new york car buying

[isekii]

Originally posted by: ScottSwingleComputers
Ive heard of a used car place here that puts a device on the car that you need to enter a code each month when you pay your bill. No code = car wont start

Maybe its that and not lo jack.

are you serious ?
haha

 

[DawsonsDada]

As a former car salesmen I would say this:

1. Tell your brother-in-law and his wife to stop what they are doing immediately and RUN do not walk, RUN away from this dealer as FAST AS THEY CAN!!!!!!!!!!!!!!

2. LoJack can not be "required" ANYWHERE. It is optional. It can be "highly" recommended but not required.

3. The interest rate is OUTRAGEOUS even for someone with no credit history. Tell them to go to their bank or credit union first and see what they can do for them.

4. I would tell them to go look at someplace like Carmax (not an endorsement, just an idea) or some other local dealer to buy a car.

5. They should try to get pre-approved through their bank/credit union FIRST and then go shop for a car.

6. ABSOLUTELY NO LEASES!!!!!!!!!!!!!!!!!!!!!!! READ THIS AGAIN!!!!!!!!!! NO LEASING!!!!!!!!

 

[LTC8K6]

The dealer may be referring to the fact that a financed car has to have comprehensive insurance.

Still, you don't have to get it from the dealer.

Shop around.

You should do that anyway.

 

[Vic]

Originally posted by: DawsonsDada
As a former car salesmen I would say this:

1. Tell your brother-in-law and his wife to stop what they are doing immediately and RUN do not walk, RUN away from this dealer as FAST AS THEY CAN!!!!!!!!!!!!!!

2. LoJack can not be "required" ANYWHERE. It is optional. It can be "highly" recommended but not required.

3. The interest rate is OUTRAGEOUS even for someone with no credit history. Tell them to go to their bank or credit union first and see what they can do for them.

4. I would tell them to go look at someplace like Carmax (not an endorsement, just an idea) or some other local dealer to buy a car.

5. They should try to get pre-approved through their bank/credit union FIRST and then go shop for a car.

6. ABSOLUTELY NO LEASES!!!!!!!!!!!!!!!!!!!!!!! READ THIS AGAIN!!!!!!!!!! NO LEASING!!!!!!!!

This is bullshit. Lojack can be required by the lender as a condition of financing (just not by the dealer as a condition of sale), the interest rate is nowhere near "outrageous," Carmax are crooks (and don't even have a dealership in NY), my credit union's best car loan rate is 5.25% even with perfect credit (and they're the biggest and best CU in the area), and leases are good for some people and not for others.

edit: but it is true that the dealer or lender can't force their own insurance. The buyer has the right to get insurance from any insurer they want, provided both the insurer and the coverage is acceptable to the lender.

 

[DrPizza]

Originally posted by: LTC8K6
The dealer may be referring to the fact that a financed car has to have comprehensive insurance.

Still, you don't have to get it from the dealer.

Shop around.

You should do that anyway.

Yeah, I'm wondering if there's a little bit of miscommunication going on there. Since a lot (most?) dealers these days handle everything related to the paperwork with the state, you can now drive off the lot with the license plate (not just a temporary cardboard plate til your new metal ones come from the state) and everything else all done. However, you can NOT register the vehicle until it has insurance on it. Either your in-laws have to get the insurance arranged, else the dealer isn't going to be able to finish the paperwork. Hence, the dealer probably has an insurance company (that they get a kickback from) who will insure their customers who don't already have an insurance company.

 

[Phoenix86]

Originally posted by: LTC8K6
The dealer may be referring to the fact that a financed car has to have comprehensive insurance.

Still, you don't have to get it from the dealer.

Yep, and the fact the dealer is telling them it's required to use their insurance is a RED FLAG.

The dealer is trying to protect their interests and ream the customer.

Lets see...

High interest rate (even for no credit).
Guaranteed insurance so if the car's wrecked they have 100% guarantee it's always insured.
If the insurance lapses, guess what happens to the car? Buh-bye. Hello low jack, we know where you are.

SCAM.

 

[JS80]

Originally posted by: DawsonsDada
As a former car salesmen I would say this:

1. Tell your brother-in-law and his wife to stop what they are doing immediately and RUN do not walk, RUN away from this dealer as FAST AS THEY CAN!!!!!!!!!!!!!!

2. LoJack can not be "required" ANYWHERE. It is optional. It can be "highly" recommended but not required.

3. The interest rate is OUTRAGEOUS even for someone with no credit history. Tell them to go to their bank or credit union first and see what they can do for them.

4. I would tell them to go look at someplace like Carmax (not an endorsement, just an idea) or some other local dealer to buy a car.

5. They should try to get pre-approved through their bank/credit union FIRST and then go shop for a car.

6. ABSOLUTELY NO LEASES!!!!!!!!!!!!!!!!!!!!!!! READ THIS AGAIN!!!!!!!!!! NO LEASING!!!!!!!!

You fail on about 5/6 points.

 

[torpid]

My credit union is 6% on a 72 month loan (new) or 6.6% if used. I've had two loans from them and never gotten a worse than advertised rate. 8.4 seems high to me, but I wonder if there are different rates for people that are foreign nationals here on a visa?

Anyway they should for sure talk to the bank they currently use and local credit unions.

 

[JS80]

Originally posted by: Baked

Originally posted by: TruePaige


Financing specials come around so often I don't recommend anyone buy a car for those kind of rates.

I have 0% APR on my loan.

And VW has been offering 2.9% APR lately

Plus a lot of GM cars have been hovering super-low lately as well.

If you read the fine print those awesome 0% APR deals only apply to people w/ seriously good credit scores, which the OP's bro doesn't qualify for. What your credit score?

not only that a lot of the 0% deals are in lieu of cash back rebate.

 

[Uppsala9496]

They should go elsewhere.

My wife and I just bought a 2009 Pontiac Vibe on Saturday. Loan came in at 5.75% since GM doesn't have any offers for the car since it has only been out about a month.

Insurance....just gave them our current insurance card info. We could have picked any bank we wanted. Went with the cheapest one.

 

[TruePaige]

Originally posted by: JS80

Originally posted by: Baked

Originally posted by: TruePaige


Financing specials come around so often I don't recommend anyone buy a car for those kind of rates.

I have 0% APR on my loan.

And VW has been offering 2.9% APR lately

Plus a lot of GM cars have been hovering super-low lately as well.

If you read the fine print those awesome 0% APR deals only apply to people w/ seriously good credit scores, which the OP's bro doesn't qualify for. What your credit score?

not only that a lot of the 0% deals are in lieu of cash back rebate.

It wasn't that hard to pull off a 0%.

I even had a fallback prepared if I had ended up not being approved of 5% through my local CU.

I think 8%+ rates are for desperate people, or people that are just into getting a certain car right now, even if it means throwing money away.

I mean, think about it, 8% APR on a 20,000 dollar car is a serious amount of money.

 

[Vic]

Originally posted by: TruePaige

Originally posted by: JS80

Originally posted by: Baked

Originally posted by: TruePaige
Financing specials come around so often I don't recommend anyone buy a car for those kind of rates.

I have 0% APR on my loan.

And VW has been offering 2.9% APR lately

Plus a lot of GM cars have been hovering super-low lately as well.

If you read the fine print those awesome 0% APR deals only apply to people w/ seriously good credit scores, which the OP's bro doesn't qualify for. What your credit score?

not only that a lot of the 0% deals are in lieu of cash back rebate.

It wasn't that hard to pull off a 0%.

I even had a fallback prepared if I had ended up not being approved of 5% through my local CU.

I think 8%+ rates are for desperate people, or people that are just into getting a certain car right now, even if it means throwing money away.

I mean, think about it, 8% APR on a 20,000 dollar car is a serious amount of money.

Over 72 months and assuming timely payments, 8% on $20k is $5,248.

However, you clearly have no idea what you're talking about.
For one thing, 0% financing is ALWAYS a manufacturers' special offer. To my knowledge, Toyota is no currently offering such an offer on a Rav4 to anyone.
For another, the "easy credit" era of banking ended last summer. Perhaps you read about it in the news?

 

[ryan256]

The only thing that they can force is that they HAVE insurance. Thats a rule you'll get from any lending institution. They cannot force them to use their insurance or to buy Low-Jack.
Tell your brother in law to go to a different dealer.

 

[OUCaptain]

Two deal breakers for me: 1. floor mats not included and 2. any attempt to force me to buy anything other than the car. Tell em to walk away

 

[Muadib]

That dealer is scum.

 

[ViperVin2]

Originally posted by: Muadib
That dealer is scum.

Nice find. Stay away from this dealership.

 

[isekii]

Originally posted by: Vic

Originally posted by: TruePaige

Originally posted by: JS80

Originally posted by: Baked

Originally posted by: TruePaige
Financing specials come around so often I don't recommend anyone buy a car for those kind of rates.

I have 0% APR on my loan.

And VW has been offering 2.9% APR lately

Plus a lot of GM cars have been hovering super-low lately as well.

If you read the fine print those awesome 0% APR deals only apply to people w/ seriously good credit scores, which the OP's bro doesn't qualify for. What your credit score?

not only that a lot of the 0% deals are in lieu of cash back rebate.

It wasn't that hard to pull off a 0%.

I even had a fallback prepared if I had ended up not being approved of 5% through my local CU.

I think 8%+ rates are for desperate people, or people that are just into getting a certain car right now, even if it means throwing money away.

I mean, think about it, 8% APR on a 20,000 dollar car is a serious amount of money.

Over 72 months and assuming timely payments, 8% on $20k is $5,248.

However, you clearly have no idea what you're talking about.
For one thing, 0% financing is ALWAYS a manufacturers' special offer. To my knowledge, Toyota is no currently offering such an offer on a Rav4 to anyone.
For another, the "easy credit" era of banking ended last summer. Perhaps you read about it in the news?

Yep.. 0% of 1.9% 2.9% etc are always from the manufacturer for the most part.

And usually a lot of the 0% apr are 36-48 months with some going as high as 60months.
I haven't seen any 72 month loans at 0%.

 

[Slew Foot]

Never negotiate ANYTHING at the stealership. Have the OTD price in hand before you go in, and have your financing and insurance already set up.