Reply to What are the mechanics of buying a car? (First timer here)

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[quote=Anonymous]Something to consider is the fact dealers use financing as a significant source of revenue. They typically get paid a fee by the finance company (orcbank) and therefore might have slightly more wiggle room on price or special financing incentives such as cash-back, which is negotiated as a final out-the-door line item (before financing) in the form of a term sheet or contract initialized by purchaser and sales manager. You can then go to your credit union and refinance within a few days. Find this many times. You can also show your cards with the finance manager and ask them to match your credit union rate.

The other pitfall of the finance department is  aftermarket of manufacturer “warranties” and “products” being marketed at significant markup. Extended warranties. Maintenance plans. Wheel and tire insurance. Interior protection. Exterior “protective” coatings. The finance department will try to roll them into the loan principal. In many cases, the price of an extended warranty — if you choose to go in that direction — can be negotiated. Be mindful that the new car warranty already covers the first 36 months of ownership (and longer for engine and drivetrain). Caveat emptor.

Much of the purchasing process can be accomplished online through email communications with a dedicated sales advisor who handles internet sales. Send an email to several dealers detailing your purchase requirements and requesting the OTD pricing, inclusive of taxes, tags, title and any dealership add-on fees. Dealer processing fees are capped by law in Maryland.

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