I guess most people on this forum do not buy new, but it showed the "finance manager" and their tricks of the trade. I think edmunds tells you the same time--you spend all the time doing the research, get a great deal, that finance manager is the dealership's last shot at taking that money back from you. The biggie seems to be the credit, that leaves you pretty wide-open when you're not paying cash or coming in with your own financing. But it was cool how the chick just stood up, said "don't waste my time," and walked out. The car dealer sc** aren't used to getting it like that, only giving it.

 

I saw it, and was not surprized at all. Dealerships are baisically like ***** houses. A large place that people go to get screwed. (no offese to any salespersons on the site.)

 

From buying a house at the end of 2k2, I also found that the mortgage companies, ie the lending meddlmen I mean middlemen who are not banks, are just as cheesy. One dude I dealt with snuck 1/4 point into the contract. Sure, 1/4 of 1% doesn't sound like much, but it would have been about $1100 of profit to him personally. Some dude at the gym said he used to be a mortgage broker and they were taught to do that stuff. I was also told regular banks do not usually pull that stuff, but their rates tend to be 1/8 to 1/4 higher.

 

Watched it with my girl, she was shocked dealers would do that. I told her dealers are businesses like any others, and are there to turn a profit for their owners.

After hearing what finance rates some of these ppl were getting -double digit apr ?! - I don't feel bad on the 6.4% on my Maxima, which I bought used with 24K miles. My credit is not perfect.

Anyway, very informative, and I know they touched base on it briefly, but that schnarky finance mgr who changed the girls annual income must be looking for a job right now. Although PT Barnum said any pub is good pub, I would beg to differ on this account. Best part of all ( ) is that the dealer can't sue Dateline or MSNBC, since this expose' wasn't malicious or deceptive, its the plain TRUTH. It's sorta cool being able to peer around "the other side of the curtain" and see what sorts of tricks these dealers have up their sleeves...

Fernando

 

ya, i saw it, i cant' wait to buy my next car or help someone else. it was pretty good.