Car Salesman's Whole Vibe Changes When the Downpayment Hittin

[97Pac]

I prefer paying cash 0n a used car just easier without any 0f their games

I generally drive cheap old used cars but if you are paying more that $20k-25k cash you are better off investing that money or putting it away if you can get a low interest rate. Money is a tool and you lose it once you spend it.

Avoid their games and get pre financed from a credit union before you even step through their door.

 

[Jblaze204]

Brehs I got a 738 credit score and I’m trynna get a 2022 Tacoma for 28. That shyt will prob jump to 30 but how can I pay like 400 for it or less

do what most people do, stretch out the terms to 60-72 months and pay it off early.

 

[ORDER_66]

I generally drive cheap old used cars but if you are paying more that $20k-25k cash you are better off investing that money or putting it away if you can get a low interest rate. Money is a tool and you lose it once you spend it.

Avoid their games and get pre financed from a credit union before you even step through their door.

I know, I did that with my last car... im talking bout if you able to scrape up $5k cash for a used whip and just want the shyt that day when you come in... if your credit is already decent no reason to play games with their nonsense.

 

[MMS]

Dealerships dont want cash deals my guy. They make more money off you financing the car. They will only cash deal a car that they want moved off the lot thats been sitting too long.

they always love cash up front, less time spent and the salesmen get paid faster. The same situation with any transaction

If you have not sold high ticket items it will not make sense right away.

 

[Rekkapryde]

Dealerships dont want cash deals my guy. They make more money off you financing the car. They will only cash deal a car that they want moved off the lot thats been sitting too long.

Bingo, You know the game.

Never forget one of my wife's friends husbands was looking to buy his wife a new Lexus. So he gets to the dealer and is negotiating and shyt (real cheap but smart dude, esp financially), and he got the salesmen and finance team cysed as hell thinking this got this nikka on the finance wave. He gets to the table to sign some dumb dealer finance contract and stops and says "Nah". Pulls out his checkbook and cuts the check. He said they were HOT and . Salesman ended up getting FIRED.

Thought they could dupe a dumb nikka on the financing tip. NOPE.

Now ask yourself...who's the mack?

 

[Rekkapryde]

nikka, he's talking about building your credit. You take a low interest and pay that bytch off in 3, 4 months. Credit score boost expeditiously. Never buy that shyt off the lot off bat cause your credit appreciates while them cars depreciate.

Not if you already got good GREAT credit.

 

[itsyoung!!]

I prefer paying cash 0n a used car just easier without any 0f their games

What car you pay full cash on ? You dont even have a car

 

[ORDER_66]

What car you pay full cash on ? You dont even have a car

I'm trying to pay cash now for my NEXT car... I never said I paid in cash for my car why you jumping the gun jumping to conclusions?!?

 

[Son Goku]

Dealerships dont want cash deals my guy. They make more money off you financing the car. They will only cash deal a car that they want moved off the lot thats been sitting too long.

Not really true.

Dealerships would rather you finance in order to make money for either establishing the loan from the lender or incentives for getting you to finance through the manufacturer, but will definitely take a cash deal to move inventory even if it hasn't been sitting.



New cars sold from the manufacturer still have incentives to the dealer, and all that inventory is already paid for, so letting a cash deal walk for no reason is not the move.

Most of y'all don't know how to actually get a good deal on a anyways, so there's that.


Only on the coli would a dealership let a cash deal that nets a five or six pounder walk away in case the next motherfukker needs a loan.

 

[CrimsonTider]

@The Butcher

fukk you boy

 

[Son Goku]

Damn I’ve never bought from a dealership before.

My credit is in the early 700s. What would be a good down payment for something like a new Accord or Civic?

0

@InGodWeTrust as someone who used to be a salesman, don't listen to dumbasses like @CrimsonTider.

Putting money down allows the lender to see you as a more attractive and trustworthy applicant, and will almost always result in a lower interest payment.

The difference of even 1% on 60 months is about $1,000 on a $40,000 loan, and that assumes the difference would only be 1%. (It'd likely be more.)

A credit score in the low 700s is good but not "wow look at this guy good" from a loan officer perspective; the dudes that put no money down and had good interest rates (less than 2%) were in the low to mid 800s.

I worked a deal for a couple of docs that wanted a popular Honda SUV and they had money down and were both in the 800s, and just barely made that 2% cutoff. )This was back before the chip shortage as well.)


You should put no less than $500 and probably no more than $3-4000 down on a lower-model Civic or Accord. Some of those cars have $40+k stickers so unless you want to be paying 800 bucks a month for the next half decade, put as much down as you can without dipping into emergency funds or depleting your savings.



Also, remember that interest rates are lower on new cars and not used ones.

 

[Son Goku]

@The Butcher

fukk you boy

fukk your mother.

 

[itsyoung!!]

@InGodWeTrust as someone who used to be a salesman, don't listen to dumbasses like @CrimsonTider.

Putting money down allows the lender to see you as a more attractive and trustworthy applicant, and will almost always result in a lower interest payment.

The difference of even 1% on 60 months is about $1,000 on a $40,000 loan, and that assumes the difference would only be 1%. (It'd likely be more.)

A credit score in the low 700s is good but not "wow look at this guy good" from a loan officer perspective; the dudes that put no money down and had good interest rates (less than 2%) were in the low to mid 800s.

I worked a deal for a couple of docs that wanted a popular Honda SUV and they had money down and were both in the 800s, and just barely made that 2% cutoff. )This was back before the chip shortage as well.)


You should put no less than $500 and probably no more than $3-4000 down on a lower-model Civic or Accord. Some of those cars have $40+k stickers so unless you want to be paying 800 bucks a month for the next half decade, put as much down as you can without dipping into emergency funds or depleting your savings.



Also, remember that interest rates are lower on new cars and not used ones.

You must of not been a good sales person then because 710 credit score is the same as 800. Banks have a simple tier system when financing, especially cars. 580, 620, 660, 690, 710. This saves dealerships and lenders time since thousands of people apply a day.

if the dealership has a good relationship with the lender could also call in favors (the guy has a 695 credit score, you usually need 710 to qualify for 0.9% but he makes 80k a year and past few years payments on time) and get it approved for lower rates etc.


Absolutely no difference between say someone with a 713 credit score and someone with a 802 credit score applying for a car loan.


Credit also isnt 100% deciding factor. We have denied high credit score people with low credit history and low income before.

 

[Sterling Archer]

Bingo, You know the game.

Never forget one of my wife's friends husbands was looking to buy his wife a new Lexus. So he gets to the dealer and is negotiating and shyt (real cheap but smart dude, esp financially), and he got the salesmen and finance team cysed as hell thinking this got this nikka on the finance wave. He gets to the table to sign some dumb dealer finance contract and stops and says "Nah". Pulls out his checkbook and cuts the check. He said they were HOT and . Salesman ended up getting FIRED.

Thought they could dupe a dumb nikka on the financing tip. NOPE.

Now ask yourself...who's the mack?

You see it.

My pops used to be the GM of Mercedes Benz Marietta on Cobb back in the day when him and his homie were interested in opening their own dealerships in Carolina. I know the whole game from him. That man has had so many businesses, success and knowledge. All I can do is try to hip folks to it so they are aware regardless of if they choose to or not. Instead it turned into a pointless pissing contest.

 

[Sterling Archer]

Not really true.

Dealerships would rather you finance in order to make money for either establishing the loan from the lender or incentives for getting you to finance through the manufacturer, but will definitely take a cash deal to move inventory even if it hasn't been sitting.



New cars sold from the manufacturer still have incentives to the dealer, and all that inventory is already paid for, so letting a cash deal walk for no reason is not the move.

Most of y'all don't know how to actually get a good deal on a anyways, so there's that.


Only on the coli would a dealership let a cash deal that nets a five or six pounder walk away in case the next motherfukker needs a loan.

Im not talking about manufacturer incentives. And those often require you to finance anyway. Still thats not what im talking about. Youre moving the goalpost and presenting two different deals. All things being equal, the dealership will make MORE money off a car they financed vs that same car with cash. Nowhere did I say they will turn a cash deal down. I said they prefer a financed deal through their vendors because your cash deal (or independently financed) will not allow them to receive their vendor incentives (not talking about the manufacturer incentive for the buyer)