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I went to the bank to pre-pay a loan, and they ended up adding a few hundred dollars in fees. Since it was a simple interest loan I told them that I would pay the loan off except one dollar. I told them they could then spend the next six months sending me a statement until the end of the loan term. Immediately the manager at the bank decided to waive the pre-payment penalty. Keep that in mind if you ever go to Pay off a loan early.

@hunter371

2 ай бұрын

Love this

@me109cito5

Ай бұрын

Slick Rick. 🤣

They really do hate it. Drives them up the wall. I bought a car a couple months ago and did everything I learned from these videos and they were very frustrated

@santiagogold446

8 ай бұрын

I can’t wait to do this myself. The idea tickles me

@TraderDan58

8 ай бұрын

Did it help you get a better deal? Or was the salesman just frustrated.

@XX-166

8 ай бұрын

@@TraderDan58if they were frustrated then it worked.

@thembp4sho

8 ай бұрын

😂 I'm glad you frustrated them. I will do the same soon 😁

@heatherowens8555

8 ай бұрын

Did the same thing beginning of October! My salesman was sweating! He asked me why I cared about the OTD price 🫣

A buddy of mine who is a car salesman told me the best days are towards the end of the month when they need to make their quotas, even better on a rainy day when there's less traffic in the showroom.

@stefonthemove

3 ай бұрын

I went to a dealer over the weekend and OMG they must of been starving because they were sooooo pushy. I won't go back there.

@nickb654

7 күн бұрын

Negotiate online or on the phone. NEVER go there to trade and hand over your keys for them to check your car. It will be hours to get the car back. I have needed to stop negotiating until my keys and car were returned. Dirty bastids.

Trying to buy a car is giving me so much anxiety. It makes me feel noxious that dealers want to rip me off. Thanks so much for all the information.

@stevegonzales527

5 ай бұрын

And that’s how they get you. Research take a check with your set price and bring it to the table and have them talk to or bring the sales manager to the table. Worst case scenario they tell you no and best case scenario you get your deal at the price you set. I’ve done this a couple times, you’ll get denied but it saves you your valuable time from going back and forth at the dealer for hours and hours

@GoodnessandTruth

5 ай бұрын

The best advice I seem to be getting is, know what the car you want is really worth, know how much you can spend, demand the out the door price, and be willing to walk away if the out the door isn't in line with the first two items. Then you can go in confident and know what to expect. If the car is a fair price and in my budget I'll buy it. If it isn't then I'll take my business elsewhere. And it's perfectly fine to shake the salesman's hand, thank him for his time, and walk away without a car.

@skbrickmeister

3 ай бұрын

I'm sure you've bought by now, but remember for the future this is a business. They need to make money too, and they will, you just want to try to keep as much of yours as you can.

@jackr6896

2 күн бұрын

Why do you think so many Tesla's are sold.

I got completely fleeced the first time I bought a car. But bought one recently and as a knowledgeable buyer I could sense many dealers getting upset with certain questions I asked or wanting to pay cash instead of financing. Buyers have to be willing to walk away and take business elsewhere. There are some solid dealerships out there.

I sold cars for almost 30 years. During that time I also did manage the F& I office. This gentleman in this video is pretty much shooting it straight. When getting a price, work the deal with and without your trade. The price will be much more accurate. Shop at least 3 dealers for the best prices. Never commit to your salesperson whether or not you will finance the car. Do Not, Never buy a car on line.

@mister_dave1184

7 күн бұрын

Wdym on the line?

@E-Baby1988

4 күн бұрын

Thanks for the tips. At the end of your comment you mention not to purchase a vehicle online, is there a specific reason to why and what if the car you looking to purchase is out of state

@philpolzin2233

3 күн бұрын

@@E-Baby1988 Buying a car on line is buying blind. I personally like to see, inspect and drive the car. This practice will eliminate a myriad of sins.

Thank you for coming back to making informational videos like this. I'll be really honest - I've been getting exhausted with the sensationalized video titles and clickbait thumbnails over the past year or so. When y'all started out, the info was content focused and actionable. More recently, everything's a -pocalypse. This is the kind of content that built my trust in you, and I'd love for there to be more of it.

@konstantinkennedy2244

8 ай бұрын

Plus one. Dealer hating clickbaits with no new info

@AkroNites85

8 ай бұрын

I don’t disagree but I sympathize with these guys- I’m not sure they have a choice if they want to grab a click from a new viewer. Don’t hate the players, hate the game.

@lorieandpatrickdavies7483

8 ай бұрын

I've gotten a little fed up with the clickbait thumbnails too. "Its Over!" etc. Stick to the good information, and coaching, and helpful tips, and leave the silly clickbait stuff for others.

@swagzy6278

8 ай бұрын

I feel like the other people specific videos, like viewing actual deals and breaking it all down, is a lot more effective and enjoyable

@bat2ball12

6 ай бұрын

Could not have said it better. Seems like that’s all I see on this app these days is click bait titles and non tangible advice.

My mom told me when I was a youngster that integrity is the only thing someone can't take from you. Ray thank you for your full disclosure and utmost integrity sir.

@454ffv

3 ай бұрын

Don’t thank him too much, he did this that shady shit for 43 years

@jp3047

3 ай бұрын

You are correct it is pretty shady shit and I commend him for disclosing all of the foolish dealership games

Love you guys. Used many of your strategies at a dealer and the manager came out and basically asked me to leave. 🤣 Went to another dealer and they were 100% transparent and earned my business.

@meninodonordeste

3 ай бұрын

Did you go to Gotcha Motors? 😂

Over the course of my life I’ve used that knowledge to my advantage when I’ve bought my cars. The satisfaction you get when the sales manager gives you a dirty look as the salesman explains that the tricks aren’t working is priceless…. One of your most powerful tools is simply getting up and leaving the dealership when they are playing price tricks. One of my best transactions took over a month to complete due to me knowing the numbers, their situation in the economy at that time, and how hardheaded I can be…. Walked out of the dealership with a 0 APR at the exact price I wanted… (Oct 2001). Have patience and do your due diligence

@yankeesrule587

8 ай бұрын

LOL, YEA OK.

@mikeydude750

7 ай бұрын

are you seriously saying that advice from 22 years ago is still applicable now? lmao

@watersnortmoment3734

5 ай бұрын

@mikeydude750 Read it carefully, everything he said applies more now if anything, other than the interest rate. The economy is in the shitter, cars aren’t selling, people are defaulting on their loans and handing keys back, it’s a buyer’s market now. Dealers have too many cars in their inventories because nobody is buying. The most important negotiation tool is the ability to walk away, if you make it clear that there are other dealers that have the same car and you don’t need THAT specific car, they’ll be far more likely to negotiate. All of his tips still apply, don’t discount advice just because it’s old, sales tactics don’t really change much.

@user-en8wd7bw4l

5 ай бұрын

All that you said is true. I sold cars for years and sales tactics STILL haven't changed. Only the prices have changed....cars are much more expensive! Do your homework.

As a first time car buyer these videos are my go to!! Thank you for the work you are doing here!!! This has been so helpful! I feel like I have more control when it comes to car shopping!

You two are always so informative. Thank you so much for all you do. I will feel much better going into a dealership in the next few months. I hate buying a vehicle. Thanks again and keep it up.

Lots of great information there I’m going through the vehicle buying process right now I’ve already had to walk out of two dealerships because they wouldn’t disclose all their hidden charges They were very aggressive Thanks

Thank you for sharing your knowledge with us. We are not buying a new car till we get with you all. We've done everything wrong in the past. Not ever again. Thank you both!

Love this! I did this exactly how you said and got a fantastic price with only 1 BS markup that I negotiated down. Got a great rate and terms for the loan. Even traded in my failing Kia Sportage for more than anticipated. All thanks to your info.

This is a perfect step by step on how to do this . I learned these methods by having a friend who sells cars show me. This is a better breakdown on how to do . Great job Ray ! Great stuff !

Another good bit of advice I got years ago from a former car salesman, is never negotiate face to face w/ a salesman. You're at a disadvantage by playing on their home court. Find the vehicle you want, go home, call the lot and ask for the used or new car manager depending on intent of purchase. Offer them an 'out the door' price. They'll take it or counter. If they won't play ball.....walk away. Don't get married to a vehicle. This works especially well if you can find sites that list how long car has been on lot and you can point that out. Obviously the longer they've had, the more incentive they have to move it 'over the curb'. I got a smoking deal on a mint VW Sportwagon this way. (it helped that wagons are not popular in the US)

@brianne571

6 ай бұрын

Get it in writing in fax or maybe email after the verbal. I learned that the hard way. Needs to be in writing

@curlygurlxo

2 ай бұрын

Yeah they often BS people to get them in the door. Sometimes they don't even have the car anymore and tell you they do

@jimh.412

2 ай бұрын

You haven't even driven it then over the phone.

I love your channel! My son had to buy a car recently, so I shared this video (and others) with him. Sadly, he was in Chicago and I coudln't be there with him. The car was a 2017 Kia Forte, listed for $10,897, which was comparatively low for the market. The dealership told him the price was actually $14k for the car, because they had "service fees" that they had to recoup. the salesperson then held up the car fax to show him what had been reconditioned/repaird. WTH? I've never seen a dealer add those fees ONTO the price of the car? I'm sure they saw a young man walk in, and did their worst. He bought the car for $11,500--much to my chagrin. The dealer still insisted that they HAD to add those fees. SMH....slimiest deal I've ever heard of. Sadly, my son wouldn't get up and leave.

@nancythane4104

5 ай бұрын

He can report that dealer to the Illinois Department of Financial and Professional Regulation (IDFPR).

I've been at Car Dealerships who flatly will NOT tell you the cost of the Car. They will just ask - _What can you pay?_ or - _can you afford $300/month._ But the cost and the details were always missing.

@stefonthemove

3 ай бұрын

Run for the door!

I appreciate this channel SO much. I started a career in auto financing and the training was scattered so listening to your videos is helping fill in the gaps and better teach me. Thank you!!!

These are awesome tips, I would say required material before you buy. The tenor of the negotiations changes drastically when you start dealing in OTD numbers. It's like the term "OTD" makes them realize they're not dealing with a dummy. Also, in my experience the dealer will always try to beat the APR on your pre-approved loan, so it's to your benefit to get this done before you walk into a dealership.

Good info for buying a common auto. It can take time and be exhausting. Sometimes one wants a rare car and ya gotta pounce to get it (ahead of other buyers due to supply and demand) and most of this goes out the window. Those are fun transactions.

Probably the best CarEdge video- short, concise, valuable info. Thanks, Ray.

@CarEdge

2 күн бұрын

Thanks so much! We're glad you found the video valuable and concise. Ray appreciates your support and kind words! Stay tuned for more helpful content.

Thanks! Yes, more videos like these (shorter length).

Thanks Ray. Having a pre-approved loan and rate in your back pocket is a pretty liberating experience. I sit down in the F&I office knowing I "don't need their money" (no rush to buy) and put the dealer/F&I in the position of beating the rate I already have in pocket. That's a big help and a great idea.

@moondog3056

5 ай бұрын

Best thing I ever did. The dealer told me I couldn't get a better rate anywhere. I pulled out the check from my bank and he was so shocked he couldn't say anything.

@someguy7805

5 ай бұрын

I have paid cash for my last 3 cars, so I don't need financing, fortunately.

@azizhachimi8744

5 ай бұрын

@@someguy7805 same here!

@stefonthemove

3 ай бұрын

@@moondog3056 that is awesome!

Keep them coming. Helpful and informative. Thanks.

Excellent, short and to the point. Thank you!

Thanks Ray, I watched a lot of your videos before buying my 2022. Boosted my confidence 100% in getting the best deal in a bad car buying climate. As a woman I feel we get taken advantage of at dealerships.

Good video... I did the same as you for almost 30 years...Every sales-related job in the dealership when it was a straight commission position and you still got a "demo"

48 months is plenty. Like you said, 84 or 96 months and you've already bought your next car. Dealers , Car companies advertise monthly payments , but they'll never tell you the price of the vehicle which is really wrong but legal. You're very well spoken and clear. Our kids today need to see videos like yours. Take care.

@jimh.412

2 ай бұрын

Most cars are way too experience now to only go 48 months.

Love your channel! My wife and I have watched a lot of your videos and even rewatched a few! This one like the others does not disappoint! Thank you for doing what you do!

Very well constructed and well delivered presentation.

This video is super helpful. Thank you so much

I concentrated on the out the door price in order to keep it simple and not fall for the shell game. My old car went to Carvana. Didn't get top dollar from Carvana, but it is a stress free sale. So I pounded the dealer on the OTD price, had them remove most of the added on dealer crap, and arrived at the final down to the penny cost. All good.

This was extremely informative thanks so much!! Especially with car buying experience being like it is currently

If you want to be in power of the negotiation. Best advice research what your dmv fees are and taxes and add it, next if you’re set on a specific car do research on the best price you can get (google is your friend), once it’s all set and done if you have the cash get a cashiers check or if you’re getting a loan look for banks who’ll give you your set price on the car and take the check with you and tell the salesperson that is your purchase price and the check is ready and to run it by their sales manager. You’ll get denied but there’s dealers who will take it. Cash/check is king and they won’t hassle looking for loans. The more firm you stay on your price the better deal you’ll get

Just found you guys and your information is great! Thank you so much for the education. I’m the kind of person who buys a car and keeps it forever. Had my Subaru Outback for 20 years and loved it. Finally had to get a new one during Covid and got an ok deal on an Impreza because no Crosstreks were available. Have had the Impreza for 3 years and really would prefer the height of the Crosstrek. Looks like more inventory is available. Any suggestions on best way to get one? Thanks a million. And I’m binge watching your videos before I step foot into the dealership.

This is a great video! So much knowledge, experience and information. Thank you! More please!

Thank you for the videos I'm learning a lot and have applied some of these techniques you teach and started the process. Of getting a tundra limited, I was shown an otd with no break down in prices and figured it was a base model and I quickly spoke to dealer that there were no prices even though he stated it had what I was looking for.

Really good information for most new car buyers. The one part that I feel that is important is to do all of your homework before you walk out of your door. A few hours spent on the internet will at least put you on a better footing with a dealership with some knowledge. In my case and an F150 I bought this spring was the MSRP of the vehicle and the approximate actual dealership cost. As I was paying cash, it was easier but I did set a max total out of pocket and in doing that I actually bought the truck for about $3K less then that amount. Homework first!!!!

Extremely informative video! As much as I wouldn’t want anybody to have to go to Washington DC, as consumers we could use a lot more content like this. Thank you for posting!

Thanks for the info. I’m deciphering information from your videos to educate myself on how to negotiate a vehicle that I ordered with a trade. Hopefully I can get ahead of this build date is Monday, December 18. 2023.

This is great information: quick and concise!

I’ve been on a CarEdge videos binge lately. Gotta make sure im prepared before i purchase a vehicle next month lol

Thanks Ray, actional information is always helpful.

@daretodream...898

5 ай бұрын

WARNING ⚠️⚠️⚠️ ... Have your son do research on the engine. There is a massive recall on MOST KIA and Hyundai engines.

I like videos that are short and to the point.

The dry erase board is very helpful. Seeing what your saying really helps. Thanks.

@selenachronister9642

8 ай бұрын

I agree.

@selenachronister9642

8 ай бұрын

I appreciate this channel SO much. I started a career in auto financing and the training was scattered so listening to your videos is helping fill in the gaps and better teach me. Thank you!!!

Great info, Ray!! Keep these types of videos coming! Tell Zach to go back to VC, NJ instead of you going down to DC ..lol

Excellent video! Great concise summary of it all!

Great delivery and important useful information packed into this short video. Thanks.

The most info packed into one video yall have made.

Thank you for the advice and the information!!

This information is very much appreciated. Thank you for sharing it.

Great info, I used this same info on my last purchase...tks

Valuable information from all your bids. I will use it. Thank you.

Thank you for all of the information you teach. I feel like a more savvy car buyer.

Love this informational video. Thank you!❤

Very helpful. thanks. The more you write on the board the better.

Great video! succinct and valuable, thanks.

The more, the merrier! Keep these informative videos coming. We all need to be prepared when we step into the dealer’s showroom !

Remember: We are fifth graders who never graduated, so we need to see these contents over and over, and over!!!😂😂 Thank you!! Very helpful!!

You’re amazing sir! Liked and subscribed. Thank you for the helpful tips and info!

Great teaching . Thanks

I bought my first car in 1992. I’ve owned a dozen cars in my lifetime and it took me several transactions and a great deal of money to learn the lessons that Ray has laid out here in just a few minutes. Vehicles are a commodities business. Unless you are buying something unique or rare, chances are there is another dealership in your town selling that same car with all the same features. You like a car? Fine. Make sure you like the deal for the car, too. Do not trust those who work at the dealership. They want your money. You have to be a strong advocate for yourself to avoid being taken advantage of. You do not know what a good deal is until you have shopped around to other dealerships.

Last time I bought a new truck, I refused all the fluffy add on crap. They were visibly frustrated with me, so I figured I was on the right track. Wish I had your info in this video at the time 😂

Bammm! Straight n to the point of car negotiations, thanks Ray.👍🏽😁

I hate buying a car. There's too much the dealer can do to you to get over on you. It is frustrating.

Outstanding concise tutorial, yes more videos like this would be great to view

I used to sell cars and man you are apot on , everything you said is helpful to those who do not know.

Some really good tips for sure! Thank You!

great advice. Thanks for the short list.

Another tip in regard to “before you go” call your insurance carrier so you know what it will cost to insure for full coverage. Weird how folks forget that one. Early payment penalty. If they put an early payment penalty on you. Say Adios. My bother just did that very thing and they immediately dropped that provision.

Great info. Thx. Makes me a better consumer.

i really liked this format Ray thanku

So very helpful! Thank you.

I just bought a new vehicle and told the sales person if add ons like paint protection and such were brought up the deal was over and I was leaving. Well guess what, they just couldn’t control themselves and I bought the same car down the road.

Great info. Thanks for sharing

Thank you so much. Very resourceful 🤗🤗

This was a great and helpful video thank you so much please make more like this thank you!!!!

Bravo 👏 great presentation! Thank you!

If I understand correctly, are you saying the out the door price is the price of the vehicle and dealer fees and taxes? Then after thats established, you would have to add on finance fees and any add-ons you purchase such as warranties, which would then be figured in step number three?

Great info, thanks for sharing!

I love this! Keep the info coming!

Thanks to Car Edge, i went into the dealer back in April to buy my new Hyundai Santa Cruz armed with all the tools and confidence i needed to make sure i got the deal i wanted. Thankfully Hyundai was running a 0% interest promo so i dodnt have to worry about APR, but i did make sure i saw the OTD price before even negotiating. I saw some dealer added fees which i immedialty had them removez and finally was able to get my car for 1k less than MSRP along with working them uo from a lowball offer on my trade-in by pulling up similar vehicles, with higher mileage than minez that they were seling at their dealership for alot more. So thank you Car Edge!

@user-nc3pt7zc3c

4 ай бұрын

Sorry to say this but $1000. Less than MSRP is nothing, they still ripped you off. I know, I worked as a Car Salesman while I went to College and I know all their tricks.

Thanks Ray,its all good.I was wondering if they slip one in on car loans to keep people from paying it off early.Like all the first payments go on the interest first.

glad they have to provide all these infos in eu as standard and have to answer that when asked, except buy/sell rate which is mostly regulated from the ezb

Good info. Thank you for sharing.

Thanks Ray . Very informative video !

This is clear and simple. Thanks

Great video! I wish i knew this in 2020 before i got my car from the dealer.They got me big time on the financing but i refinanced about 2 years later and now i'm really happy.

One interesting thing I noticed the other day when doing the payment calculator was that the 60 month monthly rate was cheaper than the 72 percent rate, due to the higher interest rates. It's crazy to thing that it's cheaper and faster to pay a car off in 60 months compared to 72 months nowadays.

@fp5495

8 ай бұрын

Finance companies don't want to baby your loan forever, they want to get rid of you as quickly as possible so the incentive is to encourage you to take the shorter loan by offering a cheaper rate. That's the way it's always been. Based on your last statement, I don't think you understand the concept of compounding interest. Everything will be cheaper the faster you pay it off if it's borrowed money. The bank owns most of your possession until you get to the point in the loan where your payments go more toward the principle cost, and less toward the interest, and that usually doesn't occur until almost the very end of the loan term.

Well done, definitely would like more (already subscribed)

Very informative THANK you guys! 👌🏼👏👏

Well done. Thanks!

More please! Been having very bad luck with cars past month BUT have made some amazingly good decisions and saved many thousands thanks to u guys since, thank u!!👍🙌💪

Short and to the point. Great format.

Always good information

Great video, direct and well explained. 👍👍

Super helpful and easy to understand!