DO NOT COME TO TEXAS NISSAN OF GRAPEVINE DEALERSHIP, read my story to find out why...

Zsteve · 05-21-2010, 10:00 PM

Quote:

Originally Posted by Knives

I basically had the same annoying negotiations, which promptly ended when I printed out a list for invoice pricing of all the options and the car itself and told him "how about we start negotiating from here". His reaction was priceless too. He looked at it, looked at me and said "Where did you get this?"

BUT, they did try and eff me pretty bad to the point where it almost caused me to walk out on the hours I just spent getting the car a couple hundred below invoice. He told me his financing team can get me a great deal on a loan, "we have several banks we work with to get you the best rate!" Well, how convenient, huh? Now, I don't have a very extensive credit history, as I am under 25, and this was the first new car I have ever purchased, BUT I do have very good credit. So, he comes back to me and gives me a quote of something around 7.9% and said "this is a GREAT rate. You won't get much better than that on the market." Now, again, I'm no 60 year old veteran of purchasing cars, but a 7.9% APR isn't great. So, I told him I would consider it and be back to finalize the paperwork. So, I called him back and asked once more, 7.9% is the best you can do? Seems a little high. He assures me, its a great deal and they simply cannot find a lower rate after searching around. After telling him I would call him back, I walked right into my bank (Chase) and talk to a rep for a solid 20min. He gives me a quote of 4.1%. Now, I don't know what "banks" they are checking with, but you would think Chase would be one of them. And if not, you would think one of their numerous loan sources would be somewhere near what I got in a matter of 20min. So, I called Nissan again after I talked to the Chase manager. Once again he assures me, 7.9% is really good in "today's market". Right there I told him I just got 4.1% from Chase. He quickly says, "Oh, I didn't check with them! Let me see what I can do." Calls me back a half hour later and says, "Great news! I found a bank willing to give you a loan for 3.99%!" I actually laughed on the phone. This means to me that he either A.) did not talk to anyone and went with whatever bank he called first, B) purposely tried to eff me over with a bad rate. I told him I'd think about it. I honestly sat there and contemplated walking away on principal alone. But, I decided to stick with that dealership because I honestly did not want to go through negotiations with another dealership and I actually did get a decent price from them on the Z.

And the moral of the story is.....

get a pre approved loan from your bank and go in and say I have a preapproved loan for the price you showed him on the pape and say make it happen. Tell em dont worry about financing just get me this price or I walk.

shadoquad · 05-21-2010, 11:14 PM

Quote:

Originally Posted by Zsteve

And the moral of the story is.....

get a pre approved loan from your bank and go in and say I have a preapproved loan for the price you showed him on the pape and say make it happen. Tell em dont worry about financing just get me this price or I walk.

I did something very similar. I got my credit score online. I looked at my bank's BEST interest rate available. That became my target. Just below invoice was my starting price for the car. I knew the term of loan I wanted. I had it all figured out. When it came time to deal, I laid it right down on the phone with my salesman, Jay. I said, "Hit these numbers, throw in a car cover and wheel locks, and I'll be down to buy it today." I had done months of research, test drove everything I wanted to try... I gave several dealers the chance to meet or better my price. I waited to the end of the month to buy, so they'd be ready to deal. I didn't play anyone's games and walked away several times. Jay was one of the few salesmen who was straight with me. The dealer even beat my interest rate by .25%.

So yeah, have your numbers ready. Or have a great loan in hand. Of course, cash is always best, but...

Knives · 05-21-2010, 11:27 PM

Quote:

Originally Posted by Zsteve

And the moral of the story is.....

get a pre approved loan from your bank and go in and say I have a preapproved loan for the price you showed him on the pape and say make it happen. Tell em dont worry about financing just get me this price or I walk.

Well, I had every intention of going to my bank to see what they would offer me. Figured I might as well of had him check. Guess I did it backwards, haha. Oh well, live and you learn.

shadoquad · 05-21-2010, 11:29 PM

Quote:

Originally Posted by Knives

Well, I had every intention of going to my bank to see what they would offer me. Figured I might as well of had him check. Guess I did it backwards, haha. Oh well, live and you learn.

At least you were smart enough to do it, though. Saved yourself a ton.

SeattleLion · 01-10-2011, 02:01 PM

Quote:

Originally Posted by Zsteve

And the moral of the story is.....

get a pre approved loan from your bank and go in and say I have a preapproved loan for the price you showed him on the pape and say make it happen. Tell em dont worry about financing just get me this price or I walk.

It isn't too well known, but dealers pick up a lot of their profit in the "finance manager's" office. It isn't just from the extras they try to sell, it is from the finance rate. Dealers get a rate from a bank and then they mark it up, just like they do for cars. So what they offer you isn't the bank rate, it is the bank rate plus what they are able to get out of you. The bank takes the loan at the original rate, and rebates the difference to the dealer.

This sort of behavior is illegal in most other places. The auto industry lobby has kept Congress from including car sales in these consumer protection laws. It is always preferable for you to do your own loan shopping before seeing a dealer. Banks can't mark up loans arbitrarily like car dealers.

Now when you go to the dealer, if the quoted rate is more than the bank offered, finance through the bank. Don't give the dealer the business.

One other thing; on occasion a dealer will "sell" a loan below cost. If they can't close a deal because the loan payment is too high, the dealer can give you the loan below the rate the bank quoted them. They will pay the bank the difference (it's just a lump sum when the loan is closed). If you get quoted 4.1% and the dealer offers 3.99% they may be eating the few hundred bucks it costs to get the sale.

sonic370 · 01-10-2011, 08:02 PM

there's no doubt you need to do your homework with most dealerships...
though most are honest business people... just be careful.

unrelated but once when i thought my ac was out i took it to the local dealer.
it was a c5 corvette. anyway shop manager says i need complete ac unit
and it will be around 1500 bucks. i told him i would get back with him.

long story short took it to a friend of mine who worked on vettes at the time
popped the hood looked at it and say's hey dumb xss all you need is a 45.00
dollar belt!!! so know i double check everything.............

Nismoracer · 01-10-2011, 08:26 PM

Where's the video?

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01-10-2011, 08:02 PM	#6 (permalink)
sonic370 A True Z Fanatic Join Date: May 2010 Location: Orange Texas Posts: 1,574 Drives: 09 370Z Sports PGK Rep Power: 19	there's no doubt you need to do your homework with most dealerships... though most are honest business people... just be careful. unrelated but once when i thought my ac was out i took it to the local dealer. it was a c5 corvette. anyway shop manager says i need complete ac unit and it will be around 1500 bucks. i told him i would get back with him. long story short took it to a friend of mine who worked on vettes at the time popped the hood looked at it and say's hey dumb xss all you need is a 45.00 dollar belt!!! so know i double check everything.............

01-10-2011, 08:26 PM	#7 (permalink)
Nismoracer Enthusiast Member Join Date: Nov 2010 Location: Earth Posts: 420 Drives: 10 Nismo Rep Power: 15	Where's the video?