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I read it awhile ago when I was on my search for a new car and it taught me alot. It was around the same time Dateline did a special on dealerships and all the "junk" they pack into your payment (example: higher interest rates w/ a kickback). I already knew never to negotiate a payment over the price...but this confirmed how nasty and deceitful some dealership are (luckily there are honest ones out there). The Dateline special, for those who saw it, was alot nastier showing dealers changing interest rates, forging signatures, changing terms (60 to 72 months) etc after the deal was completed.
Sadly, I discovered I had been taken for a ride during my 1st purchase (right out of school). I thought I did everything right - negotiated the price, etc. I wrongly assumed the dealership was looking for the best possible rate when it came to financing. I trusted him so much I never thought to try to get the financing myself. My initial rate was well over 10% - "that's the best I can do given YOUR credit." My credit happened to be spotless and used car rates were hovering around 8~9% at the time. So when I decided to walk away from the deal - he called me back (within minutes actually). "The bank is able to go as LOW as 9.0%" At that point I snactched it up...thinking "yea, I showed him." I've come to realize I NEVER should've financed through them...lesson learned. I paid off the car way early anyway so it never really bothered me that much.
I also never forgave myself for paying their $90 documentation fee that got packed into my loan as "standard procedure on every deal". "Its what our runner charges to get your plates and registration." Geez buddy, my insurance co. does that for free. Of course by this time it was too late, because the runner had already picked everything up at the DMV.
You will never get a good deal on YOUR terms unless you HONESTLY have the strength to simply walk away. Had I picked up my stuff and asked for my deposit back I'm SURE the $90 fee would've been dropped. At that point however, I was no longer willing to walk away...I had driven 60 miles to pick this car up. A $90 surprise was going to stick...and the dealer knew that.
And although I'm bitter...I'm glad I learned these lessons early. The problem is the game keeps changing as people start catching on. Stay on your toes folks...and if ANYTHING seems off...WALK AWAY! You aren't buying a 1 of a kind good. Cars - even used ones - are in ample supply.
posted by 207.183.11...
, Fri, 25 Jun 2004 18:25:41, Fri, 25 Jun 2004 10:00:10
, Fri, 25 Jun 2004 07:29:24, Fri, 25 Jun 2004 12:27:16
, Fri, 25 Jun 2004 08:00:55, Fri, 25 Jun 2004 12:40:17, Fri, 25 Jun 2004 18:44:24, Fri, 25 Jun 2004 08:43:50
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