What's the deal with these phony Facebook car prices?

[csandste]

https://www.facebook.com/marketplace/item/2229787993949151/

Obviously this isn't a $200 car. Tires and wheels aren't even $200. What's the flim-flam here? When the first gen Hyundai Tucson came out I copped a drive with the local dealer who brought some non-salesman eighteen year old bird dog along for the ride. He said "what would you give to buy this car?" Said I wasn't interested, just wanted to drive it--as I told you when we got in. He said "What if we sold it for $7000?" I made a u-turn on the service road, drove back to the dealer, dragged him in, marched him up to the sales manager and said "He offered $7000, put it on my card". Needless to say the sales manager didn't honor the deal but said he remembered me for some other loud car negotiating five years before. But what's this all about? Should I go down tomorrow and make a scene?

 

[WagonWheel]

Read the Description:

***AVERAGE MONTHLY PAYMENT WITH APPROVED CREDIT*** ****Payment figured at 4% APR with 10% Down Payment***

 

[Skippy722]

Looks like it's at a nicer buy here pay here kind of dealership.

 

[csandste]

Oops. Should have done a little more careful reading.

 

[mk378]

Ten percent of what? How many months?

Anyone who doesn't have a cash asking price on the car is just going to yank you around endlessly.

 

[Andrew1972]

Seems easy to put a minimum price on FB or even CL ad and filter them($1000) out.

The bottom dwellers who cannot afford cars to begin with are looking at he $0-$3000 range and dealers with financing smart enough to put that price in to entice them.

 

[Linctex]

Originally Posted by WagonWheel
****Payment figured at 4% APR with 10% Down Payment***


That's pretty fair....

considering the gouging a LOT of the "Buy here, pay here" folks do

 

[MrMoody]

Originally Posted by Linctex
Originally Posted by WagonWheel
****Payment figured at 4% APR with 10% Down Payment***


That's pretty fair....

considering the gouging a LOT of the "Buy here, pay here" folks do

You're assuming they actually give deal that to anyone.

You don't qualify for that deal. Your payment is $300 ...

 

[DoubleWasp]

Payment figured under terms they know that their typical buyer will never qualify for.

Result of the "just get them in here" mentality that has rules the used car industry for decades.

 

[MrMoody]

Originally Posted by mk378
Ten percent of what? How many months?

If you had the number of months, you could calculate the rest. Using 72 months it comes to $14133.

 

[earthbound]

that's right buy/here pay/here customers will never see 4% apr...more like mid-teens low 20's apr....and lots o years

 

[MrMoody]

Originally Posted by earthbound
that's right buy/here pay/here customers will never see 4% apr...more like mid-teens low 20's apr....and lots o years

Yep. It's a bait-and-switch that they get away with by adding a disclaimer about qualified buyers. But I promise you, not even sterling credit would get 4%, and they have never sold a single car at that rate. The true minimum with good credit is about 8.5%.