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Can you trade in and pay cash


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Originally Posted by baum not these days at dealers. they want you to finance through them so they can get ...


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Old 01-11-2017, 08:41 AM   #11 (permalink)
 
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Originally Posted by baum View Post
not these days at dealers. they want you to finance through them so they can get a kickback. most of the time when you see a "best price" online type add it includes some sort of 500-1000 finance "cash back" also.
There is "accounting tricks" a dealer can do to get you that finance rebate credit if you have hyper positive equity on your trade value.

Cliff notes is they basically cut you a check for the difference, you finance for the minimum needed to get the rebate and then you make one payment to pay it off on the first payment.


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Old 01-11-2017, 09:23 AM   #12 (permalink)
 
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You can probably get a better price by financing through the dealer. They often make money on the loan and there are sometimes rebates for financing through the manufacturer. Get the loan, but make sure there is no penalty for paying it off early or fees for getting the loan. When you get the first statement pay it off.
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Old 01-11-2017, 10:39 AM   #13 (permalink)
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Originally Posted by 69GWC View Post
I had to finance my truck for 4 months to get the rebates so I could buy my truck for the price I did. Once the 4 months are up I will pay it off, but this was the first time I had run into this.
The dealer tells you that you need to finance it for X number of months, however, that's how many months they need you to make payments before they get the kickback from the finance company. Almost every one of my new vehicles I finance through the dealer for the added rebate then refinance through my credit union within a month or two. I've never been questioned.
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Old 01-11-2017, 10:50 AM   #14 (permalink)
 
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Originally Posted by hemipower95 2.0 View Post
If the vehicle is $35,000 and they give me $30,000 for my ram can you pay off the negative equity and pay the rest of the new vehicle in cash when all is said and done, taxes etc


Nah. Cash is worthless. Send it to me and I'll recycle it for you free of charge.


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Old 01-11-2017, 11:13 AM   #15 (permalink)
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Originally Posted by 00R/T View Post
Yes. Very true. I always finance through my credit union instead of the dealer, so I make it clear up front that I'm negotiating a cash price, not a financed one (to them, outside financing is the same as cash).
No offense to you but i laugh at this situation. Reason being is if a person has good credit an auto loan rate is negotiable at a dealer.

EX when i purchased my '13 camaro new from a dealer they asked me if i would finance through them. i said my CU can do 1.9 if you will beat it sure. guess what they did at 1.6. then to piss them off i paid it off in 4 months so they didnt get their kickback either.

Hell when i bought my current ram my finance manager had me at a 2.2% he called two banks with me in his office and got them to lower to 1.7%.

If a dealer get a kickback from a bank why do people care so much? they did the work to get you a loan so why shouldnt they get something for it. If you pay 1.9 from a dealer or 1.9 from a personal bank the payment is the same. With good credit loans most of the time dealers use small local CU's.
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Old 01-11-2017, 11:22 AM   #16 (permalink)
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Originally Posted by baum View Post
No offense to you but i laugh at this situation. Reason being is if a person has good credit an auto loan rate is negotiable at a dealer.

EX when i purchased my '13 camaro new from a dealer they asked me if i would finance through them. i said my CU can do 1.9 if you will beat it sure. guess what they did at 1.6. then to piss them off i paid it off in 4 months so they didnt get their kickback either.

Hell when i bought my current ram my finance manager had me at a 2.2% he called two banks with me in his office and got them to lower to 1.7%.

If a dealer get a kickback from a bank why do people care so much? they did the work to get you a loan so why shouldnt they get something for it. If you pay 1.9 from a dealer or 1.9 from a personal bank the payment is the same. With good credit loans most of the time dealers use small local CU's.
I have no problems with a dealer getting a kickback, assuming they offer the lowest rate. Bought a Subaru a couple years back, they offered 1.49 whereas my CU was 1.75 so Subaru (Chase) Finance got the loan. When I bought my Ram, my CU was 3% lower than through the dealer. That's when I refi and could care less if the dealer gets their kickback.
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Old 01-11-2017, 01:27 PM   #17 (permalink)
 
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Yes, you can do that as long as the deal and amount paid clears both vehicles with nothing left owing.

I did that on my 300 when I bought it. Dealers might not like it as they count on those financing contracts.


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Old 01-11-2017, 01:35 PM   #18 (permalink)
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Originally Posted by deerhunt799 View Post
The dealer tells you that you need to finance it for X number of months, however, that's how many months they need you to make payments before they get the kickback from the finance company. Almost every one of my new vehicles I finance through the dealer for the added rebate then refinance through my credit union within a month or two. I've never been questioned.
Well that could be but they told me it was how I was able to get my truck for 27k if not I lost the rebate.
It fine either way 4 months of interest is not that much in the grand sceem of things.


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Old 01-11-2017, 08:26 PM   #19 (permalink)
 
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Originally Posted by baum View Post
No offense to you but i laugh at this situation. Reason being is if a person has good credit an auto loan rate is negotiable at a dealer.

EX when i purchased my '13 camaro new from a dealer they asked me if i would finance through them. i said my CU can do 1.9 if you will beat it sure. guess what they did at 1.6. then to piss them off i paid it off in 4 months so they didnt get their kickback either.

Hell when i bought my current ram my finance manager had me at a 2.2% he called two banks with me in his office and got them to lower to 1.7%.

If a dealer get a kickback from a bank why do people care so much? they did the work to get you a loan so why shouldnt they get something for it. If you pay 1.9 from a dealer or 1.9 from a personal bank the payment is the same. With good credit loans most of the time dealers use small local CU's.
No offense but that's just as ignorant. Cars are not investments lol, if you paid it off in 4 'moths , you still overpaid. Why didn't you just pay cash if you had hr cash.

Your logic is having good credit gets you a negotiating rate. Why pay ANYTHING if you don't have to. Its all about preference, I'd rather be debt free and cash poor than heavy in debt and more cash.
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Old 01-11-2017, 11:34 PM   #20 (permalink)
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Originally Posted by yillbs View Post
No offense but that's just as ignorant. Cars are not investments lol, if you paid it off in 4 'moths , you still overpaid. Why didn't you just pay cash if you had hr cash.

Your logic is having good credit gets you a negotiating rate. Why pay ANYTHING if you don't have to. Its all about preference, I'd rather be debt free and cash poor than heavy in debt and more cash.
That's why I asked if I can pay off in cash, no more payments, although my truck lost $10k in value, that hurts
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