Why cash buyers have the upper hand. So can you!
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- Опубликовано: 27 мар 2023
- Looking for car buying tips? Cash buyers always have the upper hand when negotiating a car deal. As a seasoned car dealer with over 23 years of experience, I can confidently say that cash buyers are my favorite type of customer to work with. In this video, I'll reveal the secrets of cash buyers so that you too can get the best deal on your next car purchase. Don't miss out on this valuable information!
Experience hassle-free car shopping with Chevy Dude, the owner, and operator of Mike's Car Store.
As a popular car-buying advocate and RUclipsr, @ChevyDude knows how to make the car-buying process enjoyable.
Visit our website, Mikescarstore.com, to browse our current inventory, or give us a call or text at 812-940-6453. Remember, buying a car doesn't have to suck™!" 
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Cash buyer here, and I am done shopping. I wanted a sports care for a while, something in the $30,000 range, but after spending over a year researching, planning, and looking at cars, I'm so disgusted and disappointed I've just given up at this point. Everyone wants about 20-30% more than they should, and I am STILL seeing dealers not even doing basic detailing on vehicles. It's sad!
Just wait it out the past few years have been the worst time to buy. Also check out Kevin the Homework guy he has some additional information on buying cars on his channel. Combine the knowledge here from Mike with his and you will be fine.
I agree, you're right. Some dealerships in NJ are still show "Market Adjustments which increase the price OVER the MSRP.
The MSRP is inflated from factory... do not think that MSRP is fair deal. Invoice may be better. Let it crash and enjoy the savings.
prices are finally starting to drop. I'm in the market for a vehicle specifically the BMW M240/235i xdrive, and a few I've been watching have been lowered 2-4k since the end of Feb. wouldn't mind the M2 but the price for any true M car is still crazy right now.
@@Kevin-mk6jo
😂what crash? They've been saying crash for over a year now and nothing....
Bring your own 'Four Square.' 1. Discount off Dealer Invoice and Dealer installed accessories. 2. Manufacturer's rebates and incentives. 3. Hold Back give back. 4. Free Stuff from Dealer (free oil changes, free floor mats, free gas, free extended warranty, free car washes, free documentation, etc.)
You're right, Mike! We just bought a car on Sunday, but we started by contacting the dealer a week before by email to nail down the deal in writing. When we came in we were half expecting that our negotiated price would not be honored. Surprise! No Problems! No 4-Square games! They honored all our discounts and gave us the 2.99% financing that we also negotiated with F&I!
Home field advantage is why I've used the past few vehicles. I basically get 3 or 4 dealers in a bidding war over a new vehicle and they all deliver now even from hours away. I was actually working a deal at one dealership when one of the others got back to me and said ok so I left and went there. The key to this is patience. You have to wait for them to call you back. That can take a week or more.
Nothing better than getting some buy here pay here sleazeballs in a bidding war for a 1987 Mercury Montego. Ridiculous.
@@thomasallen6980 I only buy new cars
I once had 2 dealers trying to outbid each other trying to sell me the same car. One dealer had it, the other was willing to get it from that dealer to sell it to me. They went back and forth $500 at a time to the tune of 6 grand before the dealer that didn't have it said "I can't go any lower because I have to go get the car." I called the other dealer back and told him he got outbid by $500 again, and he went another $500 and I bought it from him. 2 dealers on the last day of the 4th of July sale, BOY they were hungry. HA HA
@@VroodenTheGreat that's how to play the game
Great vid! The Homework Guy Kevin Hunter pointed out in a recent video that lenders are prohibited by law from charging a prepayment penalty for an auto loan of 61 months or longer, so going with a 66 or 72 month loan and then paying it off the first month guarantees that you won't pay a prepayment penalty.
Thanks for the heads up 👍🏻
Yep, you can always ask too.
Certain states also don’t allow prepayment penalties
You still have add'l title fees to get the lien off your title when you prepay.
@@tommak6516 Never heard of any additional title fees (at least here in Texas). If this is indeed the case, perhaps that's applicable to certain states. My nephew paid off the vehicle the purchased in the first month, and they only had to pay a bit of interest that accrued.
Oct 6 2023. Was quoted 5 k over msrp for 24 Toyota Supra. I’m a all cash buyer . No deal baby. No one needs a Toyota Supra.
I do something a little different. I do all my homework first and know my payment usually within $20 a month. Then I let them play their games for about an hour or so. I then give them my OTD price and payment and tell them to take it or leave it. They say no, and I walk out. They get so bummed out but the closer or sales Mgr comes out and we finalize the deal in the parking lot before I come in. It works, I've bought about thirty cars for myself and the kids this way. The salesman ALWAYS say, they did the deal and were surprised and it was a no money deal. Two people can play games, since they love to play games. I'm just better at it.
Can I hire you ? This whole thing makes me ill
Lol I don't think I fully understood this but can i barrow your skill 😆 this was awesome
@@joanartz7835same💯
Great video! It's just a shame that buyers have to go through all this BS to purchase a vehicle.
I strongly agree with your comment re the BS. For the life of me, I can't understand how car dealerships, or should I say car STEALERSHIPS, are allowed to operate for so long with this level of deception/theft. It appears that the only fair way is to do away with the dealers and go with the factory direct to buyer model.
@@mcampbell4914
They have a strong lobby.
The public should lobby back. Everyone should contact both fed and state reps and demand that the protected car dealership model be removed. Car dealerships should be subjected to the same anti-trust laws that all businesses are. This will end their oligopoly and benefit consumers.
@@mcampbell4914it’s illegal in most states to buy directly from manufacturers, law makers don’t like it thanks to lobbyists however there are exceptions for EV manufacturers
Big props, my brother, blessings to you and yours..
Regarding the prepayment penalty It’s easier then that Mike. Any car loan over 61 months is prohibited from having a prepayment penalty so you negotiate a 72 month loan. As for the 4 squares I’ve walked out of a dealership that pulled one out. I don’t do loans but I won’t tip my hat to that and negotiate the deal like you said in the multiple steps. My last car deal I didn’t even pay the doc fee just the title fee that I would have paid at the DMV so it wasn’t a dealer fee. I negotiated an out the door price then got them to knock it down more on the follow up walk around pointing out flaws (a few scratches) that they didn’t mention in the first walk around. That was a fun deal.
The funny thing is no matter how good you are it's almost impossible to avoid listening to them try to screw you 😂
Excellent video and point about working the deal from home. I do plenty of homework and pre negotiation when i am trying to make a deal, but usually like to go nose to nose in the dealership when I am ready to finalize the deal. Your video will change that. Thanks. Good job.
GREAT Information! Thank you!! Cash is golden...
Thanks Mike. I watch your videos and have gained a solid foundation for the car buying process and how it will be for me, from now on. Keep up the great work!!!!
Knowledge is power. Thank you for all the sound advice that I'm sure dealerships don't want consumers to know.
He is usually complaining about his "stupid" customers. No idea who would shop there? Hand money to someone like that? Guess that is why he needs to advertise on free RUclips.
Thanks Mike !! for such great tips. keep them coming !!
Thank you! I’ve used your advises, and got a nice deal!
Thank you so much for your invaluable information, highly appreciate it, keep it up the outstanding job, have a great day.
Dude... Really... Dude! Thank you for doing what you do. I have lost so much money over the years on deals. At last until the last 6 or 7. Videos like yours are so valuable to those of use trying to get good deals but are so intimidated by the process. Thank you!!!!!!!
The biggest lesson I've learned over the years, is to never fall in love with a car. There will always be others. Just recently, I was looking at a used Porsche Cayenne, and as soon as I saw the trade in offer from the dealer, and the additional useless crap they wanted to add, I just got up, and walked right out. It's not a big deal, I will find another if I want. I did the same thing a few years ago when I bought my Toyota Highlander, and the very next day, ended up finding the same vehicle with 10K fewer miles, for $3000 less. This is why dealers HATE the "I'm going to think about it" line, because they know you will most likely find something better.
I know I’m going to get screwed at the dealer so my strategy is to buy as FEW cars as possible before I die. That way I’ve minimized my lifetime exposure to their thievery.
There is so much info on what we should be doing to not get scammed. I will never be able to remember it all.
Thanks Mike, this is great information.
Good work helping out the little guy. Keep up the good work!
oh my... rofl the pay off all but one payments worth to avoid the early pay fee is amazing. i love it. would have never thought of that.
Thanks for your videos! I've been thinking of switching to another (used) car and between you and CarEdge, I'm learning lots!
Great info Mike. Thanks for all of your efforts and sharing your knowledge!🎉
Thanks so much! Wow that's allot of info so I'll need to listen again.
Hey Mike Great info.... thx again!
You nailed it!
the only thing you can negotiate is the market adjusted price. it's either no market adjusted price or walk... i ended up buying directly online through the manufacturers website, no market adjusted price or dealer added accessories.
I'm glad i came across your channel.
My wife never had a new car. When we went in to get her one I was telling her they things they would try to do and how they would write down the numbers. She was surprised how everything I said came true.
Guess I'm luck I will never have the money to buy a new car again.
Great video. Thank you. Very helpful.
Another tip I was told was that a prepayment fee can't be assessed on 72 month loans so you can do that and possibly get a cheaper price on the car since they think they will make it back on the interest but you just pay it in full on payment one. Learned from Kevin The Homework Guy channel.
YOUR VIDEOS ARE SIMPLY AWESOME!
Do you need a napkin?
I love the advice, could have used it 30 years ago. I'm now the researcher as I call and email all my local dealers(within 150 miles) and let them bid against each other, all the way up til the time I drive off the lot. I too have heard that the dealership isn't making any money on the deal, but that's not how business works, there needs to be an upside or they can't sell the car. thanks
Im currently serving over seas, when i come home im looking getting a new vehicle. thank you so much for all your honesty and these videos. i just paid off my 2013 ford escape. and looking back I definitely got worked over by the dealership. my next purchase is gonna be Iron Clad thanks to you. and if I cant get it in Michigan well then fuck it. ill come buy from you. sure its a drive but I value honesty over distance.
Very informational and much appreciated Mike! Liked and subscribed.
Thanks
COOP
...
Great advice 👍
Good video Mike. I'll tell you one thing, you're smooth, and probably a hell of a salesman. I had a father in law that used to go to car dealers as a hobby to bargain for a best price for a car until he would piss off the salesman and they would tell him to get lost. He got to be known in town, so he started doing it in the next closest town. He was a blast, I miss him a lot. Cheers.
What a jerk he was/is to waste a commission sales persons time like that on purpose.
@OneOut1
You must be the commissioned one at the stealership.
To the buyers:
It's your money 💰.
It's a fair game that works both ways.
The bottom line is to get the BE$T deal for yourself or the stealership weasel gets the BE$T bite out of your wallet.
@@OneOut1 lol. R U serious?
Cash by far and away is the best and easiest way to go because you focus on the car price. If you sell your car yourself you are better off or to a used car lot. That takes the used car out of the equation. If you get the loan from a bank then you don't give that to the dealer either. If you do those two things you can buy a car focusing on price using the cash method even if you are trading in your car and getting a loan. I appreciate Mike being honest and explaining this to everyone - it is something everyone should know!
Thank you
Chevy Guy
Love this info! Now I'll go try to grind based on an all cash deal!
Yes I always do the cash deal...I just tell them put anything they want on the deal, I just look at the bottom line. I tell them right up front I'm looking at three dealers in the local area. It always the trade in that takes the most effort. Usually I start my buying in early Dec. with the hopes of completing it at the last days of the year.
Super important information excellent thank you respect
Awesome presentation!
Mike U R Awesome! know why ? because doing what you do? decided to come clean about car dealerships both new and used inventory, and their tactics to make sure the costumer pays the most (even on cash deals) my father was an old school used car sales man... yeah those! ... and most of what you say still holds true ! i remember him saying ' in my youth knew i was good at selling anything! got into the business and that's how i met your mother ! but to be honest about it i did not give a (you know what) about selling what is called now a 'lemon
back in the day those in the business called those vehicles something worse" to which my mother once said to him " Only Now? you have developed a conscience !" i miss you Dad.
I really wish you had the car in stock I wanted. I would have driven from Flint, Mi to buy from you. I mentor interns at my work, and I make they watch your videos, because they are all about to need to buy a new car. Thank you for this information and all you do.
3:02 "Crazy Larry's Used Cars" 😆 It sure was nice meeting you and the crew yesterday. You were very kind to accommodate us Michigan vacationers. If we didn't live five hours away we would be getting our next car from you in a heartbeat! All you cats down here, you are lucky to have Mike close to you. Another great video, helping out the customer. All the best, guys.
Hey I like that pay all but one payment that is nice ! Thank you !
This is the type of content i've subscribed for... what would be cool is doing under cover buys.
awesome video, I buy lots of new vehicles and use many of the tips you recommend. Keep up the good work.
Super, thanks!
Dealerships hate cash. I walked in knowing what car I was going to buy and the final price. Sat down and told them how much I’m paying for the car and nothing else, either I’m getting the car or not. Don’t listen to them, pay what YOU want or leave
Awesome content Mike. Would you do a guide to a custom build? I think this is where the industry is headed and would be cool to hear your thoughts.
Wow,,thank you. I am trying to get my third Tacoma. And I am paying full cash. But, no dealer is giving me anything. No money off the MSRP etc. I like what you said about financing, and then paying it off. Ust want to see of there are any loan processing fees. Glad I found your channel.
My last cash buy new civic was as easy as going into Target and going thru checkout…
Thank you!
Awesome video!
Purchased a new '22 Silverado refresh. Did all negotiating before stepping into the dealership. Shopped my trade in around at a few local dealers, Carvana, Vroom etc as well. Sold it to a local Acura dealer for top dollar. Drove 125 miles away to get my truck. Borrowed a 22% of the total value of the truck. Paid off the loan 30 days later. The next day they even picked me up at my house to retrieve the car that I left at their dealership. What a great dealership to work with. It was Gosch Chevrolet in Hemet CA.
thank you so much for naming them.I will try them.
You take melatonin? You sound like you get into some REM sleep and have some pretty wild tycoon dreams.
I'm about to buy a car by myself for the first time... My Dad and brothers all live in New York and I'm in Florida now... I've been doing research for a few months now but it is overwhelming and I just want to get it over with which I know is a bad mentality.... I found a car dealership that had reasonable sticker prices considering Orlando is expensive in everything
But I am nervous I guess and I really enjoy a few of your videos that I've watched today for the first time I'm glad your channel popped up and thank you
Especially that test drive video 💯💯💯
my mother's best friend is a CPA. she is also my godmother. I always bring her when shopping for cars. I don't think the salesman likes her. Well... the finance manager hates her. :) I usually sit there and say nothing while she goes over the deals for me.
I understand what you are talking about on the homefield advantage... but I also want to physically lay eyes on a vehicle before I talk to someone and want to check it over and test it out before even thinking about negotiating on it.
That is IMHO, the hardest part of buying a car from a dealership.
There have been times in the past, when I was interested in a specific make and model. I was able to rent one and drive it for a couple of days to see if I really would be happy with it. It's costs a fair amount to do so but, as I keep my daily drivers for ten or twenty years, it helps me determine if I really want one.
I also drive other cars whenever I can. For instance, I am possibly in the market for a minivan to replace my sixteen year old SUV. At work, we had Chrysler minivans available as staff cars. I drove them enough and talked to our shop guy responsible for their upkeep to know, hell will have to freeze over before I'd buy a Chrysler minivan.
I’m generally a cash buyer. I always take my fully charged laptop with me when negotiating my car purchases. I have an excel file where I can calculate what the final price should be including taxes, etc. I also research car prices before showing up at the dealership that has the car I want.
I thought I was the only one to do this. Good going !
How do you get this information? I mean its written on the sticker?
@@DeanMarko-ex3rd 1) You get the MSRP from the manufacturer's site. 2) You get the final car price from the Monroe Sticker that has to be attached to the car window (its the law) and you can also request it to the dealership, if they don't have it already on their site. This sticker will give you MSRP + any FACTORY options added in, + DESTINATION CHARGES = Final car price FROM THE FACTORY with no more bullshit added on (apart from the dealer requested accessories included). 3) Sales tax varies by state. Then there can be doc fees, and other dealer fees, some states set the maximum others don't (Like Florida). To make a spreadsheet start with the MSRP (including Accessories + Destination), then you will add to your Out the Door Price (OTD) Taxes, Doc fees, And any other fees that the dealer tells you.
Your negotiation comes from trying to get the out the door price as close to MSRP or even lower (some brands are running discounts on MSRP, like Jeep, and I've seen Kia run discounts on EV6 for example). Anyhow there's a lot to talk about in this space, that should give you an idea. Good luck!
Do your delete your browser history too just in case?
@@ttscruz
There's a reason Jeep and Kia are offering those discounts. In the long run, you're much better off financially buying a different brand.
You the goat! 🐐 thanks 👍
Good stuff, sir.
The two times i have purchased new cars I custom ordered them. The price was negotiated prior to meeting the Sales Manager to discuss payment and what not. Both times my offer was submitted with a substantial cash deposit. Both times I walked away with a deal i was happy with. I made 2 payments on each. The first on the day the order was placed and the second a bank draught for the full amount outstanding.
Another way to get around the pre-payment penalty, that I hears on another channel, is to finance for 72 months, which prohibits any pre-payment penalties by law. Or so they said.
Great Tips, Mike!!! I have read and also seen on RUclips that if you are pushed towards a loan but want to pay cash, you can get a 72-month loan, and pay off the car completely on your first payment. This is a federal law now, there's nothing the dealership can do about it. Thanks!
👍
Yes, stealerships loves long term loan payments with added value trash payment insurance.
That's where they make the most profits.
Just make sure to get the best final out the door price.
Great video thanks
I'm dealing with a dealer right now. Told him I'm not going over 20k out the door. He sent me two vehicles that are listed at 19,980 and 18k. It blew my mind
I went to a dealer and they quoted me 2k above the advertised price on a Denali
Good one mike i see what you did there in this video since 95% of all shoppers will experience the 4square at large dealerships but not at most independent lots and the home field advantage of negotiating the cash price from home is 100% true since most of those large dealerships groups are posting low bait and switch prices online to lure shoppers away from your dealer lot without actually providing a better deal than you can for the same car , Lucky lopez posted a video about -Why dealerships lie about price - which will clue shoppers into understanding why its so important to call from home to get the figures so you can expose those shady dealerships before becoming a victim of a false pricing dealership group
True. My current car was a cash deal, and it was a fabulous buy. Since we weren't financing, and we had the cash for the car available and ready, the dealership couldn't play games or try to trick us. We paid the price as advertised, except for taxes and licensing. Not so profitable for the dealership, but good for us. I got a very nice used car for a good fair price. If only I'd known this 25 years ago when I got a raw deal on a pickup truck
My tip is to buy a car and drive it until the engine needs replaced.
Awesome video
Cash buyer here, going private party w/ a PPI. Dealers are insane these days.
My first several cars I did not get the extended warranties and it worked out well. For the last 2 I did. Was 2 for 2 in getting engines replaced with the extended warranties. One was a first model year Crosstrek, first model years often have troubles. The other was a Fiat 500X, which was, well, a Fiat.
@@islandhopper100 They make some money when people transfer the car but don't mention the warranty. Also, through a mismatch between the driver and the warranty (you want the number of years and the number of miles to match, to expire near the same time). Also, they can make money even if the retail price of the warranty services they provide is higher than the cost of the warranty, because the manufacturer will get a huge discount.
But I agree that if you buy 10 cars and get the warranty on all of them, you will lose. Also, with my recent vehicle purchase, the extended warranty was far more expensive than my prior cars. Like $3,500 vs. $1,000. So I passed. When my manufacturer's warranty is expiring, I will reconsider.
When anyone pushes an extended warranty, I just loudly inquire, so that any other customers can hear, "So, you're telling me that this product is so unreliable that I need to purchase and extended warranty to protect myself from future, high repair costs?".
That usually kills the hard sell on the spot.
Excellent work Mike! Although, I decide what I want to pay for the car, and what I want for my trade before going there, I tell them what I want (cash), and if they can't give it to me, I say thanks, and walk out. 99% of the time, my phone's ringing before I get home.
Oh, and I love when they try to add "paint protection". I just tell them to take it off because I didn't ask for it, and won't pay for it! *LOL*
That's exactly what do. I learned from my Dad. He NEVER borrowed to buy a car, and he was perfectly happy to walk out. He did that many times, and many of those times they called him back.
Same here. I take it one step further and I always work based on an “out the door” price, including tax. Make them work backwards a bit. I also do the other breakdowns ahead of time (trade, pre-tax price etc…) to know the possible values they may try to throw out there. Makes it really easy to spot any “hidden” things they try to tack on, and even easier to walk when it doesn’t go my way.
Those are the best approach for your best deals, folks. ❤❤
They love to pressure you at the last minute to the final deal.
Keep saying the products below will preserve your spanking new cars for a long long time and protect your expensive investment.
The salesman always tries to use their last weapons before the buyers signing their best price by selling paint, shine protection, rust proofing, interior 3M protection, wheels 🛞 protection, anti thief, extended dealership maintenance services, and extended warranty + else.
I replied :
No thanks you.
I don't needed.
The salesman quickly asked me WHY??????
I told them, don't you wanna me to come back to see you to buy my next new car with you sooner????
That blows them away. 😅😂😅😂
Great video. I like the Volvo XC70 that you have listed, but I am not sure it's in my price range. Plus, I live in North Central Idaho.
One more tip. Some dealers have fake pricing on new vehicles to get you in the door. I use those advertisements at other dealers that don't scam to match it. This should put you within $500 of the dealer invoice price. Remember to subtract any incentives from that invoice price since those rebates are factory paid and do not come out of their pocket.
I recently purchased a new car, paying cash. I made an offer I was sure they wouldn't accept and they took it right off the bat. So I saved 6 grand off MSRP and I'm very happy with the deal.
On some of these new car build sites , as you build it shows you the monthly payment as you move along instead of the total price.
Do you have a video on tips on negotiating on line for buyers that have never took that approach.
Mike could you talk about buying vehicle at the end of a 3 year lease, is there room for negotiation on the price?
I am 24 and looking to buy my first car. Gonna make a spreadsheet that does the calculations at 3:40 so i can pull up my spreadsheet everytime they bring in the damn worksheets.
Thanks
First thank you so much for this information! Second I didn’t know that I could negotiate a price from my home, I thought I had to go to the dealership. I’m gonna have more questions, for example how do I negotiate for something that I haven’t seen in person or test yet?
I was reading somewhere that besides language about prepayment penalties, look carefully at how interest is calculated. Most loans are simple interest, but some have a fixed amount of calculated interest no matter how early you pay off the loan, and some use "rule of 78" that heavily frontloads interest. It is possible that these alternative calculation methods are banned in some states, but look at the contract carefully (as well as state law, as applicable).
in 23 years I have never seen a rule of 78 loan. I hope nobody is doing those loans still.
Your state governs alot of that. Dont get taken by some 'side of the road" used car dealership.
My trade is valued at about $10K less than the vehicle I am buying, after fees and tax (only pay tax on balance after trade in my state). I plan to finance for 36 months max and pay that baby off in 6 months. If I have the cash available at the time of purchase, I'll just pay it in full and have full ownership when I drive off the lot.
Subscribed day 😅 looking forward to the math!
Previous videos said not to mention cash till later.
In today's market we should use cash as deal b4 we get to the dealership?
I only buy if the complete and true out the door price (O.T.D.) matches the amount i have written in my personal check book before arriving at the seller or dealership. Otherwise, i will get up to go some place else. No time to haggle and will not pay a dime more than the amount written on my check book. Be firm, be calm, and not afraid to leave if need be. For the most, they will be chasing you down before you get back on your car...lol.
I wonder, is it possible to pay the taxes and (legitimate) fees separately?
@@economiccrisis9267 It is possible by having the car delivered to you by the the dealer then pay all these fees when its time to head down to your local DMV office. Also, if you reside in Oregon, no sales tax for car purchases.
Hey Mike, great video I’m buying a Corvette and I’m not taking out a loan is there actually a way to bargain on the price when they’re selling for MSRP and usually won’t budge you know the whole situation with a Corvette Market, so it makes a little bit harder to get them to budge on the price of the Corvette
Would love to see roleplays with an every day regular person 'buying' a car and you 'selling' to see more tips and tricks to avoid/know.
You are the man. Now I’m scared just to buy a car
Square1 (Trade Value): $0 because I'm keeping my current car.
Square2 (Price): Something that needs to be locked down before setting a foot in the dealership.
Square3 (Down Payment): Equal to Square2, minus deposit if there was any.
Square4 (Monthly Payment): $0.
LOL slick Willi
I'll be waiting on the GAP video. I just found one you did a couple years ago about buying GAP from the dealership vs. the insurance company and I disagreed with the take based on my research. I want to present my findings and get feedback from the page.
I was quoted 46 a year from my insurance company for GAP on a new Camry. Last time I bought GAP from my credit union it was around a $1000.00.
@jawsgreatwhite9966 exactly. Also, most insurance companies only offer that coverage for about 3 years, which in that time you should be right side up on the GAP. Whereas through the dealer, you're still paying GAP long after your vehicle equity is greater than your loan balance.
If I pay the car off (except for the last payment), how do I know how much to pay? Do I go off of the line that shows the amount financed?
I was able to discount the price of a car, if I financed through the dealer, as they got a cut from the lender.