Don't Get TRICKED by Car Dealers | Do THIS to Scare the @$!? Out of Them Pt. 2
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- Опубликовано: 28 май 2024
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All of this feels so stressful. Makes me want to never buy another car again. We work too hard for our money to worry about being tricked while buying the second most expensive purchase in our lives feels overwhelming. It sounds so unethical to me.
And tricky shit they do. When I purchased my maverick, there was a $750 discrepancy that I saw on the contract and I said what is this. He looked confused and said oh I'm sorry sometimes our system glitches and adds this twice. I was in a good mood and didn't want to start crap otherwise I would have.
NO such thing as so called 'glitches' glitches = FRAUD @@jorgetech2985
Never eeeeeeeeever purchase anything in the finance office. The guy at my Subaru dealer hates me. Mission accomplished!
Good person to be hated by 😂
Before stepping foot in the dealer, I setup a spreadsheet calculating what the payments will be with all of the different variables and I update it as the negotiation progresses. That way I have a good understanding of what my payments will be and can catch any funny business. It’s crazy how often times I’ve found that the payments the dealer calculates is much higher than what I get after entering the agreed upon figures. They always find a way to add junk fees and products that I never asked for. They added GAP insurance, even though my down payment was about 40%. After declining every since coverage the finance manager reviewed with me, he finally said that he can give me one of the items for “free”-which was the GAP insurance. I still declined and he said it would really help him out. I still declined. After he removed, the payment went down. Never let your guard down at any point.
How much was the car worth? and how much you were able to knock off?
@@JR-90 2022 BMW M340i xDrive factory ordered with an MSRP of $65,615. They wanted $2,000 market adjustment, but they took it off; they wanted $775.10 in ‘Private Tag Agency Fee,’ ‘Dealer Handling Fee,’ and ‘Electric Registration Fee,” but they gave them to me as a credit on my trade-in. I think the GAP that they were trying to sneak in was about $600 or so. There were other stuff that they were slyly trying to sneak in that were about an additional $2,000 or so. So all in, I think $5,375 in overcharges. I went in after work and got there at 5:30 pm, but didn’t get done until 5 hours later! I was tired, but my spreadsheet saved me from the shenanigans.
So you basically just declined everything they offered. I tried that a few years back when the dealer was pitching an extended warranty. When I declined they got really upset and then tried to lessen the value of my trade-in.
Wish me luck! As a woman sales people are more ass holes .
@@bblakebrown when you buy extended service packages the dealer is off the hook. You are on your own and are forced to try and get the company you purchased the plan through to cover repairs. Only to find out its not fully covered, itemized, pro rated. Not fully covered, not covered, not warrantees. No hanging parts covered, no electronics or sensors covered. Only hard parts or internal engine parts covered. Disappointing and misleading.
Hi guys, my family has always leased Honda cars from one location here in Long Island. My husband and I go in before the lease expires sit there for hours in front of the salesman and he comes back from the finance office in the back with this paper puts it in front of us like we’ve just won the lottto! Not once did my husband over the last 12 years asked a single question on what additional things we have been duped into purchasing!
My lease is coming to an end in august and since my husband and I are no longer together, I decided to do a deep dive into car purchase. We have been made fools of for far too long and I am watching your videos and taking notes. Saddest part is , I recently had to replace two tires and paid full price even though I had that covered in my lease.
Sorry for making this so long, but I just had to thank you all for the loads of advise. I especially learnt so much watching the videos where the buyer had her notebook and questioned everything
Don’t beat yourself up about it. Prepare for next time but don’t let this car shopping experience it eat you alive with anxiety.
Why does everyone wait to get home to look at their paperwork? I understand you've been at the dealership for 6 hours but your contract is the most important. Ugh people.
Who is so stupid to waste 6 hrs with a dealer? Past hour 2 I’m walking.
@@briancarlisi2224 I do 2 to 3 hours but I've known people to do 6 to 8 which is insane.
@@briancarlisi2224 that's true, but Jorge has a great point. Why does it seem like many wait to get home & read the paperwork?
I read every single paper. Have had dealerships print out at least 2-4 copies of the paper because the have to remove and alter price. There's no rush. They want to make the deal....they can wait.
I read everything on a contract before I sign it.
Last time I bought a car, I told the finance person that. He was trying to give me several pages and hurry me up to sign them all. Saying something like, "Don't worry, it's all in order."
When I informed him that unless I read every word on the contracts and understood what I was reading, I wouldn't sign it; he got impatient. He kept asking me questions as I was reading the paperwork, but I ignored his questions, which I assumed were to distract me.
He made some snide remark about my taking so much time to go through the paperwork after I signed. I looked him in the eye and said, "I have spent hours of my time here to get a final price and deal, so you can wait for as long as it takes for me to read & sign the contracts."
If I hadn't already spent so much time to get a car I wanted at a price that I thought was the best I could get, I would have walked out then.
I'm sure he didn't get as much money as he wanted to get out of the sale.
Still, I always leave car dealerships feeling like I've been taken advantage of after every car purchase I've made, but am not sure where or how.
Thanks Ray & Zak for all the info and advice you give us. I will be waiting a while before buying a new car. Meanwhile, I hope to feel better prepared when I buy my next car.
If looks could kill, I'd be dead.
If I was the type of person who enjoys the time consuming, ridiculous "making a deal" to buy a car, it wouldn't have bothered me.
Spent better than 25yrs in the car business from sales,f&i and general sales manager. And I can proudly say that I have never lied or misled any customer and would not tolerate it from my staff. The customer always knew what they were getting and profit is NOT a dirty word. Now that been out of the business for maybe 12 or so yrs we made a trip to some dealerships and drove my old car and couldn't get waited on. Finally found a car we liked and wanted and damn how things have changed. Most of the stuff you talked about started to happen,tire and wheel packages ding and dent coverage. Swear if the wife didn't like the car so much would a left. We paid cash for it and I still feel we got taken somehow. Least I know none of my old customers felt that way. I hope.thanks for the info.
I’m sure you were able to get a much better deal than if she went alone
We just bought a used Ford Edge Thank goodness we have been watching your videos! We had 5200$ in extra charges taken off ! Husband said ok come on we’re leaving and salesman no no ! Thank you so much for sharing your knowledge.
I recently purchased a vehicle from a local dealer. I agreed on a sales price, trade-in value, a down payment and an interest rate. When I met with the finance guy I started reading each document placed in front of me as I always do. He commented that he had never encountered a buyer who meticulously read documents before signing them. This sparked curiosity on my part. I’m a retired homicide detective who analyses speech patterns including context, tone, rhythm and so on. One of the speech issues i pay close attention to is when people comment about something which concerns them. Human beings simply want to tell the truth so their speech will often give them away. In this case it’s a good thing I paid attention because the interest rate had jumped a full point and a half from what we agreed to. Pay attention out there. These things do happen.
Kimberly I love you, had the pleasure to speak to you on the phone recently about GAP and extended warranty, you’re awesome!
The car salesman giveth, and the finance manager taketh away! Beware of those Pickpockets! When I was in my teens back in the 60's I heard that Car Salesman's offices were bugged and when the Salesman went to check with his manager they listened. I set it up with my Dad to discuss our very low-ball offer, and when the Salesman excused himself, we talked about how the price would have to be X to buy, or we would walk. When the Salesman came back Lo and Behold, he gave us X as his final offer! We laughed all the way home in our new Ford.
I’m a professional salesman & I felt proud when my little sis asked me to help her buy her 1st new car after law school (newly released Nissan Z)!!
When it came time to negotiate price I learned that she only brought me along for my mechanical knowledge of cars, NOT to negotiate- she learned that law school!!
I was floored at how she worked the dealership!.. she kept a low calm voice, maintained a smile, and was apologetic & polite yet unwavering about her demands… “I believe you’re doing everything you can to help me, but this is what I can do. If that’s not acceptable/possible here I totally understand- I don’t need this car that bad…”
She got everything she wanted!😎
Just remember that the dealer is not your friend. Don’t be fooled! Once you drive your car off the lot, they have washed their hands with you.
I refuse to even talk to the finance manger, if i need to buy with a loan, i arrange it before i go
to the dealer.
I don't need some con artist playing around with figures to earn the dealer more profit.
All i ask for is the on the road price with no added extra's like paint protection.
Car dealers make a fortune from guilible buyers.
My brother when I was young told me this - and then I learned it in banking and working at a dealer - I can make any number be exactly what you want as long as I have one variable available for me to adjust. Huge life lesson and when you "are in front of the computer" it is easy to see that as a way to exploit a client who believe they are in control when in fact they have a big label across their forehead saying "sucker" .. no different than a gambler walking in and stating they can beat the house at a casino.
I
Hkm
Numbers lie and liars use numbers
This was a lesson I wished I knew before walking into the dealership. I feel I was prepared for the sales tactics parts but not the finance part and now I can see where and how I messed up. I will lick my wounds and do better next time. Thanks for all the info.
Did they get you to buy into a warranty or other package?
@@Jackdman25 a car maintenance package. Luckily I was able to cancel it but learned my lesson.
@@AdrianPaneto that’s good to know that they can be canceled. Thanks for sharing
You tell folks not to get an extended warranty but then the old dealer in you rears its head to sell folks your extended warranties and other crap.
I sat in a Hyundai dealership for 3 hours negotiating over $10/ month.
They agreed to my payment and price.
1 month later I get a payment coupon for the payment of $10/month more than I agreed to.
They said they made a mistake on the county tax rate that I resided in.
I called an attorney and yep it was my responsibility to make sure they got the local tax rate correct.
They screwed me.
I’ll never buy another Hyundai
One thing I will mention, it has been my experience that you deal with these underhanded tactics far less in higher end dealerships. I had to slug through multiple rounds of bs with the finance manager when I bought a used jeep a couple years ago. Just bought a used range rover from a JLR dealer and there was none of this. Everything was spelled out and itemized very clearly and there was no argument or sales pitch when we declined certain items.
They are going to rape you on the service, so they want to make it easy to buy the thing.
The dealership doesn't want to sell any warranties on a jlr product, especially a used one. The Npv has a good chance of being negative for the dealership on a used jlr product.
I purchased a used Rav4 from a JLR dealer, they were fantastic. Best shopping experience I’ve had. Now any other brand I’ve dealt with has been a headache. Same cheap tactics. If JLR were reliable I would buy one.
JLR Dealer ?
@@janetwoodworth4062 jaguar Land Rover
I had a dealer try to sell me a vehicle with Their “LIfetime Warranty”. What it basically said was.... let us do all of your scheduled maintenance work..... I know how that turns out..... skip one of those Scheduled Maintenance and you just voided that LTW..... plus the cost of dealer maint. Is a lot more expensive. Esp if I change my own oil, etc....
Pretty sure warranties can't legally require you to have them work on the car if it's not work they're paying for
Bought a car on the floor instead of the F&I office and forced the sales manager to show every last bit of the contract process. He showed me our buy rate, our LTV and the overall price. I showed my wife and I had him show my wife everything and bought us pizza while he tried to to negotiate the best rate possible too. So far, still owe what the car is worth while the car market tanks, and I’m cool with that.
This day and age avoid car loans. Buy used cheap and cash after you enter finance office and use (credit card) as much has you can then payoff same month for rewards
When we bought our 1st car, they talked us into a car "care" package and made it sound like free car washes, waxes, and interior cleanings. When we were handed a bottle of $1000 windex and armor all, we knew we just got had!
I have been watching all your videos to prepare myself for the dealership. I went In to buy my camry hybrid thinking I was going to be haggled. I was shocked that I wasn't haggled for anything and they let me pay in cash. The FI manager did try selling me 6 yr extended warranty which he started at $2k and then got down to $995 of which I still declined. He had no issue with my decline. Now I have a new car that I ended up getting $350 off msrp with my costco card and no haggle whatsoever.
Cash is legal tender in the US of A. The dealer did not "let" you pay in cash.
These days, a purchase for $350 under MSRP is a success. Was there a doc fee or any other dealer fee? Did the have any mandatory add-ons?
Very sad days indeed.
@@scottr2706 I paid by personal check in full. There was a required doc fee of $200 but that was the requirement of my state on Washington. They wanted me to pay for $375 in add ons but waived them because they didn't have them in stock.
For the past several vehicle purchases, I've dealt with the same small used vehicle lot. The salesman is the finance manager, is the owner. I have never felt pressure to add any extras, and have never discovered extra fees tacked on besides the normal tax/title/and plates. I'm certain I don't always get the lowest possible price, but honesty and low stress are worth something. I've never looked back at a deal and felt taken advantage of.
Salesman hate me; whenever I'm buying anything I always ask how much! 🤑🤑🤑
This is why I always record the conversation cause if theu openly lie to you then you can call them out and they'll try to work with you cause they know that if you push them with your evidence then they'll be in the wrong
You guys are awesome. I'm pretty savvy but still they got one over on me.
After denying nitrogen, mud/door guards and extended warranty, I initial and signed the 30 day used car warranty denial form. Thinking of denied the extended warranty he slid the 30 day for me to sign and decline. 10 days later, I attempted to use the warranty for a wheel bearing and jo smo shows me what I declined lol. We learn something new every deal. You guys rock!
I certainly hope that will be the very LAST dime that jo smo ever gets from you. I deal with established businesses that do value repeat business.
I absolutely love this family it's been a week and the timing of me finding them is amazing
The best thing I’ve learned from Ray, Kimberly, Laura and Zach is not to be afraid to walk away. If the deal isn’t right for you walk. I’ve walked twice in my quest for a low price mid size truck. Toyota wouldn’t budge on their add ons like, tire and wheel, wheel locks, window protection and the summit package. Walk out #2 was a GMC salesman who wouldn’t even acknowledge my request for the OTD. Twice he went to see his manager and came back with monthly payments for 72 months. He was a beginner and I worried that I might buy a Canyon and he’d have a Buick ready for me. I’ll call those two incidents practice..
Funny story about the "included maintenance" thing. I bought a brand new Kia Stinger GT back in 2018, when doing all the paper i was out of the door at $36k. Very happy buyer. More-so when I noticed that they had included a maintance plan pamplet with the sale of my car despite me declining it. It had all sorts of free service coupons in it and it was even coded to me.
Fast forward 2 years later (used the booklet for free services several times at this point) my home kia dealer rejected a free oil change because they noticed the maintenance plan wasn't supposed to be included in my final sale and I was going to have to pay for it. I called the Kia Corperate line and they apologized for the miscommunication during the initial sale and gifted with an additional year on the maintenance plan "for the inconvienence" lmao.
I still have the maintenance plan pamplet with some free oil change coupons left, the book is technically expired now, but im yet to pay for a single oil change and my car is now payed off. Helps too that im military and travel alot so im usually going to different dealers that don't want to jump through hoops to verify the maintenance plan pamplet. They'd rather just pluck a coupon out of the book.
Sometimes dealer actions can lead to your benefit.
Actually, you are being as dishonest as the dealers you do not like.
When you get to the finance office tell them right off the bat that don't want anything extra. If they insist on preassuring you just run for the exits.
Exactly thast i do!! they hate me what i usually say look i been leasing cars for over 18 years so les't not waste your time or mine.
My standard reply is, "okay, we're done here; have a nice day."
Wish I had you there telling me this, I am such a push over.
Where I got ..........the shaft was the FM said this package would literally only raise my payment by $4 per month. We were working on a 60 month loan. Without telling me at all, he made it 72 months and packed all of that crap into the last year. I didn't realize this until I got home and read the loan papers. Crooks, all of them. Cheers!
So for anyone who is looking to avoid this scenario, what could you have done to avoid what happened? Where did you drop the ball (or lack knowledge)?
@@sonja4164 finance through a different lender. A bank, credit union, etc. It will be a straight clean process and you will pay the interest and terms agreed upon. And refuse to talk to their finance department or listen to their pitch. I feel safer arm wrestling a pit of rattlesnakes than financing through a dealer.
Sweet revenge! I paid off this car 6 1/2 years early. Therefore I'm entitle to a refund, prorated of course, for all three items that were tacked on, Extended warranty, $2400, Gap, $995, Tire warranty $495. My math puts this around $3400 in refunds. That's not even the best part. I called the Stealership to ask who I needed to bring this paperwork, car payoff etc.., to. She told me to take it to the very same crooked piece of sugar honey iced tea finance manager that stole the $4k out of my pocket in the first place. This is going to be so tasty. I'll update how this went. Cheers!
@@robtech341 what's the update, hope it worked out good 👍
@@sonja4164 read the damn papers in the office, not at home. Problem fixed.
Great info. Thx guys
It seems sad to me the it is a normal business practice in the car dealership world to lie and cheat your customers. In order to succeeded in your business it is necessary to lack all principles and a moral compass. Paul M. Kaplowitz
I think your in video ad on this video was pretty effective. I'm watching and eating dinner during this vid. I'm a premium member so I feel exempt from ad's. Spoon in hand the ad starts. The speed and tone of the ad made me feel like it would be short enough that skipping around isn't worth it. Sure enough, it was over as quick as it started. I appreciate that.
Good episode! I just ran into this last month
I buy new cars every 1 to 3 years so I feel I am pretty competent at getting to bottom line and out the door in 90 mins.
On this last one I got scammed by Finance\Sales
I ended up leasing this one so the payment vs. cost gets fuzzy (22 Niro EV)
This was the scam:
When I sat down to sign, finance was using a pad to sign vs. yellow forms.
Told him I was uncomfortable with this process BUT as long as there are no additions to broiler plate lease paperwork let's proceed.
Never once was I offered\given brochures for various warranties.
My paperwork was given to me as badly scanned images on a USB stick.
Once I got home I knew there was between 1200 and 1500 off in the math.
While reviewing the USB stick I found 3 warranties totaling $1300 that were never mentioned or offered.
I of course canceled them, funds refunded to Lease Corp and I won't realize the refund til I buyout the lease.
BUT THEY DON"T GET IT !
In all fairness; I didn't let them do the 'dealer ads' and I know they need to make something somewhere in the deal and would not have minding a bit of that 'add'. BUT the way they did it makes me happy that they now get NO ADDs and car was at MSRP :)
Sales had to know as it was baked into #s before I got to finance. Shady way for SM to get the adds in there.
I had the dealer call and tell me two days after purchase that my 3% financing was declined but 4% was approved and that I needed to come in and sign new paperwork. I offered to bring the car back with a fresh 600 miles on the odometer and drop it off. They called back and said theyd figured it out. No change.
I've never been into a dealership where I didn't want to shower after I left.
Right, a friend worked in a dealership and he said the place was pure EVIL
Great advice! During negotiations once I bought a used car and offered to write a check for the amount if they agreed and the salesman INSISTED I provide a credit card to take to his manager, and I kept saying NO. My wife was so pissed at me when the salesman (very young & new), walked away crying, yes seriously. I think he was told do NOT approach the 'management' pen w/o a credit card or your fired! LOL.
That is just a game some car dealers play. They thing getting a check or credit card results in more buy in from the customer as well as making it difficult for the customer to simply get up and walk out. You did the right thing and that sales person knew exactly what was going on. It was just part of the sales tactics of the dealer.
@@scottr2706 oh wow
It’s called a loaded payment quote that was quoted and finance manager didn’t “throw” anything in but closed that customer on a loaded monthly payment with product built in the loan without itemizing anything and showing bare payments without the products being added.
@@kate60 of course I’m correct. I owned and operated dealerships and dealer franchises for years and I also spent over 15 years as a F&I manager and later as a F&I director in “the box” a term we dealers use for finance office at the dealership
I have been trying to get a GR86 at MSRP for a while, some dealerships actually starting to reply to me now, so maybe I am just a few months away from getting one. However one of the last ones that said there was no markup (market adjustment) there is a addon of $1990 for door guards and an alarm. I let them know that the door guards are $89 on the website, so that "alarm" was too expensive for my tastes.
Awesome info thank you 😊 can you guys please do something for leasing?
When I bought my Subaru Forester, after agreeing to a price, the finance manager gave me my principal, interest, time, and the monthly payment. However, I ran the calculation and the payment shown was about $50/month higher than it should have been. After pointing it out, he appologized, left the room, and returned with a corrected contract. MISTAKE? Sure. It's only what he does all day for a living.
I am an "out the door #" customer. and a ( just like Nancy Reagan). "just say NO" at the F&I office.
The objective is to wear you down by making the process take hours so you just “sign snd drive”
I can't believe that in days people can't use a loan calculator on line and know exactly what their payment is. Simple price of vehicle and the tax, doc fee, and registration and figure your payment. Never do a spot delivery, which they will push and always know what you can get for rate from a credit union or your bank. Take your purchase order home and look at it to make sure nothing is added in.
Car dealers love your willingness to accept the fake doc fee.
@@scottr2706 I pay only $100 doc fee.
Never ever sign a contract without reading it. I've heard of stories of old people getting tricked out of their real estate, property, and vehicles. They get promised a loan or a high profit investment opportunity and when they go sign the contracts, the shady party usually find excuses, or hussle them along to sign.
How would you know if the finance officer is over charging you for particular add ons. And what are some packages that are worth getting n how much should they cost?
None of this add on garbage is worth getting, in my opinion. Cars come with a decent warranty from the factory. Also, you can add the warranty after you leave the dealership, giving you time to read the fine print. You can also negotiate the price of an extended warranty, it isn't set in stone. Most of the other stuff is just padding the profit for the dealership and should be declined.
Dealer had a vehicle msrp of $23k
Out the door price was 36k with taxes and government fees and dealer fees.
Tire & wheel coverage is the same as dent & ding…
I just bought a used car.( big dealer ) I went in with all the numbers and calculated payment on a paper.( to compare ) Of course you look over both the "sales" contract and the actual "finance" contract to make sure it all adds up to what you expected. People not doing these basic things is the problem. I even got a lower interest rate because I dropped it to a shorter payoff period. If you are intimidated by numbers or haggling, bring a friend or family to help you. I got more for my trade and got a better sales price by asking and walking away when they said NO. I knew the value of their car and of mine. I accepted no less. I am sure they still made money and I saved around $4000 between trade in and sales price. Everyone is happy. I also don't pay Doc fees. They lowered the sales price extra to cover the doc fee. ( made sales tax lower as well )
I’d say 90% of the folks that buy a car never review the paperwork once they leave the dealer.
People are really clueless
one thing that they did "by accident".
I had an agreed to intrest rate - when the paper work cam thru the number was different then what we agreed.
I always check and double check for error like this.
It's funny that they claimed to have made a mistake, but I doubt that this has ever gone the opposite way - where they promised 2.5% and the paperwork comes across at 2.0%.
It the same when you are talking prices and they say "well, it only $500 different (price wise)". I counter with then you won't mind parting with only $500.
One of my best friends loves to go to the dealership because he is great at negotiating - and he is persistent.
Rule Number 1 - never fall in love with a car.
I never have and unless you have an urgent need for a new or used vehicle - be prepared to walk away.
A dealership is a business, and they are not your friends. They will get every penny from you that they can legally squeeze and sometimes they can get money from you in possibly illegal ways.
In the first example, it sounds like the finance manager said "buy this and I'll throw in that". If that's the case, there would be a charge for the one you bought. If he did say the payment wouldn't change, he might have meant "after the cost of the one you bought". I'm not taking the dealer's side, the bad reputation they have is mostly earned, but words matter and it pays to be a little cynical.
Dealerships must love you guys, 😂 I know I do
Nice one !
@Kimberly Kline Why TY KK .
Sometimes if you’re lucky they will throw in extra… accessories 😂
Literally a month after I bought my wife a new vehicle, the dealership was bought out and the name changed. All employees stayed but not the agreements. We knew we were paying for extra things like tires for life, but the extra cost for ea add-in was well under the cost just for the first items. Like the tires cost was half what one set of tires cost, the replacement key fob was a quarter the cost of a new key fob. But when the dealer got bought out, the only thing they'd honor was the oil change part. So I lost all that money. I felt they screwed me not telling me they were going to be changing owners. Of course, unless you knew that you wouldn't ask if the add-ins would transfer in a case like mine. The only thing that made me feel better was instead of paying on it for 6 yrs and them getting the interest, I just paid it off. Now every salesman tries to tell me my trade-in isn't worth much when they know it's paid off. Funny, when you owe money on it, they'll pay off the balance.
I would consider getting a lawyer. Doesn’t matter if they were bought out, new owner assumes the contracts and its terms.
@@PRDRprince you are giving bad legal advice based on facts you don't know.
Many years ago I had a finance manager offer me an extended warranty for free, which he did by reducing the interest rate they had quoted me (per her example). He was furious when I went back 2 weeks later and asked for a check for the extended warranty I no longer wanted ;-) In California the cooling off period on the warranty was a windfall for me.
You might want to cover another issue I saw recently where a Land Rover dealer who I put $1k deposit on a new RR (one year wait) later told me that the price would no longer be MSRP but would be MSRP + $10k. I work in the legal profession, so this was easy for me to fight off, but I guess this tactic is successful on other buyers...
Napleton wanted to charge me 800 for window etching, I just told them no they said they do it to all their vehicles I told them no I won't buy it then they said OK but if your truck is stolen, told them I have insurance. Well they caved and sold me the truck anyway.
Just bought a new Toyota and denied all the extraneous add ons Finance dept wanted me to buy. He also had an electronic desk top computer screen built into the top of his desk Wow. Everything was signed electronically. However I asked for hard paper copies and his response was we make it simple. At the end I was handed a USB drive while being denied a paper trail.
This happened to me there is a total of 6000 added to my car loan when he said and I quote it’s included your payment stays the same,and he said I got your a better rate smh
...the Ray Shefska 6..sounds like a lounge band...
I like the way they keep breaking to the father and son nodding every fifteen seconds. It adds SO much to the point she's trying to make.
I went to a dealership and ask for the otd price and I asked if they could negotiate the numbers but I was told “because of the shortage” there’s no wiggle room for any dealership. Is this true or should I keep looking elsewhere? The only thing that changed the OTD was not adding the warranty (-3,600).
I guess depends on what car you looking for and where you live. I have been shopping for the Toyota Sienna, all the dealers around my area if not the entire state have markups from $3k to $10k. I started looking way out to the surrounding states, but still extremely hard to find one that does not have markups or only sell to local customers, just because the vehicle is super hard to get (limited production/availability) and people are trying to get one no matter what the price is.
I had a finance person get mad because I didn’t let him try to find me a loan with a bank because I had already gotten approval by my credit union with a low interest rate.
He got even more mad when I decline on all the extras he try to sell me for like 45 minutes. And he did not wanted to give me copies of all the paper work he said I have them printed and ready for you when you come back for your plates I was no is fine I wait here you can go ahead and give me my copies. I later found out they send other contract to my bank with a higher total
If you know the out-the-door price, then when I went to the finance office, he did not offer one extra thing. I did have to sign a paper that I chose not to buy a single thing extra. But I knew the out-the-door price on the telephone, before I entered the showroom.
Not quoted up front accurately. I pay over $800 a month for insurance was quotes $455 a month. I agreed to price then told by Nick I needed to download tracking app to actually get the price quoted or down-payment and price would be increased. Business like this its exactly what your website and online forum is fighting against.
But in the example of the dealer “throwing in” a product by changing the rate in order to check monthly pmt the same…in Ray’s example of a dealer reducing a 4.99% to 3.99% , that in fact can reduce the bottom line cost to the consumer possibly more than enough to fully pay for that product. (Depends on auto price)
Car dealer F&I managers do not finance vehicles. They arrange financing with banks and captive finance companies such as Honda Finance. They shop the customer's credit to those finance sources.
Those finance sources offer the rate they will finance the customer, called the buy rate. F&I managers are legally allowed to bump this buy rate, often by up to 2 percent. So, for example, a 2.99 percent buy rate is presented to the customer as 4.99 percent. The F&I manage is not legally required to disclose this bump.
Using your numbers, and Ray's example, what would have happened is the F&I manager was provided a buy rate of 2.99 percent. That F&I manager informed the custom the rate would be 4.99 percent, The F&I manager then told the customer if they buy those F&I products the rate will be 3.99 percent. This is a scam.
In this scam example, the F&I manager sold a couple of grossly overpriced products at a huge profit plus was able to get the customer to accept a 1 percent interest rate bump over the buy rate which is more profit for the dealer.
Even though it may appear the customer did not pay more the reality of the F&I manager's deception was the customer did pay more than they should have. They accepted an inflated interest rate and they bought grossly overpriced products they would not have bought had the F&I manager been honest.
The solution is always when using dealer arranged financing is to demand the F&I manager reveal the buy rate. If the F&I manager refuses the customer can be certain the interest rate offered is too high. Do not accept an interest rate over the buy rate unless there are reasons.
And never, ever trust a car dealer F&I manager.
I was offered a 7% interest and my payment was $525. When I got in with the finance guy he gave me Lo Jack, extended warranty for the same payment of $525. He did it by lowering my interest rate to 3% and the 4% difference was technically was he charged me for those extra things.
There Bunch of rip offs
Probably extended the term of the loan. So although your payment remained the same you overall financed amount went up.
@@chefduane3742 No. He lowered my interest rate to 3% to make up the difference and keep the same payment.
I don't understand why anyone would buy any of this add-on garbage. It's mostly just pure profit for the dealer that won't provide much value to the customer. When I sit down with the finance person to finalize a vehicle purchase, literally the first thing I say is, "I won't be purchasing any add-ons, absolutely none, so please just show me where to initial that I refused it." That way, I don't have to waste my time listening to the bullsh*t sales pitch and I can get the hell out of there 30 minutes quicker.
I can’t find the Ray Shefska 6 on your website, any idea when it would be available?
Problem solved. Do your homework using YAA website. Decide what you are willing to pay. Then with the finance guy say you can add anything you want to the price, including DOC fee, but the bottom line can't be one penny more than we agreed upon. Last purchase was a Jeep Wrangler, my bottom line offer was $36,000 out the door. They removed the extra $1500(Nitrogen tires, clear coat, window etching, etc) that they had added on that piece of paper next to the Monroney sticker, and manipulated their numbers to include the Doc fees. Note that I had included in the price the taxes and fees and a reasonable profit for the dealer. So the only thing that would nix the deal would be their greed. I spent 1.5 hours at the dealership and drove home in my new Jeep Wrangler paid in full for $36,000. Only caveat here is that this was done before this supply mess, when there were plenty of cars on the lot and they were anxious to sell. May not work as well now.
Last time I got a new car, I lined out everything but they ended up leaving on a bunch of stuff; carpets, roof racks and so forth. Was not giving them back :)
@@bindingcurve Good for you. They know that some of the items are included with the vehicle, but try to charge you anyway.
Haha the first example was my IG post to you guys thank you
Can you get the purchase order with the breakdown of all the costs to take home to look at before making any decisions?
Hello I was wondering can I use my trade in to cover tax's and doc.fees thank you.
I'm a little confused by the "Throw Stuff In" trick. Kimberly mentioned that there was a charge to the item, but did it ultimately change the person's payment? Pops had mentioned that some financiers will adjust the interest rate to offset the cost of the added item and keep the monthly payment the same, so how is that a bad thing? Did the number of months change, too?
by lowering the interest rate they basically changed the interest that you would have paid over the years into a product to which the car dealers gained.......in selling them.....this is what I understand
It's a very, very simple concept.
Never sign anything you have not read and do not fully understand.
They hurry you, they give you loads of papers, they tell you they already explained it..... Because THEY DO NOT WANT you to read and understand it.
That extra hour you take to read and understand can and will save your backside.
This is another reason they extend the process to 6 hours, so that you're tired and just want to be done.
If you need to take the paperwork home to read, take it home. If they tell you the car will be gone, fine....they're making more. If the deal is only good today, there's probably a reason they don't want you to read and understand the paperwork. RUN.
When it comes to discussing the price/discount for accessories is that Sales or FNI?
Pls bring in Lucky Lopez again. He's very good and informative. He looks out for the middle class people. He got my vote if he does run for office
I wish I could take Kimberly with me next time I buy a car
Can you just go with the base payment?
Could you remove extended warranty after purchase?
What about signing papers at the end stating you refused all these extra products? I vaguely remember initialing individual papers i was told were statements of refusing products. Is this ligit?
Don't sign anything. Get them to print it all out for you. NEVER buy that day. Take the contract home to review before deciding whether to purchase. Get a highlighter (pen) and stroke out everything that you don't want or like.
Go back and get them to revise it. Again...take his revision home for review....repeat, repeat, repeat. until it is to your liking. DON'T LET THEM RUSH YOU.
So all this stems from is when the finance manager gave you a percentage rate you do not ask for a lower finance rate so the finance manager had some room to play with your percentage rate so nip it in the Bud and ask for that lesser finance percentage rate
this video perfectly illustrates what is wrong with the car dealership model...
Are any of these service contracts worth the sheet of paper they are written on?
I just had a finance guy try and get us to sign a blank cosigner form
I’m about to purchase an suv. Specifically a Ford Explorer. It’s becoming an exhausting thing because the numbers are all over the place online. I’m not even sure what’s the real price I should be paying. Gosh.
I assume this kind of stuffs mainly happens with the finance department (not say you should not read the contract for cash payment), but the latter should be more straightforward and clearer.
Would they ever not show the page where you are able to decline products?
I have a question. The dealer try to buy my vehicle as wholesale and then they up it to whatever they need to. Are you are to help us out with this. What can I do to up my output for a better deal on the trade or sale of my vehicle. I am a dumpy and can u help a veteran from getting screwed by those we protect and entitled them to do this to veterans. Thank U greatly Jorge.
With the current information out, if I'm in the market for a new car should I wait till interest goes up and hopefully get it was closer to MSRP or wait till see what happens down the road? Not in hurry to buying a car either
Only if you are paying cash.
I need some help. This dealership im in talks with says their “lifetime warranty” is standard. Does this count as an add on because i have asked them to take it off the price but theyve said twice now its “standard”?
Is “LACG APPEARANCE PROTECTG” mandatory in California?
Is YAA legit insurance?
'Not going to cost me anything in the payment'... Worst thing to say.. Final Price...... It' always about final agreed price.
Why do people even consider all those BS add ons, they wouldn’t offer them if they weren’t a benefit for them! A lot easier to just decline everything to know your not getting scammed and just do your research later and I guarantee your get anything you might want a lot cheaper
It almost makes sense to bring a lawyer with you. Can you bring a lawyer to a house purchase so why not $50,000 car