What should I pay?

[AdamHarris]

My salesman had to go back and “talk” to somebody 4 different times but this is what I ended up with:

2020 (nov 2020 build date)
Xlt Fx4 super crew.
Shadow black w sport appearance pkg.
tow pkg, 301a (no tech pkg)

Sat on the lot for 89 days
$33,529 OTD (title, lic and All fees)
I payed no tax because of a military deal, if I had this OTD price would’ve been $3200 or so higher (9.75 sales tax in TN)

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[JimG_AZ]

What is your Problem with Dealer finance Representatives? You need to Deal with Carvana.com & the dealer Employee's will get rid of Dealer Shopping Trash.

So, what is my problem with dealership finance representatives? Good question! The answer is that these guys are the highest paid, and best salespeople the dealership has. They guys will rip you off with a smile on their face and I think most people don’t even realized it. I’ve seen a few good finance guys and I have seen more bad ones.

Currently, the internet has made new car buying way more competitive than what the dealership likes. Information on what people are paying for cars is way to easy to get. I can sit in my living room and negotiate on a car without even stepping foot on a dealers lot. When I’m armed with info from forums like this, I can get a pretty good idea as to what a dealer will sell the car for. So, this forced the dealers to reduce their margins on the front end of the sale to get me on their lot, and then hope to make the profit on the back end in the finance office.

So, I score a killer deal with the sales manager and I’m feeling really good about my negotiating skills. To complete the deal, I head back to the finance office and meet this really nice guy. This guy really knows his stuff. He is an expert on financing, car warranties, service plans, gap insurance, paint and interior protection, car alarms and accessories, you name it. So, we agree on the loan and then the fun begins.

Hopefully by now, you see that this guy is trying to sell a lot of stuff. Oh, and you can bet the bank that he is asking way more than he should be for it. This should be a huge red flag.

So, they start the sales pitch on the extended warranty. Almost always there is some sort of fear mongering involved. If the car computer fails - $4,000, transmission - $7,000, motor - $9,000, etc. But we will sell you the extended warranty for $3,200 and it will just add $N to your payment, and you will not have to worry about this. The nice finance guy usually doesn’t like to mention that you can shop the warranty with other Ford deals, or wait to purchase it until your manufactures bumper-to-bumper warranty is about to expire. When I purchased my Mustang, I actually inquired about buying the Ford extended warranty right before my manufactures bumper-to-bumper warranty expired. The nice finance guy told me he highly recommended against that and that I would pay way more. He said that I would have to buy it thought the service department and they are not allowed to negotiate on the price. Really? In reality, I just caught the finance guy lying to me.

The next up was gap coverage. When I purchased my Mustang, the finance guy highly recommended I buy his policy for @ $600. Gap is a sliding scale policy and becomes useless once you break even on loan to value. Now if I had financed with zero down, he may have had a point. In my case, I had just turned him down for his over-priced extended warranty and I was trading in a used car for $7000. That made the Gap coverage just about useless. So this really nice guy was giving me a sales pitch on something that was basically useless for me. BTW, he didn’t like the idea that if one needed Gap, they could just call their insurance agent and put a low cost rider on the policy.

After this they enter into the discussion of over-priced accessories and dealer add-ons. Unless you really need to roll these into the loan, just say NO.

Then after you have been in the finance office for @ 45 minutes, they finally get around to printing out the final balance sheet. Let me tell you – check this closely! I have had two different dealers try to steal the trade-in tax credit. LOL, I’m sure that both of these were honest mistakes. Another one to watch here is make sure they are not trying to double charge you for the manufactures shipping charge on the car. If it is included in the MSRP, make sure they are not trying to add it as a line item.

I hope this helps…

 

[JimG_AZ]

I took the higher priced Ford finance in order to get the $1750, even though I didn’t need it it. The dealer asked me to not pay it off for 3 months otherwise they’ve would lose their kickback. I agreed to that (verbal) and will honor it. They were working towards a good solution for all and that’s fine with me.

I totally respect you for honoring your word on this. I would honor this too if both the dealer and I agreed to this for a specific deal. Now if the dealer attempted to pull a fast one on me, I would refi or pay this off before 3 months.

 

[Chuck Lau]

So, what is my problem with dealership finance representatives? Good question! The answer is that these guys are the highest paid, and best salespeople the dealership has. They guys will rip you off with a smile on their face and I think most people don’t even realized it. I’ve seen a few good finance guys and I have seen more bad ones.

Currently, the internet has made new car buying way more competitive than what the dealership likes. Information on what people are paying for cars is way to easy to get. I can sit in my living room and negotiate on a car without even stepping foot on a dealers lot. When I’m armed with info from forums like this, I can get a pretty good idea as to what a dealer will sell the car for. So, this forced the dealers to reduce their margins on the front end of the sale to get me on their lot, and then hope to make the profit on the back end in the finance office.

So, I score a killer deal with the sales manager and I’m feeling really good about my negotiating skills. To complete the deal, I head back to the finance office and meet this really nice guy. This guy really knows his stuff. He is an expert on financing, car warranties, service plans, gap insurance, paint and interior protection, car alarms and accessories, you name it. So, we agree on the loan and then the fun begins.

Hopefully by now, you see that this guy is trying to sell a lot of stuff. Oh, and you can bet the bank that he is asking way more than he should be for it. This should be a huge red flag.

So, they start the sales pitch on the extended warranty. Almost always there is some sort of fear mongering involved. If the car computer fails - $4,000, transmission - $7,000, motor - $9,000, etc. But we will sell you the extended warranty for $3,200 and it will just add $N to your payment, and you will not have to worry about this. The nice finance guy usually doesn’t like to mention that you can shop the warranty with other Ford deals, or wait to purchase it until your manufactures bumper-to-bumper warranty is about to expire. When I purchased my Mustang, I actually inquired about buying the Ford extended warranty right before my manufactures bumper-to-bumper warranty expired. The nice finance guy told me he highly recommended against that and that I would pay way more. He said that I would have to buy it thought the service department and they are not allowed to negotiate on the price. Really? In reality, I just caught the finance guy lying to me.

The next up was gap coverage. When I purchased my Mustang, the finance guy highly recommended I buy his policy for @ $600. Gap is a sliding scale policy and becomes useless once you break even on loan to value. Now if I had financed with zero down, he may have had a point. In my case, I had just turned him down for his over-priced extended warranty and I was trading in a used car for $7000. That made the Gap coverage just about useless. So this really nice guy was giving me a sales pitch on something that was basically useless for me. BTW, he didn’t like the idea that if one needed Gap, they could just call their insurance agent and put a low cost rider on the policy.

After this they enter into the discussion of over-priced accessories and dealer add-ons. Unless you really need to roll these into the loan, just say NO.

Then after you have been in the finance office for @ 45 minutes, they finally get around to printing out the final balance sheet. Let me tell you – check this closely! I have had two different dealers try to steal the trade-in tax credit. LOL, I’m sure that both of these were honest mistakes. Another one to watch here is make sure they are not trying to double charge you for the manufactures shipping charge on the car. If it is included in the MSRP, make sure they are not trying to add it as a line item.

I hope this helps…

I will Bet when you drive into one of these Ford Retailers ALL the employee's scatter saying " Here comes that STUPID "F#!Kin' NUT-JOB" JimG ..... Let's go out to lunch NOW to avoid this A$$HOLE!

 

[JimG_AZ]

I will Bet when you drive into one of these Ford Retailers ALL the employee's scatter saying " Here comes the F#!Kin' NUT JOB JimG" ..... Let's go out to lunch to avoid this A-Hole!

Oh, looks like I struck a nerve here. Are you a former dealership employee! Finance guy maybe? Here is one thing that I find interesting. You go on a juvenile-like rant and say that I am NUT JOB (in caps btw) and a few other things and fail to refute anything I said. So please tell me where I am wrong. Waiting….

Your probably right about what some dealership employees have said about me. But what you failed to say is that they probably have something negative to say about any customer that negotiates on a car purchase. A number of years ago a friend of mine was going some emergency repair work in the sales tower at a high-volume dealership. Let’s just say he found it to be a very enlightening experience. He told me that if you ever heard the way salesmen and sales managers talk about customers, …at the very least you would walk right out the door – LOL! I don’t want to put in print what he really said the customer should do.

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