Are you Buying A Car? - Page 2

local8 · 05-22-2004

just bought a new car a month ago. we bought a hyundai elantra gt, much sportier than the elantra gls. honestly, the car looks exactly like a saab 93. we were interested in the santa fe, but, with gas prices going up and up, and living in new york city, the smaller car seemed a better option than the suv.
wish i could take time off from work to drive a crv or santa fe down to you james - sounds like it would be an interesting drive from other posts i have read about driving down the yucatan, and of course the destination would be great!

**tommy** · 05-22-2004

Quote:

Originally Posted by james

needed: 4 door, 2 wheel drive, 4cylinder family hauler. Must have air bags for driver and front passenger. Ideally it will be a Honda CRV. 5-8 years old is fine.

drive it to Mexico and you'll get cash for it.

okay James this is might work....I need to know your budget and I need help with the drive route...I will be coming down in July and Driving could Happen...It will be Donna and Derrick and me...I can get just about any car you want but need some Idea on $$$$...I of course will have title in hand and will need to do some research on crossing the border in it...I may have to put it in my name and then tranfer title to you...the good news is I can bring all the paper work with me and it shouldnt be that hard to do....

**tommy** · 05-22-2004

Quote:

Originally Posted by local8

just bought a new car a month ago. we bought a hyundai elantra gt, much sportier than the elantra gls. honestly, the car looks exactly like a saab 93. we were interested in the santa fe, but, with gas prices going up and up, and living in new york city, the smaller car seemed a better option than the suv.
wish i could take time off from work to drive a crv or santa fe down to you james - sounds like it would be an interesting drive from other posts i have read about driving down the yucatan, and of course the destination would be great!

I was the Finance Director for a Huge Dealership in Houston for 5 years prior to this position..Ford,Chrysler,Jeep,Eagle,Hyundia,Isuzu,A cura...The Hyundia is a super car these days...I would buy one myself...I would also say that the Santa Fe is much better on gas than most of the other SUV's..Smart choice with the Elantra...

**Shammy** · 05-22-2004

Dude! You rock man!

And you're right on with everything you said too.

So listen, I could use that invoice as all we have are the ones for 2003.

Now, as far as incentives, I know Honda feels that they don't HAVE to give incentives and they rarely do. If you see them, they're for Civic's and Accord's cause they have a bazillion of them on the lot. The Elements are harder to come by. There are a ton more then there were a year ago, however, since Honday dealers think their s*** don't stink, they make you feel like they're doing you a favor by giving you $100 OFF instead of $100 OVER. (we have owned 5 Honda's already and it's the same thing everytime!)

But what I WOULD like to know is about the dealer holdbacks. Can you get me any of that info or is that dealer specific info, pertaining to each dealr individually? Sometimes, the $100-$300 over rule (which we follow) isn't as good as it gets because of these holdbacks that we don't know about.

**tommy** · 05-22-2004

true all dealers get the same amount of holdback...depending on the specific unit they are selling...It is a percentage of the factory invoice..It changes depending on the price of the car...Like a ford focus that stickers for @ 16500.00 hold back would be @ $400.00 but a $31000.00 explorer H/B would be @ $1000.00.. most dealers will not get into Hold back unless it is an Old age unit meaning the car has been around for a long time...Honda Dealers do tend to stick there nose in the air more than most....I would find the biggest volume Dealer or the one that does the most advertising because they deal in volume and there main focus is to be the Largest dealer...therefor they will sell cheaper because they make it up in volume...The drawback to this is that they are so busy that you kinda get the feeling you are just a number...Try the asking for the Gm or Gsm you will be suprised...Also If they are a Presedents Award Dealer they will want to make you happy...If I bought An Element for 100-300 over being a Honda Suv I would consider that a good deal....If it were one of the other cars like a Civic I would want some of the Hold back...I would also find a unit that is advertised and I would go in with that ad and tell them you want the same amount of discount on the unit you want...They will tell you that they use there Ad. budget to write the prices of those cars down...Bull Shit!!..they will take the loss on those advertised units OR HOPE YOU WANT SOMETHING THAT IS MORE EQUIPED...and not advertised!!!

**Shammy** · 05-22-2004

OK, kewl. So I should go in and offer $100 over invoice but expect to possibly pay $300 (if they sweet tawlk me that is

), huh?

I have the dealer...big, does a ton of advertising, President's Award and has been brought up on charges for false advertising and bait and switch too.

Now can you indeed get me an invoice for a 2 WD Ex and/or a 4 WD EX so I know what I'm shootin for?

I was actually thinking of getting this set up for huuby for Father's Day. Not sure if I can do it by then, considering I'll be a bit "restricted" in the next few weeks but I was thinking about it nonetheless.

Oh, and know something else I hate? Honda financing. Never a deal to be had unless you're going for a Civic or Accord. If I don't want to go through Honda (and I don't), what's the next best thing? BTW...what's a credit union and how do I get that kind of interest rate? What about online financing? You must have had people approach you with that. I heard through the grapevine that dealers HATE when folks come in with internet financing and will at times, refuse to sell the car like that.

**denisea** · 05-22-2004

Quote:

Originally Posted by Shammy

Oh, and know something else I hate? Honda financing. Never a deal to be had unless you're going for a Civic or Accord. If I don't want to go through Honda (and I don't), what's the next best thing? BTW...what's a credit union and how do I get that kind of interest rate? What about online financing? You must have had people approach you with that. I heard through the grapevine that dealers HATE when folks come in with internet financing and will at times, refuse to sell the car like that.

I ordered a 2004 Mini Cooper S back in August that I took delivery of in November. I'd heard the same thing about BMW with regards to outside financing. However, I'd also heard that if you came with check in hand that BMW would typically at least match the interest rate. The salesman hounded me everytime I spoke with him about the financing, but I refused to commit and would dodge the subject. Of course, he would never tell me what their financing rates were either --- not even a range. So I shopped around online and decided to go with AAA for my loan --- 4 years at 3.75%. I filled out all forms online, then a financing person called me, and I was told that the loan paperwork and check would be ready for me to sign and pick up at the local AAA the next morning. Then I called the salesman and asked if he wanted a shot at the financing. He said yes, insisting they could match or beat the rate. One hour later the salesman called back with tail between his legs. Best he could offer me was 5.25%! I took delivery the next morning right after I left the AAA office.

**james** · 05-22-2004

Quote:

Originally Posted by sun seekers

need some Idea on $$$$

I have several hundred bottle wetsuits left...

**tommy** · 05-22-2004

Shammy I will go to work on the invoices Monday....You are right we hate the Internet financing do to them being Half okay and Half crap...we have done them and had the checks bounce then have to chase our money for weeks....Credit unions are fine...we dont mind if its local...its easy...We happen to have DOW chemical in our backyard with 80,000 members so I struck a deal with them to do all the contracting through our dealership...they let us make 1 point for the work load it reduces for them and we can sell the car for whatever the market bares....it used to take 6-7 hours for one of their members to get a loan done do to the waiting list.. now they come in pick out a car and are signed and deliverd within an hour...we both like it...it has helped our biz...and theirs...Credit Unions are big here in the south...they are an Instatutuion that has members that keep and invest their money into one place...they loan money from those investments and the profits from those investments...DOW has about 2 billion in money sitting earning 1% so they are anxiuos to loan it at 3.9%-10.5% they really like the 8-9% because its still pretty low risk and a huge return for them...which creates more money to loan...

the other thing I can do is tell you what your payment is going to be at what term and rate you get...
just give me the amount you want to finance and for how long and what rate and I can give you the Payment....

**tommy** · 05-22-2004

Quote:

Originally Posted by james

I have several hundred bottle wetsuits left...

sorry James but I have 2 and thats all I need...one in each hand...You will have to do better than that...
the thongs and the lunch box might make me think twice though...

**tommy** · 05-22-2004

well Im going home to my not greek2me....good weekend fri-sat 46 solid deals contracted and bustin bugs as we say....talk to yall from villa sun seekers and cenote Donamichi....

**Shammy** · 05-22-2004

Quote:

Originally Posted by denisea

I ordered a 2004 Mini Cooper S back in August that I took delivery of in November. I'd heard the same thing about BMW with regards to outside financing. However, I'd also heard that if you came with check in hand that BMW would typically at least match the interest rate. The salesman hounded me everytime I spoke with him about the financing, but I refused to commit and would dodge the subject. Of course, he would never tell me what their financing rates were either --- not even a range. So I shopped around online and decided to go with AAA for my loan --- 4 years at 3.75%. I filled out all forms online, then a financing person called me, and I was told that the loan paperwork and check would be ready for me to sign and pick up at the local AAA the next morning. Then I called the salesman and asked if he wanted a shot at the financing. He said yes, insisting they could match or beat the rate. One hour later the salesman called back with tail between his legs. Best he could offer me was 5.25%! I took delivery the next morning right after I left the AAA office.

You have a Mini? And just how CUTE are they???? :p
Hubby's dealership didn't get the rights to sell the Mini Cooper but now that they are due to move to a new location where they are building an awesome brand spanking new dealership, they are letting them have the Mini line too.

So AAA, huh? Didn't know they even did financing? Should I check this out?

Tommy.......who can borrow money from a credit union? Is it a membership thing and if so, how does one become a member? I have no clue on this credit union stuff.

And which internet financing deals are NOT crap? If you were going to take one, which ones would tha be? I've seen some really good rates online and we have absolutely spotless credit so I would hate to pay a high rate if I could get a lower one. P.S. My neighbor did internet financing for his mortgage!

As far as financing.........I don't know how much we would be financing just yet. Hubby has a car he needs to sell first. Don't want to turn it in to the dealer, they wouldn't give him diddly for it. Do ya know what a 97 Civic EX, black, fully loaded with about 89,000 miles on it is worth here in Joisey? And just for grins, do you have any idea what dealer might offer?

Good thing this is in the off topic section, huh?

**tommy** · 05-22-2004

I can look at the Joisy auction reports to see what they are worth on a wholesale level...thats what the dealer is gonna give you...
Credit Unions are member only and are usualy set up from companies or groups...for example some of the big ones here are..

Dow
Goodyear
Texaco
Johnson Space Center
Old ocean
Teachers Credit Union
San Antonio FED C U
etc etc etc

Im sure you have chase OR Bank One or Bank of America
Just ask Them to see the "Call Back Sheet" from the lender that shows the
"BUY RATE" a dealer can mark up a rate to about 4 points over BUy rate
they call that the "Sale Rate" or the customer rate...
Most States have a State apr% limit..
for example Texas is 18%...yeah I know its crazy

Do the math
35000.00
x 72 months at
18% well Im at home But can tell you the interst is about $15000.
OOOUCH!
I havent done a internet check or financing deal in the last couple of years
so I couldnt be of help on that...I got burned for about $30,000.00
a couple of years ago and refuse any of my people to do them
besides we have about 40 lenders and we truely can compete...

dealers can also get up to a 1 point rate consession from the lender if
the credit is really good...so if the call back sheet says 4.6 you may can get it for 3.9 or so...depending on the dealer and lender..
I can tell you that over the last 10 days all of our lenders have had a .50 basis point raise in rates..
apr's or a half a point...

Denisea I can see you drivin a Mini...I saw a black one yesterday and thought thats just a realy coooool car!!!!

**Shammy** · 05-22-2004

I have no idea what you just said Tommy.........but then again, I've been hitting the tequila bottle tonight!

I'm gonna have to call you bout this. Is it 1-800-swiminmypool?

**tommy** · 05-22-2004

yes thats it or
1-800-new-cars.
no just kidding

try THIS or you can see what a credit union is all about HERE go to history for explanation on what a CREDIT UNION is...

05-22-2004	#21 (permalink)
Shammy Travel Insurance Tester Join Date: Aug 2003 Location: The Joisey Shore Posts: 10,522	OK, kewl. So I should go in and offer $100 over invoice but expect to possibly pay $300 (if they sweet tawlk me that is ), huh? I have the dealer...big, does a ton of advertising, President's Award and has been brought up on charges for false advertising and bait and switch too. Now can you indeed get me an invoice for a 2 WD Ex and/or a 4 WD EX so I know what I'm shootin for? I was actually thinking of getting this set up for huuby for Father's Day. Not sure if I can do it by then, considering I'll be a bit "restricted" in the next few weeks but I was thinking about it nonetheless. Oh, and know something else I hate? Honda financing. Never a deal to be had unless you're going for a Civic or Accord. If I don't want to go through Honda (and I don't), what's the next best thing? BTW...what's a credit union and how do I get that kind of interest rate? What about online financing? You must have had people approach you with that. I heard through the grapevine that dealers HATE when folks come in with internet financing and will at times, refuse to sell the car like that. Last edited by Shammy; 05-22-2004 at 06:57 PM.

05-22-2004	#30 (permalink)
tommy Moderator Join Date: Jan 2004 Location: Austin Tx Posts: 12,216	yes thats it or 1-800-new-cars. no just kidding try THIS or you can see what a credit union is all about HERE go to history for explanation on what a CREDIT UNION is... Last edited by sun seekers; 05-22-2004 at 11:19 PM.

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05-22-2004	#16 (permalink)
local8 beachaholic Join Date: Apr 2003 Location: Bronx, NY Posts: 366	just bought a new car a month ago. we bought a hyundai elantra gt, much sportier than the elantra gls. honestly, the car looks exactly like a saab 93. we were interested in the santa fe, but, with gas prices going up and up, and living in new york city, the smaller car seemed a better option than the suv. wish i could take time off from work to drive a crv or santa fe down to you james - sounds like it would be an interesting drive from other posts i have read about driving down the yucatan, and of course the destination would be great!

05-22-2004	#19 (permalink)
Shammy Travel Insurance Tester Join Date: Aug 2003 Location: The Joisey Shore Posts: 10,522	Dude! You rock man! And you're right on with everything you said too. So listen, I could use that invoice as all we have are the ones for 2003. Now, as far as incentives, I know Honda feels that they don't HAVE to give incentives and they rarely do. If you see them, they're for Civic's and Accord's cause they have a bazillion of them on the lot. The Elements are harder to come by. There are a ton more then there were a year ago, however, since Honday dealers think their s*** don't stink, they make you feel like they're doing you a favor by giving you $100 OFF instead of $100 OVER. (we have owned 5 Honda's already and it's the same thing everytime!) But what I WOULD like to know is about the dealer holdbacks. Can you get me any of that info or is that dealer specific info, pertaining to each dealr individually? Sometimes, the $100-$300 over rule (which we follow) isn't as good as it gets because of these holdbacks that we don't know about.

05-22-2004	#20 (permalink)
tommy Moderator Join Date: Jan 2004 Location: Austin Tx Posts: 12,216	true all dealers get the same amount of holdback...depending on the specific unit they are selling...It is a percentage of the factory invoice..It changes depending on the price of the car...Like a ford focus that stickers for @ 16500.00 hold back would be @ $400.00 but a $31000.00 explorer H/B would be @ $1000.00.. most dealers will not get into Hold back unless it is an Old age unit meaning the car has been around for a long time...Honda Dealers do tend to stick there nose in the air more than most....I would find the biggest volume Dealer or the one that does the most advertising because they deal in volume and there main focus is to be the Largest dealer...therefor they will sell cheaper because they make it up in volume...The drawback to this is that they are so busy that you kinda get the feeling you are just a number...Try the asking for the Gm or Gsm you will be suprised...Also If they are a Presedents Award Dealer they will want to make you happy...If I bought An Element for 100-300 over being a Honda Suv I would consider that a good deal....If it were one of the other cars like a Civic I would want some of the Hold back...I would also find a unit that is advertised and I would go in with that ad and tell them you want the same amount of discount on the unit you want...They will tell you that they use there Ad. budget to write the prices of those cars down...Bull Shit!!..they will take the loss on those advertised units OR HOPE YOU WANT SOMETHING THAT IS MORE EQUIPED...and not advertised!!!

05-22-2004	#24 (permalink)
tommy Moderator Join Date: Jan 2004 Location: Austin Tx Posts: 12,216	Shammy I will go to work on the invoices Monday....You are right we hate the Internet financing do to them being Half okay and Half crap...we have done them and had the checks bounce then have to chase our money for weeks....Credit unions are fine...we dont mind if its local...its easy...We happen to have DOW chemical in our backyard with 80,000 members so I struck a deal with them to do all the contracting through our dealership...they let us make 1 point for the work load it reduces for them and we can sell the car for whatever the market bares....it used to take 6-7 hours for one of their members to get a loan done do to the waiting list.. now they come in pick out a car and are signed and deliverd within an hour...we both like it...it has helped our biz...and theirs...Credit Unions are big here in the south...they are an Instatutuion that has members that keep and invest their money into one place...they loan money from those investments and the profits from those investments...DOW has about 2 billion in money sitting earning 1% so they are anxiuos to loan it at 3.9%-10.5% they really like the 8-9% because its still pretty low risk and a huge return for them...which creates more money to loan... the other thing I can do is tell you what your payment is going to be at what term and rate you get... just give me the amount you want to finance and for how long and what rate and I can give you the Payment....

05-22-2004	#26 (permalink)
tommy Moderator Join Date: Jan 2004 Location: Austin Tx Posts: 12,216	well Im going home to my not greek2me....good weekend fri-sat 46 solid deals contracted and bustin bugs as we say....talk to yall from villa sun seekers and cenote Donamichi....

05-22-2004	#28 (permalink)
tommy Moderator Join Date: Jan 2004 Location: Austin Tx Posts: 12,216	I can look at the Joisy auction reports to see what they are worth on a wholesale level...thats what the dealer is gonna give you... Credit Unions are member only and are usualy set up from companies or groups...for example some of the big ones here are.. Dow Goodyear Texaco Johnson Space Center Old ocean Teachers Credit Union San Antonio FED C U etc etc etc Im sure you have chase OR Bank One or Bank of America Just ask Them to see the "Call Back Sheet" from the lender that shows the "BUY RATE" a dealer can mark up a rate to about 4 points over BUy rate they call that the "Sale Rate" or the customer rate... Most States have a State apr% limit.. for example Texas is 18%...yeah I know its crazy Do the math 35000.00 x 72 months at 18% well Im at home But can tell you the interst is about $15000. OOOUCH! I havent done a internet check or financing deal in the last couple of years so I couldnt be of help on that...I got burned for about $30,000.00 a couple of years ago and refuse any of my people to do them besides we have about 40 lenders and we truely can compete... dealers can also get up to a 1 point rate consession from the lender if the credit is really good...so if the call back sheet says 4.6 you may can get it for 3.9 or so...depending on the dealer and lender.. I can tell you that over the last 10 days all of our lenders have had a .50 basis point raise in rates.. apr's or a half a point... Denisea I can see you drivin a Mini...I saw a black one yesterday and thought thats just a realy coooool car!!!!

05-22-2004	#29 (permalink)
Shammy Travel Insurance Tester Join Date: Aug 2003 Location: The Joisey Shore Posts: 10,522	I have no idea what you just said Tommy.........but then again, I've been hitting the tequila bottle tonight! I'm gonna have to call you bout this. Is it 1-800-swiminmypool?

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