Interesting story on 60 minutes.

[madyaks]

How auto dealerships get you one interest rate from a bank, and then add a few points to it for themselves!
You never see it in your payment, the bank just cuts a check to the dealership, then you pay the bank.

This is just unreal.

[dv6y]

So the bank is getting -.05 percent?

[madyaks]

In one case they showed, the dealership called the bank, got the buyer a 15% deal, then tacked on 4% for themselves.
So The bank sends a check for the 4% over the life of the loan to the dealership and the buyer just pays the bank back the money in the payment, you never know they did it.

[BurnKU]

So what's the problem?

[Jack Daniels]

Originally posted by madyaks@Apr 4 2004, 05:38 PM
In one case they showed, the dealership called the bank, got the buyer a 15% deal, then tacked on 4% for themselves.
So The bank sends a check for the 4% over the life of the loan to the dealership and the buyer just pays the bank back the money in the payment, you never know they did it.

15%? :o NO VASELINE!

My rate is 5.25%, which means, I guess, that it was really 4.9%.

[davhaf]

Originally posted by Jack Daniels+Apr 4 2004, 06:42 PM-->

QUOTE (Jack Daniels @ Apr 4 2004, 06:42 PM)

Damtoft Senior Member Join Date: Feb 2004 Posts: 7867 Share Tweet #7 04-04-2004, 10:17 PM Yaks, Why does people making money bother you so much? And, frankly, it has never occured to me that "winning" a debate is important, or that I should be hurt when someone like Airshark or kah, among others (for whom winning a pseudo debate or declaring intellectual superiority over invisible others is obviously very important) ridicule me. -The Artist formerly known as King in KC Comment Post Cancel hansolo Senior Member Join Date: Feb 2004 Posts: 12964 Share Tweet #8 04-04-2004, 10:27 PM madyaks - that's why cash is king. but if for those who don't have cash - just get a pre-approved car loan from a credit union and buy a car. i never recommend financing through the dealerships - or even recommend buying a new car. The value drops significantly once you drive off the lot. Buy a 3 year old car - that's when the value usually stablizes. han solo Comment Post Cancel matt75 Senior Member Join Date: Feb 2004 Posts: 2842 Share Tweet #9 04-04-2004, 10:35 PM I got 2.9% on my Jeep, thank God. But if these dealerships aren't disclosing this info that's all kinds of fucked up. "They misunderestimated me." Bentonville, Ark., Nov. 6, 2000 "Our enemies are innovative and resourceful, and so are we. They never stop thinking about new ways to harm our country and our people, and neither do we."—Washington, D.C., Aug. 5, 2004 "If you're sick and tired of the politics of cynicism and polls and principles, come and join this campaign." -Hilton Head, S.C., Feb. 16, 2000 Gives you the warm fuzzies, doesn't it? Comment Post Cancel lazydaze Senior Member Join Date: Feb 2004 Posts: 34777 Share Tweet #10 04-04-2004, 10:41 PM the funny thing, in american society people commonly do the exact opposite of good money management. They buy cars, and rent housing (apartments) one appreciates, one depreciates. And you get to choose the one you own. Too many of our young people/families dot eh wrong thing. Buy your home, lease your car. Un-Official Sponsor of Randy Choate and Kevin Siegrist Comment Post Cancel matt75 Senior Member Join Date: Feb 2004 Posts: 2842 Share Tweet #11 04-04-2004, 10:44 PM Originally posted by lazydaze@Apr 4 2004, 10:41 PM the funny thing, in american society people commonly do the exact opposite of good money management. They buy cars, and rent housing (apartments) one appreciates, one depreciates. And you get to choose the one you own. Too many of our young people/families dot eh wrong thing. Buy your home, lease your car. This is acutally something I agree with you on. I got a great interest rate on my Jeep but I will be leasing or buying outright from now on. "They misunderestimated me." Bentonville, Ark., Nov. 6, 2000 "Our enemies are innovative and resourceful, and so are we. They never stop thinking about new ways to harm our country and our people, and neither do we."—Washington, D.C., Aug. 5, 2004 "If you're sick and tired of the politics of cynicism and polls and principles, come and join this campaign." -Hilton Head, S.C., Feb. 16, 2000 Gives you the warm fuzzies, doesn't it? Comment Post Cancel dhaab Senior Member Join Date: Feb 2004 Posts: 14160 Share Tweet #12 04-04-2004, 10:58 PM Originally posted by hansolo@Apr 4 2004, 10:27 PM madyaks - that's why cash is king. but if for those who don't have cash - just get a pre-approved car loan from a credit union and buy a car. i never recommend financing through the dealerships - or even recommend buying a new car. The value drops significantly once you drive off the lot. Buy a 3 year old car - that's when the value usually stablizes. han solo Couldn't agree more. I've done this exactly with my previous 3 car purchases, and it worked out great. Just be sure you get the used car checked by another mechanic OR get a cheap warranty from the dealer with whom you're buying it. You can work it into the price of the car pretty easily. *Syria becomes the 7th predominantly Muslim country bombed by 2009 Nobel Peace Laureate Barack Obama—after Afghanistan, Pakistan, Yemen, Somalia, Libya and Iraq Comment Post Cancel madyaks Super Moderator Join Date: Feb 2004 Posts: 47171 Share Tweet #13 04-04-2004, 11:31 PM Originally posted by Damtoft@Apr 4 2004, 11:17 PM Yaks, Why does people making money bother you so much? It doesn't, but telling me you are getting me the best rate when you actually get me a rate and charge me for it WITHOUT TELLING me is whats wrong. Be passionate about what you believe in, or why bother. Comment Post Cancel BurnKU Senior Member Join Date: Feb 2004 Posts: 4787 Share Tweet #14 04-05-2004, 07:04 AM Why would you assume a car salesman is going to give you the best rate? Who would trust anything a car salesman says? Asked what he would do differently in Iraq, Kerry said, "Right now, what I would do differently is, I mean, look, I'm not the president, and I didn't create this mess so I don't want to acknowledge a mistake that I haven't made." Comment Post Cancel hansolo Senior Member Join Date: Feb 2004 Posts: 12964 Share Tweet #15 04-05-2004, 07:33 AM Originally posted by BurnKU@Apr 5 2004, 07:04 AM Why would you assume a car salesman is going to give you the best rate? Who would trust anything a car salesman says? There are disclosure laws. Am not sure if they are breaking them or not. But of course I never believe or trust anything that comes out of a car salesman's mouth. They are just doing what they are told. han solo Comment Post Cancel Previous 1 2 template Next English (US) Deutsch (Du) English (US) French Spanish Help Contact Us Go to top Copyright © 2003-13, TippingPitchers.com Powered by vBulletin® Version 5.6.9 Copyright © 2022 vBulletin Solutions, Inc. All rights reserved. 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[Damtoft]

Yaks,

Why does people making money bother you so much?

[hansolo]

madyaks -

that's why cash is king.

but if for those who don't have cash - just get a pre-approved car loan from a credit union and buy a car.

i never recommend financing through the dealerships - or even recommend buying a new car. The value drops significantly once you drive off the lot.

Buy a 3 year old car - that's when the value usually stablizes.

han solo

[matt75]

I got 2.9% on my Jeep, thank God. But if these dealerships aren't disclosing this info that's all kinds of fucked up.

[lazydaze]

the funny thing, in american society people commonly do the exact opposite of good money management.


They buy cars, and rent housing (apartments)

one appreciates, one depreciates. And you get to choose the one you own. Too many of our young people/families dot eh wrong thing.


Buy your home, lease your car.

[matt75]

Originally posted by lazydaze@Apr 4 2004, 10:41 PM
the funny thing, in american society people commonly do the exact opposite of good money management.


They buy cars, and rent housing (apartments)

one appreciates, one depreciates. And you get to choose the one you own. Too many of our young people/families dot eh wrong thing.


Buy your home, lease your car.

This is acutally something I agree with you on. I got a great interest rate on my Jeep but I will be leasing or buying outright from now on.

[dhaab]

Originally posted by hansolo@Apr 4 2004, 10:27 PM
madyaks -

that's why cash is king.

but if for those who don't have cash - just get a pre-approved car loan from a credit union and buy a car.

i never recommend financing through the dealerships - or even recommend buying a new car. The value drops significantly once you drive off the lot.

Buy a 3 year old car - that's when the value usually stablizes.

han solo

Couldn't agree more. I've done this exactly with my previous 3 car purchases, and it worked out great. Just be sure you get the used car checked by another mechanic OR get a cheap warranty from the dealer with whom you're buying it. You can work it into the price of the car pretty easily.

[madyaks]

Originally posted by Damtoft@Apr 4 2004, 11:17 PM
Yaks,

Why does people making money bother you so much?

It doesn't, but telling me you are getting me the best rate when you actually get me a rate and charge me for it WITHOUT TELLING me is whats wrong.

[BurnKU]

Why would you assume a car salesman is going to give you the best rate? Who would trust anything a car salesman says?

[hansolo]

Originally posted by BurnKU@Apr 5 2004, 07:04 AM
Why would you assume a car salesman is going to give you the best rate? Who would trust anything a car salesman says?

There are disclosure laws. Am not sure if they are breaking them or not.

But of course I never believe or trust anything that comes out of a car salesman's mouth. They are just doing what they are told.

han solo