You have to pick and choose your battles, no dealer is going to do this. They already don't want to deal with an informed cash buyer, they want someone that only talks monthly payments that they can push out to 84 months, pad the interest rate and sell thousands of dollars of worthless junk to in the F&I office.
Tried to buy a Mitsubishi Mirage yesterday
- Thread starter Finklejag
- Start date
You have to pick and choose your battles, no dealer is going to do this. They already don't want to deal with an informed cash buyer, they want someone that only talks monthly payments that they can push out to 84 months, pad the interest rate and sell thousands of dollars of worthless junk to in the F&I office.
GON
$100 Site Donor 2024
Sad, but very true.
If inventory levels change, maybe cash buyers may be reluctantly welcomed at dealers with a large floorplan inventory. These dealers were likely paying two-three percent interest on their inventory for the past half a decade. They may be paying eight percent plus on that same floorplan inventory today.
average semi-conservative IRA portfolio return over the last two decades.
But like I said it's been flipped on it's head in recent years
then s&p did this:
Looking at the S&P 500 from 2013 to mid-2023, the average S&P 500 return for the last 10 years is 12.39% (9.48% when adjusted for inflation), which is also higher than the annual average return of 10%.
- sofi dotcom
Our definitions of easily are a bit different but I get what you are saying. Better this:
5-5.5% very easily
5.5-7% risky but not hard
7-10% riskier, doable
10%+ hanging your ASSets out there, might get shot off, but long term, sit in your lawn chair and relax.
Only on BITOG will you have a thread in regards to potentially buying a Mitsubishi Mirage morph into a day trading, my portfolio is bigger/better than your portfolio thread.
I just heard I borrow money on a car to contribute to my 401k mixed up with Mirage loans.
If you want the lowest loan interest rate, arrange it yourself with a bank, and then go car shopping. Find 3-4-5 dealers with the car you want, especially find the nearest one that is a volume dealer, look up the invoice price, and contact them with what you want to pay. Make it clear you are going to be a fast transaction, and that they need to make some money, but you want no added fluff. Some dealers don't like doing that, so you move on to the next one. If you are not wasting their time with back and forth questions, they feel better about just selling the car and moving on to the next guy.
Get a quote from the volume dealer, even if you have no intention of going that far. Then you have a better idea what the bottom line actually is, and you can see which local guy will get closest.
When I bought the Outback, my quote from a dealer 150 miles away helped, and it also turned out the the other 3 closest subaru dealers are all owned by the same company! So they don't compete to much with each other.
Get a quote from the volume dealer, even if you have no intention of going that far. Then you have a better idea what the bottom line actually is, and you can see which local guy will get closest.
When I bought the Outback, my quote from a dealer 150 miles away helped, and it also turned out the the other 3 closest subaru dealers are all owned by the same company! So they don't compete to much with each other.
This is what I do nowadays. If you let the dealer find financing they have room to play around. I try to avoid financing anything, but when I do all the dealer gets from me is a check. I even did it with Tesla. You have more control of the situation when you're not trusting a dealer to be your middle man. I really helps to know the full terms because you've talked directly with your banker. I'd much rather agree on price, pay the dealer, and leave. Waiting on financing to come back through the dealer's process leaves some things in the air I'm not comfortable with.
Then I walk. I'm not giving them that power. If they want to sell me the car I'm a reasonable person and I'll agree to a reasonable price. That's the problem though, it should be an agreeable price, not bartering an agreeable monthly payment. If you're doing the second you've already lost. If you're going to pay for your car month to month, work that out with the bank you've personally selected and already have worked out for the cost you're willing to pay for the car. If it takes a day or two extra, so be it. Don't shoot yourself in the foot to be in the good graces of the dealer.
One car I bought I went through the finance guy. Read the contracts he presented, crossed out the items I did not agree with, initialed them, and handed it back.
Guy looked at the edits, looked at me, and signed his spots. I got all the discounts, specials, etc. Whole transaction took about an hour.
I then waited until I got my first bank payment information, and paid it off immediately. Got the title about a month later.
Guy looked at the edits, looked at me, and signed his spots. I got all the discounts, specials, etc. Whole transaction took about an hour.
I then waited until I got my first bank payment information, and paid it off immediately. Got the title about a month later.
GON
$100 Site Donor 2024
That is a great point- to read the contracts and cross out what is not acceptable.
GON
$100 Site Donor 2024
Have done it for decades.... you might want to give it a try.
Best cross out on a contract was from Xerox on a copy machine lease. The standard Xerox contract stated we were responsible at the end of the lease to properly pack the machine and ship the copier to any location in the U.S. Xerox directed- all at the Lessee's expense. I crossed that out and wrote in the contract Xerox was responsible for picking up the machine and had to do it NLT 30 days after the lease expired.
Xerox agreed to it.- without a flinch. Just because it is a standard contract- means beans.....,. contract terms and conditions need to work for the party paying for the goods/ services.
GON
$100 Site Donor 2024
There is no such thing as a standard car loan contract, and all those contracts are very likely editable templates.
Kind of like a bill of sale for a vehicle. Unless a mandatory bill of sale is required and provided by state, a template is used for the bill of sale and of course it can be edited, etc.
So, went to my bank and got a loan. Much much better rates. My car payment went down! Just picked up the CX-5 for my wife. Haven’t even updated my signature yet
This is true. Even if there is a mistake or misunderstanding-it's reprinted. We have GON telling us what a auto contract is-and he pays cash at salvage yards. Seems to be a disconnect here......
It's a standard form-that the finance guys specifies on a space/line who the loan is assigned to. It can either be a bank/credit union you have already talked to-and know the APR-OR one that you and the finance guy agrees on.
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It really depends on who you're dealing with. If they want it back they'll do what's necessary. I just don't see this cross out what you don't like and sign being a blanket cover for the contract on a car loan though. Want to know real freedom? Pay cash for the car or it's not yours. I hate having a loan on a car. If there's a possibility of repossession and the title isn't in your hand, the car isn't really your property. I have one now and I'm destroying it as fast as I can. I thought I'd be fine with it this time around, but I still don't like it. I'll never take another car loan again.
Gon works for either the government-or a quasi government agency. (I think). Xerox probably has 100's if not 1,000's of copiers out there. There is going to be flexibility when you are talking those numbers. A flexibility not available to those who buy vehicles at dealerships every several years.
Not starting a debate on EVs, but this is what I like about Tesla. Show up and pick it up and they only care if the check clears. Handed them a check and left in 5 minutes. I'm over the usual dealer barter.
