HOW CAR DEALERS MARK UP YOUR INTEREST RATE! This is crazy!
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- Опубликовано: 29 авг 2023
- In this video I share how car dealerships can make money by marking up your rate from the bank when buying a Dodge Charger, Challenger, Hellcat, Scat Pack, Redeye, or any car for that matter.
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Man’s going hard with the uploads
Credit unions and banks also have a buy rate vs actual interest rate. The bank just makes the money instead of the dealership. I totally agree about getting an pre approval from your bank before talking to the dealer (I tell my clients to do this all the time). No dealer should be getting away with anything more than a 2% spread AT THE MOST. Most of my deals are like .75-1.25%.
Keep making videos like this OCM and you’ll get to 100k in no time. Your videos are real and what people need to hear if they want to be informed and not get robbed! Good luck!
I've been telling people this for YEARS. Good info. Also, I advised people to work on the sale price more than the int rate. If the dealership gives you a great price on the car, Going through their bank, you can refi later. If you're paying through the roof on markups, but at 3%, you have NO ROOM to refi. Therfore lowering your payments.
I’ve been here since you put the 15’s in the trunk. Actually before that because I remember when you put in the bass cannon before that setup. Subscribed because of how well you documented removing the rear seats, shelf, etc. Stayed because you keep on rockin and rolling while constantly motivating 😎👍👍
Those were the days! Fun videos for sure! Thanks for hanging with the channel!
Brad appreciate all these uploads! Something to look forward to while on the work grind 👍🏼
Been watching you since last year and I have personally loved your videos I’ve been following your advice and you haven’t missed once keep up the content I always look forward to the videos
More quality information from Brad, you have a great channel going man can’t wait to see what you have for us on your next upload !
Been watching for over a year and never realized I wasn’t following 🤦🏾♂️😅 my bad bro I just subbed at 5:21am 💪🏾😅 keep up the hard work !
Love all your videos, Mopar or not , we all love cars! And love that fact you give us real information, keep up the work! Thank you OCM your the one RUclipsr I actually look forward to watching.
You got the 100k down man just keep grinding!!
I saw a swinger ..your cars twin,at a dealership online price 68k, saw the car in person 74k..dealership markup...bait and switch..drove up in my hellcat widebody..I'll keep mine..that I bought with no markup..great content as usual.
I wish I knew this type of information before I bought my scat back in 21’ . I thought it was odd that the APR was 5% with a 790 score. Thank you for your wisdom. I won’t make that mistake again, especially now that I’m going to upgrade my wife’s car when prices drop.
Bro hell yeah. Back in 21 with that score you should have gotten 1% smh
shame on me fr@@OctonaBoyFresh
I’m from canada awesome work. Speaking out is amazing
Appreciate the work your doing with these markups ! I’m a Honda guy and even those have been affected by markups ! A couple years ago Honda introduced their version of the smoke grey color that’s popular right now…they marked up accords with that color by like 6k even though adding that color from the factory was only a $495 up charge…you could find brand new 22 accords that was in other colors cheaper than a used 21 accord in that smoke grey color…I even saw some civics in that color and dealers wanted 40k…40k for a civic is ridiculous !!! Current I have a 2013 accord with 163k on it and I was waiting for the car supply to get back to normal but now that it has now interest rates are high so I’m gonna hold out a little longer and see what happens…can’t lie though I have been thinking about keeping my accord as a daily and getting a challenger 392…I’m used to Hondas reliability and have only owned Hondas , Acuras and Nissans but damnit I want some rwd American muscle !!! Hahahaha 😎✌🏽
You should get that Challenger imho. Spoiler alert: Chargers and Challengers are actually really reliable if you maintain them and treat them half decent.
ive wondered why? its like this for other cars too. usually smoke grey or destroyer grey will be marked up a ton
@@SRTKOVA only reason I see is to make money off a hot color
I agreed with you about being all hyped up when your there trying to buy a car. My first experience buying a new truck. First the salesman is like what can you afford.. Biggest mistake you can make is telling them that. They will put you right there or maybe even higher. I had prefect credit and after having the truck for little over 2 years it was time for an upgrade. I pulled out my pink slip of the agreement I was shocked that I was getting hosed at 12.9%..... Never again!!! I always call the Sales Manager and ask what is the best price you will sell me that car/truck most the time I can get a really good price in 15/20 minutes. As in your video then the Finance game starts but if you Know your numbers you will not get hosed.... FYI most of my buying is out of states, it's where the deals are!!!!
I’m Really Glad my Brother is a Lawyer.
It’s flat out gouging with the mark ups and interest rates. I went to 4 dealerships before I got my Hellcat for less than 1k over sticker. We need politicians with balls to stop the gouging on EVERTHING nowadays.
I'm just subscribed, like your videos,,
I absolutely love that your pissing off dealer's!
It blows my mind people have 100 points more than me on their credit score and still pay 3%+
Thank you!
When I ordered my TA. They tried to get me on 7.25% financing but I had already been approved by my credit union at much lower. I told them and they acted shocked. Under MSRP and I’m very happy with my low rate by doing my homework
Good advice
Brad,
Thank You so much; I Never knew any of that stuff. I will definitely be Locked & Loaded the next time I have to go to the STEALERSHIP!!!
How???? Be smarter dude
Good job
Thanks
I always refinance with my credit union if i cant use them for the actual purchase. They only do tri state. So when i buy out of state i finance through the dealer then immediately refinance with my bank about a month later when i get my actual registration.
And make sure the dealership gives you a GOOD PRICE on the car for going through THEIR bank. It'll make a huge difference in refi. Trust!
Keep advocating for the consumer and you’ll hit your mark, and keep all of us from being a mark for crooked dealers
Had a similar situation with a past Ram lease. When the lease was up I called the bank myself and negotiated a finance deal myself. They sent all the paper work needed. The dealership was really annoying when they found out. Calling me and saying that I couldn't do that. Well, the deal was already done so apparently I could 😂
If people like your content, I don't understand why they wouldn't subscribe.
BTW I AM SUBSCRIBED
Some dealers don’t do third party financing, so you’re stuck with financing through their bank at a higher rate than you would get with your credit union 😢
That’s ok. Take the loan and pay it off with your own bank refinance a week later.
Yep! I had no Idea until I started working at a Dealership, I think 2% is the cap, I think! Common misconception is you'll get a "discount" if you pay cash. Dealers tend to "make more" while going the Finance route :) - Great video as always!
Yes they do
I recently purchased a new 80k RAM 1500 discounted 20k from a dealer. When I was signing they warned me that if I refinanced I would get fined for the rebates which was a bunch of BS. 3 weeks later I got the registration and refinanced the loan to half of the rate they gave me. I thought that was very unprofessional in their part. Banks comp dealers if the loan sticks for at least 5 months
How are you going to get a hellcat p when covid head I gave it up I seen your channel and I've been following it you can keep the gas prices to keep on going up I can't afford it they could keep it
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Quick question, I bought my first car, 21’ R/T almost 2 years ago with 0% APR on a 72 month deal cuz of my credit. Say that I want to trade in and buy a used charger. What would be the ideal APR I would get?
Rates suck right now so I’d go to the credit union and get preapproved. Also check the dodge website for any special loan programs too.
@@ocmotivator Appreciate the quick answer and advice!
An excellent rsolution when a dealership makes you feel bad is to walk out, leave and never return. Why would you even entertain that nonsense?
Won’t a purchase agreement be required to get financing at a bank? They’ll need the exact figures, VIn and personal info correct?
Purchase agreement, yes but not an overall approval amount.
I have a dealer 2 min down the street that has two 2022 Scat chargers for 5k over.
Good stuff, question I was at a Chrysler dealership last weekend for a 300 the car was listed at 44 grand, I asked what was the financing rate for a 700 score they told me they don’t know until they run my credit. I said before you do that, can we work out some numbers they said we can’t do anything before we run your credit. I like the car but what you do in this situation? I told them I’ll get back with them this weekend but Idk they seem sketchy…
Get preapproved with your credit union or bank and then go back and tell them you’re paying cash and once you agree on a price you’ll let them run your credit and try to beat your credit union or bank rate.
@@ocmotivator Thanks I appreciate it will definitely go that route…
@@jerodlewis1356And make SURE you tell them not to run your credit through the ringer with a million inquiries. 4 max!
You should go into the place with a Cop friend when you are going to buy another car.
got a 14% on my scatpack w chrysler capital im tryna refinance w my bank asap
Jfc you have bad credit?
Yes definitely try to refinance
@@HansBelphegorin the mid 600s
Get a gr Corolla or integra S and watch your subs skyrocket.
I like your channel but it's the people fault they chose to spend and purchase those vehicles at those markups..... The dealer should charge people who choose to be irresponsible for buying those cars....
I thank you for your military service... you didnt even respond 😂😂😂... I watch your content here n there but I wont subscribe...
no one has to tell me thank you for your service. I joined because I wanted to.