Yeah, if a dealership comes at me with that attitude, I’m telling them to take an extra thousand off right before I sign if they want to complete this sale.
Some dealerships in my experience are still riding the pandemic high and just DGAF, i was trying to negotiate down 800 off sticker and they wouldn’t go for it. Eventually got a better deal elsewhere
I got a 29k chase bank approved for a “Pre Owned 2019 f150 Stx 4x4 with 21,000 miles at a 4.2 % Pre-approved” didn’t talk about any payments or anything down until I saw the final offer, they had me at an 8% using Planet Fords financing in house and I kept it going until I worked the numbers that I wanted once it was to my liking. They were indeed highly upset that I finally told them I was pre approved. After that the only mistake I made was telling them after that I didn’t want the Tracking Number Services BullsH*t that supposedly cannot be removed and if the truck gets stolen that’s the numbers they give the Police so they can find it. Took another 35-45 minutes Back and forth and finally got it so it went from 32.5K down to 29k. I did keep Gap Insurance
Alternate perspective: they got you to use every last dollar that you could get approved for. They’re not happy, because they could’ve discounted it from the start. The bank literally wouldn’t let you get the truck full price, and they still make money at 29k so if they’d known that was the best Chase could do then they would’ve saved you both time. At least, this is how my dealership would’ve seen it
Most dealer agreements with lenders won't allow them to cut a check back for equity. They will have to buy the car from the customer outside the deal which means no trade in credit on taxes
Yeah. Tell the dealer your whole game plan and lay all the cards on the table. And then watch them say “no thanks kid”. And they will. They love people like this.
everytime i attempted the dealership route, i couldnt secure a deal because "the bank wont make any money" LOL perks/downside of being a full time investor
Why take the 10k back, assuming that it is going to the car anyway? Wouldn't it make sense to send all the money there at one time? 22k now vs. 12k now and 10k later, isn't it the same?
It's a money thing. Technically he could use it all for the car, but he could maneuver the $10k towards stocks, different investments, payments, etc instead. That's why wealthy people like Mark Zuckerberg (multi-billionaire) still gets a mortgage on his homes. He can use the $1.5M and put it into investments to basically make the cash back.
@@4.0GPA it's very unlikely that you'll make more than 15% on investments. Wealthy people still use mortgages because they get them for sub 5% and then get 8-12% on investments. It'd make no sense to take the cash when you're financing at 15%, unless you need it for an emergency.
@@maxkhoshabo4044 It depends on the investments that the actor in the video currently would be in. The actor in the video was a finance major and still in college, so they probably don't have a portfolio of any sort. If the person did have existing investments or a business idea -worth- attributing an extra $10k into, then it would be worth it. But as we both mentioned doing this would primarily pertain to wealthier people due to different monetary proportions, options, and options for growth
@@4.0GPA I understand that but that's why I said "assuming" it's all going to the car anyways". And from a financial stance, it makes more sense to never get the car in the first place. Keep the paid off, few years old car, that was given to him 100 percent free, and invest the WHOLE 22K into stocks, or trade for a cash car worth the value of his down payment and invest the other, if that's your angle.
@@tkmonte1908 Pretty much, yeah. Your average finance major in college is not going for an expensive sports car off the rip lol. That's the skit. Probably has a 1.8 GPA
Dealerships never really lose. Trades are often a scam an you will lose money. Come to an agreement with a trade in mind, throw it in last second an see what happens 😂. It's changed the whole ballgame. Salesman for a year, it's grimey and they aren't there to help. Anything over 5% is a joke
New car… so I’m assuming it was manufacturer financing? If so, the prime rates were probably close to 1-2% but they gave you 4% since you had no auto loan history
Outsmarting the dealership would be if he kept the Civic with 20k miles, and drove it till it had 200k miles.
Truth that jag is trash
Yep. Getting rid of that Civic for a Jag, they know they'll see him again in the service center.
@@allautollc1it just came out ..buy one or at least wait a couple years 😂
@@acedhjmanufacturers warranty will cover almost everything that could go wrong, after that you gotta get your own
That just saves both of them hours of their time 😂
Bro was flabbergasted
No smart kid would take on a 15% loan
He’ll be able to refinance in 6-12 months with prime rates.
Unfortunately banks aren’t giving the good rates to first time car buyers
15% is not smart lol😂
I had apr of %28 when I got my Honda accord 264 monthly payment paid it off less then 2 years
I got 5% from my credit union LOL
15%? I wouldn't exactly call that bad for a first time buyer
You should watch more talking about 15% rate. 😂😂😂
15% interest is crazy
I love this channel 😂
Yeah, if a dealership comes at me with that attitude, I’m telling them to take an extra thousand off right before I sign if they want to complete this sale.
Some dealerships in my experience are still riding the pandemic high and just DGAF, i was trying to negotiate down 800 off sticker and they wouldn’t go for it. Eventually got a better deal elsewhere
I love seeing this forehead ❤😂😂😂😂😂
I got a 29k chase bank approved for a “Pre Owned 2019 f150 Stx 4x4 with 21,000 miles at a 4.2 % Pre-approved” didn’t talk about any payments or anything down until I saw the final offer, they had me at an 8% using Planet Fords financing in house and I kept it going until I worked the numbers that I wanted once it was to my liking. They were indeed highly upset that I finally told them I was pre approved. After that the only mistake I made was telling them after that I didn’t want the Tracking Number Services BullsH*t that supposedly cannot be removed and if the truck gets stolen that’s the numbers they give the Police so they can find it. Took another 35-45 minutes Back and forth and finally got it so it went from 32.5K down to 29k. I did keep Gap Insurance
Alternate perspective: they got you to use every last dollar that you could get approved for. They’re not happy, because they could’ve discounted it from the start. The bank literally wouldn’t let you get the truck full price, and they still make money at 29k so if they’d known that was the best Chase could do then they would’ve saved you both time. At least, this is how my dealership would’ve seen it
Most dealer agreements with lenders won't allow them to cut a check back for equity. They will have to buy the car from the customer outside the deal which means no trade in credit on taxes
I only just realized but why is his left arm so thin 😂
Yeah. Tell the dealer your whole game plan and lay all the cards on the table. And then watch them say “no thanks kid”. And they will. They love people like this.
#1 FAN!!!!!
Pre approved at 15%. Ouch!!😮 No thanks
everytime i attempted the dealership route, i couldnt secure a deal because "the bank wont make any money" LOL perks/downside of being a full time investor
15% what the hell! In my country it’s usually between 3,99_5,99%.
The smart kid is not taking a $10,000 check when your paying a 15% rate. 15% on a secured note is ridiculous
Why his face so close to camera 😂😂😂
Why take the 10k back, assuming that it is going to the car anyway? Wouldn't it make sense to send all the money there at one time? 22k now vs. 12k now and 10k later, isn't it the same?
It's a money thing. Technically he could use it all for the car, but he could maneuver the $10k towards stocks, different investments, payments, etc instead. That's why wealthy people like Mark Zuckerberg (multi-billionaire) still gets a mortgage on his homes. He can use the $1.5M and put it into investments to basically make the cash back.
@@4.0GPA it's very unlikely that you'll make more than 15% on investments. Wealthy people still use mortgages because they get them for sub 5% and then get 8-12% on investments. It'd make no sense to take the cash when you're financing at 15%, unless you need it for an emergency.
@@maxkhoshabo4044 It depends on the investments that the actor in the video currently would be in. The actor in the video was a finance major and still in college, so they probably don't have a portfolio of any sort. If the person did have existing investments or a business idea -worth- attributing an extra $10k into, then it would be worth it. But as we both mentioned doing this would primarily pertain to wealthier people due to different monetary proportions, options, and options for growth
@@4.0GPA I understand that but that's why I said "assuming" it's all going to the car anyways". And from a financial stance, it makes more sense to never get the car in the first place. Keep the paid off, few years old car, that was given to him 100 percent free, and invest the WHOLE 22K into stocks, or trade for a cash car worth the value of his down payment and invest the other, if that's your angle.
@@tkmonte1908 Pretty much, yeah. Your average finance major in college is not going for an expensive sports car off the rip lol. That's the skit. Probably has a 1.8 GPA
I got my first car 10k loan 3.5% interest.
I wish I could do that but my Ford Escape 2002 is definitely not helping 🤣
ahaha
Dealerships never really lose. Trades are often a scam an you will lose money. Come to an agreement with a trade in mind, throw it in last second an see what happens 😂. It's changed the whole ballgame. Salesman for a year, it's grimey and they aren't there to help. Anything over 5% is a joke
My first new car in 2017 was 21K financed at 19 years old and my rate was 4% soooo. No cosigner
New car… so I’m assuming it was manufacturer financing? If so, the prime rates were probably close to 1-2% but they gave you 4% since you had no auto loan history
I didn’t know we were in 2017 again with prime rates , did you forget what year we’re in ? 😂
@@Mac-pluto no I financed with my bank
@@cormaro13 nope I just bought 2 more cars this year at 4.4% and 4.9%
Smart? Not iyou buy a jag