They are also available separately through outlets like your credit union or just do an online search. On-line is the way I went with my last car purchase, saved about half the cost of going through the dealer, same coverage.
Why was Car Salesman pushing me to finance my vehicle when I said I had cash?
- Thread starter Okie1907
- Start Date
They are also available separately through outlets like your credit union or just do an online search. On-line is the way I went with my last car purchase, saved about half the cost of going through the dealer, same coverage.
It goes without saying that it pays for the buyer to calculate the charges yourself, not take the word of a salesman that the finance charge is "X".
There are often superfluous "fees" and penalties, even if you pay the note off early.
When teaching remedial math ( 0 level class) at WOSC, I would ask volunteers to bring in their information on car purchases, then we would add up all the costs and figure the actual % added to the stated purchase price. One young lady bought a mustang for 10,000 and was told her loan APR was very low. Adding up all her payments, she actually paid $14,000 for the $10,000 mustang on a 3 year note. She had the car for a year, and when she went back after our lesson and asked for the payoff amount on the note, she was told she would have to pay nearly all the total of remaining payments as "an early payment penalty."
Caveat Emptor.
There are often superfluous "fees" and penalties, even if you pay the note off early.
When teaching remedial math ( 0 level class) at WOSC, I would ask volunteers to bring in their information on car purchases, then we would add up all the costs and figure the actual % added to the stated purchase price. One young lady bought a mustang for 10,000 and was told her loan APR was very low. Adding up all her payments, she actually paid $14,000 for the $10,000 mustang on a 3 year note. She had the car for a year, and when she went back after our lesson and asked for the payoff amount on the note, she was told she would have to pay nearly all the total of remaining payments as "an early payment penalty."
Caveat Emptor.
I remember I was buying a new Honda once and the guy was pushing and extended warranty and telling me all about the virtues incase the motor failed, transmission dropped out etc. I told him if the car was that bad I wouldn't want it anyway and he shut up and never mentioned a word. BIG profit in those extended warranties.
All this talk of pushy sales personnel at the car dealerships reminds me of one time I bought a new truck and paid cash. The salesman brought me over to his manager, or whomever it was, for the additional sales pitches - extended warranty, dealer-installed options like floor mats, etc. I knew when I sat down what the manager would do, so I said right off that my answer to everything he would say would be "No," and I just wanted to skip ahead to the end and sign the deal "as is." He told me he was required to go through the different options, so I said, "Fine, you can start talking and I'll go get a diet Coke and watch some TV in the waiting area. Come and get me when you're done." Without another word, he showed me where to sign.
