Philadelphia's Classiest Drunkards
yea chu, get on gchat so im not lonely either. im trying to save money any which way i can but living in DC is freaking retarded expensive. aiight chu we need to talk (wink wink) homo
Evolved Member
Joined: Apr 2008
Posts: 1,235
Likes: 4
From: PA
i know. i was surprised. another bank was going to do like 4.7% and i initially thought that was good for a used car then i called the local credit union for the hell of it and they told me 3.9%. the place i bought it from does financing through the same credit union and told me they could get better than 3.9% and they gave me 3.1%.
they were showing me the approval sheet from the bank and there was a range of 3.1 - 5.7% (or something) that they said they were allowed to tell me i was approved for. this is what most dealerships do, they'll tell you "congratulations! you were approved for 5.7% (when in fact you were approved for 3.1%)" and they pocket the difference. it pretty dirty and it is legal because the feds put a cap on how much they can gouge you.
they were showing me the approval sheet from the bank and there was a range of 3.1 - 5.7% (or something) that they said they were allowed to tell me i was approved for. this is what most dealerships do, they'll tell you "congratulations! you were approved for 5.7% (when in fact you were approved for 3.1%)" and they pocket the difference. it pretty dirty and it is legal because the feds put a cap on how much they can gouge you.
i know. i was surprised. another bank was going to do like 4.7% and i initially thought that was good for a used car then i called the local credit union for the hell of it and they told me 3.9%. the place i bought it from does financing through the same credit union and told me they could get better than 3.9% and they gave me 3.1%.
they were showing me the approval sheet from the bank and there was a range of 3.1 - 5.7% (or something) that they said they were allowed to tell me i was approved for. this is what most dealerships do, they'll tell you "congratulations! you were approved for 5.7% (when in fact you were approved for 3.1%)" and they pocket the difference. it pretty dirty and it is legal because the feds put a cap on how much they can gouge you.
they were showing me the approval sheet from the bank and there was a range of 3.1 - 5.7% (or something) that they said they were allowed to tell me i was approved for. this is what most dealerships do, they'll tell you "congratulations! you were approved for 5.7% (when in fact you were approved for 3.1%)" and they pocket the difference. it pretty dirty and it is legal because the feds put a cap on how much they can gouge you.
danimal can you PM me details of where/what this credit union was. its always worth taking a shot at it. and i had no idea dealerships were LEGALLY allowed to do that. thats such BS. im just gona make so much money all my cars will be bought in cash.
straight CASH. stacks of hundreds. DMX style in the movie with anthony anderson Exit Wounds. yessir thatll be me
straight CASH. stacks of hundreds. DMX style in the movie with anthony anderson Exit Wounds. yessir thatll be me
danimal can you PM me details of where/what this credit union was. its always worth taking a shot at it. and i had no idea dealerships were LEGALLY allowed to do that. thats such BS. im just gona make so much money all my cars will be bought in cash.
straight CASH. stacks of hundreds. DMX style in the movie with anthony anderson Exit Wounds. yessir thatll be me
straight CASH. stacks of hundreds. DMX style in the movie with anthony anderson Exit Wounds. yessir thatll be me
Its a disgrace right up to management. Dealers offer more commission based on how much you can scam a person. Then again, its a living...not necessarily honest but I suppose whatever puts food on the table and doesnt get anyone hurt is acceptable.
Dealers have plenty of tricks like bumping up interest rates. Some of them will simply add money to the monthly payment the person is approved for. I worked with a guy that told me his lucky number had always been $15. $15 x 60 months = an easy $900 for your friendly car salesman. Never tell a dealer what your ideal monthly payment should be. People who only want to talk about monthly payments can get beat up pretty badly.
IMO the best way of getting a good price is to deal directly with the internet salesman. They always make the smallest margins. Most of them are just trying to move as many cars as possible without worrying about high commissions on any one deal.
IMO the best way of getting a good price is to deal directly with the internet salesman. They always make the smallest margins. Most of them are just trying to move as many cars as possible without worrying about high commissions on any one deal.
this is kinda long, but goes into detail of how both new and used dealers make money.
http://www.edmunds.com/advice/buying...2/page001.html
worth the read if you have the time to kill (cough Andy cough)
http://www.edmunds.com/advice/buying...2/page001.html
worth the read if you have the time to kill (cough Andy cough)
do you remember that mom and pop's used car lot on ridge pike in west norriton (right down the street from the e85 station) called Jefferson Motors? he always sold specialty cars and always managed to have an evo on the lot. carvision moved in up the street and hurt his business then the market took a crap and he blew his brains out (he had a lot inversted). his daughter ended up closing the business a few months later. i just can't understand someone doing some so extreme over money.
okay guys. i know dan recommended me some place but I forget where. I think my dad may have found an Evo, but is looking to get financing away from the dealer, since the rates are apparently crap. anyone know of a good bank, or any other place that offers good financing for a car like an Evo X with a decent amount of cash down.
i know rates will vary, but looking to shop around and find the best possible. thanks in advance for the help guys.
and glad to hear the clutch is working out great. I am in search of a new lip thanks to a huge tree branch, two idiot drivers, and a late night drive. want CF but would hate to trash it, maybe apr i dont know. im do broke to think haha.
i know rates will vary, but looking to shop around and find the best possible. thanks in advance for the help guys.
and glad to hear the clutch is working out great. I am in search of a new lip thanks to a huge tree branch, two idiot drivers, and a late night drive. want CF but would hate to trash it, maybe apr i dont know. im do broke to think haha.
hook'a brutha up.
Last edited by robertg; Jul 13, 2010 at 10:41 AM.
Second time I've seen some used bilstiens f/s for cheap. I wish I knew if they fit or not.
Couldn't disagree with you more (the first part of your comment)... Their salesmen/women, thats their job, to sell products to make money. They have mouth's to feed just like everybody else. If they were to give every car away without making money on it, then no one would do the job and all the dealers would close. It falls on you as the consumer to get the best deal you can, if you have to shop around then that's what you have to do. Do you sell products in your shop for what you pay for them? Of course not, you wouldn't be in business if you did.
this is kinda long, but goes into detail of how both new and used dealers make money.
http://www.edmunds.com/advice/buying...2/page001.html
worth the read if you have the time to kill (cough Andy cough)
http://www.edmunds.com/advice/buying...2/page001.html
worth the read if you have the time to kill (cough Andy cough)
Couldn't disagree with you more (the first part of your comment)... Their salesmen/women, thats their job, to sell products to make money. They have mouth's to feed just like everybody else. If they were to give every car away without making money on it, then no one would do the job and all the dealers would close. It falls on you as the consumer to get the best deal you can, if you have to shop around then that's what you have to do. Do you sell products in your shop for what you pay for them? Of course not, you wouldn't be in business if you did.