Hi, my name is Paul and I've been working at Car Dealerships for alittle over 5 years now. It is my life and I've seen and heard everything that goes on at a Dealership. I started as a Sales Representative, then worked my way up to a "Closer" (usually the person that talks to you after the Sales person). Then I moved up to a Used Car Manager, and then a New Car Manager. I'll tell you more about those positions and why they are needed later. Now you see I have my fair share of experiance in this game. I'm currently out of the Car Business right now, because I have a family that misses me.
Now that I told you alittle about myself. I'm going to help the average person "You" get the car of your dreams or a car that you want. Of course you can buy a car at full price, but did you know most cars on the lot are marked up an average of 4-5 thousand dollars! Now thats 4 thousand dollars I would like to keep in my pocket, how about you? "If your knodding your head yes, then you've come to the right place."
Now talking about trading in your vehical at a Dealership. This is probably one of the hardest things to do. Why? because the Dealership has so much back up information about how much the car is worth, "It's true market Value". Most people just agree with the dealership on what they offer them, even though they don't like it.
Here's a little fact for you. If you've ever paid what the Car Dealers have agreed to, or even close to what they've agreed to, or even paid what you believed was a "fair price," then guess what? ... You've paid too much!
Now I'm only doing this because I think everyone should get what they want at an affordable price. I'll update this everyother day.
Here is a very good place to go for more information, Car Buying Secrets!
Funny one liners sales people like to use on you. I know because I used them too, and they work for the most part!
"You're stealing food from my baby's mouth"
"Everybody pays this fee"
"We're losing our shirt on this deal"
"The web sites you got the prices from are wrong."
"This car won't be here tomorrow"
"The bank requires you to buy the extended warranty to get loan approval"
"Do you want the car? What will it take to make you sign today?"
Is it a loan or not a loan?
Quite often the "car loan" you're applying for at the dealer is not really a car loan. They are known in the car business as Retail Installment Sales Contracts, or RISCs. (an appropriate acronym). The dealer signs the RISC with you, then sells it to a bank, or other lender, hopefully at a good markup on the contract. Sometimes they also participate in the interest rate. So the higher APR they charge you, the more money they make. Car dealer financing is not a service they provide for you, it is a product they sell to you, explaining why some scams listed below exist. If they can get you a better APR, fine. But if not, have your own financing ready to fall back on.
Abuse of the Patriot Act?
We are getting complaints from car buyers who have their own car financing from a credit union or an online lender, and the car dealer forces them to sign a credit application anyway, falsely claiming "it's required by the Patriot Act". There is no verse in the Patriot Act that I can find requiring you fill out a credit application, or allowing dealers to run credit checks on you when you bring your own car financing. Their bogus claim sounds believable, but armed with verbiage of the law, you can stop them. Here's a link to the Patriot Act: http://www.lifeandliberty.gov/highlights.htm. Ask the car dealer to tell you which exact section of the Patriot Act requires them to make you fill out a credit application when you have your own financing, and collect your Social Security number, and run your credit report. Since they claim it's required, they should be able to show you the verbiage (HINT: They can't). The Patriot Act (H.R. 3162), Section 326 "Verification of identification" requires banks and financial institutions to verify your ID before you open an account. Since you are not opening an account with the dealer and they are not a bank, they don't need you to fill out a credit application or a Patriot Act form. The Patriot Act form I filled out for my mortgage only asks for your loan number and driver's license number, not your SS#, and it does not say "Credit Application" on it. The Patriot Act specifically calls out driver's licenses or passports for ID verification. Nothing more. Dealers fool you into filling out the credit app, so then can run your credit through a half dozen local banks in an attempt to lead you into the dealer's financing so they can get more commission. But why all the lies?
Car Buying Secrets!
