Why people should avoid car dealership financing

   2019-07-21       87        Finance
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Securing financing through the car dealership seems convenient and simple, How to avoid to whole finance manager confrontation all together.

Why people should avoid car dealership financing

There are not a lot of people out there in the world that like to haggle, argue, or have confrontation. It’s just not something people enjoy doing, and most people avoid it at all together. And there is an industry that not only know this, but profits from it. That is car dealerships and their financing department. Allow me to explain.

 

 

Securing financing through the car dealership seems convenient and simple

Does this should like an experience you have had? You need a new or newer car so you drive over to your local car dealership. A nice sales person sees you on the lot, walks over and shakes your hand. Ask if they can help you. You tell them what you’re looking for and they show it to you. You give them your keys of your old car so they can evaluate it for a trade in. You go for a test drive, fall in love with your new car. Go back to the dealership. Fill out a 4-page long loan form. The sales person goes back and forth between you and the finance manager about 3 times. You end up getting the car and feel like you got a “good deal” and “a great interest rate” right? Does that sound about how it goes? Because that is how they make their money. Most people don’t know that dealers will make a small profit off your loan. Car dealerships sell cars, they don’t want to hold the loan. So, what they will do is get you into a loan, then sell your loan to a bank or lender. Sure, you’re going to make your payment to that local car dealership each month. However, they are going to take a small part of it and pass the rest on to the other lender. Here is an example. You buy a car with zero down payment for $15,000 so the loan amount is $15,000. Your interest rate is 8.5% so your monthly payment is $308 for 5 years. What you don’t know is the finance department of the dealership 1 month later sold your loan to lender and they were willing to buy that $15,000 loan and would take a 5% interest rate. What does that mean for you? You’re still paying your monthly payment of $308 each month. And thinking the people at the car dealership “gave you a good deal” but what you don’t know is they are taking your $308 payment and passing $283 of it to the new lenders and pocketing $25 of just free money. Order the course of 5 year which is 60 months that $25 they are pocketing of your payment adds up to $1500. And what did they do to earn that $1500? NOTHING! They are just a middle man that is costing you an extra $25 a month extra on your car payment. All because people don’t want to haggle with the finance manager at the dealership when they bought the car.

How to avoid to whole finance manager confrontation all together

Rather than deal with all that drama I talked abou""

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