500 IQ strategy to negotiate with the finance manager - Car buying tips
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- Опубликовано: 5 фев 2022
- Buy your extended warranty from someone you trust. We sell them all at $500 over cost to save you money. lvillechevydude.com/extended-...
Do you want to know how to negotiate a car deal properly? Car buying tips are great. But the finance manager is who really takes all your money. Rate mark-up, extended warranty, and other crap products they sell you are simply to make money for themselves. a FAIR profit is necessary for any business. In this video, I show you my 500 IQ strategy to negotiate with the finance manager that will save you thousands of dollars on your next car purchase.
Pay 💰cash for your next car and have the upper hand in Finance  Negotiations
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I am the owner of Mike's Car Store In Georgetown, In. We sell used cars near Louisville Ky and ship nationwide. we look forward to helping you. mikescarstore.com
Buying a Car Doesn't Have to Suck™ 
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Buy your extended warranty from someone you trust. We sell them all at $500 over cost to save you money. lvillechevydude.com/extended-warranty/
But don’t ask you what the name of the warranty company that you use happens to be…right? 🙄
Who do you use?
@@timb3925 He won’t answer that. We have to believe that it’s this too good to be true wonder warranty company that is super affordable and pays out without question. 🙄
I realize that is a "deal" compared to some dealers, But lets say your extended warranty is $2500. You are making $500 on the deal. That is 25% upcharge to literally file a piece of paper. Its funny that $500 for about 1 minute of work is considered a good deal in the car sales world.
I’ve worked for car dealerships for 20 years. The dealership model is broken and I am glad I got out. You have an elegant and precise way of explaining how dealerships try to “maximize” every deal. You are responsible for saving people so much money! Keep up the good work!
Props for getting out
We should all have the option to buy directly from the manufacturer if we don't like the deal we are given at the dealership.
@@markymarc136 -- Buying a car ought to be like buying a dishwasher, TV or refrigerator.
I remember the salesman gave me a price on a new truck. Once in the finance office, the price amazingly went up by several hundred dollars. I told the finance officer the price we had agreed upon and showed the paperwork. I told the Finance Officer the difference needed to be adjusted or I am done with the deal. The price went down quickly ! Oh and now I am paying cash instead of going with your low interest rate. Finance officer was not a happy camper, especially since they could not sell me any extras. Then I was told the dealership was losing money on the deal they gave me. Yea right ......
There are times where a dealership takes a front gross loser and the manager tells finance to make it up on the back end. It's not every deal every day, bit depending on if it's an old unit or something it can happen.
I'm serious, you should become a car broker for people, become that middle man and take the buying process over, be the guy to purchase the vehicle for your customer, your job is to be the person to talk with the dealership, for a small fee. I know I would pay for that service, been screwed over by so many dealerships..
Yes, Mike should consider adding a "Car Buying Concierge" service to his car dealership business...an added source of income, not to mention he can do it for anyone in any state, doesn't have to be in HIS state only.
I live in CO, but used a Car Buying Concierge guy in NJ as I did NOT want to deal with a dealership here locally in-person and preferred to hire my own "car sales shark" to deal with the THEIR sharks. Price was well worth it -- IF the concierge guy/gal (some WOMEN have Car Buying Concierge business also) IS good/knows how to negotiate! ;-)
-- BR
P.S. Please note: A "Car Buying Concierge" service is NOT the same as a "Car Buying Broker" -- the Concierge works for YOU ONLY, unlike a Broker who works for you AND a car dealership, which yes, can be a conflict of interest.
[Tried to respond to "Cole G" but his post is gone]
-- BR
@@billredding2000 do you have a link or website that you could provide for the person you used?
@@okcthunder_rise2829 Having ALL kinds of trouble responding -- give me your e-mail.
@@okcthunder_rise2829 ETA (2-16-22): I keep getting an error message and it deletes my posts -- so I can't respond in detail to answer you. I can give you my phone # if you don't want to post your e-mail here. Let me know...
-- BR
I had a finance manager ruin a deal with me for a brand new truck. I had been pre approved with my bank for x amount. This made the finance person not happy. Made a snide comment about my bank, I looked at him and said, I don’t know you but I know my bank and trust them. I walked out on the sale bc of the finance guy. As I was walking out I heard the salesman ripping his a$$ for screwing that deal
Here's another one. Had to do this for a relative. Wasn't planning on buying a car that day, but said relative found it online and wanted to go look at it and asked me to go. It's after hours on a holiday weekend, so banks are closed for several days. Relative decides they want the car, Tier 1 credit, so I helped them do the deal. It was an awful experience. I dealt straight with the desk vs the salesman because they played the typical games, even when I told them I'd worked for a dealership prior and didn't want to deal with all of this.
Once we get into the box (F&I), he tries to pull the stunt of offering a rate that's more than double what a Tier 1 should be. Since this dealer has been shady at this point and not wanting to risk them trying to sell the car out from under the person over the weekend while dealing with the bank (and at that point, I don't even trust them to honor a signed buyers order); I told the relative to sign the contract. After it was all said and done, I immediately told them right in front of the F&I manager to call their bank next week and refinance. F&I will now make $0 off the deal for that stunt instead of offering a reasonable rate for profit and that the person has 90 days to complete the refinance. At that point, the guy totally shut down, asked me where I'd been an F&I manager, and got us out of there within 10 minutes. His demeanor went from friendly to killing us with looks. I reveled in it! So, because that guy was a jerk, he made nothing, and that dealership was plastered with horrible reviews on every outlet possible. I wasn't even going to try to work with that guy to get a reasonable rate after what he pulled.
So YES, it's important to get pre-approved; but if it's a last minute after hours purchase, you can always unwind the finance contract as soon as the bank gets the title and go with whatever bank gives you the better rate. Just MAKE SURE there's no pre-payment penalty. Most loans aren't. Dealers WILL lie to you. Read the contract before you sign, if you must go through them. Also, you can unwind any product you purchase from them within a certain time frame and get a pro-rated refund. There's always a way out if you make a mistake in the box!
Quick story. I negotiate my truck price at the tailgate outside. I left a few times during the whole process. I bought zero products from finance. Total time at dealership was about 2 hours.
During my last time at the dealership I started out by asking a lot of questions about their extended warranty prices and finance options. I made my only true focus being to get the actual cost of the car down, I didn't question much of anything else. Once the price was agreed to and the papers started to be signed, the F&I fellow passed me the extended warranty papers and I said, "Nah.. I'm not interested.". His 'deer in headlights' look almost made me laugh. It was very clear they expected to get their money from me via the addons.
I did get financing through the dealership, and then quickly paid off the car in full as soon as my account was open. I definitely appreciated them coming down so much off the initial asking price!
Mike this is arguably one of, if not the best video you've made. Straightforward, no BS, valuable content is what I desire. I will be using the advice in here in a couple of weeks. I hope you put out more videos like this and get tons of views and likes!
How’d it go at the dealership? Did the tips work? I’ll be visiting one in a few weeks myself
Congratulations and good luck with your new dealership. I appreciate you honesty of sharing your experience with cars with us. Very often I watch your great videos. All the best.
Your car buying tips are absolutely amazing
Thanks for the great lessons here. I like your channel so much more now that you’re your own boss. Good luck on this new business Mike and Mrs Chevydude.👍
Just saw this video Chevy Dude. It contained a lot of good information and tips that I plan to use once my 2022 Chevy Tahoe LT that is now being built at the factory is delivered to the dealership and I go in to begin the purchasing process. Good luck with the new business!
Thanks Mike! I love the car buying tips you give. Great video!
You’re really out here dropping gems bro, thanks!
Stumbled upon your videos awhile back and subscribed. Have been trying to absorb as much as I can before I need to make my next purchase. Thank you.
DANNNNG, thanks for all of the incredible tips.
I need to go back and watch this video a few more times because of all the amazing tips. Thanks to one more time Chevy Dude.😊
Good luck with your new dealership knowing you it’s going to be awesome.
Thank you so much Mike!! Best tips ever.
Wow! Excellent information!!!
Just in time for me to be forewarned!!!
My TPW for my 2022 C8 is tomorrow: February 7th.
Thanks Mike
You rock dude! Wish I were closer, I would definitely give you my business.
Thanks for sharing the information !
The dealership where I bought my last car tried to pull this nonsense on me, so I told them that I felt they were trying to bait and switch me by upselling me a bunch of junk and that I was going to leave, and magically . . . their tune changed and I walked out with my car at the original price I negotiated.
I recently bought a new truck. I went in prepared for them to waste my time. I took my work laptop and stayed busy working while they took their time. My salesman actually apologized for interrupting when he finally came back to the office. To my surprise, it was one of the fastest car buying experiences I’ve ever had. Maybe because he saw I wasn’t just sitting around getting frustrated and he knew he wasn’t actually using up my time. Who knows…. I also went outside and transferred my junk to the new truck while waiting on the finance office. No sitting around waiting for me. Worked pretty well
You the man brother!!
Here’s a tip: if the monthly isn’t a problem for you, read the fine print and see if tells you “the purchase of this product is not required to get financing approval” and find out how to cancel it. What I did? I let them add it all. 3 weeks later, I came back to dealer and had them cancel $6400 worth of loan junk. Now my payment digs deeper into the principal and the loan amount is closer to the value of the car. Let’s just say I was able to pay off a whole loan in full because of that lol it was a 4Runner. Did the same with a Hyundai Palisade. Cancelled extended warranty and gap, loan paid off a little later with nothing upside down.
… You could’ve just made overpayments every month. 🤷♂️
@@coleg5578 He would've still paid the $6k extra that he didn't want then
@@relentlessenterprises9238 No genius, he could’ve said no to all the products and just setup auto pay for an extra $70/mo toward principal.
Where can I find that info fine print that says I could/can cancel have had my truck for a week now
@@JuanOrtiz-pp5uf Read them bro, there should be separate contracts for any extended warranties/wheel and tire/other protections that you said yes to initially and now regret your decision.
Great info! Nuff said.
Thanks for the great info hope you are doing good
Dude, I love your vids. I am helping a friend buying a car and I've learned so much from your helpful videos. Too bad you don't sell Toyotas. Lex KY is not too far from TN. If all doesn't work out tomorrow maybe you have a vehicle for my friend.
Very valuable information, thank you sir.
Dang mike that’s straight facts, really appreciate your content. These mf dealerships took advantage of me on getting my charger, I could probably be paying less. Smh but it’s okay, like I said your content is good and not only that your personality is great! Keep up the good work
Great Video
Went threw this last 2 car purchases..trying to sell ding protection ..rim protection paint protection .interior protection.etc etc ..u know how I handle it ..I tell them right to financial guy while iam in office ..I don't want any of these add ons ..nothing ..zero ..ND they say they are required to go over every one it policy ..I Said fine ..go ahead ND my answer will still be no..to everything you mention....
great video
interesting thanks for the tips
I’ve been a Finance Manager for years. You offered a lot of great tips however the time thing and rushing the F&I Manager is a big mistake. This is when mistakes are made and resigns are higher which offers a bad customer experience. I’ve literally had to spend an hour on the phone with banks trying to get a customer approved while they were in the showroom. Not everything a dealership does is to get over on you. This mindset makes the automotive industry 10 times harder for true and honest professionals. Thanks for the video and keep putting out great content!!
This Is very true! In any sells department you gain nothing by rushing the process
This is very true. Especially for customers with challenged credit. Sometimes we need a lot of things for the bank for them to get it approved, and some customers don't seem to understand that
Thanks for the great advice,Hope you sell a hundred cars this month 👍
I was also in the auto industry. A big problem for us was that we would have 3 cars being sold at once, but only one finance guy to get everyone set up. I don't ever recommend making an ass out of yourself. If anything goes wrong with the car or you need a car in the future, these people will remember you and what you said/did. it could mean the difference between the finance manager finding you a 1.75% interest rate as opposed to a 2% rate.
really? How much over the lender rate did you charge them? The dealership didn't do all that for free.
11:25 nice motto on the wall👍
How about a video about your (and you customers') experiences with extended warranty companies? I'd like to hear which ones are hard to get claims paid out, which ones are easy, what they deny (and why), what they allowed, stuff like that. I generally avoid buying extended warranties because I've never used them when I did opt for it. We bought a fairly expensive BMW motorcycle and I did buy the extended warranty on it because... it's a BMW... Actually I think that runs out this year. Oh crap!
thank you dude..
Great video Mike. Seen anymore vettes to buy n sell?
That quote tho "now am the boss" 😎😎 #respect
Walked into a Nissan dealer with a friend yesterday. A $18,348 Versa was over 19,000 with the destination charge which wasn't too terrible. The extra $4,000 over MSRP is what made me mad enough to walk her out after letting the salesman know this wasn't okay regardless of supply chain issues.
In Jan 2020 a new versa was 11k adjusted for today's inflated dollars. 19k is way to much for a junk car known as the pinto of the Nissan brand.
Im buying my next car with chevvvvvy dude !!
Bought a used car a few months ago. Finance manager tried to add the extended warranty without telling us, he just gave us the payment. Witch I had good idea what the payment would be and it was almost 100 more. I'm glad we looked everything over before we signed. He took it off but wouldn't talk to us anymore.
LightStream is a great source as long as you have good to great credit. You can still be approved with fair to poor credit but you will get a stupid high rate.
Great tips. Question, why not ask for the rate sheet. See exactly how much if your rate they are keeping and meet in the middle.
Mike - regarding your "grabber" service. can you expand on what that is. I read on the site where you go find the car where ever it is based on what the consumer wants. Do you also negotiate the price on the consumers behalf? Can you also get the car from another dealership within the country ? Any other information on that service would be great!
I'd be willing to drive over a state just to buy a car from you without having to deal with the stress of dealing with another shady business
I didn't set a timer, I walked out and told them to call when they were ready.
Had been looking a few times at buying a car but the dealer always showed me something with miles on it from a loan out deal they had with a state university. So on Saturday I went in because they said they had a car for me to look at. Same deal miles on it but I saw another car sitting there that was brand new. Made a deal with the salesman about a hour after closing time. He said great you need to come back in Monday and we can get all this paperwork done then. Looked him right in the eye and said I drive out of here tonight in that car or I'm shopping elsewhere Monday. He came back with the paperwork
Lol damn
Prior to watching these beneficial videos, I went into the dealership with my eyes closed. Idek how to get out of this loan or trade my vehicle in without being upside down on my loan.
Granger ford in iowa is selling extended warranties for $50 over cost right now!
This is awesome. I'm in the dealership, my salesman has gone to check with his manager. I watched multiple salesmen gathered around the manager's desk, laughing, having a chat, talking sports or whatever, and I was ready to go. So, I stood up, placed my unopened bottle of water on the salesman's side of the desk, and indicated that I was leaving as I was on my lunch-hour, and they could call me later. He responds with, "well wait, you have to be here if you want to talk about this car." I shrugged my shoulders, told him if he wanted to sell it, call me when they were ready to quit goofing around.
What ultimately happened?
@@sonja4164 I left the dealership. The salesman called me later with a price. I didn't buy anything there because of what I considered unethical practices. That dealership charges an additional $1K if you don't finance with them. I also had no interest in their "loyalty fee". I mean, why would I buy loyalty?
I made the finance guy so mad he was shaking when I bought my last car. It was awesome.
LOL, what did you do?
@@bohan9957 i refused to buy the extended warranty and the key and paint protection. And the tire protection. Oh and the interior protection. I saved over $6000 The guy couldn’t believe I told him no. I was actually seconds away from waking out and going to a different dealership.
When I was refusing every offer, from extended warranty, scotch guard, paint protection etc the Finance guy was starting to pound his keyboard and slamming his desk drawers. It was beautiful to watch a meltdown happening live. I suspected he was trying to intimidate me into buying something, anything off his menu.
@@JohnS-il1dr sounds like a grand time, Really makes you want to go back to that dealership again doesn’t it. 🤣🤣🤣
@@diamondback2295 it's almost as if they think we're obligated to let them screw us over!
I pay cash for all my vehicle purchases and keep it for 6 years. Unfortunately we still have to go through the finance department as part of the sales process. During my most recent purchase of a 4Runner, I straight up told the finance guy that I'm going to save both of us the trouble. I will decline everything that you're about to offer. He smiled and we quickly closed the deal.
🤣
My last several vehicle purchases I told the salesman they have two hours to close the deal, including singing all paperwork. I also only negotiate the out the door price and bring my own financing. I do give them the opportunity to see if they can get me a better finance deal if they lower the purchase price.
Wow they must absolutely love you. “Oh hey Mr dealer, I know you bought this $50k depreciating asset from a heartless manufacturer, assumed the risk of selling it, and are accumulating interest and overhead costs daily, not to mention employing dozens of people in the local community, and a simple Google search will tell me that your margin at MSRP is probably around 2-3%. I’m actually here to ask you to sell it to me below the manufacturer’s suggested retail price, you have two hours to complete all the paperwork for the second largest purchase any consumer makes, and I’ll consider paying your cost of financing if you discount the purchase price even further. Oh and by the way, if you don’t want to take my generous offer of losing money on the car, please send the purchase order to my bank (your competition) so that I can blindly hand my money to them instead of you. What an asshole!
I never spend any time to speak of in F&I, it is always a short time in there. Sure wish we could speak, I have done deals on the consumer side over 45 years for myself and family members. We could role play, and they could see in real life how the consumer can control the transaction from the very beginning.
WOW very interesting super kool ,1st class great info.,,, AAAAAAAAAAA++++++++++++ again great video I liked it a lot ,keep up the great work.
Dude, thanks. I HAVE to buy you a beer if I ever run into ya, cheers.
Last time I bought a vehicle and was escorted in to see the finance manager, I walked in, was very polite and professional and explained that I was not interested in any additional products, none whatsoever and to not even go down that road. She got the message and didn’t even try. 😅
I learned my mistake and luckily hurricane Ida said “ hold on I’ll save you just leave that nice looking Camry parked right there “ I had my payments bumped from 560 all the way to 630 a month falling to the finance manager. He got me good with the extended 7 year maintenance from that 2 year complimentary service. It came bundled with the gap insurance. If I would have known I would have said no thanks to the bundle and took just took the gap which is what saved me later lol.
… Seems to me like you were presented with an optional product that had some benefits for a cost, you weighed the risks, made a decision, and you came out on top. You should call that guy and thank him.
I always get a pre-approved loan from my credit union and negotiate an out the door sale price before I ever show up to the dealership to make the purchase. I also never purchase anything in the FNI office to include extended warranties. I have saved thousands of dollars over the years to include who knows how many hours of time. In fact, I just bought my wife a new 2022 Toyota Highlander last week and spent maybe 15-20 minutes in the FNI office and was driving away in no time at all. I understand dealers are looking to increase profits and don’t take it personally, but I know their time is best spent on the next customer rather than wasting it on me.
How'd you do it? What was your process?
S O N J A I spend a lot of time researching vehicles online and once I know what I want I look for dealerships that have the exact one in stock. I contact them online and request the “out the door” price. I negotiate from there and let them know I will purchase immediately if they meet my price. You have to be willing to walk away and find another dealer if they try to play games. I always make fair offers and most dealerships will agree to my terms. Of course today’s car buying environment is tilted in the dealerships favor due to short supply so it gets tougher to make this process work. Timing is really key right now. Best of luck!
@@guyc66 thank you!
I pay tax, title & license. Then I write a check & I’m on my way....
some states like Florida have backend products are regulated so you cant discount the product (VSA/VSC and road hazard)
My insurance company has GAP and it’s pennies on the dollar compared to the dealer. I think a lot of people should go through their insurance company.
Any tips for putting down a reservation on a vehicle coming in? What does the dealer think is owed to them at that point, knowing you are sitting on a vehicle coming in?
Currently trying to finance a 2023 camry. Went to two dealerships. And they were adamant about getting me in a used car with 50,000 miles that was older.
I paid MSRP plus 149 bucks for doc fees. Not a penny more
This is the stuff I’ve been doing for years, no reason for all of the fluff and BS when buying a car..
They tried the stall tactic on me. I told them straight up what I wanted and if they except call me at home or mail my refund to my home then I walked out. They called me the next day and told me to come in. I told them that if they start playing around again I’ll just leave so don’t waste my time or theirs.
Took me about 20min to get the deal I wanted. Finance guy gave me the iPad like you said and said pick your monthly payment with all these extras. I laughed and Xed out all the add ons and said yeah I like nothing please. Tried to say well if something goes out you’re screwed. Yeah sure buddy. Then so happens to “forget” to give me my 1yr of free complimentary car washes lol
Did a walk out from a Mitsubishi dealership on Saturday. I don't think they're gonna call me back.
Finance guy almost cost dealership sale with me with his insistent sale approach on GAP. Even after I told him I paid nominal fee annual insurance for same thing he still pushed it. Wanted to ask if he thought I was lying, if I was stupid, or just not paying attention. I only use my credit union now, pretty rare they can beat the rate anyways
Chevy Dude; Great video. I've been following you for over a year and think you are a great, integrity minded car person. It is too bad you don't sell Lexus, I would drive down to your dealership (from Chitcago) and buy from you. :)
I'm in the Chitcago-land area too. Are there any dealerships here that you trust?
@@sonja4164 In a word - no. The one I did deal with when I bought my Lexus GX470 years ago really took advantage of me. The dealership even cheated, literally cheated, me on the sales tax. I did not do my "homework" before going to the dealership and the salesman picked up on that early. It was a lesson learned and it will NEVER happen again.
Also watch Kevin Hunter's channel. Incredible inside advice on not getting cheated.
@@markhazzard9730 that's fkd up, but like you said lesson learned. And others can learn from your experience.
Thanks for the rec 👍🏿
Good stuff Mike!
"Everthing" BINGO!!!
I want to start off saying I sincerely appreciate these videos now that you’re independent and have no fear in saying things that are against the car dealer buying practice, but… car dealers, new or used are on their way out the door. It’s all online. I’ve bought my last 2 cars 100% online and couldn’t be happier while going through the process. Negotiate online is sooooooooooo much easier and stresslesss than visiting a dealer. Dealer says no to your offer? Then you say ok I’ll email a dealer 15 minutes away who says yes. So easy for consumers these days. If you actually visit a dealer in person these days than you’re literally a chump. Would love to see a video of you addressing this topic in the future
Lol so you’re actually still taking advantage of the dealer system but just going through online channels. Once everything moves 100% online, i.e. Tesla, Carvana, etc., negotiation will be out for good and you’ll be paying full price every time. Amazon doesn’t negotiate off MSRP, so why should an online car retailer?
I signed up to get your worksheets emailed to me, but never got them. The link I used was from a video a couple years ago (I believe). Is there an updated link?
Buy new if I have to say no four times I leave the dealership !!
So quick question how will I know how much I need to get pre approved for if I don’t know the final price for the car?
If you ever get a hold of the bmw X7. Let me know I would love to buy one from you brother! Thanks
Hello, chevy dude. I got a question when buying a new car.when is the down payment for the car will be deducted?is it after the total price of the car plus tax plus apr? Thank you.
One thing car manufactures do is tie their loyalty discount to their own bank for the interest rate. so to get $1500 loyalty discount, you must finance through them (for instance BMWFS). Finding a lower interest rate that makes up that difference ($1500) is difficult. BMWFS also allows their dealers to mark up their interest rate by 1% so if they quote you 5.99% then it is really 4.99% - very difficult to get that 4.99% from them.
So you said that it goes against the fair lending act if they raise/lower the APR based on whether you purchase something or not, but the lender you advertised raises or lowers your rate base on Autopay enrollment. How is that different?
Confusing I was Directv would’ve kept Sunday ticket plus this video didn’t even address if you can get the 4K version of the NFL Sunday ticket
Great tips as usual- I am visiting my hotel in Louisville near Bachman Chevy - would it be okay to stop by you new dealership?
Absolutely stop by. i64 west. Exit 118 in Indiana. 😍
I have only once bought a car at dealership, was not a good experience. I tried to buy a second car at a different car lot. They would not sell the car I wanted to buy. It was a VW TDI manual transmission new bug. I have eithier bought from individual sellers or auctions.
Not sure if you covered this. Is there any difference in buying extended warranty from the manufacture/dealer or 3rd party?
Bought a used car a couple of years ago and the SOB's got me for gap insurance for $1000.00 dollars because i didn't know better. That will never happen again. On the bright side the car has been flawless and i couldn't be happier with it.
Why was the GAP a bad deal? Were you not upside down ? Or could you have purchased the coverage cheaper elsewhere? Thank you.
@@thomasyenner2499 Could have gotten from my insurance for less than for less that $50.00
@@thomasyenner2499 gap insurance immediately puts you 1,000 upside down. . It rarely pays off. For it be worth while you'd need to 1. Total your car 2. Be more than 1,000 upside down. 3. If you have decent insurance you can usually buy loan/lease coverage for a paltry fee. Dealers (some) will still push it if you're putting money down or rolling equity from trade in. It can save you, but it's usually just straight profit
Best option, if you really want GAP insurance and don't have your own, is to see if they're willing to at least lower the overall price of the vehicle to fit that into the bill. They'd rather make the $1k profit than earn the interest of a measly extra $1k. Of course if they dont agree then you could tell them where to stick that GAP insurance fee and leave.
@@wsaut yes your auto insurance carrier is less…if they offer it…then your insurance company can decide to change the terms of the gap coverage at any time or drop it all together and you’re no longer protected…or if you change insurance companies you lose the gap protection…if you have to use it you’re now paying your deductible plus your premiums will most likely increase due to your need to file both a primary insurance claim and then a gap insurance claim. Lastly if you payoff of your early or trade the vehicle in before the term is up your get a refund of the difference where whatever money you pay to your insurence company is never refundable. Just a few things to be aware of.
you said it doesnt hurt you have your credit pulled multiple times but i have been turned down for a loan because of the amount of inquiries on my credit report...this is in the paper work that the banks sends me on why they didnt approve me.
That’s a reason why you were declined. Not an affect on your credit score. The “to many inquires” is a standard turndown reason. I saw that reason pop up on someone who never had there credit ran in 3 years and an zero inquires when I pulled it. It’s silly.
Hey Mike, how about the best things to do when paying cash to buy a new or used car? The finance guy just tried to get me out of his office as fast as he could when I bought my new Mustang for cash. No extra nothings. When my daughter bought a used car, paying cash, the finance guy brought out all the extras for her to buy. Different experiences there.
3 geusses why?
@@bs4real lol
NEVER EVER allow them to use the in the desk computer deal, you don't get to see everything at once and it looks like you are signing and initialing page after page when in reality it is about 2 pages!
Question. I was at a dealership and seen the market adjustment price but was told if I order a vehicle then I don’t have to pay that. Whatever that’s fine. But with the car shortage we have today how much room is there to really negotiate price? I’m kind of scared of getting ripped off once the car arrives. This is my gf and I first brand new car. But I feel with the market being short and everyone still buying cars at ridiculous price mark ups there’s no power for the buyer
What should you do.....open up a dealership in my area. I have been saving, via bookmarks, your videos to view for the next time I buy a car. If you had a dealership in my area, then I would not need to save them. Yours would be the first place I would go to see if you could get me a car that I would be looking at. As an independent dealership, are you able to get/sell new cars or are you only able to sell preowned vehicles? I hope to eventually buy a hardtop convertible EV with level 4 ADAS, embedded solar panels that can be recharged with 110V household current, had the ability for reverse charging, could travel at least 500 miles on a single charge and cost no more than $50,000. If you find one, let me know so that I can buy it from you. After viewing Sandy Munro's videos, the Aptera and the Imperium have caught my attention even though they are not convertibles but they are in my price range. Unfortunately, they also lack some of the specs I listed.
I always do my own loans never opt for dealer financing that’s how you will over pay
What about making a business on buying peoples cars for them .. meaning someone gives you a pre approval they have from their lender and gives you a vehicle or a few vehicles they like and you do the buying (negotiating) for them and charge a fee? Seems like everyone could win that way ??
This may sound insane, but I negotiated a deal on the sales floor then went to the finance office to finalize everything. The finance manager then asked me if I cared to finance with a different bank if he could get a lower rate. Of course I said yes. He switched the bank and got my rate down 2.3% from what we originally agreed on the sales floor. I’m assuming he probably got some sort of individual kickback/commission for getting loans with that bank. Certainly didn’t expect anything to get cheaper back there and I declined all additional back end products that were offered.
Good information, the dealerships here in Texas always try and make you buy 2500-5000 in extra crap. I have walked out of many deals because they won't drop them
What do you think about Sofia pinedo? A Chevrolet finance manager that got arrested for forging signatures. I’d love to hear your thoughts and how did she do all this?
What’s a leg in financing?
Is it possible for you to make a video on dealing with finance for a high demand car, such as the C8? The rules seem to be slightly different on a high demand vehicle.
buy a different car
@@raccoon874 I was just suggesting it to help others. I already got my C8 at msrp after a spirited negotiation. 😎