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How To Buy A Brand New Car From Dealer

The last post in this topic was posted 3644 days ago. 

 

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At my age, I should know how to do this, but I confess, I don't. Since my and DH's credit scores are TU strongest at 670+, we have frozen the others.

 

With all of the great financing offers available, we want to take advantage, but, frankly, don't know where to start and hoping CB memebers can point us in the right direction.

 

Does sticker price really mean anything or is that MSRP? If MSRP, how do we get a lower price? How to make sure we get the best price available?

 

How do we ensure that we are approved only for Toyota Motor Credit Financing or NMAC or Ford, etc? In other words-financing through the maker of the car that DH can fit in to-it's not easy being as tall as an NBA player without their fat wallets.

 

I wanted a smaller SUV, but it doesn't look like the 0 prcent financing applies to those vehicles, so it's looking like a sedan.

 

Insight and suggestions welcome. And no, we don't velong to a CU.

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I believe edmunds dot com is a fairly reliable site to find out what the prevailing pricing and incentives are for your zip code. Anecdotal evidence seems to support this observation, it is not an endorsement from myself.

 

The Finance staff should be able to assist you with your financing concerns if you wish only to finance with the captive.

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I just bought a new vehicle yesterday. I went to 5 dealers total and they all said that the prices of the cars are the same at all off the dealers with the same products and they were not willing to haggle on the price of the car but on my trade in. I am not sure if this is some kind of unspoken law to keep it fair between the dealers or not but non of them would budge on the actual car price.

 

So I ended up making them give me a lot more on my trade for me to buy the vehicle and I walked in already having financing through Capital One so they could not give me crap about financing. I let them run my credit to see if they could get a better rate through their in house financing and they couldn't beat CO's without putting money down and I was not willing to do that since I had a trade in.

 

I would suggest deciding what car company you want to go with and then start asking around if anyone knows someone that works for the company. They can get you a friends discount to put towards the car. I would also walk in acting like you are talking to several dealers. I went in and told them all that I found the car I wanted at 3 dealers and who ever could give me the best money and my trade for the car is the one I would buy from.

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At my age, I should know how to do this, but I confess, I don't. Since my and DH's credit scores are TU strongest at 670+, we have frozen the others.

 

With all of the great financing offers available, we want to take advantage, but, frankly, don't know where to start and hoping CB memebers can point us in the right direction.

 

Does sticker price really mean anything or is that MSRP? If MSRP, how do we get a lower price? How to make sure we get the best price available?

 

How do we ensure that we are approved only for Toyota Motor Credit Financing or NMAC or Ford, etc? In other words-financing through the maker of the car that DH can fit in to-it's not easy being as tall as an NBA player without their fat wallets.

 

I wanted a smaller SUV, but it doesn't look like the 0 prcent financing applies to those vehicles, so it's looking like a sedan.

 

Insight and suggestions welcome. And no, we don't velong to a CU.

 

And just a side note...

 

I don't know of ANY banks, CUs or financial institutions (including dealer financing) that will allow TU to be used for an auto loan. I know of a few (in my area) that will allow fax, if they HAVE to use fax... But MOST require EX. I've purchased many a car in my day... and they usually can't be persuaded with this at all.

 

If you do find one that allows TU to be used, let me know! :wave:

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there are some banks that use TU.

 

Which banks pull TU?

 

I have an unpaid repo from 4/08 reporting on EXP and EQ with Wachovia (now Wells Fargo). Interestingly, the repo didn't prevent me from closing on a house recently.....

Edited by bonusmom

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We're in CA and are looking at Toyota because of their 60 mos/0 percent APR financing. We don't have a trade-in as we sold our "old" car (Taurus) to our son.

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Honestly, start getting prices quoted online from the dealers you're looking at. Or even just starting the contacting of dealers via online.

 

I did that with Honda, and got prices well below MSRP/sticker at the majority of the dealers. The Internet Manager I purchased from, at the closest (it was very convenient!) Honda dealership (the main one for my county, as well), told me that when they have people coming in from the internet, they know they've done their research and have gotten their quotes, so they tend to offer the best pricing possible.

 

For example:

 

I was looking at a new 2010 Honda Civic LX, which at MSRP with destination is $20.5k or so, including a few accessories I wanted to add. I walked in, and after a test drive, reviewing features, etc, I was offered the price of $16.2k, which was $200 less than the base Civic model (DX), for the all-most-fully loaded LX (just doesn't have leather, navi, or moonroof, but none of these were of interest to me). Has power-everything, premium audio, nice stereo with mp3 jack, keyless with security, etc.

 

So I definitely suggest getting your price quotes online, or even just starting the window shopping online. It's definitely an easier way to start/can lead to much better pricing.

 

In terms of the financing... my Honda dealer took care of everything for me. Got financed through American Honda Financial Corp. at 3.9%, which is great for someone who is 20 and, while having great credit, doesn't have a lot of history on the books. I was VERY pleased with the experience, and hopefully you have just as good luck as me with your car hunt. Best of luck!

 

:angry:

Edited by J-M

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sales price is often about how well you can negotiate. The pricing data is nowhere near the secret it was thirty years ago, as the consumer now has a much better access to invoice and holdback data. My guess, not having worked in the industry, is that sales people LOVE the customer who comes in bargaining DOWN from MSRP as opposed to working off of invoice data...

 

As to the question of ONLY the manufacturer's credit arm, I have to wonder why one would want to rule out other options. Many dealerships have good working relationships with local lenders as well as the manufacturer's credit arm...and not all financing incentives are great enough to justify ruling out other options.

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Thanks for all the info CB'ers. I'm learning more than I've ever known about the auto buying experience.

 

Centex--what are holdbacks?

 

I USED to be one of those that would negotiate down from the MSRP and I would hear about others getting great deals and would wonder WTH? I am determined not that to be that kind of buyer this time, which is why I came to CB for guidance.

 

For instance, we had another CB'er who recently bought a Camry, V6, same FICO, no money down, O APR, 60 months thru Toyota. All of our local dealers are offering (advertising) rebates OR 0 APR x 36 months.....I want it all but I'm not a strong negotiator.......

Edited by bonusmom

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there are some banks that use TU.

BMW Financial <_<

 

This seems regional. They wanted EX from me in CA.

 

 

there are some banks that use TU.

 

Which banks pull TU?

 

VW Financial and Audi Financial

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When you have decent credit and it's an offer of rebate or zero APR, it is almost always a better deal to take the rebate and finance at market rates with a third party.

 

Realize that the savings of zero APR are reduced if anything happens leading to paying off the loan early, such as trading the car or having it get stolen or totaled.

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If you look in the credit pulls database you will see that quite a few dealerships pull TU (Honda, Toyota, etc.).

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sales price is often about how well you can negotiate. The pricing data is nowhere near the secret it was thirty years ago, as the consumer now has a much better access to invoice and holdback data. It doesn't hurt to know about the dealer holdback. Your chances of cutting into the dealer holdback is slim and none. That may be too pessimistic but I ONLY did it once playing third baseman and the GM owed me (at least I thought it was big) favor. My guess, not having worked in the industry, is that sales people LOVE the customer who comes in bargaining DOWN from MSRP as opposed to working off of invoice data...

 

As to the question of ONLY the manufacturer's credit arm, I have to wonder why one would want to rule out other options. Many dealerships have good working relationships with local lenders as well as the manufacturer's credit arm...and not all financing incentives are great enough to justify ruling out other options.

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Honestly, start getting prices quoted online from the dealers you're looking at. Or even just starting the contacting of dealers via online.

 

I did that with Honda, and got prices well below MSRP/sticker at the majority of the dealers. The Internet Manager I purchased from, at the closest (it was very convenient!) Honda dealership (the main one for my county, as well), told me that when they have people coming in from the internet, they know they've done their research and have gotten their quotes, so they tend to offer the best pricing possible.

 

For example:

 

I was looking at a new 2010 Honda Civic LX, which at MSRP with destination is $20.5k or so, including a few accessories I wanted to add. I walked in, and after a test drive, reviewing features, etc, I was offered the price of $16.2k, which was $200 less than the base Civic model (DX), for the all-most-fully loaded LX (just doesn't have leather, navi, or moonroof, but none of these were of interest to me). Has power-everything, premium audio, nice stereo with mp3 jack, keyless with security, etc.

 

So I definitely suggest getting your price quotes online, or even just starting the window shopping online. It's definitely an easier way to start/can lead to much better pricing.

 

In terms of the financing... my Honda dealer took care of everything for me. Got financed through American Honda Financial Corp. at 3.9%, which is great for someone who is 20 and, while having great credit, doesn't have a lot of history on the books. I was VERY pleased with the experience, and hopefully you have just as good luck as me with your car hunt. Best of luck!

 

B)

 

 

you won B...good job...

 

 

i will definitely buy through the internet department when it's time for me to buy a car again in the future..

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