FINANCE MANAGER EXPLAINS: 5 Things keeping you from getting a good deal
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- Опубликовано: 27 май 2024
- Get a great car deal this season! In this video I help you with the steps to take before buying a car.
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IMPORTANT DISCLAIMER :*This video is my own opinion based on my professional experience. I am not a Financial Advisor or Attorney. Please seek one if you feel you need legal or financial advice.
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And when the Finance Manager sees that you are knowledgable he will just throw you out and wait for the next sucker....
We got a great deal by texting back and forth with a salesman. I knew exactly what trim I was after. So, I made sure to ask multiple dealers for the best price, and I told them I was calling other dealers as well. Well, long story short, once I found the best price. We went to the dealership to purchase the vehicle and asked for the salesman I was texting with who tried to sell us the car for more until I showed him the text messages between us. And I said if you can't match, we are walking out. He ended up matching it. Research is everything when coming to buying a new vehicle along with insurance costs.
It's too bad that buying a car has to be such a grueling experience.
Have not had a car payment since 2009. I recognized that I could not afford a car if I did not have the ability to buy it in full at the time of purchase.
I appreciate you and your information. I think it's sad we're trying to normalize how to behave/act while getting screwed at the dealership like best business practices are not an option.
I really love the way you continue to drive these points home. I'm looking at a vehicle and the simple mental process of considering it stresses me. Your videos about the finance process are ENORMOUSLY helpful. It's easy to get overwhelmed and flustered in the finance office. The other point you and all the Caredge folks make about walking out if things are not as you wish or like or expect in invaluable. I also think sometimes planning on buying a vehicle when you aren't in a position of absolute desperation is the best time to look. You know you can walk away from anything because you still have a viable alternative parked outside. It also helps when you land a salesperson who is not pushy. I'm working with one now and it really makes a big difference.
Thank you so much! @Cocora22 Ah, the mental gymnastics of car buying! But I'm thrilled to hear that my videos have been driving those points home for you. Knowledge is power, and using even one word of their language provides you with a jolt of confidence- but as I say in my videos, it also changes things on their end too. Great advice and thank you for sharing!
I'm wanting to buy a new 2024 Encore. Went to the dealer today & the "Processing Fee" is $600 and they won't budge. I'm in Oklahoma. It appears to be filled with BS! 🤬
Agree 💯 with all your points, especially #2. While initial quotes are generally done via chat/text/email/phone, the vast majority of deals are closed in the dealership. If you’re prepared, and understand the tactics used both on the Sales Floor and the F&I Office, you will succeed in getting the best deal for you. Thanks for another great video Kimberly 👏
Agree with you. Nothing says "I'm a serious buyer" than being there in person and establishing a relationship with the salesman. Especially if your family drive more than 1 vehicle or you have brand loyalty.
Great video. Car Edge also preaches getting the out the door price and asking about the buy rate on the loan.
💯!
Great job Kimberly breaking all the F&I jargon into common English. ❤. #OTDPRICE1ST
That means a Ton to me @Retiredmco and thank you for being here!!
I was introduced to you via "Car Edge/YAA" I gotta say now that you have your own platform your message/content is much clearer than Zach and Ray's stick. Well done - glad you separated yourself from the "Finance Goddess" and are providing valuable content. Well done.
Amazing. Thank you Kimberly
Smart, Kid. Burn no bridges.
I subscribed to your channel so much KNOWLEDGE you give is helping me so much on what to know as im looking to get a 2024 vehicle
Great Information..... Good Work Keep It Up :)
Awesome video and wealth of information @autofinancesense aka Kimberly! Unfortunately, I just purchased/leased a vehicle and think I got hosed because I did not have ANY knowledge about leasing. BUT I was calm and got up 3 times to leave and thanked them for their time and they kept coming back with a better offer. However, I traded in my vehicle ($12,000) less amount owed ($3900) so I think I loss big time on that part. I saw one of Ray and Zach's video and Ray says he NEVER puts any money down on a lease. Oh well, very costly lesson. But thank you soooo much Kimberly and I am soooo glad your channel is off to a roaring start! Keep up the amazing work and thank you for all you do for us uneducated car buyers!!! ♥
Great show, Kimberly!!!!
Thank you for your kind words @seanoconnell5443 I always appreciate your support!
Ty🌹 Miss
Just subbed. Watching the guys on Saturday and you just commented! Congrats on your own channel.
Thank you for subscribing and for your kind words! I really appreciate the support. I hope you continue to enjoy my channel!
Great advice!
Thank you so much for your kind words! @Jupiter_Crash I really appreciate your support. It means a lot & Stay tuned for more great content!
Excellent content, very helpful, especially the money factor on leasing, and I agree the best way to deal, is at the dealership.
Excellent advice ✔️
Thank you - Always appreciate you being here!! @TwilightZoneX
Jimmy christmas lady where have you been! This is some of the best advice i've ever gotten about how to buy a car! Thank you very, very much!
That made me smile! Thank YOU very, very much for your support and for being here @mikedillon6233
Hey Kimberly: Great advice and content as always. What is your recommendation when manufacturer incentives are vastly different for purchase vs. leasing? Even more complex for a plug-in hybrid, as they can be eligible for a different tax credit when purchasing vs leasing as well as the manufacturer incentives. Seems like its necessary to reveal your purchase / lease intention at the outset.
Money Factor X 2400 is now burned into my brain!!! I'm ready to look for my next leased Crossover! Oh, and I ALWAYS visit multiple dealerships (different brands) to test drive or at least sit in a car of similar trim level to first determine if I even like the car. Because watching dozens of RUclips videos is a great research tool but not the same as being physically present at the showroom.
Thank you for all your wonderful videos, love them, how do we overcome the nonsense $995 DOC fee in Florida
Thank you so much for your kind words! I'm glad you're enjoying my videos. As for the DOC fee in Florida, I would recommend negotiating with the dealership to see if they will reduce some of it from the price of the vehicle. Florida is tough, that's for sure but It's always worth a try!
Misanthropy is not solved by knowledge or email. Trust me the more information you have the more misanthropic you become. Just remember that's your problem not the rest of the worlds. Just get to know great people like Kimberly and it helps.
Kimberly Kline is ABSOLUTELY one of the Good ones!! Justise is kinda ok too ... just don't tell him I said that ♥
Thanks
Thank you @jimmulderig743 for taking the time to watch my video and leave a comment. Your support means the world to me!
What happened at CarEdge? I’m hoping it was a positive separation. Either way, glad to see your representation again!
Thank you! @zacharymarlow4574 All is excellent with CarEdge ❤ and we will collaborate. I'm just zeroing in on my niche which is helping people get through the second part of the deal - the dealership finance office.
Negotiate the otd then hit em with a check for the full price.
GREAT info! I’m wondering if you can tell me, what is the significance, if any, of term “credit usage” on a credit report?
Hi @judyl.6550 You want to keep this as low as possible. People with great credit scores will have a low utilization. Either pay off those credit card balances every month or keep the usage of revolving well credit under 30%. i.e. Have a card will a $1000 limit? Keep that balance under $300.
When is a good time to ask for the buy rate? After or before the finances ?
Kimberly always giving results…!
Please don’t be offended. I’m offering this in good spirit as I really like your videos and find them very helpful. Okay- the answer to a division problem (debt to income ratio) is a quotient. Sum refers to the result of addition. Thanks again for sharing your knowledge.
When you add up all your monthly payments that’s a sum. Divide that into your income and you have a ratio.
Pay cash . Cars are a depreciating asset
Leasing would be a better option. Why own a depreciating asset.
Depends what you buy and if you don't put many miles on it
Cash is for boomers.
Excellent video! A question though, is there a buy rate to manufacturer financing?
No, not if it's a subvented incentivized rate. I.e. 1.9, 2.9, 0%... That is the Buy Rate and a small "Flat" amount is paid to the finance department.
Thanks Kimberly!@@AutoFinanceSense
Thanks for another great video Kimberly.
Can you tell me how much is the dealers fee in New York City. TIA
Thanks for being here! @Lobsterman5481 Every dealer is different my friend. But, a good place to check in would be in the Community on Caredge.com for sure. There are many buyers there that have NYC experience 👍
If you’re speaking of Dealer Doc Fees, NYS has a cap of $175.
@@mikesheehan559 Thanks
The Doc fee is a junk fee. I always try to negotiate that fee off the car deal.@@mikesheehan559
I walked into a dealership and we were talking about the out the door price and then the next day they called me and then we've been negotiating over the phone and through emails and now we are set on the out the door price now I need the bill of sale do I tell them to send me the bill of sale through email? Do they send the bill of sale with their signature on it already and then I have to sign it? will they sign it and then I sign it and then I send it to the credit union or do I send the bill of sale back to dealership with my signature ?..
Kimberly,
Is there laws that cover how much a dealership can charge over the buy rate from bank? Or can they charge whatever they want and hope to land a sucker? I live in Florida.
Hi @j.t.7348 It's determined by the bank and depends on term. Max markup from Buy to Sell rate is generally 2 points.
@@AutoFinanceSenseHow can you verify that the buy rate they tell you is correct? Can’t they just lie to you?
@@craigpatterson3612well what you got pre approval should give you a general idea
I can never understand how the finance company can approve you for a certain APR (Buy Rate) but the dealer can inflate that APR. Please explain, how this is even legal.
Kimberly thank you for it all , Lol I went to 3 different DODGE dealerships last week in person to do test driving ONLY and to allow them to give me their best price , All 3 were around $52k-$56k and I offered them $42k , haven’t heard back from any of them at all , what could my problem be ? Offering too low ?
Don’t buy a dodge for one
I was a former car salesman, and yes, we would call you a low baller, and would not want to spend more time dealing with a customer who wanted us to lose money selling a vehicle. Most vehicles have about a 10% mark up, most pick up trucks about 15% mark up. So if you are offering like 20-30% off MSRP, that would be an unreasonable offer.
@@michaelmiller4606 got it man thank you for this
@@michaelmiller4606 he Mike quick question man , what’s a reasonable offer to make if they are asking $52k ?
@michaelmiller4606 Thanks for this. If an offer is 30K, how low can I go with the sales manager on a new car.
I thought you were with The Homework Guy’s channel?
I have always wondered if it hurts or helps to get pre approved through a dealership website? I know it's wise to get pre approval from a credit union to know where you stand and to leverage that offer, but does getting pre approved with the dealership diminish any negotiation leverage you might have?
Great question @MrSpiderfire and I want to address this one in a future video. No, sending your credit application via dealer website does neither for negotiation leverage. What it does do however, is give the dealership authorization to pull your credit and even send a deal in for approval. Don't do this until you are 💯% ready to buy a specific car. It simply speeds up the process so the F/I Mgr. can get your paperwork & deal jacket ready for you. This can also be done when you're at the dealership.
@@AutoFinanceSense , Great information, I appreciate the reply as I'm planning on picking up a 4runner here in the next couple weeks. Thank you.
I put 10 k in cash and payed the balance in a personal check. The person doing the paper work wanted my ss number told him that's not going to happen. I told him I am not financing the vehicle. Then it got ugly he got very upset what's was his problem???
Hi Kimberly! I'm in a market for a vehicle. I got what I think is the best offer out there (I've contacted every dealer of that brand in my city). However, I must finance otherwise I have to pay 1000 more in cash. But from my knowledge I can pay off the whole car loan at any time with out penalty. So in your experience should I financed And pay it off right away? I will need a cosigner since I never finance before despite having a great credit score and also I'm young student. I wanted to pay with cash but they refuse to do the same number if I don't finance.
Most lenders do not have an early termination fee, but some do. Just find out if there is any early termination fee with the lender. When I worked for Honda, customers had to make two payments before they could pay off the loan. You may also want to make about 12 payments before you pay off the loan to boost your credit score.
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I have 0 credit. How do I work around that?
Hi @DR-qh7gu Great video topic! More than likely, you'll need a qualified cosigner to get an auto loan with a thin file or zero credit. A large down payment helps as well.
@@AutoFinanceSense I had $16000 to put down and they wouldn't work with me. the car was advertised for $24, 370.
@ $50,000~$100,000 for a car or truck? I’ll restore a classic for much much less
A lease is a long term rental. I would NEVER lease a car.
Fine, no one will ever make you lease a car. Do you golf? Do you ski? Do you go out drinking on Friday night? Do you go on vacation or just stay home? Do you go to the Bahamas or a local beach? Do you sometimes shop at nice clothing stores or buy all your clothes at Walmart? All of these cost varying amounts of money. As long as you are responsible and saving appropriately, these are all lifestyle choices. So is leasing. I lease my wife's cars. I know that she is driving a reliable car with the latest safety features. I find value in that. I'd rather give up a few rounds of golf each month. Maybe you don't mind your family driving in a older car. I do. And I haven't bought a drink at a bar in years but if you enjoy that, I get it.
Now, I understand if you would like to pay $500 a month for five years and then own your Toyota and have no more car payments. You can spend that $500 on furniture, a boat, vacations etc. But some people would rather continue to pay $500 for a car and if they lease and don't mind doing that, they can drive a Lexus instead for the same monthly payment. Of course, they will always have a lease payment but that is their lifestyle choice. Do you criticize people who purchase BMWs because that Kia will get them where they need to go.
You are correct. A lease is like a long-term rental. And I'm sure there are things that I spend my money on that have no value to you but I'm sure there are things you spend your money on that I would never do.
My credit is zero...😢
This just shows how corrupt the car business is, it's OUR fault if they overcharge us. How about forcing car dealers to be honest? That would do more to help consumers instead of having to learn how NOT to get tricked out of more money. Your video is informative but the car sales world is just too laden with land mines designed to take as much money out of our pockets. These "tips" only let dealerships keep doing dishonest business. Hold them acccountable for fraud, that will do more good.