I've never stepped foot in a dealership. The fact that you have to know all this just proves that the entire industry is a sham.

@bidmcms3

Жыл бұрын

I have several car salesmen in the family. Most of them barely managed to graduate high school. But now they make well over $150k. Yes it’s a very predatory business

@anubizz3

Жыл бұрын

​@@bidmcms3 it's your fault to buy something you cannot afford.

@tomcat420m

Жыл бұрын

@@anubizz3 Not necessarily that you can or can't. They mark up the cost of the car to make a profit, totally understandable, also need to pay the salesperson Banks need to as well hence Apr. Part is when dealership double dips on the profit. Imagine going to a restaurant, rates are adjusted marked up from what they paid, but now imagine they give your bill and it's more then price listed because they let you enter the building and sit down and use their utensils, and clean everything. That's already figured in the price of the meal. Except the tip (depends on your experience, and/or theory on tips). Or going to a store to purchase something, get to register to pay and it's more then what should be (after taxes, pending on state, etc) a day ask the cashier says I need to get paid too. They already are.

@anubizz3

Жыл бұрын

@@tomcat420m I didn't say it's dealership fault. It's our fault. For me it's simple if you need to finance your car..... Go back home because you cannot afford that car. Don't blame dealership blame yourself. Saying dealership a scam or predatory because our stupidity is stupid. It's how market work.

@tomcat420m

Жыл бұрын

@@anubizz3 So everyone in homes that has a mortgage you're saying should not havea house, leasing a car should not have a car, has a loan for anything shouldn't, credit cards, etc.

Car dealers don't sell cars, they sell financing

@nthg2s33H33r

9 ай бұрын

I sell card with or without financing the thing is if your credit is bad you're paying a lot of interest the dealership has no control over this that your fault you have to suffer high interest rates until you can refinance at a lower rate after paying on time for at least 6months. or go through a credit union and get a better rate but you will only be able to if your credit is decent.

@vcracing

7 ай бұрын

We bought a Ford Expedition about 5 years ago and the rep actually said the same thing to us. They used cars to initiate loans. They didn't care what the product was, they wanted the interest.

@ericmueser6950

7 ай бұрын

This is a very small percentage of their profit. They do in fact sell cars.

@goynwa7110

7 ай бұрын

@@vcracingbanks want the interest not the dealer ship

@goynwa7110

7 ай бұрын

@@nthg2s33H33rand right, you only see buy rates when the person is usually a first time buyers, people with low score, the spew a lot of bs sometimes

These two are absolutely so adorable. I love seeing what a respectful and loving relationship they have. 😊 And their information is awesome as well.

@ParisianThinker

4 күн бұрын

I would love to meet the Dad. He is adorable. No disrespect! I just love his personality.

Thanks to your advice I had confidence in purchasing my last automobile!! Started with the salesman quoting me 18%..and in the end getting 4.5%. I was also pre-approved. There is power in knowledge!! Thank you so much!!

@csl9495

11 ай бұрын

So was it as simple as just asking for the "buy rate" or did you go and get leverage first?

@carlapinales2949

11 ай бұрын

@@csl9495 i wrote down a bunch of questions from watching their videos and asked and requested info from the salesman. I was already preapproved, which I think helped also. But understanding a lot of the terminology and not feeling as if I have no say is empowering. I never did get the buy or sell rate...lol

@mrbeau5387

8 ай бұрын

Still got scammed buy used private owner

@jgjg3848

6 ай бұрын

WTF? 18%? That's just crazy.

@nategibbons172

6 ай бұрын

No

Thank you! This makes me hate dealerships even more, but I really appreciate you guys.

@derekk2300

Жыл бұрын

So you expected the dealership to do everything for free?

@escanorsama3838

11 ай бұрын

@@derekk2300 Sure, they already harass people for free

@HidanMoon

9 ай бұрын

@@derekk2300 They basically want everything for free or the best deal. Ive had customers asking for under MSRP and asking why I couldnt discount a car by 4000 dollars. Dealerships are a business and arent giving shit out where it would cost them money just because a customer wants that deal.

@mobilesolutions4u444

7 ай бұрын

​@derekk2300 that's the same thing I'm saying. It's the dealership way to make a profit. It's not a sham, it's just the way business is done. Try and sell someone a product for exactly what you pay for it and see how long you're in business. If there's someone who broke down most people job like this, they'll think their own place of employment is the devil, but without their profit, they won't be employed.

@dreaminginink2029

7 ай бұрын

@@mobilesolutions4u444 the issue is, where is the ceiling? The dealerships have been allowed to operate unchecked for too long. Their greed is what’s destroying their longevity.

I love this. Dad sharing his knowledge. I do it with my kids and I see them help their friends. Knowledge is meant to be shared or it is worthless. Thanks, guys.

Never let the dealer run your credit, period

@patrickgjorven7832

2 ай бұрын

Or take your license. You may never get it back. Unless you call your lawyer or the police.

I’m a dealer and I literally educate my customers with this same info. Keep fighting the good fight bud!

@Donte22_22

Жыл бұрын

can you give me any tips when I'm going to get a car? I've been looking at a 2023 Honda civic sport hatchback and everyone is trying to rape me in pricing & mark ups

@TheCarGoru

Жыл бұрын

@@Donte22_22 yeah Dimi ask them to give you a bill of sale showing exactly what you’re paying for penny for penny. And make sure that they’re not including stupid things like wax seals and accessory fees.

@tyeicha

9 ай бұрын

yo bro you have an ig? i’m trying to get a car & i need some tips from you

@TheCarGoru

8 ай бұрын

@@tyeicha yes @gorvk

@Crackrocksteady

7 ай бұрын

​@@Donte22_22don't buy right now youll end up negative

I always wondered how each time I bought a car they said the best they can do is 5% (for example) and then I show them I have an approved loan from a bank for 3% and they immediately say they can match it. Makes me think I should ask them to beat the rate I got or I’m going with my bank and see what they say next.

@rememberthelaughter

Жыл бұрын

this is EXACTLY what you should do. even say “i’m going to be banking with my bank unless you can beat it be 0.5 a percentage”

@Funexpected

Жыл бұрын

Don't give them the loan for nothing in return. They need to beat your rate so you save money. Otherwise, you gain nothing and they continue to earn interest on your loan.

@anubizz3

Жыл бұрын

Well I always get 0% why can't you?

@Bone89

Жыл бұрын

@@anubizz3 from the dealer? Not really. It’s added in as a hidden cost on the vehicle

@anubizz3

Жыл бұрын

@@Bone89 You get charged hidden costs if you paid in full?

Exactly!! I’ve always loved this point. In fact it’s illegal for dealerships to NOT tell you their buy rate. They can print it or show you.

@SparkingLife111

9 ай бұрын

Where can i find laws on leasing and buying a vehicle.

Wife just bought a car. They tried getting her at 7.9%. I told her about this. They dropped it to 6.9%. I told her to get proof of buy rate vs sell rate. The manager said their buy rate is 5.65%, but they will not gove her that rate. They also wanted nothing to do with her after she got them to drop the $2500 mark up, her military discount, and the interest rate drop

@cherrylicious2

9 ай бұрын

@alpbabrety2502 So where did your wife end up buying her car?

@alphabrett2502

9 ай бұрын

@cherrylicious2 Abeloff Kia in Stroudsburg, PA. Trying to sell over MSRP. Disgusted that they refused to sell the car anywhere near their interest buy rate.

@mobilesolutions4u444

7 ай бұрын

​@@alphabrett2502you can't get mad at a business for how they sell their products. They're in business to make a profit. Why should they work for free? If you're disgusted trying to make a profit then you should quit your job right now.

@alphabrett2502

7 ай бұрын

@mobilesolutions4u444 There's making a profit, which every dealer does on every vehicle regardless. Then there's price gouging and being sneaky to take advantage of people. If that's how salesmen make their living, so be it. But this channel was created to educate us about their ways so we can make informed decisions when talking to them.

@mobilesolutions4u444

7 ай бұрын

@@alphabrett2502 that's where you're wrong. Dealers don't make profit on every single car they sell. These same guys have said it multiple times and I should know because of my work. Some vehicles you make profit on, some you take a loss on. Do you try and make a profit on everyone? Of course, but do you actually? No. It's give and take. Customers lie alot also. MSRP for most vehicles ain't nothing but 2-3% profit margins and in electric cars, they're practically non existent. It's a tough business. It doesn't cost $2k to dress a stubbed toe, but that's what you pay at the emergency room. America is the richest place in the world and is because of Capitalism and their business model. You'll be stoke to find out the profit margin at the job you work and I can guarantee you that the markups are way more than any Dealer. Cars are just expensive ticket items so any increase in percentages would cost alot.

I wish my pops would have spent time with me like your pops spend with you! Treasure that because you are going to miss him forever when he’s gone! Thanks for the tip!

I’ve always been told never let the dealership run my credit for a loan. Instead, go to my personal bank and get a loan for the amount of the car listed on the dealerships website. If the dealership tries to BS me by raising the price of the car then leave and take my business elsewhere.

@HidanMoon

9 ай бұрын

Dealerships get way better rates than what the bank will give a normal person. Think about it like this. Dealers are financing customers and getting more loans through the banks. Since they are doing more business with the banks they will get better rates as opposed to someone going and getting one or two loans. Dealers will be getting a wholesale rate as opposed to the customer going through the bank where they will be getting retail rates. Obviously you have your shady used car dealerships that try to charge extra percent or so but most brand name dealerships will get you a better rate.

@callico4044

9 ай бұрын

The problem is your credit union doesn’t sell cars. Discounts are mostly captive cash the Manufacturers are paying u to finance with them. And dealers Offer 0% financing I’ve never seen a bank offer that. Think for yourselves ppl stop watching these clips

@RedRobbinable

7 ай бұрын

​@@callico4044 The majority of the ppl trust their bank more then a dealership. Unless you come in with excellent and clean record knowing you are 100% getting the 0% advertised, the dealership will manipulate any negative marks and make you believe that 8%, 9% is a good deal when your credit union would have given you 6%. It is better to have that leverage and negotiate something closer to the buy rate and get maybe a 5%. Better to come in with a pre-approved loan with an honest rate and have them compete against it instead of trusting them like they don't make money from all this.

@Crackrocksteady

7 ай бұрын

​@@HidanMoon lol bs my last car the dealer wanted 9% bank gave me 5.5

@jerrelCbanks

7 ай бұрын

​@@HidanMoonthat is downright a lie. If it was true capital one wouldn't have given me 10% on a used Jag with only like 500 down while the dealership said capital one wanted at least 3k down and an interest rate of like 20+%

ahahha..awesome tip! the finance portion has always been very fuzzy. thx for sharing!

That explains things! When I went to purchase my used truck they quoted me an interest rate of 7.5% through Capital One Auto. I asked why so much when I went direct to Capital One Auto it quoted me 4.25%. They asked what the quote # was and ran it and came back with the 4.25% 😂

@andresarme

7 ай бұрын

I may be missing something but afaik, the dealer gets the car they are selling paid (which almost 50% of the total price is their profits) and of course if they sell you the financing for sure they will take a commission from it. But what I cannot connect is how they will get a bigger profit by increasing you the rate??? Can you please explain? Tks

@24rickdizzle

6 ай бұрын

Liar

@truthbetold9498

3 ай бұрын

Because that's what you qualified for. Everyone doesn't get that, I'm a car sales and I always ask my customers what rate can they get for themselves. Not all car salesman or dealerships are crooks.

@MM-gu8tk

Ай бұрын

@@truthbetold9498 True. Good point. I came in with a high 800 credit score..

Bro out here saving lives. Ty.

You guys are freaking awesome!! I mentioned the buyrate to a car salesman and he got all out of sorts! 😅

Never set foot in a car dealership for anything except free coffee and donuts.

@Podcastforthewin

Жыл бұрын

And they're usually out of both

@wholeNwon

Жыл бұрын

@@Podcastforthewin In a way, that's good....keeps you from staying in the clip joint.

@brightma1

10 ай бұрын

Where do you purchase your vehicles at, if not at a dealership?

@wholeNwon

10 ай бұрын

@@brightma1 Private owners.

@HidanMoon

9 ай бұрын

@@wholeNwon Yeah makes sense everyone just has huge amounts of cash to laying around to buy privately. Also private owners arent shady at all right? Theres people that need a new vehicle and dont have the cash or dont want to buy something thats a clapped out vehicle. Dealerships are business and if you want to buy something that has been shipped across the world and has been inspected you would go through a dealership. You dont go to tv manufactures and ask them why they are making money on their products? Im assuming you go to a grocery store and buy stuff as well right? With ur logic why arent you buying everything privately?

Where were you guys when I needed you? thanks for doing this.

Wow, I had never heard of a buy/sell rate before and have bought many cars from a dealership.

@robsudden24

Ай бұрын

Same smh! But never too late just timing! Now we know moving forward!

I USED to be a car salesperson. The lousy things I was forced to do when selling a car. If you cannot pay cash for a vehicle and this is for people who don't believe in credit scores, keep your bills paid, get your credit score up so you can go to your or a credit union, or bank. Better interest on the car you want and these establishment will actually explain to you what's going on. As we all know.. at the dealership, the mark up is ridiculous but it's not done. When it's the last phase, then you get to meet the master salesperson...the financial seller. The person that sells you crap you don't need or want. Best to go through a credit union, then a bank.

First time I ever heard anyone divulge that! Good Job!!

Dad is Super smart. Like him. Thanks Dad😊

I normally get pre-approved from my bank before I go to the dealership. Except for the last car I walked in and beat them over the head for the car I wanted price out the door. Then when he asked how I was going to pay I called the bank took like 10 minutes for an approval at which time I toldy bank that the dealership was offering 2 percent less than the 4 percent they were offering and my bank matched the (non existent loan approval rate I made up )🤣 .learn how to work the system people.

@soresl

8 ай бұрын

So you lied. That’s not “working the system”. It’s just being dishonest. Anyone can be dishonest.

@rodneyd7773

8 ай бұрын

I love it.

@mobilesolutions4u444

7 ай бұрын

​@@soreslthen they say call dealerships stealerships. Buyers are liers and they don't give a f**k about you. You'll learn that in any commission business. Once I ask to see paperwork and you can't provide it to me, I call you out

@matthewnour97

7 ай бұрын

Is that even legal?

@cheesecurdinator4010

7 ай бұрын

​@@soreslwho cares the bank doesn't need any more money they already cheat people every day

So many incredibly useful suggestions from these two.

THANK YOU! Learning the Lingo of your Enemy is crucial to defeating, or at least, working to Stalemate/ Win-Win.

Wish I would have seen this a few days ago. 🤬 Keep it up guys. Empowering the consumer with knowledge to keep the dealerships on their toes!

@blistrel

Жыл бұрын

Do you have a return period?

Good advice. If the dealership matches it, great. If not, let the CU finance it. And nothing stops you from refinancing next week at your CU if you decide to use dealer financing to get other discounts and rebates. The last time I purchased, I showed my pre-approval letter and they didn’t even bother asking me to do a loan application because they knew they couldn’t match it.

@nello8630

Жыл бұрын

I did that at a dealership once. I got them to agree to my price if I financed through them with no down payment, the next business day I refinanced through my Credit union using a big down payment.

@jeff_AZ

6 ай бұрын

No, this is absolutely terrible advice.

@jeff_AZ

6 ай бұрын

How clever, borrowing money to pay expenses. Good luck on that becoming an adult journey.

@j29maniac

6 ай бұрын

@@jeff_AZ Why is this bad advice? My savings is earning about 8% (it varies, depending on the market) but my car loan is at less than 3%. It would cost me more NOT to finance or pay it off early. You'll figure this stuff out once you get to be an adult with a good credit score. Good luck!

@jeff_AZ

5 ай бұрын

You can do simple math how cute. Paying cash costs less because you spend less.

Why the heck are they allowed to markup the buy rate?? what a sham! Definitely gonna pray I remember this for future ref. "Buy rate" vs "sell rate" smh.

@jeeess9979

8 ай бұрын

they get "points" which means like theyll get an up front bonus on every percentage point in markup on the loan.. like say $2000 for 1% extra interet upfront on a car getting a 30K loan.

The financing arrangements can vary from financial institution to financial institution. That's why you can get a better price on the vehicle at some dealerships (they expect to make it up on financing)--but then go ahead and refinance it after the deal is done, assuming there are no prepayment penalties involved.

Love the dad. Great information.

Your channel is truly a great service to all of us! Thank you!

The dealership also has the chance to match your credit union rate as well. This was done at the Lexus dealership when our friend went in with a pre-approval rate from their own credit union. Lexus financing matched it on the spot.

@Smellyfupa

Жыл бұрын

What % did they get? Cuz I just went to a dealer the other day, didn’t have a rate from a bank yet or anything but I was able to get 2.9%

I'll never forget when a dealer charged me 22 percent interest to finance a car. A week later I financed it at my local credit union for 5 percent.

@kennethsouthard6042

2 күн бұрын

I had one try that. The way he explained it was that since my credit score was 800 at the time and that 850 was perfect, so therefore my credit score was less than perfect and I would have to pay the higher rate. When I threatened to walk out, he gave me the car under a 7-Day contract where I had to produce my own financing within 7 days, which I did. When I came back with the check from the bank I also had it for the amount of the car less the warranty that I had initially agreed to and was allowed to cancel for a window of time. Had he not tried to screw me on the rate, I would have kept the warranty. In your case, you're lucky they didn't have a prepayment clause into that contract, as getting a high rate to a tier one customer is big money that they don't want to give up and they get paid the kickback over time and a 17% kickback over time would have been really juicy for both the dealership and the F&i guy. Kind of like getting a royalty check.

I purchased my truck a year ago. I went and got a preapproval through my credit Union but the rate I got at the dealership was less than the preapproved rate at the same credit Union.

I never saw a finance guy at a dealership more mad than when I told him I had my own loan I thought he was gonna hit me lollllllllllll

@justlive8189

Жыл бұрын

I went through the same shit today when I walked alway from a offer 😂

@shaduzi2372

Жыл бұрын

@@justlive8189 what were you looking at if you don’t mind me asking? I have been hesitant to walk into a BMW dealer

@justlive8189

Жыл бұрын

@@shaduzi2372 I was looking at Toyota Camry hybrid 2023. I own a 2020 model wanted to upgrade. I’ve owed all types of foreign , I have to admit the Toyota Camry was the best purchase I’ve ever made. #1. 3 Yrs down the line car has not lost much of its original price. #2 $40 fills the gas tank and drives almost 600 miles on a full tank 52mpg #3 very reliable guaranteed it will not leave you stranded

@sl4983

10 ай бұрын

​@@justlive8189didn you trade in your 2020

@Mimiloves24

8 ай бұрын

😂 the finance guy went into his office and I didn’t see him for the rest of the process to get my car

I just financed 15k yesterday on a new RAV4 for my wife. The dealer said 9+% and I had already checked with two banks and one credit union. The lowest offer was 7.25 so I said give 7.25 or I’ll walk out and get my own financing and return in a week. They promptly dropped their rate to 7.25 for 60 months. Payment is $299 a month. Not a great deal but rates are high now.

@gerradwalker346

3 ай бұрын

Was it a used RAV4 for $15k?

@sandraabreu-fn6fu

Ай бұрын

Why did you not push them to beat the 7.25%?

Great stuff guys. Much appreciated.

Glad I found this channel, you and your dad is the absolute best 🤗

Thanks, great information to know prior to negotiating the purchase of a new or used vehicle.

Why can't we just buy a car like buying a loaf of bread?

@Itsdjsigi

7 ай бұрын

Cause nobody negotiates the price for the loaf of bread but everyone negotiates the price for a car lol

@OctagonalSquare

7 ай бұрын

Well because 90% of people don’t have $20k+ in liquid cash to get a loaf of bread

@leprechaunbutreallyjustamidget

6 ай бұрын

Lobbyist

@TheBajamin

6 ай бұрын

@@Itsdjsigiwe only negotiate because dealers just make up the prices, fees and add ons. A Tesla cost what it cost. No hassle no arguing. You get what it says.

@Itsdjsigi

6 ай бұрын

@@TheBajamin and if a dealer didn’t add any dealer fees or add ons people will still negotiate lol

Now I know why my salesman in late 18 when I bought a new 19 Cruze LS was not very pleased when I told him I would be paying with a check.

@HidanMoon

9 ай бұрын

Salesman dont make anything in the back end. It doesnt matter to us if you pay cash or finance. Salesman only get a cut from the cost of the vehicle.

@CGenuis25

3 ай бұрын

​@HidanMoon what percentage do they get?

When I bought my car in October ‘21, the interest rate was too high for my credit score. I soon paid it off. Thanks for the info, I’ll use it next purchase.

Your bank or credit union will usually be a much better deal than dealer financing. Always talk to them first. I got a 0.99% 5 year loan on a new Acura from my credit union (long before the current interest rate spike). The dealership couldn't compete and argued with me over it. I said do you want to sell this car or not? They changed the subject and moved on, wisely.

What dealer is going to tell you their buy rate?

@joehermann2392

Жыл бұрын

That’s like asking them what they paid for the car! Not going to happen

@Txcowboy80

Жыл бұрын

Just go with the local credit union and you don’t have to worry about it.

@internati0naled974

Жыл бұрын

Once you drop the terminology they know they’re dealing with an educated customer. You can shop around for your own rate and compare to theirs. If you’re leasing, edmunds is a great source to get the Money Factor without any markups.

@rickyayy

Жыл бұрын

Never

@shag139

Жыл бұрын

@@joehermann2392 the invoice price is easily found out.

Thank you very much for explaining why the dealer's monthly payments are twice as high as the bank's with the same interest rate. I'm an accountant, I did all the calculations and noticed that the monthly dollar amounts of interest calculated in Dealerships are doubling. You understand what this means! - The APR received directly from the bank by buyers, for example 5.5%, doubles to 11% if financed from a dealer. This is robbery and deception! Buyers pay dealers' expenses! 😮

Super helpful. Nice industry insider info for the average consumer!

Also on the sales contract there may be a paragraph to the effect that you are securing a loan through the dealership and they may pressure to sign next to it. If you already have a preapproved loan from your credit union, write that down there on the contract. Sign and date your statement in ink. I heard a friend's mom negotiated for her price, then the dealer wrote his higher price into the contract. She trusted him and signed the contract and had to make higher payments. Always read every part of the contract carefully and cross out, initial and date any part you disagree with. Also write down anything you both agreed to that they left out.

I love all the great work that you guys do in trying to help buyers be prepared to make a purchase for their next vehicle. The unfortunate reality is that there are many watching your videos that don’t have good to great credit. I really believe you should make a video for buyers that have fair to poor credit (subprime) so that they can understand that unfortunately they may not be able to purchase based off of the buyer tips that you guys give. Regarding this video, I’m sure you’re well aware that there are lender fees to the dealership called discounts. I’ve had proposed discounts as high as $2000 which kills all the profit from the deal because customers have issues with credit. Sometimes the only real way to get the deal done that makes sense is to mark up the buy rate so that we can offset those huge discounts that we have to pay out of our net check. I can honestly say we work very hard to get the lowest rates possible and encourage customers to get their own financing through their credit union when possible but not all buyers fit in the same credit category. Just as all cars are different, all buyers have a different and distinct situation that not only takes credit score into account but also job time, income, and other factors.

I’ve asked about any cash deals. They looked as if as was from another planet

Boy this is genius I’ve never heard of any of this you guys should write a book very nice

I appreciate this information so much! Everytime we buy a car we get screwed!

@jayroc5807

Жыл бұрын

Yep when they put their hands on your shoulder thanking you….that’s when you officially got screwed!

@CarsandCoding

Жыл бұрын

@@jayroc5807 Yes! And make sure you give all 5 stars on the survey!

Get their best offer. Then watch them flip out when you pull out your checkbook to pay cash.

@imwithyou38

Жыл бұрын

the thing i learned thats actually the best way to buy a car, and this is going to sound like a joke but costco.....last tune my dadm did it he was looking around for a new challenger some years back......dude save over 10k on price due to costcos deal them

@rodneyd7773

8 ай бұрын

@@imwithyou38what did he do in regards to costco

@imwithyou38

8 ай бұрын

@@rodneyd7773 it wasa a special they have sometimes. i dont know what it exactly is but its a huge discount and not dealer mark up. my dad went through 4 challenger's. the last time he sold his car the dealership gave up like 30k but due to life situations he get a durango srt. i dunno if costco does it still anymore. i think u can still gbo to costco to get a car and not pay dealer price. its been awhile since that happened so

@iah8331

4 ай бұрын

@@imwithyou38I went online and looked at reviews from Costcos car buying program and they were all negative. No savings. Just a list of dealerships with the same insane prices

Just go through your credit union and these things no longer matter!!!! If you’re pre-approved by your credit union, then there’s no need to know what the buy rate vs. the sell rate is!!!

@msblessalkalinemix7834

Жыл бұрын

Well i went through navy fed with a 801 score and boy they are some thieves. I had to use the dealer finance instead

@Shutyourjibbs

Жыл бұрын

Some dealers aren't accepting outside financing.

thanks for so much great information. I'm a lady going to get a new car, I felt so uneasy about it before I started following you guys.... Now, I'm almost ready to get a good deal on a new car.

I pay cash for vehicles and that makes them not want to sell to me. They're counting on kickback loan money on top of the sale price.

@brightma1

10 ай бұрын

That's nice if you have that kind of money. I don't have $50K in my savings to make a cash purchase. But I did get a 0.9% interest rate a few years ago, with excellent credit.

@lorrieneuharth4344

6 ай бұрын

@@brightma1Please don’t presume people who pay cash for cars are buying 50k cars. They save what can and buy what they can. It’s called living within their means.

@brightma1

6 ай бұрын

@@lorrieneuharth4344 l know that! We paid close to $10K for my teen son's first vehicle. I've always lived within my means.

@CYCO1631

2 ай бұрын

Most cash buyers aren't stupid enough to pay 50 grand for ANY car. The Millionaire who does by contrast, is smart enought to know they'll take the depreciation hit, but has the financial moxy to not care.

You guys are so helpful! I'm waiting to pay off my car before purchasing another one!

he knows all the trick , cuz he may as well used to trick the customers back in his days

this the best thing he posted

Love these videos, great work boys

The grocery store marks up beans too.

Thanks. Just by having the bank pre approval the dealer beat it by 0.75%

@AzzKicker-bz1cb

Жыл бұрын

@triad6425 Did they really??? The dealership financing adds in fees and other non-critical charges that will more than negate that 0.75% savings over the life of the loan!!! Dealerships offer financing because they can get people with nearly zero credit ratings financed!!! However; they do that by making the amount financed look great while they are adding in prep fees, delivery fees(yes they do that even if you drive the vehicle off their lot yourself), along with other fees that only the money guy at the dealership and the financing advisor know anything about and you have to ask them about those fees or they don’t have to tell you shit!!! If you don’t know what fees they are going to attach to the dealership financing, they get paid while you get poor!!! If you’re trying to build up your credit by buying a vehicle, you’d be better off buying from a buy here, pay here lot than to go to a automotive dealership and get financed on something they have!!! Buy hey, y’all think these guys are looking out for you; have fun with that!!!

Thank you gentleman

The solution is have your financing ready before you go to the dealership, second pro tip. After you find the car you want, negotiate over the phone from home so your not getting the run around and waiting 5 hours at the dealership.

@tyeicha

9 ай бұрын

so would i just go online to get pre approved first?

@ThetaDecay82

9 ай бұрын

@@tyeicha Yes, go online to your bank or preferred lender first. If you don’t have one shop around for the best rates.

@ThetaDecay82

9 ай бұрын

@@tyeicha when you get financing through a dealership they will mark up the loan from what the actually lender could offer you creating an interest rate spread which will be more revenue for the dealership. Remember they will try to pressure you into using their financing for this reason.

The problem: Dealers aren’t budging anymore.

@commiehunter733

7 ай бұрын

Theu will be... dealerships aren't moving numbers like they did pre covid.... deals are out there

Thank you dad😂

Thank you ive been pre-approved theough my credit union. Im going tomorrow and you guys have been helpful. I wish i could take you both with me lol

You have a smart dad.

I took a lot of your advice when I purchased my last vehicle. The problem is when the dealership offered me more than your blackbook had for a value of trade in. And then I came in with a pre-appoval from my credit union and their rate was better. So I just said ok, we have a deal. Didn't seem like there was much negotiating.

Thanks for all the info. I'm now looking for a car!!

Great explanation. Thank you Pops.

The dealership I bought my truck from didn't know what a buy rate was! Thank goodness I had already secured financing prior to purchasing the vehicle.

great info thanks

How can you verify the rate they are telling you? Are they legally obligated to share the exact “buy rate” when you request it?

I used to be a Ford finance manager. Before the government put a cap on sell rate. If I could convince a customer that they had bad credit when in fact they had good or great credit I could sell them up to Florida state maximum rate of 29.9%. Of course this was in the early to mid 90’s. But I’ve made anywhere from $3,000 to $6,000 profit on a customer. Now in my 60’s I feel like crap for doing all those horrible things I did but if a customer still thought they had a great deal and signed then at the time I thought it was fair but now I regret it. Having said all that, please go to your Credit Union and get the loan there first then walk into the Dealer with that Draft (check) and make them work into that number. And with that there’s no financing and no extras pushed on you. Stay safe.

There should be an app that’s created where we can hire retired car salesman to negotiate a deal for us

@jrhorsley5467

2 ай бұрын

there is it's called CarEdge

Thank you!!

U guys have awesome info

I hope every one goes to your dad asking for a car and asks him all the questions you make him answer in the videos

The wonders of buying cash.

This is good info. thank you.

You guys rock!

Thank you, Sir!

THANKS 😊

Dealer has the right to hold a point or 2..being in the car business, you should know that Cost of doing business

He took the words out of my mouth at the end. Always go to the dealership with an approval from your own credit union first. If you don’t have a credit union, well you should probably not be buying and car and should be opening an account at a credit union.

If I were to buy my lease out and finance some of it should I use the bank that the owns the car or go through the dealership? It’s a Land Rover and the lease payment went to chase.

Great.tip! It has to be a credit union bank only? Can it be my bank where I have my account,?

This is why I’m glad I just paid in cash, lol. Very lucky.

Good luck getting them to tell you/show you the buy rate. They want to keep that negotiating leverage to themselves and they aren't required to show you.

Love y’all Ty ❤

THANK YOU!

I would always try to match the rate the customers bank was offering.

You guys are awesome 🤩

Thanks dad …… def good to know. ….

Wonderful information. ❤

Awesome info

I asked a financial manager the buy rate on their factory orders and she looked at me and was like "I don't know what you mean". I call bull 💩

@KaoruMina

Жыл бұрын

Ew, I'll tell them, then you're in the wrong businesses friend 🙄

@HidanMoon

9 ай бұрын

What were you hoping with that question? Chances are your not gonna get a better rate by going to a bank. Dealers get better rates who cares if they mark it up a bit, its a bussiness thats how capitalism works. You dont go to apple and ask to get an iphone at cost do you?

@SparkingLife111

9 ай бұрын

Thats the problem they lie. So what happened in the end? Btw did u have to deal with the new thing called "market adjustmemt"? My friends suv shows 4k markket adjustment i said wtf

A preapproval is not an approval. While you’re at the dealership go outside call your bank and give them the actual deal structure to find out what your actual rate is

Those who are willing to listen are willing to learn. Auto prophet. Thank you