Another story that validates never to finance with the f and I guy at the car dealership

[GON]

Bring in your own financing or pay cash. never ever trust the f and I guy at the dealership, ever.

https://www.npr.org/2023/02/04/1152932192/yo-yo-car-sales

 

[oggb]

A lot of people would love for their Hyundais/Kias to be taken back by the dealer...

 

[xgmad]

Bank auto loans are very competitive, and I mean very competitive. If you have a credit score of at lease a 650, it is more than likely that you are able to get a loan with very low interest.

 

[LawrenceGazebo]

I have 0% via Chrysler Capital for the Wagoneer in my signature. Hard to get that without talking with the finance guy.

 

[fisher83]

The F&I guys get some training on how to fill out the paperwork but they generally aren't finance experts and are definitely not there to help. Unfortunately it is not uncommon for them to just throw something at the wall and see if it sticks. Now the customer has brought the car home and showed their family and friends. So if they call them back and give them less favorable terms a few days later the customer is pretty likely to just take the deal. Their primary role is to take one last stab at the customer selling service contracts and other add-ons. They are typically among the best sales people in the entire dealership. They're there to squeeze every last possible bit of profit from the customer before they leave. Lots and lots of customers do okay at negotiating a price with the salesman and sales manager then ultimately fall victim once they get in the F&I office.

 

[SC Maintenance]

They are typically among the best sales people in the entire dealership.

They are typically among the best most sleazy sales people in the entire dealership.

FIFY.

The ones flogging cars at the dealership are not sale people. A good sales person will help you find the best product for your needs. Everyone at a car dealership is nothing but a scum bag and give real sales people a bad name.

Unfortunately many people don't realize this.

 

[Jethro_Bob]

How did they sell a car without a valid title, that car would have been reported stolen the moment I received the bill. Then I would give the bank the police repot in luau of payment.

 

[PWMDMD]

I've financed through Audi, Toyota, Lexus, Mazda, Honda, Subaru, and Volvo and the only thing that's ever happened is I received a ridiculously low rate that my bank couldn't come close to giving me - anywhere from 0-1.9%. I've never had any issues with the F&I guy. Never been lied to. Never even been pressured to buy add ons - they ask, I say no, and we move on.

There are very good reasons to deal with the F&I guy - just have a clue and don't get hosed.

 

[SC Maintenance]

I've financed through Audi, Toyota, Lexus, Mazda, Honda, Subaru, and Volvo and the only thing that's ever happened is I received a ridiculously low rate that my bank couldn't come close to giving me - anywhere from 0-1.9%. I've never had any issues with the F&I guy. Never been lied to. Never even been pressured to buy add ons - they ask, I say no, and we move on.

There are very good reasons to deal with the F&I guy - just have a clue and don't get hosed.

The times I have been with the F&I guy I say no, then they try to sell the same thing to my wife. My wife is a teacher and too nice to tell them to kick rocks.

I have told my wife she should just stay home for this part of the transaction, and her answer is she is there so I don't rip the F&I guy a new one and end up in a fight before we get the keys. I say "yes dear".

 

[Hall]

...or read the paperwork you sign. I remember that same fine print about if there's any issues with the financing, "you agree to return the vehicle" that our son had to sign. I'm not defending the finance people but thousands upon thousands of folks successfully buy cars using the dealer's financing. I'm guessing it may depend on the finance company too, where some only give preliminary approval of the loan vs it being a done deal. When I bought a car 6-7 years (following two I used my CU's financing options), I signed paperwork from the lender that evening, not some "promise" paperwork.

 

[eljefino]

This stuff comes from above the F&I guy, it's a dealership group board room decision that affects all the dealers in the group, or the ones the board decides are "sub-prime."

The F&I guy's role is figuring out who's savvy and who's a "mark" who will go for a shady deal.

My new Toyotas were contracted with electronic signatures. WTH is up with that? Get me a pen, paper, and carbon copy. THAT should be a rule.

 

[Passport1]

At the dealer you are the orange

 

[PWMDMD]

The times I have been with the F&I guy I say no, then they try to sell the same thing to my wife. My wife is a teacher and too nice to tell them to kick rocks.

I have told my wife she should just stay home for this part of the transaction, and her answer is she is there so I don't rip the F&I guy a new one and end up in a fight before we get the keys. I say "yes dear".

My wife gets too stressed out by the whole thing and voluntarily stays home plus she has a terrible poker face.

 

[Jackson_Slugger]

Bring in your own financing or pay cash.jever ever trust the f and I guy at the dealership, ever.

https://www.npr.org/2023/02/04/1152932192/yo-yo-car-sales

Pretty sure the above is absolutely illegal in some states and ought to be everywhere, but can tell you F&I horror stories, and I have done the job, but not in the automotive industry, but for construction related equipment. But knowing guys in the car business, the biggest gambit that will now land you in jail was the infamous "cash only, under-the-table warranty or extended warranty". I know one guy that actually did this and am I am appalled that he wasn't criminally charged or prosecuted for fraud to this day, although he was in the recreational vehicle scam industry.

It works like this:

"Hey, the extended warranty through ACME Warranty LLC is $4000 for this vehicle, and you can roll some of that into financing. But you still have to pay cash for the $2000 The Bank A won't finance. But I (speaking in a quiet dramatic tone with his hand cuffing his mouth so no one else can hear) I can get you a great warranty for $500, but it's the actual cost and I can't show that in the paperwork, so you have to pay cash to me right now. It's the same blah blah blah..."

Then of course, the sad people come back to have their car fixed years later only to find they have no real warranty and no one put in any paperwork for it...

 

[dogememe]

I've financed through Audi, Toyota, Lexus, Mazda, Honda, Subaru, and Volvo and the only thing that's ever happened is I received a ridiculously low rate that my bank couldn't come close to giving me - anywhere from 0-1.9%. I've never had any issues with the F&I guy. Never been lied to. Never even been pressured to buy add ons - they ask, I say no, and we move on.

There are very good reasons to deal with the F&I guy - just have a clue and don't get hosed.

I think a little common sense and reviewing what you are signing will get you far in terms of not getting ripped off.

 

[PWMDMD]

I think a little common sense and reviewing what you are signing will get you far in terms of not getting ripped off.

...and don't get emotional (it's just a vehicle) and remember you can always walk away.

 

[SC Maintenance]

My wife gets too stressed out by the whole thing and voluntarily stays home plus she has a terrible poker face.

Yes, I bought my last one with an e-price before I got there. I would happily argue on price for 3 hours to get the best deal on my own, but rather not put her through it.

I agree its caveat emptor and the buyer is ultimately at fault. But I couldn't live with myself doing that for a living. They know when they run your credit how likely the deal is to go through. They dump the crappy trade and look forward to the big bonus on the oppressive sub prime loans. They could easily flag it, put a hold on it and wait for it to go through. I worked at a small town GM dealer as a kid, and they would never treat someone like this - not just because word would get around, but because the owner was actually a decent guy.

 

[dogememe]

...and don't get emotional (it's just a vehicle) and remember you can always walk away.

THIS! There are dealerships around the country with cars on the lot, if this one doesn't work out, a different one will.

 

[JTK]

I've financed through Audi, Toyota, Lexus, Mazda, Honda, Subaru, and Volvo and the only thing that's ever happened is I received a ridiculously low rate that my bank couldn't come close to giving me - anywhere from 0-1.9%. I've never had any issues with the F&I guy. Never been lied to. Never even been pressured to buy add ons - they ask, I say no, and we move on.

There are very good reasons to deal with the F&I guy - just have a clue and don't get hosed.

Same. I go into it knowing what rate I can get through my employer's credit union or what ever other small bank or CU I can get a great rate through.

Most of the time they'll find a lower rate for me, banking on me tacking on an extended warranty or other add-ons. It still bites wasting time having to play the F&I person's passive aggressive sales game, but it's part of their business model unfortunately.

 

[fisher83]

They are typically among the best most sleazy sales people in the entire dealership.

FIFY.

The ones flogging cars at the dealership are not sale people. A good sales person will help you find the best product for your needs. Everyone at a car dealership is nothing but a scum bag and give real sales people a bad name.

Unfortunately many people don't realize this.

When I say "best" I only mean that they make the most $$ for the dealership. I agree with your assessment regarding their character. I sold cars for a short while after high school and I definitely met some very unscrupulous folks in that industry.