How man of you go through this at the ford dealership?

You picked out the car, you negotiate the price with the salesman then he hands you off the the dreaded finance guy.

He plinks away at his computer a while and comes up with a payment a good bit more than what you were expecting.
You ask what is the interest rate? He says something more than you know you should qualify for like 9.75%.
When you ask if that is the best rate they have he says thats the best we can do right now, but when you tell him you are going to see what your CU can do or get up to walk out he quickly says hold on, let me try one more thing....how about 5.75%?

It happens to me every time I buy a new car, they try to jack up the rate on you hoping you wont notice, and a lot of people probably dont.

Another thing one of the local dealers does is add "paint protection" and undercoating for some exorbatent amount like 650.00 for some minumum wage kid they give 15.00 to wax your car.

 

Same here, when I bought the car before my mustang, the **** said, "Well, the lowest rate we can offer you is 7.49%. I knew that he was going to say this, so I kindly replied, "Thats fine, I will just go with a credit union then." THen he asked how much they were offering, I lied and said 3.9%. So after a few minutes of bull****, he matched it. HAHA ****er. Sorry, I can't stand the guy.

 

I cant stand the finance guy at my nearest ford dealer either, I have walked out twice and went somewhere else because of him. I dont even go there anymore, I drive another 40+ miles to another dealer.

 

They will always try to get the highest interest rate possible. I say come preprared with knowledge about your credit history. Every year everyone can get a free credit check online (in some states - twice per year). You can check everything that is on your credit and those things you deem suspect. You can always request anything you do not recognize to be deleted. It is simple.

Additionally, you can ask for your FICO Score (this is the number that tells them whether you have good credit or bad credit). This only costs $5 and you can get it immediately online. Knowing your score is half the battle (lol, sounds like G.I. Joe). But I digress. I work at Transunion (one of the 3 corporations for checking credit...other two are Equifax and Experian). In fact, it is best to check all 3 of these credit organizations to get the median of your FICO score.

I do not have my notes available with me at the moment but I believe they range from 330 to 830 (830 being outstanding). There are many factors that determine your credit rating such as outstanding credit, revolving credit, debt, open accounts, bankruptcies, etc. etc.). My median score is 701. That is rated as good and not too far from excellent. I know going in the door that if they do not give me the best possible rate that they are BS me. I know that I can go elsewhere and get a better rate loan. Therefore, I suggest that everyone prepare and negotiate your best deal and NEVER get taken again.

Regards.

 

Here's the thing that most people don't think of. You can (and should) negotiate EVERY facet of the car buying process. It amazes me that most people will fight and fight to get the cost (or payments) down low, but then never quibble over interest rate.

The best weapon is to find out your credit rating like Magget said, then check with banks, credit unions, Auto Club and find out what the best rate out there is. Let's say that you can get a 4.80% from a local credit union. When you're buying the car tell the salesman that in addition to the price you're asking for, you want your interest rate to be 4.75%. The sales manager he goes into the back to talk with will have full authority to commit to an interest rate so you can handle that before you get to the finance guy.

Information is power, so don't go into a gun-fight armed with a water baloon. Bring all your ammunition.

The last point I want to make is, if you don't feel comfortable with your salesman/dealership then don't buy from them. There is ALWAYS another dealership with the car you want. If you think they're trying something sneaky, or you just get that bad feeling, go somewhere else. It's not worth trying to get the bad people to make a good deal, when you can fiond a good dealer to make you the same deal.

 

hey magget is your FICO the same thing as your beacon score. when i bought my motor cycle they said my beacon score was 760. was wondering if that is on the same scale your talking about.

 

I believe each company has a different name for their respective score. Transunion uses FICO, and one of the others use PLUS as the name of their score. I would imagine beacon to be the other. Though I am just guessing on that last one.

 

it's a sells trick.....motto...the price is what the cust will pay..

 

hey guys just remember everyone and i mean everyone is entitled to make a dollar....you guys dont work for free so why should we(im one of those "dreaded" finance managers) but by the impression ive left on some of you with my helpfulness...i dont think theres a person in here that dreads me...remember we all work for a living doing different things...and were allllll entitled to make some money....

 

when i got mine the ford dealer tried to give me 8 or 9 % and when i told them i was financing through my credit union they tried to match it which was 4.25% but i told them no that it was already to late for that since they blew their chance earlier so i took my mustang and left