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MortgageBound

App for Marv, thanks!

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Posted (edited)

Credit Application:

Your Age: 43

Your Equifax Credit Score: 770
Your Experian Credit Score: 796
Your TransUnion Credit Score: 776

How long have you been on file with the CRA?s?
20+ years 


Previous Automotive Credit History:
Do you have an open auto loan? Yes
Will this loan be a trade-in? Yes
Number of late pays within the last 12 months on the currently open loan? Zero
Number of late pays within the last 13-24 months on the currently open loan? Zero
Current open auto loan is financed with? Capital One
Current open auto loan payment is? $279
Estimated amount you may be upside down in this vehicle?  We have a 2012 Nissan Rogue - still owe $4500. It needs the airbag replaced and a currently leaking CV boot that we do not wish to deal with. We have already put in a new $4000 transmission and $1200 air conditioner issue in the last 9 months so we are looking to get out of the nightmare.
Rate your payment history on this open auto loan from 1-10 (10=BEST) 10

 

I have read and understand the original pinned "No Credit Check Required" topic. Yes

Revolving Credit History:
Total number of revolving accounts? 3 open, 2 closed
Total percent utilization overall? 0%

Your Information:
How long at residence? 2 years
Rent/Homeowner/Live with relative? Own
How long at current job? 2 weeks. Recently changed jobs, previous employment was 7 years.
Total Provable MONTHLY GROSS INCOME? $4300
Provable via computerized paystub or what method? Computerized paystub, tax return

Your Downpayment in CASH: 0
Rebates not considered; Trade Equity not considered: CASH ONLY PLEASE INPUT.

Does any credit repository contain any Public Record?
Is so, please describe. No

Does any credit repository contain any Collection Account(s)
If so, please describe. No

New or Used Vehicle you are considering; please describe: 2019 Honda Fit EX or a new Prius 

Your creditworthiness on a scale of 1-10 with 10 being the best:
OVERALL credit:
Installment Credit History: 10
Revolving Credit History: 10

Edited by MortgageBound

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We’ve decided we want the 2019 Honda Fit EX. I am worried about rolling the $4500 still owed on our current vehicle into the loan, but we have to get rid of it. I feel pretty sick about it. My hope is that the Honda will last a long time. Right now we are paying 8.9% interest.

 

I just want to know if we have any hope of doing this before going back to the dealership.

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I believe so.  Although you may owe $4500.00 on the present vehicle, there is still a monetary value to it.  So you are not $4500.00 upside down.

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Posted (edited)

Thank you!

 

The window sticker says “Destination and Handling Charge” of $930. What does this entail and can we negotiate it?

 

There is also an itemized list of “Added Equipment & Services” of $134 pinstriping, $200 floor mats, $155 cargo tray, $163 splash guards, $118 wheel locks. Is it likely they will waive these charges? All of the cars have pinstriping! 

 

 

Edited by MortgageBound

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22 minutes ago, MortgageBound said:

Thank you!

 

The window sticker says “Destination and Handling Charge” of $930. What does this entail and can we negotiate it?

 

There is also an itemized list of “Added Equipment & Services” of $134 pinstriping, $200 floor mats, $155 cargo tray, $163 splash guards, $118 wheel locks. Is it likely they will waive these charges? All of the cars have pinstriping! 

 

 

Destination charge is set from the manufacturer and is to cover the cost of getting the vehicle from the factory to the dealership.  This is part of the MSRP and can't be waived (obviously it is part of your price negotiation).  As far as the other dealer added accessories they aren't likely to remove them, but of course you can negotiate the cost.  If you want a car without such frivolous add-ons, your best bet is ordering one from the factory.

 

Just remember to treat all parts of the transaction separately.  Go to CarMax and see what they'll give you for your trade so you have a real world comparative offer.  You can also get an offer through Carvana.  Then when you go to the dealer, negotiate the price of the car, leaving the trade totally out of the equation.  After you have agreed on a price, then you can talk about your trade.  See how their offer compares to the CarMax and Carvana offers.  After you have settled those items (separately), then talk about financing.  The biggest mistake car buyers make is buying a car on a payment.  Then it becomes a shell game and the dealer wins because you don't know where they may be giving you a less than good deal.

 

I am not saying to try to screw every last dollar out of the dealer, but don't be a sucker either.

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2 hours ago, MortgageBound said:

Thank you!

 

The window sticker says “Destination and Handling Charge” of $930. What does this entail and can we negotiate it?

 

There is also an itemized list of “Added Equipment & Services” of $134 pinstriping, $200 floor mats, $155 cargo tray, $163 splash guards, $118 wheel locks. Is it likely they will waive these charges? All of the cars have pinstriping! 

 

 

Typical of a Honda store for the dealer accessories.  We don't even waive those when we do dealer trades with one another.   I don't know of any Honda store that doesn’t have this policy with some sorts of add-ons. 

Destination no way.

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21 minutes ago, MarvBear said:

Typical of a Honda store for the dealer accessories.  We don't even waive those when we do dealer trades with one another.   I don't know of any Honda store that doesn’t have this policy with some sorts of add-ons. 

Destination no way.

Had a Mazda salesperson who claimed they pack all that crap to make up for the fact that everyone knows the pricing courtesy of the internet.  This after I told him to call me the next time they got their Miata shipment and BEFORE they could screw it up with tint.  They refused to take part in a simple request and instead ensured they would NEVER get any of my business...have not even used their shop for work since then. 

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4 hours ago, centex said:

Had a Mazda salesperson who claimed they pack all that crap to make up for the fact that everyone knows the pricing courtesy of the internet.  This after I told him to call me the next time they got their Miata shipment and BEFORE they could screw it up with tint.  They refused to take part in a simple request and instead ensured they would NEVER get any of my business...have not even used their shop for work since then. 

This is why I prefer to factory order my cars.  I get exactly what I want, the way I want it.  I have bought a couple off of the lot, but it is definitely the minority.  

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Thanks so much for that info. We did ask about the wheel locks when we visited the dealership, they said those could be removed if we would like. They have them listed as $118. We will probably leave them on.

 

Total the sticker says $20,660 and that doesn’t include taxes “and fees not listed.”

 

I just feel really anxious. I feel like we have no negotiating space because of having to be underwater on our current car, and then my husband having just started his new job. I feel like we are at a huge disadvantage. I have never bought a brand new car before either - always used. But I feel like with a Honda it won’t be terrible because they hold value better, if that makes sense. I just want something that isn’t going to be garbage again!

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2 hours ago, CTSoxFan said:

This is why I prefer to factory order my cars.  I get exactly what I want, the way I want it.  I have bought a couple off of the lot, but it is definitely the minority.  

With you all the way on that one...but even the domestics have made it next to impossible to order to spec and have your car inside of six months.  Aside from a good relationship being developed with the fleet personnel, so few in sales have a clue about allocation and will say whatever it takes to get the deal.  Fleet guys may do the same but I haven't encountered it in the couple of occasions where I went through them...

 

BUT...on the foreign vehicles (like the Miata or even with my beloved Jaguars), it is more like order and HOPE you see it in eight or nine months.  My F-Type is not the color combo I would have spec'ed but, with persistence, I did at least find one that had the elusive third pedal (and more importantly, no effing paddles). 

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40 minutes ago, MortgageBound said:

Thanks so much for that info. We did ask about the wheel locks when we visited the dealership, they said those could be removed if we would like. They have them listed as $118. We will probably leave them on.

 

Total the sticker says $20,660 and that doesn’t include taxes “and fees not listed.”

 

I just feel really anxious. I feel like we have no negotiating space because of having to be underwater on our current car, and then my husband having just started his new job. I feel like we are at a huge disadvantage. I have never bought a brand new car before either - always used. But I feel like with a Honda it won’t be terrible because they hold value better, if that makes sense. I just want something that isn’t going to be garbage again!

For $118.00, you can outfit a couple of vehicles with a quality set of locks...and have funds left over.

 

Being upside down certainly hurts your position, but what kills it even more is that you let them factor trade and financing into the price negotiation.  You want to work the deal on price and THEN point out there is a trade.  When we did the deal to get Mom's most recent vehicle, we swung the numbers on the new one and then brought the Audi to the trade equation.  After they tried to claim they couldn't do the number we wanted, I reminded them that I/we didn't care how the math worked out between the New and Used departments, but we knew they were low-balling the Audi at $6K and that they could give us the $7K towards the trade KNOWING it was going on the lot at $9.8-10.2K and that they would sell it within the week at $9K. 

 

My numbers were close on both sides of the Audi. 

 

Oh, and if they pulled out the four-box sheet, then just walk away.  And yes, you NEED to be prepared to walk from a bad deal.  There is ALWAYS a dealership out there that will want to fight for your business.  It may not always be the one closest to the house, but some of the best deals I have gotten on vehicles were dealerships that were more than a few hours away.  One even picked me up at the airport...one flat-bedded a vehicle ~350 miles at no additional charge.

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There isn't much markup in a Honda Fit at all.  My sales managers would always take the stuff off if the customer didn't want to pay for it.

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Thanks for the advice. The Carvana site gave me $2100 as an offer. This makes me a little bit relieved. That’s not zero. My husband is going to take it to CarMax this weekend to get a quote.

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See what Vroom will offer you as well.  I tried for shytes and giggles on our Honda and Vroom came back higher than Carvana or Carmax.

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Okay - CarMax said $4000, which seems crazy high, especially when compared to the online quote of $2100 from Carvana.

 

I would have thought the online would be higher.

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Make sure you empty your purse of any non-essentials and leave them behind before attempting to drive a Honda Fit on any freeway.  

 

You'll need to shed as much weight was you can to in order to even approach the speed limit.

 

We almost ended up with one in 2010, but I finally convinced my SO that the Prius II was worth the splurge.*

 

 

* This 2010 Prius is currently for sale.  One owner, 75,000 miles, no accidents, all service records, non-smoker, garage-kept, no pets, clean Carfax, no open recalls, blahblahblahblah.  

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We own a 2009 Fit already. We bought it brand new and love it! I don’t think we’ve ever felt like it was underpowered. Comparatively, sure - but never so much on a regular basis that we are frustrated in any way.

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11 minutes ago, MortgageBound said:

We own a 2009 Fit already. We bought it brand new and love it! I don’t think we’ve ever felt like it was underpowered. Comparatively, sure - but never so much on a regular basis that we are frustrated in any way.

Counting the sales guy, on our test drive the three of us were > 650# of donut oil.

 

Put that in a Honda Fit and go up a modestly-steep on-ramp.  

 

I 🐶 🐶 dare you.

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Thanks Marv! Bought a 2019 Honda Fit EX tonight, with a $4000 trade in value (negotiated before we even talked about the car we wanted), and a $500 promotional sales credit. Once we had a price established, I had them add the wheel locks, cargo tray and floor mats for no extra upcharge. When they finally pulled the credit score, it was only a 725, which was a lot lower than expected. Still, it got us a 3.9% rate.

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No, we extended it out longer - we wanted to be close to our current payment (we didn’t tell them that!).

 

Overall, we are very happy!

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That is awesome! Did they negotiate on price easily. We are hoping to buy our first new car next year


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