Car dealer will not budge on “online price”

[Anonymous]

Thoughts.

If you are just trying to get pregnant hold off on getting a car until you are actually 7-8 months pregnant. You can save more money in the interim.

Why don’t you consider a reliable Honda or Toyota with lower mileage? It will last forever and is a much more reliable car.

If your husband has better credit you should have him get the loan and work on improving your credit score. 9% plus interest rate is really high.

[Anonymous]

One last thought. Stop taking car buying advice from you DH and Dad. This is obviously not their strong point. Buying a used car can be a great deal but do some internet searches on the pitfalls to watch out for. For example, your monthly payment is irrelevant. Look at the total bill after multiple years of interest at 9.75%. Ouch.

[Anonymous]

Your loan terms are horrible. Find a credit union - you or your husband's workplace, through alumni relations from your colleges, something in your neighborhood. Credit unions are the number one absolute best source for auto loans.

[Anonymous]

Op, shop around. I like car max.

[Anonymous]

Anonymous wrote:OP here- thanks everyone. I guess I was used to the whole "don't pay full price!!!" logic. I did see the car in person on Tuesday evening and test drove it with my husband. I really liked it a lot. It's in great shape, only one previous owner and has the updated technology package which I like/wanted (blue tooth, navigation & back up camera). Only thing I was hesitant on was the miles which is a bit over 68,000 but my husband said that was fine. The price on the paper attached to the car window was also $14,927 so that's why I didn't really believe that it was their "internet price" as the car sticker said the same price but I could be wrong.

I guess my biggest issue is the terms too. He's trying to put me in a 72 month loan on it at a pretty high interest rate which I can't be upset about since again, my credit is not great. I was hoping to not go over 60 months but again, the finance manager was admant on all these terms. My monthly payment was only going to be around $278/month which is great but doing the math on everything makes me feel like Ill be way over paying for this car with the 72 month loan plus putting $4k down, etc.

Walk away from this nightmare, relax, and start over. Your instinct is absolutely right. The mileage is ridiculously high and you are being suckered, it seems. Find a man who can properly advise you or just get this done for you.

[Anonymous]

Get a loan elsewhere and ask the dealer for the “out the door price”. That is the amount that contains any costs, fees, tags, whatever. Tell them you will show up with a check for the exact number, and will not be coming with a supplemental checkbook.

And try another dealer. That car is not that great that you have to stick with it.

[Anonymous]

What is your debt load?

I agree with waiting longer to buy. Increase your savings by $275 per month as if you were paying a car payment, or if you have other non-mortgage debt, throw that $275 per month towards debt repayment to bring your credit score up.

[Anonymous]

You cannot buy a used car with a 72 mo term and 9% interest rate! Omg.

[Anonymous]

Your credit score is not good but no one pays 9% on a car loan!

If your husbands credit is better, have him get the loan in his name.

That high of mileage sounds like a rental car. Never buy a former rental car.

Line up your financing through a bank or credit union, then go shopping. There are a ton of used cars out there- this one is a bad deal.

It would make more sense financially to wait and save up more money. Or buy something less expensive.

I drive three kids around in a 2007 minivan worth around $4000 with no Bluetooth or back up camera and they are perfectly safe.

[Anonymous]

Do you need a car ASAP or can you wait? If you work from home, it seems like you could wait.

[Anonymous]

How much will you have paid for the car after making payments for 72 mo at 9.5% interest???

[Anonymous]

OP here- thanks everyone. I’m going to pass on this car and let them know at 9 when he calls me. I had a feeling that I’d regret it and it wasn’t a great deal but you all confirmed that for me.

I wish I had the time to wait but I do need one pretty quickly so I think I’ll spend the weekend shopping around and see what I can find. Am I more likely to get approved for something through my bank I do business with even if I have not so great credit? Not sure how that works.

[Anonymous]

Anonymous wrote:How much will you have paid for the car after making payments for 72 mo at 9.5% interest???

OP was asked to put $4,380 down, and told the payment would be $278 for 72 months.

$4,380+($278x72)= $24,396

[Anonymous]

I don't understand. the online prices are like old newspaper ads - they put the lowest possible prices to reel you in. it's totally different than the sticker prices

[Anonymous]

I did a very quick search on cars.com and it looks like they are offering you a very fair price. However, I suspect they are making up the margin on the price with such a high interest rate.