Ahhhh, another day and another dealer scam story. This one involves all that
incredibly generous 0%-2.9% interest they offer.
Last weekend one of my customers went into a dealer and found the perfect car.
They were offering 2.9% so he decided to bite. He sits down with the salesmen
and they commence with the paperwork. Now this customer of mine has a
successful business, a good credit rating and a checkbook in hand to leave a
deposit. After a few minutes he’s informed that even though he has all the right
stuff he doesn’t qualify for the rate. He can’t possibly understand who would
qualify if he can’t, so he grills them to find out why? In the end he decided
it just wasn’t worth the 8% interest they wanted to give him so he walked.
Well wouldn’t you know it, the very next day the phone rings and lo and behold
they managed to get him approved and “would love for him to come back over
and take the car”. He tells them to “stuff it” (my favorite part of the story) and
calls another dealer.
So why does the dealer take this gamble you wonder? Those interest rates
are supplied by the manufacturer not the individual dealers, so you’d think
they’d want to make a deal. The sad truth is, if they can jack up that rate
then they get to pocket most of that extra cash.
So go ahead and take that step into the dealership if you must but please
plan on walking out that door if you don’t get EVERYTHING you want.
I bet they call you right back in and give it all up. Oh and don’t forget to
write me and tell me about it, I just love that part of the story!