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 > General Question on Discounts

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rdhetrick

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Posted: 11/14/21 06:46am Link  |  Quote  |  Print  |  Notify Moderator

I'll also add that paying cash might actually be a downside for the dealer. If they get some form of kick-back from the finance company they work with, they wouldn't get that on a cash deal.

When I bought my last used car, I was told that if I wanted the lowest price, I would need to finance it. I could pay it off the first month if I had the cash to do so.

Don't know if this is true in all situations, but it makes sense.


Rob
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propchef

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Posted: 11/14/21 06:58am Link  |  Quote  |  Print  |  Notify Moderator

rdhetrick wrote:

I'll also add that paying cash might actually be a downside for the dealer. If they get some form of kick-back from the finance company they work with, they wouldn't get that on a cash deal.

When I bought my last used car, I was told that if I wanted the lowest price, I would need to finance it. I could pay it off the first month if I had the cash to do so.

Don't know if this is true in all situations, but it makes sense.


This. Dealers work with certain lenders and get compensation for it.

For the last two cars I bought (one just weeks ago), I got their best price and used their financing. The moment I got home I started the process of refinancing to my local CU. My payment is now lower and the term shorter.

When shopping, I never discuss financing until a price is agreed upon.

wing_zealot

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Posted: 11/14/21 08:16am Link  |  Quote  |  Print  |  Notify Moderator

Why didn’t you just get the credit union financing to begin with?

hoopers

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Posted: 11/14/21 11:36am Link  |  Quote  |  Print  |  Notify Moderator

30-35% off msrp is typical invoice pricing on most new trailers.


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rdhetrick

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Posted: 11/14/21 11:59am Link  |  Quote  |  Print  |  Notify Moderator

wing_zealot wrote:

Why didn’t you just get the credit union financing to begin with?


In my case, using the dealer financing dropped the price of the car $1500.

It wasn't the lowest interest rate I could have found, but I knew I'd be paying it off right away so it didn't matter.

If I had intended on keeping the loan, it would have made sense to take the discount for using their financing, and then moving it to a credit union as the other poster did.

propchef

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Posted: 11/14/21 12:30pm Link  |  Quote  |  Print  |  Notify Moderator

wing_zealot wrote:

Why didn’t you just get the credit union financing to begin with?



I was approved at my CU before I even stepped foot into the dealership. By using the dealer's financing I was able to get a better deal, in one instance it money off the top, and this last time they gave me more for my trade (yes I know it's a money shell game). The finance guys use the financing kickbacks to talk you into things like the extended warranty and ceramic coatings. "What if I tell you I can lower your payment AND you can have the ceramic coating!" Forget the coating and just give me the difference in the price.

The only drawback to this scenario is that often you can't refinance until the "official" registration arrives from the state, which can take 30 days or so.

Lwiddis

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Posted: 11/14/21 05:54pm Link  |  Quote  |  Print  |  Notify Moderator

The ceramic coating?


Winnebago 2101DS TT & 2020 Chevy Silverado 1500 LTZ Z71, 300 watt solar-Lossigy 200 AMP Lithium battery. TALL flag pole. Prefer boondocking, USFS, COE, BLM, NPS, TVA, state camps. Bicyclist 14 yr. Army -11B40 then 11A - (MOS 1542 & 1560) IOBC & IOAC grad


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