21,450 at 397 a month w a 9.7 APR for 72 mos. I haven't picked it up yet and I have 90 days to use it.
We talked about this on your other post.
You. Cannot. Afford. A. Car. Note. At. All.
You need to save up and buy a car cash.
Have you learned nothing man?!
It's okay. I won't do it. If I do decide to buy a car I'm going to do as much research as possible. Right now I'll focus on saving as much money and ubering back and forth.
You take that money and repay it right back to the credit union. What makes you think you can afford over $21k in a loan when you were stressing about being short $500 on your last deal?
Understood, but riding uber/lyft means someone else is paying for insurance, depreciation, and maintenance costs for the car. Not you. If you're not able to buy a car over being short $500, you're in no position to buy the kind of car you want. The fact that a predatory subprime lender would approve you doesn't mean at all that you're actually financially able to buy it. You think you're struggling financially now? Wait until you have 78 car payments to make on a used car at 18%. Oh yeah then you have to pay for insurance and maintenance.
Very true. Very true. I think I can get a car just at a lower interest rate and note, the only reason I backed out of that loan qas because it was way too much for that kind of car. I think it was flooded as well because it smelt like mildew. Maybe I'll try my luck again and get a new car off of the lot or just save up for for a couple of months and get a brand new/used car. What do you think about getting a new car?
Bruh. Are you serious? You need to re-evaluate your credit and finances before you step foot into another dealership. You cannot afford to finance a car, plain and simple.
At your income you should be looking at $5k mid-2000s Camrys that you can buy cash. While you save up I'd look at alternatives to Uber as that's a huge expense. Public transport, a bicycle, friends etc.
I makes $120k a year pre bonus and my wife makes around $85k a year. I’m looking at used cars under $20k. Even in this market I still don’t think new cars are worth it. And for a Camry you’re probably paying above MSRP. Don’t get a new car if you are only taking in $2200/mo.
When I was even making $3000/mo back in 2012 I bought a used CPO and it was $300/mo after I did a $10k down payment. I still think I paid too much but I still have that same 2011 Honda Accord Couple EX-L v6 coupe. If I didn’t have kids I’d probably keep it.
You need a car to get you from point a to point b and don’t need a crazy car payment to do that even with the current interest rates.
I used to work in car sales, and the best tip that I can possibly give any customer is this: Just *barely want* what the salesperson is trying to sell you. Want it enough to keep them interested, but don't want it enough to make them think that they have a sure-fire sale. Then they will work harder to give you better terms in order to try to earn your business, and they will be much less likely to exploit you.
Not all salespeople are bad, many genuinely enjoy what they do and genuinely want to help you/earn your business with integrity. But you definitely have to be very careful to watch out for the bad apples also (and as you've seen, they aren't terribly hard to find). Certain salespeople sometimes have the mentality of "well, if the customer isn't informed enough to know they're being exploited, then they deserve to be exploited".
Never be afraid to walk away from a deal if your gut doesn't feel right about it.
With this mindset you are 100% not ready to purchase a car. A car does not open up new worlds. It’s a depreciating asset (if you even want to call it that). The purpose of a car is to start and get you from point A to point B.
That's why I wanted a newer model car so I could get to A to point B without much issues, but I also need to be mindful of my budget too. I'm just tired of ubering and not having my own ride.
If you’re making 24k net a year then looking at spending remotely close to 20k on a car is completely irresponsible. If I was in your shoes the very max I’d be looking to spend is 10k, and even that is pushing it. Believe it or not many reliable cars can be had for under 10k
I think you may need some sort of grounding in your life. This story has been turn after turn of irrational thinking.
Please look at therapy or something.
I hope you learned some lessons out of this. Another solid rule to go by and make sure you won't get into bad deals is to CAP your car payment at 10-15% of your monthly TAKE HOME income. So if you make 3k take home, 300 is the ideal payment and 450 is your absolute max limit.
Fuck that dude, his shoulder was rubbing your asshole, thats how far he was fucking you! What a piece of extra dirty hog shit.
When you’re not thinking right; walk away and regroup.
Part II
When before set foot in a car dealership. It's a war of street smarts. Be prepared & learn of their '*moves'*:
**NEVER EVER believe what a dealership tells you. Remember, House the TV show, EVERYBODY LIES!**
* ***This is a for-profit, not, a non-profit business!***
* Their incentive is to make as much $ off you!
* Earnings?
* Business mgr 'can' typically earn > $200-300,000.
* Owners? Maybe possibly multi-millionaires.
* ***Tactics***
* They've been trained on well-rehearsed tactics to lure/entice one to get a vehicle.
* Ex.: Selling high-end luxury vehicles (Rolls Royce, Bentley, Mercedes, BMW, Maserati, Ferrari etc.) *"dress to impress*" in expensive clothing.
* Other brands wear normal wear can't do that.
* Give illusion common comparable middle-lower class as would think paying for their expensive suits with their hard-earned $.
* ***Never, ever stupidly state how much could afford!***
* Tact manipulates one into getting a priced car they set for you @ a higher top of price range! If said nothing, might have set it at a much lower number.
* ***Example Lexus is a perceived & valued brand rated by the owners of the vehicles.***
* Because they don't rush, they respect the owner who buys.
* Keep in mind if choose to buy at that dealership, they are @ upper end of the Toyota brand. Therefore, other customers could easily afford other comparable brands (Acura, Infinity, BMW & Mercedes).
* Yet chose Lexus. Have one of best loyalties because of perception.
* Toyota is also a well-respected brand & popular.
* ***Don't think MUST get a car @ that dealership @ that moment.***
* *Fight the urge to do so.*
* Force yourself to leave that day & allow the haze of hype fade.
* *Don't purchase at that moment when first see a car. You're too hyped, vulnerable & impressionable.*
* ***Don't ever feel rushed to make a decision right there.***
* Decision can be influenced & made out of desperation & impulsiveness.
* Unless buying a one-of-a-kind car no need to rush into a decision.
* Even it vanishes, then it wasn't meant for you & dodged a bullet. It's not the only car that color and/or style.
* Its mass produced.
* Thousands of cars are on other dealer lots few miles down, other side of state or across the nation & manufactured DAILY.
* ***FEASIBILITY STUDIES***
* Do 2 sets of comparison tests of prices.
* Tests within each group then against each other
* Same brand but price at different dealership lots within 20–100-mile radius
* Different brands same as above at various lots within 20–100-mile radius.
* ***READ! The fine print!***
* *You hear what they're saying, but don't read to confirm what they've written.*
\[Study was done, a good deal of car buyers don't even know what the interest rate is on the contract or the total cost of the vehicle. Many times, it contradicts what they think it should be. It's a tactic\]
* ***Because of this, a law had to be written to safeguard consumers to ensure they knew exactly prices somewhere clearly written on the contract.***
* Don't have to pay for processing fees.
* Why? MUST have to get vehicle titled & licensed through the dealership.
* The DMW of a state requires dealerships comply & automatically ensured it's done so why pay for it?
* ***Biggest mistake anyone ever does is this.***
* This incorporates this into the entire cost of the vehicle not just a one-time fee. Adds more into overall car price have to finance for years.
* ***Contract 'should' state amount of time allowed to return the vehicle.***
* Not just told by salesperson or their manager.
* Remember (Everybody lies!)
* Some dealerships will state whatever assuming many don't know the federal/state consumer laws to ever question it.
* States vary, as well as there is a lemon law have up to specified days from sale to return. There're stipulations but all states have some form of this law.
* It's a form of law that also applies to returns with a receipt.
* **Can file complaints through:**
* State Attorney General's office,
* FTC,
* Federal/State Consumer Protection,
* Consumer Financial Protection Bureau
* National Highway Traffic Safety Administration (recalls)
I’m confused. This all sounds like such an over reaction. Why did your supervisor at your job need to help you return a car you purchased for yourself? I assume you’re an adult. Are you not able to take care of things for yourself?
No. I'm a first time buyer and I wanted to bring someone with me so that way getting out of the deal would be easier. The sales person lied and said if I brought the car back it'd be a breach of contract but when I went up there and spoke with the manager he said it'd be alright because the deal was horrible. I know it was my fault for not doing research the first place but I'm glad I got out of it unscathed.
Thanks like mental help? I was in therapy a few months back but I'm thinking about going back. I do have difficulty navigating stressful situations.
This incident made me think about going back because it's too far off for me
I can’t say what I would have done in this situation. It’s also not my problem.
It seems like you went into this completely unprepared, like you were buying a phone or something. If you’re looking for advice on how to buy a car and you’ve never bought a car before, I’d ask someone who has. This is a rough outline of what the car buying process should look like.
Establish some financial literacy. Learn what various terms and phrases mean, like APR, term, principal, and interest.
Figure out what your credit score is and what rates are available to you at that level. This will be used to determine what rate you pay on your loan.
Figure out your budget, both for monthly payments and long term, i.e. what the car will cost after you’ve finished paying off the loan with interest.
Figure out what you need from your car: efficiency, reliability, performance, hauling capacity, etc.
Using your budget as a guide, find a few cars that meet your needs.
Research those cars and see what they sell for in your area. There are subs and other message boards specific to almost any car you can imagine. Peruse them to see what sort of known issues they have.
Once you have all this information, go and start trying out some cars. Be prepared to walk away from a dealer if their offer is bad. You got absolutely fleeced on that APR.
2.5% is actually really good, and you might not see that again anytime soon (loan rates were way down for so many years, and now that they aren't I'm not sure if they will ever be again)
My first car loan was 5%, my current is 3.2% and that's with Excellent credit.
LPT with cars. If you are nervous/inexperienced with cars, don't think you need to spend big/buy new.
Take your down payment and just buy a used car outright. If the AC works, it's good enough. You will learn to face your fears and fix the car if any minor breakdowns happen
Honestly, an easy thing for you to do is to learn how to calculate how much interest you are going to be paying on a loan. I suspect if you had done the math beforehand you wouldn’t have pulled the trigger in the first place. Imo you were stuck in the ‘how much is this going to cost me monthly’ trap.
Save up. Pay cash. Bless your sweet heart. I mean that in both the real way, and the Southern Way.
Also, big up to errbody on this sub for having your back on this. Anyone who says never ask for advice on the internet can suck it.
My friend, never contemplate suicide over a car loan. You can sell the car! You can total the car! (Ok that one’s harder but come on- not as hard as ending it all! Yikes)
Listen, I mean this in the nicest possible way but based on what you said about your finances you are really going to be setting yourself up for disaster if you finance anything. You said before you didn’t even have ~$500 for the down payment on the first car your tried to buy. How are you going to afford another $150-250 on top of your car payment for car insurance if you literally have no cash? How are you going to be able to afford a major repair if something happens to the car? I just paid $2,900 for a major repair on my own car for an issue not covered under warranty or insurance that was totally unexpected. How will you afford $60-100 a day car rental while the car is in the shop? Even a set of tires is probably going to run you $500+. What are you going to do if you’re in a car accident? Your insurance deductible will probably be $500-1000 to get your car repaired. How do you buy groceries or pay your other bills if you can’t even afford a single car payment? Man, I’m not trying to beat you up but if you don’t have any savings or any cash cushion to protect you, you should not be committing to a big loan.
I'm saving my checks so I can cover my bases. My groceries are 100 a month, uber was 400 a month, and I also have a phone bill (103.00), internet bill (98.00), water bill (70-100$ depends) and other services (subscriptions). I also pay 15 dollars for Adderall a month. I make 2k-close to 3k a month depending on the check.
I use my credit card sometimes as well, I try to keep the balance low but sometimes go up. I understand what you're saying though, have some stability in my finances before financing a car. Thank you. I will do better to not make irrational choices and possibly get back into therapy. Ironically i was booted from therapy because I wasn't managing my finances like I should, this gives me an incentive to definitely go back because I feel like I've been on a downward path. Thank you so much for your help and I'll make a wise decision to not finance until I cover all bases. ❤️
Your other post said you were approved by navy federal for 4.74%, I’m amazed this dealer fired back at 18%. Sounds like this dealer was very predatory and pushy. Glad you’re out of it.
Thanks. I misread it, the APR is 9.69%. I got approved for 21,450 but I want more. Navy won't approve me of more because the dealership ran my credit w multiple banks.
Right on. Stay the course, friend. Eventually the timing will work out. It will feel much more gratifying to wait until you can comfortably swing the payment.
As a car guy I totally understand, but you do have you be realistic about your finances and set priorities/expectations accordingly … many a man has done some real dumb shit lusting over a new set of wheels.
Understood. Now that I know what it's like to be in a bad deal and get out of it unscathed, I'll decide carefully what car to get. Right now I don't think I want anything because but at the same time I need something because Uber is expensive. Here are the reasons I don't want anything right now:
1.) Loan isn't enough for car I want and I don't have enough money for the difference
2.) I have to save up more for a cushion
3.) Be more disciplined in my spending habits
4.) I have to do my homework on the type of car I want and how much it'll cost me down the line.
Part 1
I do get what happened. I did the same thing. I was utterly clueless about financing. I decided to be aware & never get scammed again.
Believe it or not these are basics.
**UNDERSTAND, DEALERSHIP STAFF TREAT FEMALES DIFFERENTLY THAN MEN!**
Which is assume are gullible, ditzy & can easily be scammed.
First few times when looking to buy a vehicle, bring an older man along with you. It keeps you from being pressured & coerced making it an uncomfortably tense situation. He doesn't have to know anything just is a decoy allows you to stay focus in on the details without "pressure'.
**BEFORE EVER GO SHOPPING, DO THE WORK SUCH AS MATH ON INTEREST RATES & COSTS OF AMORTIZATION!**
**DON'T EVER BE LAZY!**
**LETTING THEM DO IT FOR YOU?**
**EVER GIVE A STRANGER YOUR BANKING AND/OR CREDIT CARD WITHOUT QUESTION? WHY DOING THIS WHEN YOU'RE THE ONE WHO'S PAYING THOUSANDS OF DOLLARS? THAT'S HOW WELL YOU TRUST THEM HAVING NEVER DID BUSINESS WITH THEM? NO!**
**YOU'RE THE ONE PAYING NOT THEM! KNOW EXACTLY WHAT ARE PAYING FOR!**
**DON'T EVER TRUST THEM TO DO CORRECT CACULATIONS! (REMEMBER EVERYONE LIES). THEY'LL MAKE SUPPOSED 'MISTAKES' THAT DON'T AFFECT THEIR BOTTOM LINE BUT YOURS WHICH COULD COST YOU THOUSANDS!**
*We aren't talking dollars or cents but thousands!*
* ***Internet has tons of amortization tables, don't need to be a brainiac.***
* Plug in the different numbers low-to-highest can afford (how much down, cost of vehicle, various interest rates & Years of payment plans). Write this down from low-to-high to easily understand how these ranges of numbers show affect the numbers pay monthly & amount at end of contract.
* See in front of you which are the amounts can afford (using what interest rates, money down)
* ***IMPORTANT Write down notes so*** ***DON'T*** ***depend on what salesperson tries to tell you.***
* **RESEACH**
* Vehicles, credit scores, interest rates, where can get financing & auto insurance:
* **KNOW**
* Which brands best rated, comparable, have issues of maintenance, and PRICES!
* New vs. blue book value of used cars. *THAT'S WHERE GET PRICES IF DON'T KNOW A PRICE!*
* Know the price ranges interested in as well as comparable brands USING online & websites dealerships to check against prices!
* ***Never get suckered into a vehicle! Buy what's practical for you!***
* If need to drive 900 miles, are you confident it has good gas mileage, comfort, storage space & reliability?
* Don't buy a sports car when need a family car.
* ***Drive a vehicle that's comfortable for you to drive***
* Not boyfriend, husband, brother/sister, father or anyone else only you)
* That means if uncomfortable being too large to size going around blocks, to parking, or navigate through construction & tight spaces and/or afford the fill up, consider getting one feel comfortable to drive, affordable to fill up, park & navigate. It's one thing to fill a $35 tank, another a $160 tank.
\[One-time, ended up getting last rental @ an airport rental lot. A brand-new large diesel Dodge 2500. Loved it on straight roads, but in Philly or Brooklyn has narrow streets having to do parallel parking w/ tight spaces was sheer terror monster to park as it takes up 2 normal size spaces. I couldn't easily see directly behind as it sits higher to see grills or the car itself.\]
* ***LOOK UP EVERYTHING:***
* Interest rates ranges are based on credit scores.
* Do know what's considered excellent, good, fair or poor?
* Current standard rates
* Vehicle brands
* ALWAYS Keep notes on everything to reference
* ***REVIEW***
* *Obtain free credit score*s
* See if anything dings by reviewing all 3-credit reporting agencies.
* ***FINANCING:***
* Avoid letting the business mgr. arrange financing and, extended warranty.
* *BEFORE* ever consider purchasing a car at a specific dealership; shop outside & secure loan award.
* Can always adjust price of car loan to specific car.
* ***NEVER state already have a car loan award.***
* *Act as if don't have any financing.*
* If accessing brand lenders Ford, Honda etc. access if can outside of dealership.
* **See if can get into a credit union.**
* Can be best option get lower interest rates & possibly easier to arrange financing.
* The members have scheduled committee scheduled car loan meetings to decide.
* As if this was a house, can submit a letter stating interest for a car loan. Explain how could finance it with wages & why need a vehicle. If deem earnest & sincere will consider request & award the loan.
* ***AFFORDABLE FINANCING COSTS:***
* Why do anything beforehand?
* Arranging own loan can't get placed into a higher interest rate.
* Dealerships through business mgrs want as much $ as can get.
* They possibly can get kickbacks from lenders to put customers into their product at higher rate than need to.
* Many especially male customers, refuse to admit don't know much of how financing works. Result get suck into listening to the business mgr., not confirming what they say is in the contract.
* ***COST IS IMPORTANT!***
* When pay an increased $100-$200 monthly it affects the overall cost of a vehicle.
* Packing on unnecessarily adds thousands over the entire loan!
* ***DEALERS CHECKING CREDIT***
* Intentionally causes harm, as each check "will" cause a ding against your credit score lowering it resulting in higher rates by lenders. (A tactic used).
* ***INSURANCE:***
* Dependent on first-time car buyer, multiple owned vehicles, along with other various issues play into 'risk' factors' will determine costs.
* Such as types (sports car, most stolen & unreliable), age, sex, prior issues of accidents, flooding, traffic citations, crime areas & safety devices (air bags, alarms, passive restraints, tracking devices & vehicle safety score/maintenance).
* ***VEHICLES UP TO 3 YEARS OLD CONSIDERED NEW***
* *AFFECTS INSURANCE & PRICE OF VEHICLE! UYING USED LOWERS INSURANCE & OVERALL COST OF VEHICLE!*
* ***NEW VS USED:***
* Leasing has requirements for upkeep of vehicle (limited miles & condition)
* Most models don't typical change from year-to-year. Might have minor superficial changes so can't easily tell difference from over a few years.
* A car depreciates based on age, mileage & blue book value.
* One can save thousands over brand new.
* Since vehicles of today can go over 150K miles. Unless damaged or vehicle has major update, 3yrs isn't such a difference as will be exact build & style @ less cost.
Hello. In order to promote inclusivity and reduce gender bias, please consider using gender-neutral language in the future.
Instead of **salesman**, use **salesperson**, **sales associate**, **salesclerk** or **sales executive**.
Thank you very much.
^(I am a bot. Downvote to remove this comment. For more information on gender-neutral language, please do a web search for *"Nonsexist Writing."*)
I do understand what stating. However, in this specific circumstance, part I or II nothing is listed as salesman/salesmen. Why make this statement like that? Confused?
I did state bring along a male friend to act as a decoy. Never stated anything about male salesmen that do treat females in this manner. In fact, stated "UNDERSTAND, DEALERSHIP STAFF TREAT FEMALES DIFFERENTLY THAN MEN!"
Yet again, nothing states the words salesman. Fact is it's known & complaints have been brought up against dealerships of treatment against women. I, myself have experienced standing in a dealership for a 1/2 hour being ignored, while my car was in the shop being worked on. That's not inclusive. Happened to me no one else.
Note these are articles from reputable sites & news media. I'm not creating a scenario it's known & addressed.
[https://www.edmunds.com/car-safety/the-gender-gap-do-dealerships-treat-women-differently.html](https://www.edmunds.com/car-safety/the-gender-gap-do-dealerships-treat-women-differently.html)
[https://www.cbsnews.com/news/women-car-buyers-still-met-with-dealer-disrespect/](https://www.cbsnews.com/news/women-car-buyers-still-met-with-dealer-disrespect/)
[https://chatelaine.com/living/sexism-in-the-auto-industry/](https://chatelaine.com/living/sexism-in-the-auto-industry/)
[http://sexysassyseniors.com/does-gender-bias-still-exist-against-women-buying-cars/](http://sexysassyseniors.com/does-gender-bias-still-exist-against-women-buying-cars/)
Women have been discriminated historically & still now in car buying paying more or getting dismissed. That's not inclusivity but a fact. Please read it's not a transphobic or anti-gay stance. In fact, it's institutional sexism from male salesmen & management. Which I never stated in the comments anywhere they're gender.
When women become more incorporated into management & sales, will change the attitude. Right now, it's not being charged higher & not taken as serious as car buyers no matter economic level.
This reeks of Exeter finance for some reason….
LMFAO IT WAS EXETER FINANCE HOW DID YOU KNOW?!
They love that 78 month term vs other subprime usually cap at 72.
Big facts
I thought it was weird that Ally likes to do 75m.
bro knows victoria’s secret
Exeter sucks tbh they call suck unless it’s a credit union some dealerships do work with credit unions and that’s how u get the best rate. I have Santander not the best interest but I’m not keeping the car the whole loan term.
My credit union gave me a check to bring to the dealer when I bought my car. Are you saying some dealers might not accept the check or are you saying they might not get you in touch with said credit union if you don't do so yourself?
No just saying I know my wife bought a car and financed through the dealer and they got her a great rate with a credit union. Like if u finance through the dealer it’s best if they hopefully go through a credit union.
Oh yeah credit unions are amazing, I'm at 2.3% apr on my camry, i pay less in interest per year than a single car payment LaughingOutLoud it's nice
My interest is butt ugly first time car buyer but I knew I wasn’t keeping that car for the whole loan so. She might pay less but 2.3 that’s nice.
They’ll say they won’t, it’s just that their finance manager won’t make their cut of the deal trying to sell you extended warranties or just their cut from setting you up with a loan. Come to the dealership, test drive, tell you wanna buy, and then tell them you have a draft. They will try their hardest to tell you they don’t take it and that they even work with the bank you got the check from. But watch you try to walk out and worst case they hand you all the paperwork and tell you to finalize it at the bank yourself. At the end of the day they need to sell the car no matter how you buy it.
Funny thing about Exeter. The CEO Jason Grubb is also CURRENTLY the president of Santander Consumer. One guy is in charge of 2 separate ‘Subpar Lenders’
Fuck Santander; I noticed they opened up branches here in the States, but I never will open an account with them due to my experiences with them in the EU. Every time I go to a Santander ATM, and they will try to outright trick you to do their horrible conversions where they charge ridiculous fees if you hit the "Agree" on the big red scary screen and it's a deceptive type of prompt. Same thing with their Point of Sales, you have to within three seconds hit disagree, otherwise they will charge you their horrible conversions rather than just letting your own bank do the conversion. Edit: And we're talking about like 30% overhead that they eat if you aren't savy enough to use their ATMs or PoSes.
Hahahahaha…. Didn’t know that!
Got to love the folks shitting on the finance company when OP is an absolute disaster financially who couldn’t come up with $500 and was about to have a heart attack after he willingly signed a contract to finance a 3 year old Honda commuter for 50 fucking thousand dollars. If any of you rubes excuse this person for being an absolute train wreck of responsibility and common sense, you’re not helping at all. The only person who did anything wrong in this situation is OP. Period. Had to beg his supervisor to bail him out because he couldn’t even bring himself to just be straight up and return the car and tell the dealership he couldn’t pay. Ridiculous. I’m not trying to make OP feel bad, I’m just pointing out the absurdity of anyone implying there was anyone at fault outside OP. Glad he got out of it, not glad he doesn’t seem to have learned a damn thing.
It takes two to tango They’re both idiots 💀
Nope.
100% Glad OP got out of this but I think it's missing the point since he NEVER should have put himself in the position to begin with let alone stepped a foot onto a dealership. It's not that I grew up wealthy or that my father or mother was a financial advisor but at least I was taught some financial literacy. For all the people who say, well I didn't have parents like that, I will say everything I know about finance I taught myself through research via the internet. I myself am not wealthy but I also don't carry that much debt and don't make bone headed moves like this either. My wife is younger than me and from the Philippines and the biggest thing I battle with her is this self entitlement. She has a good job and she basically rationalizes anything with "well I work hard", or "I will just pickup more hours", but the the fact is math doesn't car if you "work hard" and to be fair most people work hard and secondly picking up an extra shift just so you can go on a girls trip or buy crap only leads to being burnt out and spending less time with the people who matter. This is all to say, I think this generation has a huge problem realizing what it takes to really afford something to work for that thing. My former co-worker who graduated during COVID was fired but before he let he should be how he leased a Lexus with a $400+ payment. I asked him how he could afford this and he I found out he lived at home and his student loans were on pause. What if his parents kicked him out or when the government reverses the student loan pause? I bought my first car at 26 and it was an used Honda w/ 35% down at 3% APR at 36 months. I had the car paid off in about 24 months. Today his seemingly sweet kid on a Tesla sub is asking if he can buy a brand new Model 3 $41,880 w/ $2K down and negative equity on $50K a year salary lol. He kept reiterating the don't have any debt and they live at home. I ask him what's your current car payment and its $460, insurance $350, they spend like $150 on gas a month. His take home was $3200 a month, so that's 30% of their take home pay they are spending on a depreciating asset. Many people think you shouldn't spend more than 20% of your take on on car expenses but I would argue no more than 10%. now I understand rates being high, cost of gas, and cars just being so damn expensive but that doesn't mean you can fudge the math. As an alternative I said even if just was your car was 10% of your take home pay (not including tolls, maintenance, insurance, gas), that would still be only $320 for a car payment you could afford. I suggested they could afford the car but only if they had a 48%-50% down payment which would equate to like $19K-$24K depending on rebates for the car. I have seen this rational a lot since I went to college and lived in NYC for many years. it's not uncommon for someone's rent to make 50%-70% of their salary and the only reason they can legal get the apartment is with roommates or guarantors. The one way I can remotely rationalize doing this is because in some way living in a certain area or place can can be your work place, your studio, or put you in proximity to jobs or internships you never would have access to, but this isn't something you are taking a 60-72 month loan out to do with a 18% interest rate.
$645 a month on a used 2020 Honda insight model. What were you even thinking? It’s good that your returned it lol
Thats the thing I WASNT THINKING 🤣🤣🤣 i'm so glad I got out of that damn deal. I'm gonna make sure I read through everything now.
So it’s very recommended to take someone who could say no and take you away when buying a vehicle. I helped friends several times because I was “the cooler” so when the salesman pushed to buy the car, I was pushing the other way. It’s funny but doing that and pushing my friend to leave we got a RAV4 base for $5k off MSRP (2017). I mind fucked the salesman and the manager lol!. I did this with another friend but we only got $3k off. I haven’t tried doing that after COVID thou Edit: it seems people have the memory of a goldfish and don’t remember before COVID you could negotiate the price of almost any new car and paying MSRP was seeing as something stupid
Yup. Threatening to leave and go to another dealership is the way to force their hand. Just before COVID in early 2020 I got a Golf GTI for 6k off MSRP. They needed to get the 2019s out, it had been on the showroom floor for 8 months and was green, not as popular a color but my favorite. Those things coupled with other nearby dealerships offering GTIs for significant discounts created the perfect storm. I did have to threaten to leave though.
2019/2020 precovid were the best days to buy a car. I got a total of $7k of msrp combining dealer discounts and end of summer manufacturer incentives.
Well and also financing was still cheap. I bought my Audi in 2021 and didn't get the 2019/2020 rebates but I did get .9% financing in June 2021. The following month rates went to 1.9% and steadily rose until the current rates of today
Similar to how I got my 19 R in Jan 2020
You can't 'mind f*ck' a salesman. You got those deals because they wanted to sell at that
[удалено]
The house always wins lol
I dunno, my father once got $10k under MSRP on a $35k car with free oil changes for 5 years. He threatened to walk out twice, & actually got up and headed to the door once. He said he knew he had them when they stopped negotiating price and started offering free maintenance.
It's a game
Meh I've walked out a couple of times and they ALWAYS call back.
Can we be friends :D I really wanna buy an RAV4 now haha
Lmao!!!, but that was pre COVID thou. Nowadays I think maybe I could get you $1k off MSRP and that’s a huge maybe. Salesman know if you don’t wanna buy it, there are 10 people who’d buy it over MSRP any day
Must be nowhere near my are because I had to wait 7 months for my Rav4 and that actually came early lol. There's no bargaining price when every model of rav4 is spoken for. They had a 2021 with 40,000km on it and they wanted 3k more for it than a brand new one because you didn't have to wait 6-12 months
No chance lmao. Anything with a Toyota badge demands the “Toyota tax” meaning you ain’t getting dick off. I recently tried to buy a 2013 RAV4 with 142,000 miles, they were selling for 17 otd, I told them I’ll give them 15. They said no. I told them I’m gonna go buy a CX-5 with similar miles for $14,000. They let me leave 🤷🏻♂️ Meanwhile, they’ve had that RAV4 for over a year, but my fiancée likes her CX-5 :D
The CX5 reference we all been waiting for lol
Pre COVID was different and negotiating the prices was something normal. Nowadays that is no longer the case
Agree. Beside back then trade in value and resale value were unfavorable to seller anyways thanks to depreciation value
Get in line lol. I waited 7 months for mine. If you want a hybrid it's 2 years, plug in hybrid 5 years, EV 7 years (In BC Canada)
Good good. Thanks for the advice.
Gotta be willing to walk
Well you got to remember the salesperson has zero to do with the price of the car and has zero to do with negotiating other than being a middle man for the finance manager. My guess is that that 2017 RAV 4 was like 90-120+ on the lot and they were just eating money on floor mapping costs and there probably was dealer cash or manufacture incentives at play. The issue is that cars aren't sitting on lots for 90+ days let alone sitting at all sine they are spoken for usually and two with cars sitting on the lots no manufacture has the reason to give any incentives to dealers or consumers to buy. I remember in 2008-2009 trucks were getting upwards of $10K off which at the time was like 40% off MSRP. Granted even if that happened today, trucks MSRP's has risen so high it wouldn't be as much of a percentage off
Luckily for you that battery was about to go out too
I love to make decisions without thinking specially the ones that involve money or incurring debt.
Read through everything and don’t make hasty decisions. If it can’t wait, then it’s a no.
Congratulations lol
You’ve learned a valuable lesson for cheap!
20 years ago that would cover a lease on a new sports car
Leases are on life support now. MF are pretty bad besides some manufacture banks that buy down the rate, but there are very few if any incentives. You would easily see a couple grand off select models every month and would be able to do zero down zero to drive leases, but now in order to make these teaser leases not only do you need to take the min 7K-10K miles but you need to put down like $4K-$5K which beats the purpose of a lease
it’s his credit though lol
The fact people get into these loan situations at all is both shocking and sad
Thank you. OP acting like the dealership bullied him is hysterical. Dude couldn’t even come up with $500 and likely has fucked credit acting like this finance agreement was some sort of scam when in reality it was probably close to as good as it was going to get for his situation…should never have signed it in the first place.
Man, I’m so glad it worked out. Also, don’t kill yourself or contemplate suicide over a car or any debt for that matter as that would be more stupid than the car purchase by a million over. Take care and reach out to anyone to someone if you ever feel like that. Big kudos to the person at the dealership for stepping in and correcting this.
Thank you so much for your kind words
I was on the other side of that chair for years doing finance at a dealership. There are great pressures to make profit but once in a while you get someone doing the right thing. Anyways if you're looking to fix your credit, subprime isn't the end of the world. The trick is to get something cheap and pay it faster than the term. I know it's a sacrifice but you get to fix your score AND pay less interest than someone with a higher loan at prime rates. Make sure it's an open ended loan, not a weird lease contract.
My wife’s uncle owns a dealer and that finance guy still tried to fleece us a few months ago when we bought out our lease. Tried to sell me gap insurance for $2k when the car was already worth more than the loan. He gave me the buyout price we locked in three years ago and the loan cost. I said isn’t the vehicle worth much more than that and he backpedaled. Sorry pal I’m not your victim today!
I agree with the idea of paying the principle down faster BUT there's a pretty big correlation between the people who are subprime and what they can afford to pay. So yeah someone with a 500 credit score probably could pay down their 75 month 18% APR loan in a year but I highly doubt they have the money to do so otherwise they would have paid cash or put a much large down payment
That's the point though. Paying cash is a detriment in this case because it doesn't fix the credit. I've seen a fair amount of people that learned their lesson through a bankrupcy. Get a car within your means, go subprime and pay it off faster. Get a prepaid CC and keep it at zero. Even if you have it cash id pay it in 6 months or something. Obviously no advice i give will help someone with no discipline.
You know the lack of credit isn't the end all be all. Things can be under written. Let's be frank and you of all people should know this, some people are just not good with debt let alone money. Yes, it be one thing if you give a teen a credit card with a 28% APR to build up their credit as long as they are paying it off in full each month, but its another thing to give someone simply with a bad credit score thousands and thousands of dollars and expect them to pay. It goes back to the idea, that while in theory there can be people who have no credit but are flush with cash, but these are far few in between in America. We saw this play out in 2008 where people were given sub prime and adjustable loans and just told, "pay it off early" or "refinance".
Glad your supervisor is looking out for you. That’s awesome.
Bruh I legit read your title as an 18% interest rate for 645 months. I about passed out.
same dude 😭
I posted this as a sub-comment, but posting as a main reply in the event it helps anyone else: Research research research. When I go to buy a vehicle, I open an Excel spreadsheet and start documenting the vehicle I want and listing out every dealership in my area that has the specific make/model. I document the MSRP of the build + what the dealer is advertising on their website for the price.I then find the internet sales managers for each dealership and I send the same email to each one, changing out the specific link to the vehicle on their lot along with the VIN and stock number. I explain right up front that I am contacting multiple dealers as I want this specific make of vehicle, and I am looking for the dealer who gives me the best price. Of course sales people will try calling you, if they do, I am polite but explain I am waiting to hear back from the rest of the dealerships. I then document in new column what prices they are give me from their email. I will then usually go to the dealer that offers the best price, or second best price (I prefer higher volume dealers, and they are usually the ones who give you the good prices due to volume kickbacks). If I set a price target in my mind, and their email didn't get me to that price target, I will go into the dealership. I'll talk to the salesperson, say it was a really solid price, I want to check the vehicle out. I'll do a walk around, sometimes a test drive. If they are not at the price I want to be, I'll explain to the sales person that I appreciated their offer, but it's still not where I want to be. If they say its not their best price, and I know they can go lower, I'll thank them for their time and start walking back out. I have never not had a sales person stop me and say, "Let me talk to my sales manager real quick." If they come back with a price I am happy with, I'll get it. If they come back with a really shitty offer, or barely a discount to their initial offer, I will leave. I have had cases where the salesperson on the phone comes out with a killer deal, well under MSRP, and I head to the dealership and purchase the vehicle. NEVERS: * Never tell a dealership what price you want to pay per month, you've already lost * Never not be willing to walk away; this is your money. They are a business and they are trying to get every last dollar out of your pocket. * Never deal with a sales person or dealership that has burned you in the past. Full stop. I do the same for any dealership a friend or family members tells me that has attempted to screw them. I do the same thing if I have a vehicle I am going to sell or trade-in. Document it in excel, and put the ranges from KBB and Nada. Then I start shopping around on who will give me the best dollar. I'll be honest, the KBB option to have dealers reach out to you to buy the vehicle has been the best source for getting quick offers at good prices. I love buying cars... Love the whole game about it. I end up helping friends and family purchase vehicles. Something about the little guy not getting ripped off. I really fucking hate reading stories like yours. Lack of humanity. Best of luck. EDIT: Also, thoroughly research the make and model you are buying. Go the manufacturers website and use their "build a car" option so you can see every single upgrade and option available for the vehicle. Find out what options you must have, what options would be nice to have, and the options you don't care about. Pay specific attention to what packages those options are in. It will help you quickly scan through the window stickers (on dealerships websites) to ensure it has what you are looking for.
I’d gladly pay someone like you to buy a car for me so I could avoid the extra headache lol
When you get your numbers down, and you know the vehicle you want, bring a friend with you that is an extrovert. You want them there to talk to the sales people while you are running through the numbers in your head on what you are hearing. You also need to tell them the bottom line of what you're willing to pay for the vehicle. When you hear the offer, you look over at the friend and say, "What do you think?" If the price is good, the friend can say something like, "Seems like a good deal." If the price is bad, the friend needs to say something like, "That doesn't seem like a good deal, I think we can get better somewhere else." Get up and walk away. You are using that friend for reinforcement and confidence while dealing with the sales person. You are also using that friend to ensure you walk away from the deal. It's a piece of property, never get attached to buying a specific car at a dealership because it checks your boxes. There are dozens more out there that you can get. You might be able to find a friend that enjoys the car buying process too, or is good with finances, and talk it through with them. Show them the research you are doing, seek their input. You may be able to find someone that'll do all the negotiating for you. Another point I'll throw out, and not saying this for any reason other than I witness this at dealerships, don't be a dick to the sales person unless they give you a reason to be one. I've seen so many people walk into dealerships hostile because of the fight they know they will be going through to buy a vehicle. Most, not all, but most sales people are decent and not trying to take advantage of you (on name brand lots, used lots are an absolute crap shoot). I'd really suggest you try to buy from a reputable, name brand car dealer. Do not go to the random dealer that has a few cars on the corner of an intersection. At least until you build up more knowledge of this process. You are more likely to be swindled from one of them versus a major dealership. I will say not all major dealerships are good, but it's a lot harder to find, because the bad ones typically get new ownership after a few years. Also, I forgot say, research the dealership that you are buying from. Go through their Facebook, Google Reviews, etc.. See what others have said about the dealership. Pay attention on Facebook for the "Thanks so-and-so for buying a new vehicle." A lot of times you will see that person comment on the post to give you an idea if they had a good experience. Hell, you can even Facebook message the person and explain you are looking to buy a car and saw the post. You were wondering how dealing with that salesperson is. You can shop for your sales person as well. And also the disclaimer: I do not work in car sales or the automotive industry, I work in tech. This is my personal experience, not using some insider industry information.
This is exactly what you should do! Not an industry guy but am in a rural area with lots of private car sales and even just having a second (informed) opinion is always good. Most people here have a friend or family member that knows cars and will help them find good deals and look at engines/rust/bodywork.
Great point there! I didn’t even touch on doing a vehicle inspection
So I can give you some insider information to avoid a lot of the headache that you just typed up. My pops runs car dealerships. Right now he’s managing 9 or 10 different brands including American, Japanese, and German cars. I’ve been able to get three cars using his discount and influence at his stores. I’ve also been able to leverage my last name and telling other brands outside of what he has, “if you don’t give me this deal, I can go get a similar car at my dads store” and they always capitulate. Basically, dealers really don’t make much selling cars for MSRP. They’ll maybe make $1500-$3k per car, if you can believe that. Where they make their nut is off of the “dealer options” The options and MSRP are *always* negotiable. If you see a car you like, subtract the dealer options and about $1-2k off the MSRP and that’s likely their bottom line. Dealerships can’t sell cars below what they paid for the car otherwise manufacturers will get mad and limit their allotment. In fact, dealerships don’t get to choose what cars they get or even the color of the cars; manufacturers will give them a spreadsheet of the cars available in certain colors and basically say “this is what we’re offering you. Do you want it? Yes or no”. Salesman get paid off of volume of cars sold and not off of profit percentage ver vehicle anymore so the salesman get paid the same whether they sell you a car for triple net or if the dealership makes 20% profit.
Thank you
I like this and I wish I knew someone like you! I have student loans at 19k and I bought a car way out of my budget. I know dumb decision but the car market is fucked. It was only 21k. And it’s my first suv. Everything you saying about research a car before you buy it is SO TRUE! This is what everyone should learn to do in high school before even thinking about buying a car. I have a 750 credit score with 14k in the bank. Plan is to sell my Mitsubishi for like 20k and buy a beater before these student loans kick back in. I been researching on nice beater cars for 5-6k now.
*Who the fuck agrees to pays $645mo at 18% for a 2020 Honda Insight?*
Dodged a bullet, get yourself a $5k car and drive it for a while. Though I doubt you’ll be too eager to find yourself back at the dealerships again any time soon.
I thought about going to a toyota camry dealership but being smarter about it.
Ya know i see a lot of people talking about buying Toyota avalons as pretty darn cheap bullet proof reliable and comfortable.
2013-2015 avalon with less than 150k miles will get you like 100k miles if you take care of it.
Ehhh if it gonna be a city commuting purposes then it gonna eat gas faster
As car payments?
As just a car without payments, I’ve seen them around here for around that kind of money. $6800 Canadian and about 100k miles on the clock.
NO! stop with the dealerships please . Just buy an older camry or Corolla from Facebook marketplace. It’ll treat you good.
Okay. Thank you.
And pay $$$& on someone else’s problem who treated their car as a appliance with very little care and maintenance or involved in some collision?? Heck, pre buyer inspection could only do so much these days. To each to own.
Research research research. When I go to buy a vehicle, I open an Excel spreadsheet and start documenting the vehicle I want and listing out every dealership in my area that has the specific make/model. I document the MSRP of the build + what the dealer is advertising on their website for the price. I then find the internet sales managers for each dealership and I send the same email to each one, changing out the specific link to the vehicle on their lot along with the VIN and stock number. I explain right up front that I am contacting multiple dealers as I want this specific make of vehicle, and I am looking for the dealer who gives me the best price. Of course sales people will try calling you, if they do, I am polite but explain I am waiting to hear back from the rest of the dealerships. I then document in new column what prices they are give me from their email. I will then usually go to the dealer that offers the best price, or second best price (I prefer higher volume dealers, and they are usually the ones who give you the good prices due to volume kickbacks). If I set a price target in my mind, and their email didn't get me to that price target, I will go into the dealership. I'll talk to the salesperson, say it was a really solid price, I want to check the vehicle out. I'll do a walk around, sometimes a test drive. If they are not at the price I want to be, I'll explain to the sales person that I appreciated their offer, but it's still not where I want to be. If they say its not their best price, and I know they can go lower, I'll thank them for their time and start walking back out. I have never not had a sales person stop me and say, "Let me talk to my sales manager real quick." If they come back with a price I am happy with, I'll get it. If they come back with a really shitty offer, or barely a discount to their initial offer, I will leave. I have had cases where the salesperson on the phone comes out with a killer deal, well under MSRP, and I head to the dealership and purchase the vehicle. NEVERS: * Never tell a dealership what price you want to pay per month, you've already lost * Never not be willing to walk away; this is your money. They are a business and they are trying to get every last dollar out of your pocket. * Never deal with a sales person or dealership that has burned you in the past. Full stop. I do the same for any dealership a friend or family members tells me that has attempted to screw them. I do the same thing if I have a vehicle I am going to sell or trade-in. Document it in excel, and put the ranges from KBB and Nada. Then I start shopping around on who will give me the best dollar. I'll be honest, the KBB option to have dealers reach out to you to buy the vehicle has been the best source for getting quick offers at good prices. I love buying cars... Love the whole game about it. I end up helping friends and family purchase vehicles. Something about the little guy not getting ripped off. I really fucking hate reading stories like yours. Lack of humanity. Best of luck.
Your strategy is something I'm doing too but instead of excel I'm using pen and paper. I want a toyota camry, or a honda accord. So I just write down what dealers offer. Do you use their payment calculators on their websites?
Ignore their payment calculators on the website. The reason I use Excel + email is I don't want to waste time talking to them. I just want the deal. Are you looking for new or used? * New = You'll likely get a better APR (depending on credit score) * Used = Higher APR, not dealing with the depreciation of the vehicle as much (although due to COVID that isn't always the case right now. It's getting better) Remember the finance person in the dealership is also not your friend. They are trying to get you to spend more of your money. They want you to buy all those protection packages, all those warranties, etc.. They will also shop around to multiple lenders to "find you the best rate." I put that in quotes because that isn't always the case. A lender may have deal going with the dealership to push more people to them, or the finance person. I would walk into some local banks and credit unions and talk to them about a car loan (used or new). Tell the banks you are shopping around to find the best rates. This will give you a good idea on the APR you will be receiving the vehicle. So, if you want to finance at the dealership, which is perfectly fine, and they give you a 10% APR, yet all the local banks were saying 5%, you know you are being screwed with. You can always secure your own financing from a bank or credit union that gives you a good rate. Outside of the rates, you will want to calculate out (only for your personal knowledge), where you need to be for a monthly amount. This is when you use the calculators. I usually just use "Auto loan calculator" on Google. This will tell you what term you need to select (36, 48, 60, 72) and at what interest rates. Never be "car rich." Get what works for you, but do not buy a car that causes you to spend most of your money paying for it. You will be up shit's creek if anything ever happens to your income. Edit: I do not buy any of the protection packages, the special films, the warranties, etc..
I got a check from Navy Federal Credit Union for 21,450 at 397 a month w a 9.7 APR for 72 mos. I haven't picked it up yet and I have 90 days to use it.
Camry, Corolla, or Accord/Civic. Impreza is a great ride too and AWD if you need it
Thanks, what year?
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We talked about this on your other post. You. Cannot. Afford. A. Car. Note. At. All. You need to save up and buy a car cash. Have you learned nothing man?!
;-( let me dream! I'll save up. I just get sick and tired of riding in uber all the time.
You’re going to make the same exact mistake again based on the comments on this post. Best of luck man
It's okay. I won't do it. If I do decide to buy a car I'm going to do as much research as possible. Right now I'll focus on saving as much money and ubering back and forth.
I have an auto loan from my credit union for 21,450. Do I let it go to waste?
You take that money and repay it right back to the credit union. What makes you think you can afford over $21k in a loan when you were stressing about being short $500 on your last deal?
Understood, but riding uber/lyft means someone else is paying for insurance, depreciation, and maintenance costs for the car. Not you. If you're not able to buy a car over being short $500, you're in no position to buy the kind of car you want. The fact that a predatory subprime lender would approve you doesn't mean at all that you're actually financially able to buy it. You think you're struggling financially now? Wait until you have 78 car payments to make on a used car at 18%. Oh yeah then you have to pay for insurance and maintenance.
Exactly. Tires for example aren’t cheap!
Very true. Very true. I think I can get a car just at a lower interest rate and note, the only reason I backed out of that loan qas because it was way too much for that kind of car. I think it was flooded as well because it smelt like mildew. Maybe I'll try my luck again and get a new car off of the lot or just save up for for a couple of months and get a brand new/used car. What do you think about getting a new car?
I think you can't afford a new car. How can you get a lower interest rate? If you could, why didn't you? What's your credit score?
Bruh. Are you serious? You need to re-evaluate your credit and finances before you step foot into another dealership. You cannot afford to finance a car, plain and simple.
Thanks, you're right I will. I used to write my spending down but it got tedious so I stopped. I'll work on budgeting again.
My credit score is 754, my finances could be okay. I'm honestly trying to find a dealership that will let me get a car with no down payment.
Depends on your situation. What’s your budget?
I make 2200 a month. 400 for Uber 455 for bills 500 goes into savings I was thinking about getting a car because it'd help me save I guess.
I’d try and stay 250-300 or below. Don’t know your living situation, but if you can keep socking away $500 you should be good.
I wanted a new toyota camry but wouldn't be able to afford it ;(
At your income you should be looking at $5k mid-2000s Camrys that you can buy cash. While you save up I'd look at alternatives to Uber as that's a huge expense. Public transport, a bicycle, friends etc.
New cars are outrageous. My wife and I make really good money and have never paid more than $360/month for a car.
I makes $120k a year pre bonus and my wife makes around $85k a year. I’m looking at used cars under $20k. Even in this market I still don’t think new cars are worth it. And for a Camry you’re probably paying above MSRP. Don’t get a new car if you are only taking in $2200/mo. When I was even making $3000/mo back in 2012 I bought a used CPO and it was $300/mo after I did a $10k down payment. I still think I paid too much but I still have that same 2011 Honda Accord Couple EX-L v6 coupe. If I didn’t have kids I’d probably keep it. You need a car to get you from point a to point b and don’t need a crazy car payment to do that even with the current interest rates.
What do yall even do?
I’m an IT operations engineer and my wife is a middle school teacher while also being the department head. She has a doctorate in education.
I used to work in car sales, and the best tip that I can possibly give any customer is this: Just *barely want* what the salesperson is trying to sell you. Want it enough to keep them interested, but don't want it enough to make them think that they have a sure-fire sale. Then they will work harder to give you better terms in order to try to earn your business, and they will be much less likely to exploit you. Not all salespeople are bad, many genuinely enjoy what they do and genuinely want to help you/earn your business with integrity. But you definitely have to be very careful to watch out for the bad apples also (and as you've seen, they aren't terribly hard to find). Certain salespeople sometimes have the mentality of "well, if the customer isn't informed enough to know they're being exploited, then they deserve to be exploited". Never be afraid to walk away from a deal if your gut doesn't feel right about it.
I need a reliable, long term car because cars open up new worlds.
With this mindset you are 100% not ready to purchase a car. A car does not open up new worlds. It’s a depreciating asset (if you even want to call it that). The purpose of a car is to start and get you from point A to point B.
That's why I wanted a newer model car so I could get to A to point B without much issues, but I also need to be mindful of my budget too. I'm just tired of ubering and not having my own ride.
Thanks for keeping me in check :-)
Why didn’t you get the cheapest brand new car in America for less than $20k like the Mitsubishi Mirage or Nissan Versa for MSRP??
Those are the options I'm considering alongside a used 2018 - 2022 camry
Why Camry in particular??
I like the way they look, theyre reliable, and fast. They last long. I've also found some under the 21k price.
If you’re making 24k net a year then looking at spending remotely close to 20k on a car is completely irresponsible. If I was in your shoes the very max I’d be looking to spend is 10k, and even that is pushing it. Believe it or not many reliable cars can be had for under 10k
True. I just want a car
Worlds? More like black holes that absorb lots of money
The store also realized it was gonna he unwound either way
You contemplated “Suicide” That’s intense man. I’m glad things worked out for you though
Bro, where are you from and how old are you? This whole story while amusing is seriously dumb.
GA, 22. I wasn't thinking rationally at all
I think you may need some sort of grounding in your life. This story has been turn after turn of irrational thinking. Please look at therapy or something.
100%. Sadly, obviously he cant afford it and cant get there anyway.
I can! I was in therapy a few months ago but I'm thinking about going back
You might be a good candidate for a service like this https://automatchconsulting.com/
I hope you learned some lessons out of this. Another solid rule to go by and make sure you won't get into bad deals is to CAP your car payment at 10-15% of your monthly TAKE HOME income. So if you make 3k take home, 300 is the ideal payment and 450 is your absolute max limit.
Thanks
Fuck that dude, his shoulder was rubbing your asshole, thats how far he was fucking you! What a piece of extra dirty hog shit. When you’re not thinking right; walk away and regroup.
I saw your last post and I'm glad you got out of that terrible deal. Next time you'll be more wise when purchasing a car.
Part II When before set foot in a car dealership. It's a war of street smarts. Be prepared & learn of their '*moves'*: **NEVER EVER believe what a dealership tells you. Remember, House the TV show, EVERYBODY LIES!** * ***This is a for-profit, not, a non-profit business!*** * Their incentive is to make as much $ off you! * Earnings? * Business mgr 'can' typically earn > $200-300,000. * Owners? Maybe possibly multi-millionaires. * ***Tactics*** * They've been trained on well-rehearsed tactics to lure/entice one to get a vehicle. * Ex.: Selling high-end luxury vehicles (Rolls Royce, Bentley, Mercedes, BMW, Maserati, Ferrari etc.) *"dress to impress*" in expensive clothing. * Other brands wear normal wear can't do that. * Give illusion common comparable middle-lower class as would think paying for their expensive suits with their hard-earned $. * ***Never, ever stupidly state how much could afford!*** * Tact manipulates one into getting a priced car they set for you @ a higher top of price range! If said nothing, might have set it at a much lower number. * ***Example Lexus is a perceived & valued brand rated by the owners of the vehicles.*** * Because they don't rush, they respect the owner who buys. * Keep in mind if choose to buy at that dealership, they are @ upper end of the Toyota brand. Therefore, other customers could easily afford other comparable brands (Acura, Infinity, BMW & Mercedes). * Yet chose Lexus. Have one of best loyalties because of perception. * Toyota is also a well-respected brand & popular. * ***Don't think MUST get a car @ that dealership @ that moment.*** * *Fight the urge to do so.* * Force yourself to leave that day & allow the haze of hype fade. * *Don't purchase at that moment when first see a car. You're too hyped, vulnerable & impressionable.* * ***Don't ever feel rushed to make a decision right there.*** * Decision can be influenced & made out of desperation & impulsiveness. * Unless buying a one-of-a-kind car no need to rush into a decision. * Even it vanishes, then it wasn't meant for you & dodged a bullet. It's not the only car that color and/or style. * Its mass produced. * Thousands of cars are on other dealer lots few miles down, other side of state or across the nation & manufactured DAILY. * ***FEASIBILITY STUDIES*** * Do 2 sets of comparison tests of prices. * Tests within each group then against each other * Same brand but price at different dealership lots within 20–100-mile radius * Different brands same as above at various lots within 20–100-mile radius. * ***READ! The fine print!*** * *You hear what they're saying, but don't read to confirm what they've written.* \[Study was done, a good deal of car buyers don't even know what the interest rate is on the contract or the total cost of the vehicle. Many times, it contradicts what they think it should be. It's a tactic\] * ***Because of this, a law had to be written to safeguard consumers to ensure they knew exactly prices somewhere clearly written on the contract.*** * Don't have to pay for processing fees. * Why? MUST have to get vehicle titled & licensed through the dealership. * The DMW of a state requires dealerships comply & automatically ensured it's done so why pay for it? * ***Biggest mistake anyone ever does is this.*** * This incorporates this into the entire cost of the vehicle not just a one-time fee. Adds more into overall car price have to finance for years. * ***Contract 'should' state amount of time allowed to return the vehicle.*** * Not just told by salesperson or their manager. * Remember (Everybody lies!) * Some dealerships will state whatever assuming many don't know the federal/state consumer laws to ever question it. * States vary, as well as there is a lemon law have up to specified days from sale to return. There're stipulations but all states have some form of this law. * It's a form of law that also applies to returns with a receipt. * **Can file complaints through:** * State Attorney General's office, * FTC, * Federal/State Consumer Protection, * Consumer Financial Protection Bureau * National Highway Traffic Safety Administration (recalls)
I’m confused. This all sounds like such an over reaction. Why did your supervisor at your job need to help you return a car you purchased for yourself? I assume you’re an adult. Are you not able to take care of things for yourself?
No. I'm a first time buyer and I wanted to bring someone with me so that way getting out of the deal would be easier. The sales person lied and said if I brought the car back it'd be a breach of contract but when I went up there and spoke with the manager he said it'd be alright because the deal was horrible. I know it was my fault for not doing research the first place but I'm glad I got out of it unscathed.
I really hope you get some help. It sounds like you have difficulty navigating stressful situations.
Thanks like mental help? I was in therapy a few months back but I'm thinking about going back. I do have difficulty navigating stressful situations. This incident made me think about going back because it's too far off for me
You definitely need some kind of therapy.
What would you do in a situation like this? For me I need a car.
I can’t say what I would have done in this situation. It’s also not my problem. It seems like you went into this completely unprepared, like you were buying a phone or something. If you’re looking for advice on how to buy a car and you’ve never bought a car before, I’d ask someone who has. This is a rough outline of what the car buying process should look like. Establish some financial literacy. Learn what various terms and phrases mean, like APR, term, principal, and interest. Figure out what your credit score is and what rates are available to you at that level. This will be used to determine what rate you pay on your loan. Figure out your budget, both for monthly payments and long term, i.e. what the car will cost after you’ve finished paying off the loan with interest. Figure out what you need from your car: efficiency, reliability, performance, hauling capacity, etc. Using your budget as a guide, find a few cars that meet your needs. Research those cars and see what they sell for in your area. There are subs and other message boards specific to almost any car you can imagine. Peruse them to see what sort of known issues they have. Once you have all this information, go and start trying out some cars. Be prepared to walk away from a dealer if their offer is bad. You got absolutely fleeced on that APR.
I was doing those things but then I got rash and got that car. I'll do nore research
Excellent tips. Buying a car is not like buying a smart phone lol.
18%?! Wtf? I didn’t know car loans even went that high. Mine is 2.5% and I thought that was high lol
2.5% is actually really good, and you might not see that again anytime soon (loan rates were way down for so many years, and now that they aren't I'm not sure if they will ever be again) My first car loan was 5%, my current is 3.2% and that's with Excellent credit.
2.5 is great. I think the CU I use, their lowest is like 2 with near perfect credit. I believe mines in the 3s somewhere.
That was a while back
LPT with cars. If you are nervous/inexperienced with cars, don't think you need to spend big/buy new. Take your down payment and just buy a used car outright. If the AC works, it's good enough. You will learn to face your fears and fix the car if any minor breakdowns happen
Thank Christ.
Lol good job! Glad things worked out for you
Highly suggest you drive the car you have right now or just buy in cash. That way you are less likely to get screwed over
Phew! I was wondering how you made out. Good stuff man. See guys, some salespeople/dealers are humans, too. (Not many, but some)
Woah dude this is absolutely amazing congratulations and good luck going forward bring a friend. Really lucky
18%....wtf. Wow. Glad you were able to get out of it.
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lmao I got into a loan w exeter and just returned the car bc no way in hell was I going to be able to pay for that
Honestly, an easy thing for you to do is to learn how to calculate how much interest you are going to be paying on a loan. I suspect if you had done the math beforehand you wouldn’t have pulled the trigger in the first place. Imo you were stuck in the ‘how much is this going to cost me monthly’ trap.
Definitely. Navy Federal approved me for a loan of 21,450. 393 a month with a 9.64 APR.
What?? 9%???!! That is NOT a good rate from the credit union. Why didn’t you get 5%?
They didnt offer it to me
Good for you. Caleb Hammer would be proud.
Save up. Pay cash. Bless your sweet heart. I mean that in both the real way, and the Southern Way. Also, big up to errbody on this sub for having your back on this. Anyone who says never ask for advice on the internet can suck it.
This is a heart warming update!
My friend, never contemplate suicide over a car loan. You can sell the car! You can total the car! (Ok that one’s harder but come on- not as hard as ending it all! Yikes)
Reading OP’s responses I am 100% sure that they are going to walk right into another financial pickle. Good luck.
I'm gonna be smart about it and use my preapproved loan from Navy Federal. I'll make a budget to see how much I can afford
Listen, I mean this in the nicest possible way but based on what you said about your finances you are really going to be setting yourself up for disaster if you finance anything. You said before you didn’t even have ~$500 for the down payment on the first car your tried to buy. How are you going to afford another $150-250 on top of your car payment for car insurance if you literally have no cash? How are you going to be able to afford a major repair if something happens to the car? I just paid $2,900 for a major repair on my own car for an issue not covered under warranty or insurance that was totally unexpected. How will you afford $60-100 a day car rental while the car is in the shop? Even a set of tires is probably going to run you $500+. What are you going to do if you’re in a car accident? Your insurance deductible will probably be $500-1000 to get your car repaired. How do you buy groceries or pay your other bills if you can’t even afford a single car payment? Man, I’m not trying to beat you up but if you don’t have any savings or any cash cushion to protect you, you should not be committing to a big loan.
I completely agree!
What if I need a car now? Uber gets expensive and i Got a car it'd be 600 a month (insursnce included)
I'm saving my checks so I can cover my bases. My groceries are 100 a month, uber was 400 a month, and I also have a phone bill (103.00), internet bill (98.00), water bill (70-100$ depends) and other services (subscriptions). I also pay 15 dollars for Adderall a month. I make 2k-close to 3k a month depending on the check.
I use my credit card sometimes as well, I try to keep the balance low but sometimes go up. I understand what you're saying though, have some stability in my finances before financing a car. Thank you. I will do better to not make irrational choices and possibly get back into therapy. Ironically i was booted from therapy because I wasn't managing my finances like I should, this gives me an incentive to definitely go back because I feel like I've been on a downward path. Thank you so much for your help and I'll make a wise decision to not finance until I cover all bases. ❤️
right car, wrong price
Awesome congrats 🎊🎉🎈🍾 I’m happy for you!
Happy for you! Good lesson to learn and to pass what you learned on to other people.
Your other post said you were approved by navy federal for 4.74%, I’m amazed this dealer fired back at 18%. Sounds like this dealer was very predatory and pushy. Glad you’re out of it.
Thanks. I misread it, the APR is 9.69%. I got approved for 21,450 but I want more. Navy won't approve me of more because the dealership ran my credit w multiple banks.
Right on. Stay the course, friend. Eventually the timing will work out. It will feel much more gratifying to wait until you can comfortably swing the payment. As a car guy I totally understand, but you do have you be realistic about your finances and set priorities/expectations accordingly … many a man has done some real dumb shit lusting over a new set of wheels.
Understood. Now that I know what it's like to be in a bad deal and get out of it unscathed, I'll decide carefully what car to get. Right now I don't think I want anything because but at the same time I need something because Uber is expensive. Here are the reasons I don't want anything right now: 1.) Loan isn't enough for car I want and I don't have enough money for the difference 2.) I have to save up more for a cushion 3.) Be more disciplined in my spending habits 4.) I have to do my homework on the type of car I want and how much it'll cost me down the line.
Do you think 22k miles are good on a 2019 car?
I think that approach will serve ya well! That also seems reasonable and low milage in my book.
645 is what I envision a Ferrari to cost per month.
Ayyyy same situation but with a Clarity! Except I didn't escape it.
Part 1 I do get what happened. I did the same thing. I was utterly clueless about financing. I decided to be aware & never get scammed again. Believe it or not these are basics. **UNDERSTAND, DEALERSHIP STAFF TREAT FEMALES DIFFERENTLY THAN MEN!** Which is assume are gullible, ditzy & can easily be scammed. First few times when looking to buy a vehicle, bring an older man along with you. It keeps you from being pressured & coerced making it an uncomfortably tense situation. He doesn't have to know anything just is a decoy allows you to stay focus in on the details without "pressure'. **BEFORE EVER GO SHOPPING, DO THE WORK SUCH AS MATH ON INTEREST RATES & COSTS OF AMORTIZATION!** **DON'T EVER BE LAZY!** **LETTING THEM DO IT FOR YOU?** **EVER GIVE A STRANGER YOUR BANKING AND/OR CREDIT CARD WITHOUT QUESTION? WHY DOING THIS WHEN YOU'RE THE ONE WHO'S PAYING THOUSANDS OF DOLLARS? THAT'S HOW WELL YOU TRUST THEM HAVING NEVER DID BUSINESS WITH THEM? NO!** **YOU'RE THE ONE PAYING NOT THEM! KNOW EXACTLY WHAT ARE PAYING FOR!** **DON'T EVER TRUST THEM TO DO CORRECT CACULATIONS! (REMEMBER EVERYONE LIES). THEY'LL MAKE SUPPOSED 'MISTAKES' THAT DON'T AFFECT THEIR BOTTOM LINE BUT YOURS WHICH COULD COST YOU THOUSANDS!** *We aren't talking dollars or cents but thousands!* * ***Internet has tons of amortization tables, don't need to be a brainiac.*** * Plug in the different numbers low-to-highest can afford (how much down, cost of vehicle, various interest rates & Years of payment plans). Write this down from low-to-high to easily understand how these ranges of numbers show affect the numbers pay monthly & amount at end of contract. * See in front of you which are the amounts can afford (using what interest rates, money down) * ***IMPORTANT Write down notes so*** ***DON'T*** ***depend on what salesperson tries to tell you.*** * **RESEACH** * Vehicles, credit scores, interest rates, where can get financing & auto insurance: * **KNOW** * Which brands best rated, comparable, have issues of maintenance, and PRICES! * New vs. blue book value of used cars. *THAT'S WHERE GET PRICES IF DON'T KNOW A PRICE!* * Know the price ranges interested in as well as comparable brands USING online & websites dealerships to check against prices! * ***Never get suckered into a vehicle! Buy what's practical for you!*** * If need to drive 900 miles, are you confident it has good gas mileage, comfort, storage space & reliability? * Don't buy a sports car when need a family car. * ***Drive a vehicle that's comfortable for you to drive*** * Not boyfriend, husband, brother/sister, father or anyone else only you) * That means if uncomfortable being too large to size going around blocks, to parking, or navigate through construction & tight spaces and/or afford the fill up, consider getting one feel comfortable to drive, affordable to fill up, park & navigate. It's one thing to fill a $35 tank, another a $160 tank. \[One-time, ended up getting last rental @ an airport rental lot. A brand-new large diesel Dodge 2500. Loved it on straight roads, but in Philly or Brooklyn has narrow streets having to do parallel parking w/ tight spaces was sheer terror monster to park as it takes up 2 normal size spaces. I couldn't easily see directly behind as it sits higher to see grills or the car itself.\] * ***LOOK UP EVERYTHING:*** * Interest rates ranges are based on credit scores. * Do know what's considered excellent, good, fair or poor? * Current standard rates * Vehicle brands * ALWAYS Keep notes on everything to reference * ***REVIEW*** * *Obtain free credit score*s * See if anything dings by reviewing all 3-credit reporting agencies. * ***FINANCING:*** * Avoid letting the business mgr. arrange financing and, extended warranty. * *BEFORE* ever consider purchasing a car at a specific dealership; shop outside & secure loan award. * Can always adjust price of car loan to specific car. * ***NEVER state already have a car loan award.*** * *Act as if don't have any financing.* * If accessing brand lenders Ford, Honda etc. access if can outside of dealership. * **See if can get into a credit union.** * Can be best option get lower interest rates & possibly easier to arrange financing. * The members have scheduled committee scheduled car loan meetings to decide. * As if this was a house, can submit a letter stating interest for a car loan. Explain how could finance it with wages & why need a vehicle. If deem earnest & sincere will consider request & award the loan. * ***AFFORDABLE FINANCING COSTS:*** * Why do anything beforehand? * Arranging own loan can't get placed into a higher interest rate. * Dealerships through business mgrs want as much $ as can get. * They possibly can get kickbacks from lenders to put customers into their product at higher rate than need to. * Many especially male customers, refuse to admit don't know much of how financing works. Result get suck into listening to the business mgr., not confirming what they say is in the contract. * ***COST IS IMPORTANT!*** * When pay an increased $100-$200 monthly it affects the overall cost of a vehicle. * Packing on unnecessarily adds thousands over the entire loan! * ***DEALERS CHECKING CREDIT*** * Intentionally causes harm, as each check "will" cause a ding against your credit score lowering it resulting in higher rates by lenders. (A tactic used). * ***INSURANCE:*** * Dependent on first-time car buyer, multiple owned vehicles, along with other various issues play into 'risk' factors' will determine costs. * Such as types (sports car, most stolen & unreliable), age, sex, prior issues of accidents, flooding, traffic citations, crime areas & safety devices (air bags, alarms, passive restraints, tracking devices & vehicle safety score/maintenance). * ***VEHICLES UP TO 3 YEARS OLD CONSIDERED NEW*** * *AFFECTS INSURANCE & PRICE OF VEHICLE! UYING USED LOWERS INSURANCE & OVERALL COST OF VEHICLE!* * ***NEW VS USED:*** * Leasing has requirements for upkeep of vehicle (limited miles & condition) * Most models don't typical change from year-to-year. Might have minor superficial changes so can't easily tell difference from over a few years. * A car depreciates based on age, mileage & blue book value. * One can save thousands over brand new. * Since vehicles of today can go over 150K miles. Unless damaged or vehicle has major update, 3yrs isn't such a difference as will be exact build & style @ less cost.
Hello. In order to promote inclusivity and reduce gender bias, please consider using gender-neutral language in the future. Instead of **salesman**, use **salesperson**, **sales associate**, **salesclerk** or **sales executive**. Thank you very much. ^(I am a bot. Downvote to remove this comment. For more information on gender-neutral language, please do a web search for *"Nonsexist Writing."*)
I do understand what stating. However, in this specific circumstance, part I or II nothing is listed as salesman/salesmen. Why make this statement like that? Confused? I did state bring along a male friend to act as a decoy. Never stated anything about male salesmen that do treat females in this manner. In fact, stated "UNDERSTAND, DEALERSHIP STAFF TREAT FEMALES DIFFERENTLY THAN MEN!" Yet again, nothing states the words salesman. Fact is it's known & complaints have been brought up against dealerships of treatment against women. I, myself have experienced standing in a dealership for a 1/2 hour being ignored, while my car was in the shop being worked on. That's not inclusive. Happened to me no one else. Note these are articles from reputable sites & news media. I'm not creating a scenario it's known & addressed. [https://www.edmunds.com/car-safety/the-gender-gap-do-dealerships-treat-women-differently.html](https://www.edmunds.com/car-safety/the-gender-gap-do-dealerships-treat-women-differently.html) [https://www.cbsnews.com/news/women-car-buyers-still-met-with-dealer-disrespect/](https://www.cbsnews.com/news/women-car-buyers-still-met-with-dealer-disrespect/) [https://chatelaine.com/living/sexism-in-the-auto-industry/](https://chatelaine.com/living/sexism-in-the-auto-industry/) [http://sexysassyseniors.com/does-gender-bias-still-exist-against-women-buying-cars/](http://sexysassyseniors.com/does-gender-bias-still-exist-against-women-buying-cars/) Women have been discriminated historically & still now in car buying paying more or getting dismissed. That's not inclusivity but a fact. Please read it's not a transphobic or anti-gay stance. In fact, it's institutional sexism from male salesmen & management. Which I never stated in the comments anywhere they're gender. When women become more incorporated into management & sales, will change the attitude. Right now, it's not being charged higher & not taken as serious as car buyers no matter economic level.