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Discussion Starter #1
I "bought" my 6 yesterday, but after getting home and looking at the dealer writeup, I think they fusged numbers as I closer look at it. I wound up paying 1100 under MSRP, which might be ok, but the way it looked on the "work sheet" was 500 over invoice. I am supposed to drop them a check off for my down payment wednesday/thursday of this coming week. In addition, I told them I could find better financing than their 8.2%!!! I have perfect credit!! So I did, I got 5.4 from another place. Anyways, what am my options....

obviously I can drop of the down payment check and the locan check for the difference, but can I also turn the car back to them and tlell them I do not want it (unless of course they clarify the numbers and what not)? This was my first car purchase and I felt good about it, because they kept talking monthly payments,etc.... helping me to loose sight of the big picture. Yes, my fault... but c'mon a little honesty would have been nice!

Someone please advise. I have no problem returning the car If I still can (there are three others at similar dealrships). I have put 100 miles on it (30 home from the dealer and 70 yesterday and today).

I just feel like a fool...
 

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Replying to Topic 'Am I Locked In?'

How much did you really pay over invoice? $500 over invoice is the going rate these days for 6s automatics. Did you lock in the financing with them? I don't understand how you took the car home without paying for it. If you got a better rate and didn't pay for it, you can just give them the loan check. However, if you already took their loan, it might be too late.
 

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Replying to Topic 'Am I Locked In?'

I took some advice from my parents on this one and never take my checkbook or credit card to the dealership with me. However, when I saw they had the only car for 300 miles that was equipped the way I wanted (plus a few extras I didnt care about) I got excited!
So the conversation with the salesman went from yeah "its a nice car" to me sitting down and trying to work a deal. My current car was almost undriveable so I knew I either was going to shell $700 in repairs to it or make a deal happen.

Anyways, the MSRP was $26,245. After all the fess, taxes, credits, etc... the grand total came to $25,887.00.

What I have to do is go in with the down payment check and my own financing (unless I want to be locked into their 8.0+%.

I guess what happened was I got excited that I might be able to get the payments into my range.. and totally forgot to keep focused on the price. Lesson learned I guess.

If the numbers were just fenagled in front of my eyes though, that is not good business and shame on them for doing that. Out of principal I will return the car minus deduction for mileage of course if I can. That is my real concern.. legally am I locked into this?

My girlfriend thinks I am just "nercous" about making such a big purchase... this is my first new car purchase and my second overall purchase of a car. My first car was a 97 Chevy Cavalier RS, which is 99.99% dead with 100,000 miles on it and two busted cv joints

:)

thoughts? Am I just worked up? Did I get a fair deal? I felt because I got the car I wanted in the payment range i wanted, it was agood deal..... someone help ease my worries!
 

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Reading Topic: Am I Locked In?

I cant believe they let you leave with the car without paying for it...weird

I think your girlfriend might be right, i do that after i buy a new car, its normal to think " shitttttt what have i just done"
 

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Replying to Topic 'Am I Locked In?'

All the paperwork is filled out... if I dont show up with a down payment check and the financing (if i want to use my own) then all that happens is they submit the financing through them at 8+% for the total price, making payments $460.00 a month for a LOOOOOOOOONG TIME!! So I will be in either to return the car if I dont feel as if I was dealt with honestly, or to give them their 1 or two checks.
 

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Reading Topic: Am I Locked In?

Well im still waiting for my M6 this will be my 3rd brand new car in a row, all of them were financed over 4years, its amazing how quick the time goes...
 

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Replying to Topic 'Am I Locked In?'

Do you drive them until they die or trade them in and buy new after "n" years? My intention was to baby this car and take real good care of it... maybe drive it until it dies. :) Which better be a long ways away!!!
 

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Replying to Topic 'Am I Locked In?'

As a rule of thumb, you never want to go car shopping alone if you are not experienced at it. It's always wise to have someone with you who is keen to how car dealerships operate. Always know what the dealership paid for the car you want, then bargain up from that. Never bargain down from MSRP, and don't even discuss financing until after the actual deal is struck.

Do you live in the US? I think you have up to 3 days to return the car if you decide against purchasing it. Check your state laws on purchase returns. Indeed, 8% interest is FAR more than you should be paying. With good credit, you could probably get 4.8% or maybe even better.
 

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No i never drive them till they die...i love cars and i tend to get bored of them quickly.lol My Current car is a nissan 1.6ltr 1999 model, 64,000kms and in perfect condition...to goodddddd to trade so i passed that on to my dad and i traded his 95 mitsub lancer with over 220,000 kms LOL now that car is nearly dead.lol
 

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Reading Topic: Am I Locked In?

It doesnt seem to me that he got ripped off, i think he is just suffering nerves, perfectly normal after making a huge purchase.
 

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Replying to Topic 'Am I Locked In?'

swamp,

I am on my own down here in Maryland and am in a unique situation. I moved down here about a year ago from New York and haven't met to many people, so to take someone with me who was familiar was not an option so I did a lot of research on the car first.... most of it at www.fool.com , here, and at www.edmunds.com . I thought I could handle it and felt when I drove away that I did.... but my gut kept saying check the paperwork, so I did... and I am uneasy about it.

I will check the law... if its 3 days, i have some room to work.

thanks,

mike
 

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Reading Topic: Am I Locked In?

also sometimes the paper work is written up different to the deal you really got...I know they do that here in Aussie, its so they end up payin lower fee's ..EG: reg, stampduty etc...might be as simple as that..I think your best bet is to go back there and have them go over the paper work with you.:D

Goodluck and keep us posted
 

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Replying to Topic 'Am I Locked In?'

QUOTE
Originally posted by crazyflash4


            swamp,

I am on my own down here in Maryland and am in a unique situation. I moved down here about a year ago from New York and haven't met to many people, so to take someone with me who was familiar was not an option so I did a lot of research on the car first.... most of it at www.fool.com , here, and at www.edmunds.com . I thought I could handle it and felt when I drove away that I did.... but my gut kept saying check the paperwork, so I did... and I am uneasy about it.

I will check the law... if its 3 days, i have some room to work.

thanks,

mike[/b]
The trick is to know the dealer's invoice price. If you know that, then the dealer can't get over on you since you know what he is making off of the deal. If you got $500 over invoice, then you really didn't make a bad deal. As far as that financing goes, don't let them stick you with 8%! I'm pretty sure you can return the car if you change your mind, if you do it in the next few days. Dealers don't want you to know that, and may even give you some crap about it, but I'm fairly certain you are within your rights to do that. You have to always be wary when you have a trade and/or consider using dealer financing, since the dealer can massage the number and muddy up the waters quickly. They are quite skilled at that :(
 

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Discussion Starter #14
Replying to Topic 'Am I Locked In?'

swamp,
they sure are. i think as ozzie points out, im sure i got an "ok" deal. I am just suffering from rattled nerves about such a big purchase.
 

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Well goodluck with what ever you decide to do crazyflash, I'm sure everything will work out for the best:D

It's time i got my butt to bed, 2.45am monday morning..sighhhh time to get up soon for another week of Bulls*** LOL...
 

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Replying to Topic 'Am I Locked In?'

Just curious, and maybe this will calm your nerves a bit... according to your numbers, if your MSRP was $26,245 and you got the car for a total of $25,887, then according to my math and assuming that you have 8% tax where you are like us in NY, then before taxes and fees, you got the car for about $23,784 (I took off $200 for fees, plates, license, etc). So $23,784 with 8% tax and then another $200 for the fees, etc is $25,887. That is a great deal! :) Considering the difference between MSRP and invoice according to Edmunds is about $1,650 - $2,000 - you made out like a bandit by getting $2,460 off MSRP.

Did you have any promotions with that, like the recent graduate stuff?

At any rate, I'd say aside from the dealer financing at 8%+, you are in good shape.

ps: I'm jealous, without any promotions, i managed to get the car for $2,056 under MSRP. You whooped me in your deal.
 

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Reading Topic: Replying to Topic 'Am I Locked In?'

5% tax here in Maryland. I got the grad credit (500.00 and 276.00 for my trade in after they paid it off). So I had 776.00 in credits. Not much but it all helps.

So, with that being said, working back from the grand total I paid...
$25,888 - 5% sales tax ($1294.40) - $776.00 credits - $628.00 fees = car price.. So...

$25,888.00 - $2698.00 = a freaking good deal ($23,190) if i did the math right. If not... im gonna cry :)

Thoughts?
 

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Replying to Topic 'Am I Locked In?'

QUOTE
Originally posted by crazyflash4


            5% tax here in Maryland. I got the grad credit (500.00 and 276.00 for my trade in after they paid it off). So I had 776.00 in credits. Not much but it all helps.

So, with that being said, working back from the grand total I paid...
$25,888 - 5% sales tax ($1294.40) - $776.00 credits - $628.00 fees =  car price.. So...

$25,888.00 - $2698.00 = a freaking good deal ($23,190) if i did the math right. If not... im gonna cry :)

Thoughts?[/b]
The best way to guage a good deal is to look at what the dealer made on the sale. For example, I knew the invoice price of my 6s ($21,200) going into the sales meeting. I got the car for $21,600. The best deal I've ever seen was about $150 over invoice, but this is rare and usually on a "cold" selling car. I didn't consider $400 over invoice as a bad deal, considering the 6 is a new car. On a really hot selling car, you may pay thousands over invoice. The 4-Runners of a few years ago come to mind. There was a shortage and the dealerships were selling them before they could unload them from the trucks.

So, I would consider anything from $300-$500 over invoice to be a good deal on our car. To know if you got a good deal, you have to know what your dealer paid for your 6.
 

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Hmmm. First of all, I'm, pissed because as a NY'er I get slapped with 8% tax and ur lucky @$$ gets 5%, and better weather to boot. But I do have thoughts and I'm not sure how you'll like it. The numbers get a little screwy and blurred on account of you having a trade in value and the grad discount. But... from what you told me again, this is what I figured out:

Your MSRP was $26,245. Your paying price before adding on anything was actually $24,833. That's because you add how much you got off for your grad discount and trade-in ($776). So, $24,833 - $500 - $276 then with 5% tax and finally $628 in fees = your grand total ($25,888). Therefore, you actually got the car for about $1,412 off MSRP.

That's not bad, I don't think. Like the previous post said, you might want to go to Edmunds.com and configure the car as you bought it to see what the real difference you got off invoice was (the total price changes depending on what options/acc's you got). Mebbe some others can check my logic with the numbers and offer their opinions on your deal. When I considered the price of the car, I obviously didn't consider the trade-in or grad discount you got. The price of the car should be negotiated before those come into play, because I believe they're bonuses for you on top of whatever you bargained as a price. BTW, what the heck adds up to $628 in fees. Does this sound normal to anyone else in here or is this maybe where our friend is getting the shaft??? :(

Anywho, that's my $.02. Too much math today, plus it's summer. I'ma grab a cold one..;)
 

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Replying to Topic 'Am I Locked In?'

Yeah, I hear what you are saying. I don't know what to think anymore. Oh well... lesson learned, next time Ill steal it! LOL, then its free! j/k

I was thinking about returning the car since I felt uneasy about it, but after driving it this morning, no way :)

If I got screwed a little its my own fault for being a novice/first time buyer and tyring to outgame the guy at his game. If I did fair ok, thats good, they had the only car within 350 miles matching the minimum specs I was looking for and they didnt come off as pushy or rude....

All evens out in the end I guess>>>>>?

:)
 
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