Nissan 370Z Forum
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Nissan 370Z Forum (http://www.the370z.com/)
-   Nissan 370Z Pricing / Ordering Discussions (http://www.the370z.com/nissan-370z-pricing-ordering-discussions/)
-   -   How I have scored invoice pricing with 3.99% APR on my 370Z? (http://www.the370z.com/nissan-370z-pricing-ordering-discussions/2321-how-i-have-scored-invoice-pricing-3-99-apr-my-370z.html)

GT-R man 03-12-2009 03:36 PM
out of curiosity where do you guys think dealers make money? Like seriously if you guys can make any sense in what you say I will delete my account from this forum...

kustomZ 03-12-2009 03:59 PM
Quote:
Originally Posted by GT-R man (Post 42912)
out of curiosity where do you guys think dealers make money? Like seriously if you guys can make any sense in what you say I will delete my account from this forum...
Kickbacks, rebates, financing, "undercar protection", extended warranties....shall I go on?

NorCalZman 03-12-2009 04:15 PM
servicing. dont forget servicing. 90+ dollar oil changes and inspections can add up nicely.

GT-R man 03-12-2009 04:43 PM
Quote:
Originally Posted by kustomZ (Post 42917)
Kickbacks, rebates, financing, "undercar protection", extended warranties....shall I go on?
Might as well go on because you dont know the least about car dealers mr know it all... how can you say that dealers make money from kick backs which by the way are called hold back... which is money that a dealer does not see for another 3 months after you purchase, which is there to reward dealers for volume sales and its not much mayb 1-2% the value of the car which most cases they give that money away to make a lot of deals... rebates are you kiding me thats a joke... dealers making money on rebates haha.... in case you havent read anything anywhere, that money goes strickly to customers.... undercar protection? another funny one.. for someone that shops as hard as you do you buying under car protection is lame and hypocritical... If everyone would to read all of this posts on this forums and base this info for buying cars dealers would simply say no and good luck to all...

What kind of profit do you think dealers make when you buy a car??

$200-500

theDreamer 03-12-2009 04:46 PM
Quote:
Originally Posted by gt-r man (Post 42928)

what kind of profit do you think dealers make when you buy a car??

$200-500
hahahahahahaahahahahahahahahahahahahaha

GT-R man 03-12-2009 04:49 PM
Quote:
Originally Posted by NorCalZman (Post 42920)
servicing. dont forget servicing. 90+ dollar oil changes and inspections can add up nicely.
90+ oil change and inspection what is your dealer using space shuttle fluids and refueling?:roflpuke2:

$29.99 oil and filter change with with 40point inspection+ free nitrogen refill if you are a previous customer....

GT-R man 03-12-2009 04:50 PM
I am serious if some one can tell me what they really believe in is correct i will delete my account

PS forum admins do not count

kustomZ 03-12-2009 05:07 PM
Quote:
Originally Posted by GT-R man (Post 42928)
What kind of profit do you think dealers make when you buy a car??

$200-500
You asked a question, and I gave you an answer. How does that make me a know-it-all? Did I claim to know all the ins-and-outs of being a car salesman? NO

You say $2-500 on a sale? You may be right about a single sale in a week's time....I'm in the wholesale business, and I know how that shi* works. One customer beats us down so much, that we barely make a profit on a sale. Another 2 walk in, and they have a higher price point. They pay and move on. We get volume and profit sales, and they both add up to make us a multi-billion dollar business.

On top of selling cars, you guys sell all the little things, as well as service (mentioned above). Do you get customers that haggle you down, or come in demanding the bottom dollar? Sure, but you also get people that either don't care, or are too stupid to read between the lines....THAT'S how you make money. Now is that better, or do you have some kind of snappy comeback for that too?

IHas370Z? 03-12-2009 05:12 PM
Quote:
Originally Posted by GT-R man (Post 42928)
Might as well go on because you dont know the least about car dealers mr know it all... how can you say that dealers make money from kick backs which by the way are called hold back... which is money that a dealer does not see for another 3 months after you purchase, which is there to reward dealers for volume sales and its not much mayb 1-2% the value of the car which most cases they give that money away to make a lot of deals... rebates are you kiding me thats a joke... dealers making money on rebates haha.... in case you havent read anything anywhere, that money goes strickly to customers.... undercar protection? another funny one.. for someone that shops as hard as you do you buying under car protection is lame and hypocritical... If everyone would to read all of this posts on this forums and base this info for buying cars dealers would simply say no and good luck to all...

What kind of profit do you think dealers make when you buy a car??

$200-500

It sounds like you hate your job and should seriously consider a career change. You wouldn't be this angry for no apparent reason, and going back to your first post, it all makes ZERO sense. Trying to put a dollar value on AK's downtime as if he'd be working is completely insane, not to mention guesstimating what he earns in the first place. He obviously has a passion for this car, look at all the time he puts in on this website -- how can you criticize him for taking a tiny percentage of that time to make sure he's being smart with his money? Seriously, change careers, cus this is obviously the wrong one for you.:tup:

*picks the perfect time to make first post*

theDreamer 03-12-2009 07:00 PM
Quote:
Originally Posted by GT-R man (Post 42912)
out of curiosity where do you guys think dealers make money? Like seriously if you guys can make any sense in what you say I will delete my account from this forum...
I will answer your question seriously:
~Service department
~Extended warranties
~Rebates (Manufacturer give rebates, but dealership does not always have to extend to customer)
~Financing

Dealers usually get the car for about 3-4% below invoice, more with rebates from manufacturer, but of course this is on the average car which is currently about 23-25,000USD. Not really sure on premium cars (40+) or super cheap (<15), but dealerships will on average make more than 200USD on a car, probably 650 or more.

Then again, with the market in its decline and everyone looking to cut corners, we could see some prices slashed in hopes to bring in buyers. Which would cut "profit" for the dealership greatly as they just try to move inventory.

kailua 03-13-2009 12:45 AM
Bottom line, if the dealer is "losing" money, they will not sell the vehicle to you. Their motivation is to make as much money as possible and the consumers goal is to pay the least. That's it. That simple. Thus if the dealer can make money back in finance or extended warranties, "teflon coating, so you never have to wax", other crap, etc., then they may decide to discount the price more than usual.

Regardless, this post is not about why a particular salesman hates customers who share their buying experiences, but rather ak's buying experiences and how it may help other 370z buyers.

shumby 03-13-2009 05:31 AM
wo hoooooooooooo dealer answered GTR-man's question. NOw it is time to say bye bye to GTR-MAN.

stinhambo 03-13-2009 07:25 AM
Hey GTR Man, I'd like to know why you think someone would take 72 hours off work to wait for emails? I think the true figure is about 8 hours of time which is a sick day.

Money well spent :)

PS. Is there a method of finding the invoice price of a car? I am Australia based so I can't go on those figure (obviously!).

antennahead 03-15-2009 10:08 PM
Quote:
Originally Posted by theDreamer (Post 42975)
I will answer your question seriously:
~Service department
~Extended warranties
~Rebates (Manufacturer give rebates, but dealership does not always have to extend to customer)
~Financing

Dealers usually get the car for about 3-4% below invoice, more with rebates from manufacturer, but of course this is on the average car which is currently about 23-25,000USD. Not really sure on premium cars (40+) or super cheap (<15), but dealerships will on average make more than 200USD on a car, probably 650 or more.

Then again, with the market in its decline and everyone looking to cut corners, we could see some prices slashed in hopes to bring in buyers. Which would cut "profit" for the dealership greatly as they just try to move inventory.
This is very true. I used to have the dealer finance department under me in a prior career. They make very little money on the actual sale of the vehicle. Rebates bring in some, as most buyers know little of, or don't understand, "holdback". Next is "backend product", extended warranties being the biggie there. After that, financing is very large, the more the dealer can charge you interest rate wise above the "buy rate", the rate the financial intitution charges them, the more they make. Most buyers buy "monthly payment", not interest rate. Finally the service department. This is a major profit center for the dealership. Warranty work gets billed to the manufacturer. They sell cars to enable all the other profit centers. Don't get me wrong, they still make money on some sales, but that it not the priority.

John

pdevabhaktuni 03-17-2009 01:55 PM
that post was very helpful. thank you

bboypuertoroc 03-27-2009 07:25 PM
GT-R man should just go ahead and delete his account now.

AK, excellent info in your OP.

ThePher 03-31-2009 02:43 PM
What kind of credit do you need to get that 3.9% apr? I have a credit score in the 720's but have a short credit history with three low limit credit cards. I'll be putting $20k down on the car and need to finance $17k. Do you guys even think I'll get approved in the first place since I have a short credit history?

Akirasoft 04-01-2009 09:28 PM
Quote:
Originally Posted by ThePher (Post 49723)
What kind of credit do you need to get that 3.9% apr? I have a credit score in the 720's but have a short credit history with three low limit credit cards. I'll be putting $20k down on the car and need to finance $17k. Do you guys even think I'll get approved in the first place since I have a short credit history?
Capital One was offering 4.29% to Nissan for customers with 730+ FICO scores. 3.99% if the amount financed was less than or equal to 90% of invoice price.

ThePher 04-02-2009 08:40 AM
Quote:
Originally Posted by Akirasoft (Post 50719)
Capital One was offering 4.29% to Nissan for customers with 730+ FICO scores. 3.99% if the amount financed was less than or equal to 90% of invoice price.
How can I find out more about this? I really don't want to apply and risk getting denied worsening my score.

theDreamer 04-02-2009 08:54 AM
Since a car with my name on it is coming I went to my bank to see what rate I could get, was able to score 4.5% (lowest they went), but since I am putting 20% (and more) down I get a 1 point discount making my rate 3.5%. Only problem is my car will probably arrive just after my 30 days which is how long my rate is good for, but my application is good for 90 days so I just get the lowest rate when I go to buy my car.

ThePher 04-02-2009 09:34 AM
Quote:
Originally Posted by theDreamer (Post 50895)
Since a car with my name on it is coming I went to my bank to see what rate I could get, was able to score 4.5% (lowest they went), but since I am putting 20% (and more) down I get a 1 point discount making my rate 3.5%. Only problem is my car will probably arrive just after my 30 days which is how long my rate is good for, but my application is good for 90 days so I just get the lowest rate when I go to buy my car.
What bank and what kind of credit do you have?

theDreamer 04-02-2009 09:36 AM
Quote:
Originally Posted by ThePher (Post 50911)
What bank and what kind of credit do you have?
Cy-Fair FCU, it is a local bank here in Houston, I have a 778 score.

Akirasoft 04-05-2009 12:02 PM
Quote:
Originally Posted by ThePher (Post 50891)
How can I find out more about this? I really don't want to apply and risk getting denied worsening my score.
the only way you can really "find more" is to ask your dealer if they have that rate and/or try applying. This rate was only available when applying through the dealer, if you actually go to capital one's site they do not list that rate..

mspeasl 04-19-2009 10:17 PM
Pentagon Federal Credit Union
 
Quote:
Originally Posted by AK370Z (Post 36389)
Yes, here’s how I have scored invoice pricing from the convenience of my living room couch!

Third Step: Financing

I was told even with my great credit (790+ FICO score), I am only going to get 6.99% APR. To me that was absolutely unacceptable! I have worked hard to keep my credit score where it is today and I deserve a better rate. So, I went to my nearest credit union and they told me I will get 5.74% APR from their financial institution. I was okay with it but not totally happy. So, I start researching how I can get a better rate. Then I found out about the Pentagon Federal Credit Union. They are offering 3.99% APR on all new car purchase!!! I was sold! But there was a problem. I am not in the Army, Coast Guard or Air Force. How can I get such rate? Well, answer is simple. You can pay $20 and become member of NMFA (National Military Family Association - Option 7) and you’ll get the loan with desired APR. I was surprised to see the knowledge of these customer service reps. I had a very good experience with them. Once you’re member, you’ll have to fill out a loan application ONLINE and you’ll instantly know if you’re approved or no for the 3.99% APR. Then they will FEDEX you check the next day or you can go pick it up at your nearest branch. I opted for the next day FEDEX.

I am very happy how things turn out for me. I am not going to bore you with my long story anymore. The Z looks great, drives great. Thanks for reading.
AK370Z,

Thank you for the tip about the Pentagon Federal Credit Union and their 3.99% loans. I went to their web site and joined as a Veteran and applied for a new car loan at the same time. I then got a VPP number from Robert Nash of Nissan North America, went to my dealer and purchased our new 370Z. Got a fantastic (below invoice) price on the new car and a great rate on the loan.

Thanks again
:tiphat:

AK370Z 04-20-2009 01:25 AM
You're welcome. I'm just glad everything worked out for you. I'm actually thinking about paying it off early. Maybe pay it off in 3 instead of 5 years? Also, unlike some banks where they penalize you for paying off early, PENFED doesn't do that! :tup:

Diversion 04-24-2009 09:03 AM
Just applied for my Z loan through Pentagon.. It says "Please check back in a few hours for status" .. I hope I get approved! Amazing rate!

thombob 04-25-2009 11:35 PM
I just saved all this info, and hope it works!

Diversion 04-26-2009 10:15 AM
I was declined by Penfed =( They said my debt to income ratio was too high.. this is because my last car is still showing as an outstanding loan even though it's been traded in and just hasn't hit my records yet.. What a bunch of crap. Sigh, anyways I went and got a loan from my local bank.. which is still lower than the dealership can offer.

-Div

mspeasl 04-27-2009 12:30 AM
Bummer
 
Quote:
Originally Posted by Diversion (Post 63348)
I was declined by Penfed =( They said my debt to income ratio was too high.. this is because my last car is still showing as an outstanding loan even though it's been traded in and just hasn't hit my records yet.. What a bunch of crap. Sigh, anyways I went and got a loan from my local bank.. which is still lower than the dealership can offer.

-Div
Bummer............ But at least you tried

DB370z 04-29-2009 09:43 PM
Hello Friends.
I've decided to join this fantastic forum.

I'm thinking about purchasing the new 370z next month.

I just got a quick question for you guys.

Do any of you guys have glare problems due to sun light reflection (the left gauge)?
I heard it's really annoying....

zero 04-30-2009 05:15 PM
AK370Z, thanks for this post. My loan was approved and the check is coming, just in time for me to pickup my new Z next week....if it is coming as schedule.

AK370Z 04-30-2009 09:23 PM
Quote:
Originally Posted by DB370z (Post 65322)
Do any of you guys have glare problems due to sun light reflection (the left gauge)?
I heard it's really annoying....
I have 0 problem. They have added a black strip for the production model (since they gave the test cars to the magazines). Also, I spend more time looking at RPMs than how much gas I have in the car ;) :driving: .

Quote:
Originally Posted by zero (Post 65656)
AK370Z, thanks for this post. My loan was approved and the check is coming, just in time for me to pickup my new Z next week....if it is coming as schedule.
You're welcome. Can't wait to see your car :excited:. I know you have been waiting for a long time.

zero 05-05-2009 09:52 PM
I got PenFed check today and am picking up the car this Saturday. :excited::excited:

ejrives 05-07-2009 07:55 PM
My Penfed Check came in Today. Nissan's best rate at 6.9 can take a hike :)

FirstZin83 05-08-2009 07:00 PM
I applied at PenFed a few days ago. When I check the status, it still says APPROVED (just like it did 5 minutes after applying). The status hasn't changed. Is there some step I'm missing? Do you need to call them? Do they contact you?

MightyBobo 05-08-2009 09:35 PM
Quote:
Originally Posted by FirstZin83 (Post 69843)
I applied at PenFed a few days ago. When I check the status, it still says APPROVED (just like it did 5 minutes after applying). The status hasn't changed. Is there some step I'm missing? Do you need to call them? Do they contact you?
Nope, they should contact you more than likely. Me, I just went to the local branch...

ejrives 05-08-2009 09:44 PM
Quote:
Originally Posted by FirstZin83 (Post 69843)
I applied at PenFed a few days ago. When I check the status, it still says APPROVED (just like it did 5 minutes after applying). The status hasn't changed. Is there some step I'm missing? Do you need to call them? Do they contact you?
I had to Fax them the two most recent paycheck stubs. My status was the same until I called them and them was told to fax in the stubs

Oppenheimer 05-14-2009 02:33 PM
I wanted to stop in and say thanks for the penfed tip. I wound up not going with a 370 after all, but I did use penfed for my loan and am saving a bunch of money because of it. For my loan, the loan status was "pending" for 2 days or so, and I was kind of bummed because our (wife and I) credit is really good... but it eventually was approved and we picked up the check today. Thanks again guys!

Izzoh 05-14-2009 04:09 PM
Quote:
Originally Posted by GT-R man (Post 39436)
Alright guys this mind seem like just an angry salesman talking, but let me give it to you guys straight.

How much does the average buyer of a 370z make an hour $15-30 bucks?

Ok now lets break it down to what Mr. Got a great F*in deal actually spent to get this great deal of his,.....:excited:

1st--- Invoice price.... on the computer for making that fancy letter and sending all the emails ----1 hour

2nd--- read all 8 different dealer websites looking for the sales manager name to email the offer ---to 2hrs

3rd--- Driving 150miles to and back from carmax doing the speedlimit
----2.5hrs
4th 3days of waiting for all emails ----72hrs

5th appraisal at carmax 1hr

6th gas to and from $25 bucks

7th application fee for credit union $20 bucks

8th and 9th application to nissan and local bank for rates -----1.5hrs

sum it all up you spend so far $45 dollars + 80hrs of your time and lets not count it + 2hrs to pick up your car at the dealer = 82hrs of work +$45 expenses.

avarege buyer makes $20per hour = 1600+ $45 = $1645 actual spent time you just wasted when you could have walked in to a dealer asked to see the invoice given an offers lets say 100 over invoice

Even if you had to stick it out with the 5.74% rate instead of the 3.99% rate how much more money did you save by doing your homework?

If you would finance the car for 60month and make every single payment you would end up paying $1540 in interest + 100 over invoice that you agreed to dealer making your total financing purchase $35,000.00
You spent $1640 which is 5 dollars less than if you would have done all your work... and if you make extra payments it could be even less interest paid and save you the time and hassle of doing all of this.

Now call the dealers do it your way... but on this one this guy got :owned:

What you lookin' at? You all a bunch of f***n' a**holes. You know why? You don't have the guts to be what you wanna be? You need people like me. You need people like me so you can point your f****n' fingers and say, "That's the bad guy." So... what that make you? Good? You're not good. You just know how to hide, how to lie. Me, I don't have that problem. Me, I always tell the truth. Even when I lie. So say good night to the bad guy! Come on. This is the last time you gonna see a bad guy like this again, let me tell you. Come on. Make way for the bad guy. There's a bad guy comin' through! Better get outta his way! :owned: "Tony Montana"

Dont hate the player hate the game :gtfo2: if you can't handle the truth....
So basicly your say every hr of my day is equal to how much I make of work ??? I mean that a pretty dumb way to look at things it's like saying ... " F**k I fell alseep last night I'm already $120~$240 in the hole today!! " Did you even factor in that maybe he did this on Vacation or even at work thus he was actually getting paid of time. The only true I see expense is the drive/gas to Carmax and the Fee to Penfed.

StLRedrider 05-15-2009 10:08 AM
Just talked to someone at PenFed 5 minutes ago and everything is great. I'm just waiting for the vin #. Very easy process. Thanx for the info for the site.


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