Stealership playing games? 10% APR.
 

So today i inquired about a 370z at a stealership in Tacoma, i recently changed jobs but have a good and steady work history. My credit is pretty good and all i have is a small school loan.

I applied online to see if i would qualify and the dealership calls me and says i would qualify but my APR would be around 10% because i am a "first time buyer". :eek: This can't be normal, can it? Anyways the dealership wanted 22 thousand for a 2010 370z with 66,000 miles. I told them i would give them $20,000 and that their car is overpriced, the salesman said that there is nothing within 500 miles that is cheaper with similar miles/year. That is a lie, After my offer of $20,000 which is still overpriced imo the salesman told me he would talk to his boss but that his boss was in a meeting. Well it's been 8 hours and no call back.

Living in the Northwest sucks, 370z are rare, overpriced and most are automatics.


Edit, there is a girl i really like--i don't want her to know i have a 1997 Camry with a missing hubcap and unpainted bumper, i need a Z damn it!

go to creditkarma.com and check your credit score. if its below 650 or so, you may be screwed. 10% is ridiculous these days. I'm paying 1.7 on the car I finance on a 60 month loan.

Be patient and get the deal you want. If you cant with this one, the next one. And a tip. Get prequilified with your bank or imo credit union and finance through them once you have an agreement on dollar amount. Good luck!

I was thinking trying to get a loan through Bank of America, i have been with them for 10 year, not sure how much that would help if anything.

if you can join a credit union, it will be better.

just do all your pre qualifying with different banks/credit unions in the same week. Credit report inquiries pull your score down, but not if they are within the same 10 day period usually.

I believe it's a 30 day (grace) period from the first pull that they do not count each pull against your score contingent your applying for the same type of purchase, e.g. car lenders

Huh???
 

They're playing you like a flute.....a skin flute.

OTOH...not that it's any of my business, but I hope you're not borrowing the whole $20K. Otherwise stick with the Camry. If this girl doesn't see the wisdom in that she won't stick around for very long. Whether its a Z you owe full pop on, or a beat up Camry, the message she receives is the same. You are incapable of providing for her, and your family down the road if it were to end up there. If you're working and making money, start socking it away.

104

Keep the camry, it has roomy back seats! Front seats of Z = no action :rolleyes:

But seriously, if you need to buy a sports car to attract a female/gold digger, you would be better off/cheaper buying a hooker for the night

however long it is, you need to take account and play the credit score game. It makes a difference. You need to know the rules and use them to your advantage as a new borrower.

This. You can also check Quizzle.com and CreditSesame.com to get an idea of what your scores are. This link will show you which sites use which scoring models - Comparison of free credit report websites - Wikipedia, the free encyclopedia

Oh, and in addition to your credit score(s), lenders will also take in to account your Debt to Income Ratio (DTI). One advantage regarding the calculation of DTI is that your gross (before tax) income is used.

Why are you pursuing this and even attempting to chase it down if you think its over priced and that the APR being offered is too high?

As soon as the dealership "tests the waters" by throwing some figures at you, they then judge you on your response back. A lack of response back from your part would have made them make their move. Now they are giving you no response back, meaning seeing how desperate you will be for this car. My advise, move on. Let them call you back, in fact, let their calls go to your voicemail.

I am not a fool to agree to 10% APR. I gave them a reasonable offer and only then did they tell me what APR i was looking at. I have never heard of such high rates, so i knew something was not right, i even told the salesman that there is no way i would buy the car with that kind of interest.






Gentlemen, i would never go for a gold digger. The women is someone i have yet to ask out but we seem to 'hit it off' every time i bump into her. The thing is i wanted a Z for a while, now that i am contemplating asking this girl out there is more motivation in getting a Z. Obviously i'm not looking for a gold digger but lets be honest a guy driving a beater will not be very impressive, it will give the girl an impression that i am poor and or i do not care about life.

Truth be told everytime i get in and out of my car i hold my head down so no one can see my face :wtf2:

You need a Z. Not for the homerun but for the baseball game to come to you.
10% is ridiculous and the car is definitely overpriced. You walked in the dealership with dollar signs floating around you.

YES. Get a Z.
But not that one with those interests.

Good Luck OP.
I am subd so i know when you ask that girl out haha

Lol....

Good luck with the car purchase OP

OP, as many people have said, get a pre-approval at your bank so you can shove the high APR back in their face after you agree on a car value (although they might say it's only this price if you finance through them). Even then, I think you can just get your bank to pay off your loan (though it might affect your credit if you refinance too quickly(???)).

In my case when I bought mine, they gave me two options...
Low APR, but need to pay for a 3rd party warranty, or
High APR (like 5%) w/o warranty.

Pick low APR with warranty...cancel warranty within 60 days (no penalty/cancellation fee). Also pisses them off because then they'll have to pay back the commission they "earned" from selling an extended warranty. Just for reference in case you run into this tactic in the future.

Stealership man the stories. Got my brand new 2014 Sports Auto for 29.8k @ 1.5%. Man first time looking around I was scared. Don't know why. But after buying the Z, I now feel like I could take a relative back and act cocky and douchey to the *** manager.

There are many dealership tips on here but the couple best ones I believe are simple:
1. Don't buy first visit & BE PREPARED TO WALK OUT. (These mother#*&@#^ act like saints when you first walk in and when you don't buy, they cuss you out ect. Be prepared to walk)

2. Be firm. Talk final numbers, not payments.


I went shopping around locally first. I wanted a base for 29,000. I thought this was fair because on their website it says "Starting at $29,000." Wtf. Apparently not. This premier nissan dealership laughed at me saying that price is ridiculous and where the hell did I even get that idea and pushed me to buy one of their 2013 touring for 34k.

They stuck at 29,500 and wouldn't budge. I have a very big ego and after being laughed at i'm not budging. Whatever, they lost their sale to me. My parents found a $29000 base in Kansas (Parents live away from me). Had to order Black. The day the car came, they done goofed and ordered a sports.

Dealership had two choice. Give car at a loss or pay for shipping and bring it back to the factory or what not. I couldn't tell if this was legit or it was the bait and switch. My mom who is a kind heart person felt bad and decided to give him another $800. Ended up paying 29800 for the car.

Employed guys with good credit in beaters is hot to me. Means he is probably more sensible than I am with his money and has more to spend on me and my car parts. If it goes the way you want it to you may be trading the Z in for a mini van in a few years anyway daddy!!!

Can't beat a lady's perspective.

1. when it comes to credit, there's alot more variables to it than just the score by itself (i.e. longevity, history,etc.).
2. you state you have a steady job, which is good, but the fact that you recently changed doesn't exactly help you, as banks wants to see that you've been at a job for a certain period of time.
3. you state that you are a first time buyer? how old are you? and typically, first time buyers don't get favorable interest rates, and you will most likely need a decent down payment.
4. 22k for a 2010 Z. elaborate on model/trim (i.e. base or sports package, mt or at, etc.), as 66k for a 2010 is under miles if going by the industry standard of 15k/year. if they wanted 22k for a nismo model, i would say that is reasonable.
5. dealerships LIE. they are there to make money, not to help you save money.
6. if you need a car to impress a girl, rather than you getting the girl on your own, then there's something wrong with you, and the girl.

f*ck that

Just curious, what's your age?

If you are a first time buyer and have never financed a car before...and have limited trade lines...you can be in line for a higher rate as you are a risk to the lender. There are first time buyer programs thru manufactures lenders such as Ford Motor Credit , Volkswagen Credit , Nissan Motor Acceptance , Honda Finance ...ect ect. normally you have to buy a new car...recently got a degree and have a job lined up in the field you studied...you can have NO derogatory credit and have a small downpayment...of 5-8%.

If 10% is the very best you can get, even trying on your own..bite the bullet for 8-10 months and refinance after you have established a history....or get a co-signer with excellent credit.

a big DP can also drive the rate down if you finance below trade value....which puts the bank in an equity position.

Remember...they own the car...you just get to drive it and send money every month.

If you got to drop 22K+ to get a woman...KY Jelly is cheaper..lol

Anything over 3.5% is ridiculous these days. Talk to them or walk away.

oh...dont be embarrassed on what you drive...it sounds like your of the younger generation.
I've seen very attractive women walking with a significant other many times...he has no car apparently and somehow pulled off getting her attention.

I don't need to know how much you make an hour...but if your whole check is going toward car payments and insurance...and your always stuck at home and can't go out because you have no $$$...you won't keep this girl long anyway.
Buy a Nissan Sentra...if she likes you, she'll get in !

Sorry but not true...rates are climbing again. most banks are beacon driven as well.

To get the best of best rates...740 and higher.
690 and below can yield a 4-5% and higher
650 and below ...you better start praying

Like others have mentioned, you should get a pre-approved loan from credit union so you can go into negotiations w/ some ammo. Dealerships tack on their percentage as well to your interest.

Be patient; there are thousands dealerships and Z's that are willing to gain your business. You will find one for the right price. Don't sound too desperate when you go to negotiations, be ready to say "no" and put the ball back in their court. If they mention that you can't purchase a Z for this price anywhere near your location -- tell them you're not against purchasing out of state. Typically, when you make your 1st offer, they will respond w/, "we can't go that low". Don't budge from your 1st offer, get them to come down, this will give you an advantage. Be ready to say "no" and walk away.

edit: also, 10% and 22K is too much.

you will pay a higher interest rate on a used car than a new car.

For example my dad got a new is350 and is paying in his 4 year finance the same amount i'm paying in 1 (YES ONE) year of interest. and his car was more expensive MSRP.

That said, 10% is way too much. I'd try to artificially boost your credit score. IE: if you pay 500 bucks a month on your CC / loans, do it twice a month 250/pop. It will inflate it a bit but not much. Maybe enough to make the difference.

Worst of all though, don't over extend yourself. And if you plan on overextending for your car I would seriously look at cutting back on other aspects of your lifestyle to not go into an endless spiral of debt.

Just pull the other 3 hubcaps off!
Let her see you in your hubcapless Camry, if she's cool with it and doesn't mind that will be a very good sign that she cares about you and not what you have, ask her out and then when she says yes... You surprise her by buying your Z!!!

I'll add to this. There's a free app called "Easy Loan" where you can punch in the loan amount, the interest rate and the number of years then hit calculate. You'll have your payment within a couple of seconds. When I bought my Z we were financing a small amount and I knew my payment should be $162 per month. Sales guy goes to get the numbers from the manager and written on the page is $209 a month. WTH? Hubby says "Your manager's calculator is broken".

It's a very useful tool.

i like how those shittty dealers bring out a napkin of a paper and write "$209" like it's supposed to be some special number.

id cross it out and put "$162" and tell the dumbarse to take it back to his imaginary manager.

That is exactly what I did. Joined a CU, dumped $100 in an account, got a 0.9% loan. All that said, I am late 50's with very good credit so I am sure that probably helped. 10% is a rip off though. You can do better. Be patient.

CarMax will ship from other locations for a fee. Not cheap but you get what you want.

Sorry for the late reply, a few people asked my age, it's 29. I have always avoided buying cars from a dealer, so technically i would be a first time buyer (at least from a dealership).

The dealerships can shove their 10% APR.

I have a lot of respect for women like you :tiphat:

if you have no credit history 10% is actually pretty good. If you have great credit history its not so good.

Don't buy a Z for the ladies, buy a Z for you to enjoy. Most women don't care what you drive. When I drove a beater women would talk to me more often than not. When I drive the Z, or any other car I consider to be really nice/fancy, women seem to be intimidated or may feel the guy driving it is trying to overcompensate for other things they may lack in. IMHO if a chick really likes you and you hit it off she wouldn't care if you drove a beater. She might wonder to yourself if you ever plan on upgrading or think you may be really conservative with your finances. I will say though, I enjoy the look on peoples faces when they find out I drive a Z.

I paid 25K for my 09 Nismo used, I think it was a fair deal, my impatience got the best of me, I probably could have found a better deal if I had waited, but when they first came out in Hawaii they wanted 44k for a new Nismo. I bought a new base instead 32K out the door cash, waste of time and money since I no longer own it. What I am trying to tell you is to shop around, have patience, and don't drop all 20K cash on a car whereas you could put that money elsewhere for better use i;e investing. Use that money to repair or build your credit. Get a secured credit card for 10K use no more than 18% of that at any given time and watch your credit score increase.

When applying for a auto loan apply to as many finance companies as possible but do it within a week as the inquiries will remain on your credit for 12 months. I learned a lot from creditboards.com it took me a year to go from a 515 credit score to a 780, but I did a lot of research and work, was able to finance my house and put a nice down payment. Either way you go about it good luck. The Z is like family, it will always be here, the ladies will come and go.:tiphat:

EDIT: don't know if you are financing or giving a a huge down payment but I agree with the others have posted find a credit union or local bank and finance through them instead. 10% for five years is will cost you about about 10K in interest give or take a thousand. If you do go that route try to overpay your monthly payment if possible to hit the principal and reduce the life of the loan as well as interest.

LOL! Perfect response!

what about 691 to 739?