😮How To Buy A Used Car From A Dealership-Ex Salesman Exposes Their Trickery🚗
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- เผยแพร่เมื่อ 28 ก.ย. 2024
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How to buy a used car from a dealership . How to buy a car from a dealership can be very confusing stressful and exciting all at the same time. I have many years of experience in selling cars as well as buying them. In this video I explain how to buy a car from a dealership the right way. Be careful and keep your eyes on your money and don't get ripped off by being led astray.
Here's my car buying tips playlist: bit.ly/CarBuyingPlaylist
Find a great dealership in your local area here: newautonetwork.com
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Don't let the dealership finance you, come in pre-approved already from the credit union or some other financial institution! Sometimes, they'll try to beat it and they'll know they can't jerk you around!
Facts🔥🔥🔥. That's what I was gonna tell them also. Ur own bank can & will get you the car👍🏾
@@naimsalahuddin-bey2919 and they can and will refuse your business if it doesn't make good business sense to the dealer haha
@@DavidScott-jf1wo why would they refuse buisness when they are still going to be making the same comission?
Truth! They have less interest unless the dealership itself is having 0% at the same time you go in to purchase
@@rochellec.1891 The sales person wouldn't. The dealership would. If we lose money on a deal or it doesn't make sense we will refuse the business. Dealerships make money off you financing
Toyota dealership in Carson, California tried to tell me that my 754 credit score didn’t qualify for their 0% special. I calmly said “ So you’re trying to tell me that score doesn’t qualify?” I said I didn’t want to waste my time and grabbed my purse to leave. He quickly changed his tune. They count on us not being informed/ educated.
This read the same as “dumbledore said calmly”
I mean did you have enough down payment or qualified credit? If you’ve never financed a car or anything large before and have only had small limit credit cards a 754 don’t mean shit
Why do people have to play these games?? Walking into a dealership feels like walking into a dark alley at night with your wallet in your hand asking to get robbed.
That's a fact
It shouldn’t be that way tho. We as car salesman (the good ones anyways) have to fight this common prejudice every day we go to work.
Car dealerships literally lobby for laws that make them the only place you can buy a car. Amazon has been trying to do just that, where you can go online and buy a car for a set price
@@ststst981 You can already do that with Carvana and its a massive rip off. Never buy a car without a 3rd party pre-purchase inspection
@@thosearepinklemons yea but he’s talking about the law that you can’t buy directly from the manufacturer and have to go through dealerships. Countries where people buy directly from manufacturers have lower new car prices and lower used car prices.
This is great advice. I am currently in the car sales industry. I find that being straight up honest with customers works very well. I have to make money, but that doesn’t mean they have to get ripped off
Because we will do more business with you if you’re honest
thank u😇bc i got ripped off so bad (of course it was my fault), ill never ever step foot in a big dealership again🤬! i was so stupid 🙄i paid 2twice🤦yikes for my car; super dumb!!! i know🧐
@@queensun6059Me toooo! I paid twice 😢
@@redi8953 how do you pay twice?
@@kinggilga7875probably paid twice by paying more on interest rates than they had to and dragging out the payments to like 84 months. You can easily pay twice what the car is worth. The truth in lending act (TILA) says it has to be spelled out on the contract but truth is a lot of us glance over that part.
You know what I did, I held back my $5k down payment I had planned all along. I started at $1500 and increased it only when they agreed to lower my interest rate. They started at 3.9 percent when I said $1500 D.P. As we negotiated I increased the down payment to $2k and they lowered it 2.15%. Finally I said, ask the manager what it will take the give me the advertised 0.9% interest you guys are advertising. He said $5k. I agreed. I was planning on putting $5k down the whole time. :-)
I gotta use that strategy next time. You cant just throw the whole hog to the wolves. You gotta break off pieces.
great work well planned👍
Was that a used car or a new one? If it was a new car, you can always get that rate no matter the down-payment, the essential part is the bottom line.
You can get that rate if you qualify for it. I'm a finance director, and if the customer asks for it, he'll get it. I think you lost that battle.
@@DarthTerminatti lol I thought the same
I was also a car salesman in the past. This man is spot on. However, this is more likely to work with people with decent credit. When you have bad credit these tactics might not work so well to your advantage. My suggestion is work on your credit, then walk in to the dealer and follow the tips.
Question? My health tanked on a govt job and it caused me to go out on full disability.. my income tanked on much lower temporary disability payments until disability kicked in.. medicals bills pounded me and fcked up my credit... I paid off all my installment loans and cars in the past but when I went to buy a new Jeep they ran my credit and they said why don't u file bankruptcy? And once it goes thru you'll be able to have a clean debt sheet and we will sell u the Jeep? Idk if he spun me bcuz I only had 2000 down with sketchy credit? Or if filing bankruptcy is a good idea? I don't care about the stigma of filing bankruptcy? I car about $$ and now I'm working again and have saved $$ but I'd like to finance a car.. I don't know any car sales people and I don't know if filing bankruptcy will be a good move or not? Yeah it would get rid of the medical bill debt ponding my credit..
Your thoughts?
or save the damn money and buy something with cash. you all know how many reliable cars you can get for not much money... we all drove them in the past!!!
Bankruptcy will destroy your credit rating for 10 years, period! Someone suggesting you file in order to do business with them is trying to screw you, period!
What would be a good starting credit score, in your opinion? I’d like to finance a 6k motorcycle of the lot with 2k down to help my credit grow a bit higher a bit faster. Currently only have one line of credit that is payed in full every month on time. Thank you for your time.
@@joshuamorales1095 at this point, you shouldn’t worry about what is a good credit score to finance your motorcycle. Sounds like you are trying to build credit. Ask for a free copy of your credit report and make sure you don’t owe any creditor, or have any bad debt. Sometimes, we thing every thing is paid until you actually see your credit report. Once you do that, start building relationships with creditors. Get a starter card with capital one. Maintain a good relationship by paying off that credit card in full ever month. Following these steps should lead you to the right direction to improving your credit score. Good luck
Your strategy is on point. I read a book many years ago and it was called how to be the dealer. And covered all the strategies that you're talking about. It especially covered the four square worksheet that dealers use. The one thing that I think you didn't cover was how to reduce the MSRP of the vehicle how do we lower that during the negotiations. Please do a video on how to lower the MSRP price of the vehicle. Also whenever you go into a dealership they right away ask you what kind of payments are you looking for. I always tell him I'm not ready to talk about payments let me find a vehicle that I like first. At a price that I like then we can talk about the money. I also never financed through the dealership. I prefer to talk directly to the bank or to the credit union to find out what interest rate I qualify for and for how much money they were willing to lend me for a car loan. So that I know I'm getting the best interest rate possible.
In this market getting a vehicle for MSRP is a steal. If you're buying new expect to pay 20-30% above MSRP. Some models are marked up by 50% or even 100%!!!
@@xiaoyuwang3106 “expect to pay…” No. Not all dealers have markups. Your money,your choice. You are able to walk away if they try to make you pay for that BS markup. You should never go into negotiations EXPECTING to pay the MSRP “markup”,it’s either MSRP or I’m taking my business elsewhere.
There is no MSRP deals at this time
I’ve learned that one way to reduce the MSRP is to act like the car you’re talking about isn’t your first choice. You can say something like “Yeah the car is decent. With the price attached I don’t think it will be my first choice.” You can also “threaten” to go to another dealership. They hate that and will most likely drop the price in order to make the sale. If you act like there are better deals out there or that their price is too high they will likely drop the price for you. That being said, it’s important to not show much excitement when looking at the car for the first time or saying “I love it” or anything similar. If you hide your interest in the car it’ll make your argument more believable and like I said, they’ll probably reduce the price for you. Little trick I learned from my dad.
You're right, it boils down to getting the vehicle for the lowest amount possible, any one who can crack that code is on another level...
As a Staff Accountant at a dealership, this video is 100% accurate. Also to get the best interest rate try to get financing through your bank before going to the dealership.
thanks for watching
How do you get interest through your bank...
@@mindhunter8772 you any for an auto loan through your bank before going to a dealership. It gives your more leverage and the dealership can't play as many games because you already know that you're approved so you basically go into the dealership and negotiate the price only because you have secured financing. At this point the dealership my try and beat whatever rate that your bank has given you, if they can beat it go with the dealership.
What if my bank doesnt offer financing?
@@ChiTownRaised most banks do especially if you bank with a credit union. If your bank doesn't offer financing you may wanna look for another bank, otherwise you're at the mercy of the dealership.
I had a really negative experience just last year. I was planning on buying a new truck and the car salesman used every tactic you mentioned here. The guy was trying to convince me to buy a used vehicle that was also priced way too high in my opinion. Every time I asked about the newer trucks I was told that the vehicle was already sold. The worst part is that the salesman kept asking if I was interested in trading in my car. The fact that the car salesman was more interested in buying my car that answering my questions let me know that he was only worried about his cut. I ended up leaving and I got annoying texts for the next 6 months asking if I was still interested in a vehicle. I ended up buying a truck from a friend that has been great so far.
, p
What’s been good so far?
The truck or the friend?
@@chrisreynolds2410 I was referring to the truck.
Oh man, sorry to hear your buddy eventually ending up disappointing you.
But hey atleast you ended up with a good truck.
I fuckin hate dealerships. My brother has 1 good experience with one and it was for his challenger. Mine was much worse and the car was 30k less. They dont even act concerned about your concerns
I was in sells but I refuse to cheat people. My way, I was one of the highest paid salespeople. You have to be able to live with yourself. My supervisor thought she knew what it took,for me to be even more successful. I never followed her. I don’t regret NOT conning and tricking people into a sale.
Same but I wasn't at top sales but I hate cheating people
You folks do realize you can actually have a successful career selling cars without "cheating people." Guess some of you are not quite as good as you thought you were.
@@chrisshields1838 I wasn’t selling cars. And I know that you can be successful without cheating people. That was my point in my first comment.
My dad was the same way. He said repeat business was his bread and butter and that too many people were looking for the instant payoff rather than look at the big picture.
Bliss, blissfull,,. Good for you, that is what needs to be done.😁
2 years later and you taught me a young man more than the school ever did about finance THANK YOU
I was literally going back and forth with a dealership about buying a car. They kept giving me these ridiculous monthly payments. I told them forget it and then I came across this video! Thank you so much sir you just saved me a bunch of money…
I secured financing through my bank. The dealership lowered the interest rate by a point and I financed through them. My bank called me two weeks later for an update on my car search. I informed them I had purchased a car and financed through the dealer. They called me back 30 minutes later and said they would refinance the car through them and dropped the interest by four points. Ended up financing the used car at 1%. My best car buying experience ever.
🤩🤩🤩🤩
Give me the warranty at cost.
Don’t be scare to leave the dealership they need you more than you need the car
I like this comment . We had to do this last week, the salesman literally!!! (And i mean literally) was begging us to wait for his manager to get out of his meeting to offer us another deal. We said adios ✌🏾
"To win a negotiation you have to show you're willing to walk away. And the best way to show you're willing to walk away is to walk away." - Michael Weston
Not if u walkin
Oh yeah they'll dog you down so bad it's not even funny haha
I had to the other day. I asked the salesman could I see the original offer from the bank and was told no. Then asked what was my credit score after he told me it was much lower and he said “idk”. Just straight up lying to me smh also ran my credit multiple times after I said I didn’t want a bunch of inquiries
This guy is spot on! I agree with every single angle he posed. The problem I have when negotiating on these terms is that the dealership don't give a shit about me and simply refuses to negotiate once they know that I know the game. They're all about maximum profit and they know they'll get someone else to overpay so why bother with me
Ive done this, but also I have walked out of 3-4 dealerships. They're not the only dealership in town.
@@BM-xc9sq yup, you gotta be able to walk away, not everyone is gonna agree on a price
Yep, you walk.
They'll contact you...
@@FOH3663 My homeboy did just that once before. They came calling after about 5mins.
If no one is dealing with you, maybe you just don’t want a new vehicle.
This is right on! Looked at a car a few years ago. Kept my trade out of the picture. Got them to commit to the price. Brought in the trade and got them to say the number I wanted on that. They started to talk payments and I brought out a envelope of cash. It got mighty quiet mighty quickly…
You are the man!!!....Looking to buy 2 used acuras and will be definitely using this technique
I just ghosted a dealer because they would not let me get a pre purchase inspection, but pushed for me to buy a brand new vehicle.
They weren’t gonna do that….that’s basically having the service department work for free. No offense, but they were probably glad you left. Car salesman want the easiest sale possible without the extra work.
As a ex car salesman, you should never buy a used car from a dealership anything older than 3 years past the current year. You're asking to get ripped off.
Its where they make most of their money.
Hey do you get the most incentives on a new car?
🤣🤣
I bought a used land cruiser 158,000 miles at $25,000 no rust, 58 elective servicings, best car I ever bought bar none. Never use dealer financing
@@MadMaxMFP-dc6kw 25k for a car with 158k miles? huh
I'm looking for a car right now and every salesman I talk to wants to keep me focused on the monthly payment. After watching this video I realize what these salesmen are doing, thank you.
Awe man. You are such a blessing I had this issue two months ago and I was turned down because they would not negotiate on my terms. The salesman asked me how did I know so much about cars I told them my father was a sales man, which is true. He went to discuss some things with his manager and they ended up turning me down be becauseI wanted to negotiate, and told me that I can't negotiate on the msrp but only on the monthly and down payment. I knew that was a lie and left feeling disappointed. But watching this video encouraged me and confirmed that I'd did not make the mistake of getting the wrong deal.
I've seen ppl say well ill take my biz elsewhere and then they're like wait..perhaps we can work something out..never leave disappointed or your head down..there are other dealerships that WILL sell you a car.
@@erichardson8811 and that’s exactly what you’ll have to do. If they have the car you, want, buy it. You don’t always have to negotiate a car deal.
@@TheFreelanceCowboy or just be patient and find it elsewhere. Impatient ppl lose money.
This won’t work during this shortage , especially on a new car. Wait until Christmas - tax season 2023
@@KING6UCCI appreciate the input, I just seen someone say pretty much the same thing on another video.👌🏽
Rodney, I'm an older lady who is totally alone and this video helped me so much! I'm a retired teacher and your presentation was fantastic A+ wink 😊
Don't sit down, negotiate on your feet. If you see a 4 square find another dealer! Keep everything separate, negotiate the price, then your trade. Don't let them combine the two. Do your research ahead of time and know what price is fair for the car your purchasing and your trade. Get a instant quote form autotrader, carvna, etc. This way you're not really negotiating your asking if they can give you that price if not leave and keep shopping. Always talk out the door prices, nothing else matters! Last thing is make a 2 year decision mean one that you will be happy with in 2 years. Last last thing the dealer didn't screw you. You were not forced to sign the paper so you ultimate screwed yourself. Don't get screwed!
I had my own credit union when I walked in the dealership. I knew the value of my trade already and I talked them out of paying for extra accessories on the vehicle. They stood firm on the price of the vehicle which was lower priced than other dealers. So the price of the car was good with me. My interest rate was 2.8%. It was hard for them to play this game with us because we already knew the game. When the salesman realized we weren't stupid, it didn't take us long to purchase my vehicle. Knowledge is definitely the key to purchasing anything.
Great video, excellent advice. One thing I’ll add is that it’s important to never seem desperate or overly eager to purchase a new vehicle. The more prepared you are to walk away if the deal isn’t to your liking, the more they will be willing to negotiate better terms.
I can say from experience that this is good advice. I went to a dealer to buy an 11 year old Ford Ranger and told the sales guy “I’ve wanted a Ranger like this for 20 years.”
I’ll spare the details but I ended up paying about $26,000 for a truck that had a $17k sticker on the lot.
I learned many lessons from this experience.
Tell him you looked at the same car at another dealer that gave you a better price.
@@thomastramontano3570 I did that but in my case it was actually true. That’s how I got a great deal. This isn’t something you want to fabricate though, because a lot of dealers can see competing inventory or they’ll ask you for the listing.
As a veteran car salesman. I think transparency is key. Be clear with customers, honest and upfront. Don't be pushy and offer decent deals that make sense for both the customer and for the dealership. This way everyone is happy
I agree 100%. I’m thankful to work with a great team that allows me to do just that...Because of this I can honestly say I enjoy my job. I worked at another dealership where there wasn’t much transparency and it just made it stressful for customers and for myself; even when I got home from work I felt stressed out.
Years a go my uncle was the general manager of a large ford dealership in Redondo Beach, CA. He was very successful making an enormous salary. He was an honest person but disappointed in the quality of the salesmen. I remember he said that if the salesmen worked as hard being honest in their practices they would make more money than being dishonest.
Transparency lol then all used lots should have their prices on the cars!!!
Car dealers are sharks
I fucks wit this response
Stay away from dealerships right now. They have the upper hand. They even sound like they are doing you a favor by selling to you. I do not mind waiting a year or two to buy a new car.
I’m thinking I have to wait….. I have 3 children and want a bigger car but it’s seems crazy expensive.
If you're waiting for prices to go down you'll never have a car 😆
Hey Rodney... GREAT VIDEO!!!
The video was simple enough for even a Dummy like me to understand. It was Educational and Informative.
Don't stop making these videos. We all need someone like you to keep us from being victims of the car selling sharks. And yes, I was one of those victims.
Excellent job explaining the four square. The greatest weapon a consumer has is the ability to walk away. It takes courage, but if something isn't right when working the deal, actually walking to the door is so much better than staying in the seat. Second, if the dealer pulls out a 4 square form, that's when I walk. There is an honest and transparent way to buy and sell cars, and the 4 square is designed to profit only the house. Walk away from the 4 square deal
I'm a 75 yrs young mother/grandmother looking to buy a car???¿Thank you, young man for this video.✝️🙃
Go with you you don't want to be 80 year old retired living off peanuts what the government give you
The worst I have ever been treated was by the finance department of a major dealership when I was held hostage after agreeing on price and signed the most paperwork with the salesman. I didn't want to finance through the dealership but rather our family owned hometown bank but I first had to listen to the "offer". They literally held me hostage and the finance guy got hostile with me when I held my ground. I got a good car but looking back I should have walked out. My bro has worked at major dealerships and he has since told me they make more money on the financing than they do on the vehicle.
Know when it is time to walk out and not buy from them.
Yup the finance guys are crooks. Everything happens so fast and they say sign here next to the X and you keep signing and then you find out that you bought add ons you didnt even know about and the financing is not what you thought. But its too late as every document you sign is basically ironclad against you because when you signed it, you read it and understood it and this is the law and parole evidence, IE testimony is not allowed to vary it. Everyone can get snowed. And the worst are time share salesmen and others like solar panel salesmen and really all salesmen. Sheesh. And I am an attorney and even I get snowed. No one takes the time to read what they sign. At their peril.
Super common to have pushy finance manager and its always best to just say no to everything. People who got suckered will try to defend their add-ons, but they are all trash. You dont need extended warranty, dealer undercoating, or GAP, and if you think you need GAP then your loan structure is crap because youre likely purchasing a vehicle you cant afford. Just say no to all their BS and let them be pissy about it.
I used to sell cars. This man is giving you some very valuable knowledge here. Listen and learn people.
I just bought my first car from a dealer. He did the same things. But I was far more concerned about the final price like you said. I managed to get the price down 20%. It took the initial monthly payments from 350, down to 250. Then after I told them I didn't want any of the bells and whistles and warranties it brought it down to 170 a month with a 9.2 interest rate. I like to think I did a decent job for my first time.
Damn man good job on you.
What’s your credit lookin like
Since it’s only been 3 months, I’m gonna recommend you refinance that brother. You can get a much better interest rate.
This info is spot on. It sounded silly at the time but a few years ago I wanted to buy a new car and literally searched on TH-cam “how to buy a car”. The same info was consistent. Bargain for the price of the car, don’t ever try to bargain the payment because they will put you in something you’re willing to pay for but it won’t be the car you want. #2 most important thing I learned is to extend your shopping area to 100+ miles away if need to. My last 2 cars I bought for $4k-5k less for cars that were about 2 hours away from my house. I used CarGurus. All my local dealerships would not budge on the MSRP like this guy is talking about.
I’m having major PTSD from watching this video 😭😭😭😭😭😭
Did someone try to sell you a car when you served in the military on the front lines?
Your best option is to walk into the dealership with a preapproved loan from your local credit union (You're still doing business with a national bank? Switch to a local credit union!) This way you don't have to worry about them tacking on those percentages.
Try a "Credit Union" here in Seattle WA, they Have the WORST Customer Service in the USA.
I stumbled across your video and instantly knew this was made for me. I'm going through the same thing with my business but just knowing that I'm not the only one who's experienced this just pushes me to go harder. Continue to put out informational content and sharing your story, THAT is what separates you from the rest. Much gratitude Monique and *Linux Tech Corps* was so helpful during the process of boosting my credit
That's so true now I no
Aye man this really just saved me from messing up a lot
This video just helped me buy my first car. They tried to hit me with all the high number bs. Was able to knock em down and hit msrp down first before anything. Thanks man
That was some excellent information. I'm going to the dealership this afternoon armed thanks to you!
@@maumbu 😆
Yes, how did it turn out?
@@Akashpagol turned out pretty good. Most of what he said don't do were all the things that I did do. Mostly in part trying to be transparent and get the deal done as quick as possible. Not mentioning the trade till the end really helped
@@tracystjohn1957 You should always point out every flaw you see on the car and under it. The tires being not new. Always ask for a car-fax report. Ask for records on maintenance done (how often was the oil changed? Do you have any records on that).
You could go on and on. but there is always a dance after that. If you can get the manager to change his color to beat red you've done well.
Great video man, over the pass 3 months i think I’ve been to like 6 dealerships and I I’m just gonna go with Carvana. Every dealership seems to running their own game and I just want the car that I want
I think I'm gonna go through Carvana as well.
Carvana has such a high interest rate
@@notallowed337 If you want to pay too much for a car, go ahead and buy from them. The price is the price, period.
Damn, I needed you 4 years ago!!! Finding you on here now is not by chance I am sure of that. Thank you for sharing your earned skills and wisdom. One last thing are you able to be hired as a consultant to help with this process lol
Great info Rodney and excellent strategies. Years ago I was in car leasing and know how the game is played a little. Based on my tastes and needs, I was looking to buy a used Gran Marquis. A used car dealer in town advertised it in the local paper. I went there But they said "It just got sold". So they brought out a VW Jetta, a complete different type of car. They had 3 guys working me over to buy it- Two salesman and the Manager. The more I said I didn't want it, the more they pushed it on me. They even insisted i drive it! I walked the hell out and the Manager was beside himself as if I kidnapped his first born. Today,If I want another G'Marquis, I look for Senior Private owners that took care if them.
im looking to lease a car for the first time. any advice to give?
When it comes down to it, it’s always how much you want to pay monthly. I keep my cars for a minimum ten years because of the stealership and their tactics. Thanks for the video!
“Stealership” 🤣💀
Stealerships. Classic 😆😅🤣😂
That's great. At 10 years, you have a $500 to $1000 car to trade in, unless it's a dually or some exotic, which is still going to be a small fraction of the original price, or you can sell it yourself and make a little more. Also, you can just do everything over the computer, not even talk to a salesperson and deal with their "tactics," but make no mistake, you're going to pay for that privilege of not going through the sales force ringer.
Thank you so much for this video. It's very informative. I bought my very first car from a dealership a year ago after my car went down. Long story short I haven't really had anyone to guide me on purchasing a car from a dealership so by me being ill informed I was screwed over. I went to Toyota Kia of Vero Beach and was given a interest rate of 23.8%. Not to mention when I went to have my car serviced I was forced to pay even though I have a warranty which covers my servicing. They lied and told me they couldn't find my warranty in the system, which later on after going to a different Kia service department I found out they had lied. I even tried to have my 2017 Kia Soul refinanced through my bank and was told even though I had been banking with them for 7 years and have made all of my car payments on time for over a year they would not be able to refinance my car. To make a long story short I like my car, but I'm currently trying to dig myself out of a hole that I didn't ask to be put in. Hopefully these videos help me with trading in my car for something with a lower interest so that my payments actually count for my open balance*
So how much you paying monthly for the car
@@juggyoscar7698 I pay 364
Wow! I’m sorry about this!
Great video and I learned. I never finance through banks, dealerships, or mortgage companies. Credit Unions are always the wiser choice because you are not a customer making the shareholders rich. You are a member. Credit Unions always give lower interest rates.
Financing through a dealership is foolish!
This guy has figured it out, Props to you Rodney! I’ll be using your method in the next few months when I’m buying a used vehicle. Thank you for the info. I sold cars a few years ago, and didn’t even know this. (Maybe because I was new to the trade, or because I’m gullible)
It's great that you're redeeming yourself because you ran that game on a many different people so i appreciate that you're giving knowledge to the potential car buyers
Damn I should had watched this before I bought my car. Fuck
Same here. 😔😔😔
What happened lol
Well if your interest rate it high, at least try to refinance with another bank. Your credit gets hit at the time they do a hard pull. If you just bought your car within the last 30 days, now is time to shop banks for a better rate.
Right
@@TheeMrsChampion
And pay it off faster.
10 percent interest is still outrageous 😂😂, the person credit score must be 500
For real. I got a car last week with .99 apr.
That ain’t nothing I’ve seen 22% interest.
My credit union offered me 14% on a 15k loan :/
My friend just got a used 2002 lexus for 15k at 17% interest!!! The car has 120k miles. Complete rip off! 2 weeks later, car won't start, needs tires and is over heating....people need to do more financial planning
@@thegentlemansmith5411 i bet you he got it from a mom and pop dealership... around here they are the Worst places to buy cars... sounds like his credit was bad also... i am shopping for a new car right now but i am taking my time ... its no rush
I have sold cars for 14 years in Los Angeles and this man is 90% CORRECT. What I would do is (1) Sell my trade in car separately somewhere else. Preferably post it online. If the Dealership offers you $3000, that means you can get $4500-$5000 easy outside. (2) shop around the car you like and see where you can get the best deal. DON'T GIVE THE DEALERSHIP TOO MUCH INFORMATION ON WHAT YOU ARE THINKING OR PLANNING. (3) Get your own financing pre approved somewhere else. (4) Now, Deal with the Dealership AND after you make the deal, BUST out your own financing. 🏅🏅🏅🏅🏅
Exactly what I'm gone do.
This is why for any used car payment you need to look up the trade-in value for an older car you had or recently owned to know what to pay off even if you're financed.
Damn, I just bought a lifted truck last Saturday. Wish this video popped up before I bought the truck. I know for sure I got worked a little. However, I finessed them giving me a warranty and other incentives for free. Not to mention worked my interested rate from 9% to 6%
From 9% to 6%?? Both of those are finesse prices lol a bank will do 2.5%
I knew most of the info he shared but I wish he would've have some pointers on talking the sales person down on the price..😒 Like what worked for him when he was a selling cars..
Agreed.
Most dealers now have a no haggle price but if you go to dealership where you can negotiate the price. Do your research online and see how much that particular vehicle (year/model/mileage) is going for. If you think they are over pricing it by 2k, then tell them how much you are willing to pay for that car (of course you offer needs to be reasonable). If they don't wanna sell, then go elsewhere. You have to take charge. You are the customer.....when if comes to financing. I usually go to credit union or local bank to get a pre approval from them. Because dealers can bump that apr up to 2% more than what the bank offered.
@@jonathanartiga5320 That is the best way to buy a car coming from a car salesman
84 months.. that’s like 7 years 😂
When he said 4 square I knew he was the real deal😅 was in the business for a couple years myself and man the crap they teach to make sales is wild. Thanks for putting this out there, they need teach these things in HS and college! 💪🏾
Most dealers around where I live don't even allow negotiating the price, they will gladly walk you out the door before taking your money.
Rodney: Really enjoyed your video. You're so smooth and authentic and so you're really an effective communicator. Again, thanks.
I feel like Alonzo from Training Day is giving me the run down on dealership scams 😂🤣😂 Great stuff!
You know I'm surgical with this bitch!
Damn bro, u really got the marker out for this one, keep keeping it 100, respect 💯👍
I always cash out.... every time I hear somebody talk about financing a car is like do they even have any idea that they paying way more than the sticker price SMH😳
Financing is fine just get your own dont use the dealerships and pay it off in half the time. Especially if your trading in a car they dump money into finance fees on what they lost on your trade in
Title should read "how to finance a car" not buy. Its not buying unless u have ALL the money.
Whether you’re buying or financing his information was good.
Omg I’m literally shopping for a new car right now and I NEEDED to see this video!! I messed around and told a dealer I have a trade in with negative equity and he literally said they would give me $4,000 less than what my car is worth. Definitely need some advice about this! I need a bigger car but I owe lots of money on my car
Thanks Rodney. You can get everything you want if you’ help enough other people get what they want. Valuable, Honest Advice!
Hi Thanks yesterday went to buy a car, they were rushing me so I left to go back today, now I found your video.
Rodney, you had me subbed in less than 10 seconds literally bro!!!
EXCELLENT video ! Very well done ! Couldn’t have explained it any simpler !
Listen to this man, he obviously knows what he’s talking about.
Thanks for the valuable education!
I heard The Homework Guy, and now found you. Win win
I’ve never purchased a used car warranty in my life, I have purchased mostly used cars to avoid depreciation value. I believe after market warranties are scams to get your hard earned money. If something breaks for some odd reason the part in question is not covered under the warranty or they’ll say it was caused by human error or something like that. Just make sure you purchase a vehicle brand that is reliable and do your homework, take it to a dealership whiting a day or two from the day of purchase to have a comprehensive inspection done using the grace period most reputable dealerships offer.
This was worth the watch ! Definitely in the market to buy a new truck! 🤓 will be subscribing!
I was shopping for Kia Rio & they gave me almost that same break down 😂 I just knew I felt the finesse pitch from they end.
A lot of dealers don’t honor blue book’s trade-in values, they offer “auction value”. I’ve had dealers flat out tell me they don’t care what blue book says.
These dealers are scam artist
@@louisianamidwest4106 yup, they are legit scum
Great information! The visuals definitely helped and the 4 main points to focus on is something I haven’t seen presented like this in my other research.
So insightful. I appreciate you. Got really low balled from my last purchase..
I usually do opposite. I work with MSRP , and pull up two compositions of exact cars from nearby dealers then one out of state that I’m willing to get if they don’t work with me . Then I talk about trade in . Then I talk about money down , and I always match what my trade in is usually worth . But this works too . Also I do the most months because usually by year two / three my car is worth more then owed by that point and then I rinse and repeat with a newer car
Problem solved I’ll just have you visit the dealership with me 😂😂 thanks for the awesome info!
I taught my daughter to secure financing first, from our friends at the Credit Union. That kills about 75% of the dealership's game, because now we are down to one box- the how much for the car box.....
Good Lord, its amazing what one can learn from just one video! This cat is a treasure trove of knowledge! Unless your zip code reads 90210, EVERYONE should be attuned this valuable info. Thanx for sharing, my dude!
Glad it was helpful!
Thaaaank you! I always pay straight CASH but the info was on point. Good looking!
Thank you so much for this valuable information. I'm preparing myself before I go to smaller dealerships to shop for a used car. I also bought an engine code reader to check vehicles as well as getting a mechanic to check them out. I also won't be talking money at all until I find what I like. Thank you soo much!!
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He IS the Denzel of car stuff!
Thank you so much I’m trying my first time at Acura and this helped
Rodney, you worked at a car dealership? Please accept my sincere condolences. Thanks for sharing!
Thank you. No background music, just straight to the education. The way you teach is very honest and easy to understand!
Awesome video. I watched his other video explaining “how to buy a car with a trade-in” before watching this and it was worth my sweet time! On to the next one...
Solid solid advice. Keep it up brah! Great content. I recommend anyone watching, bump up the speed to 1.25x in the settings, and it’s smooth like buttahhhh
Yeah,I does sound smooth & flows@1.25! Thanks
@@synthiasimms4608 happy I could help!!
@@Mr_Zesty Okay.
wish i saw this before watching it all in normal speed
@@chrono0822 😂😂 eh sorry, tried! Still good stuff.
I appreciate you doing this. I’ve only purchased a car twice at a dealership. And I was always focused on the bottom two quadrants.
Don’t buy from used car lot or buy here pay here just don’t do it
Some, rather a lot of people have to do bhph. They dont have a choice. Bad credit, no credit, etc.
Not even going to lie, I've been having attention span issues recently, but I was able to watch most of this video without doing something else. Thx for the video. I really did want to get a new, to me, used car, but I'll hold off for a second until I could work on my negotiation skills.
Credit scores is the biggest hustle known to man. Pay cash for EVERYTHING!
Thanks for sharing this knowledge with us! 🧠 I can see more of these sort of systems the more I learn about economics. It's definitely a big mind change that is hard to process at first, but it helps in seeing the world differently and as it really is.
Your doing a great job informing us!
Thanks, again!
We priced out a 4 Runner yesterday. Dealerships are asking for additional add-ons that are mandatory. Taking the car from $63k to nearly $70k. Where those add-ons are financed over time. Spreading out your loans further over a longer period of time.
Ok I need a go fund me for Rodney security detail.
Definitely sharing this video, right on.
I got really messed up on my first car loan. My interest rates were way beyond what it should have ever been.
I always start at the MSRP then negotiate period.
I’ve always said NEVER use a trade in, sell your vehicle privately! You’ll make more money then go from there… great video 👍🏻
The moment any dealer pulls out 4 square run out like the place is on fire, its designed to screw you over... No buyer ever wins at 4 square, it's just a matter of how bad you get ripped off
All good sound advice however, the number one thing I tell new car buyers is this: If possible, go to your credit union (not bank) and get pre approved for the auto you're seeking. Pick out the car, go to credit union, have them print out a check for that car at that car lot , give the check to the lot then drive the hell away. Money talks! Oh the salesmen don't like this as there is nothing to haggle and they know the credit union is NOT going to play the haggle game. The lot either takes the check or they don't, go somewhere else that will take the check.
Your bank / credit union KNOWS the value of the car you want to purchase and will flat tell you "NO" to a brand, model, mileage that is not worth the money. Also, I said credit union over a bank as some credit unions have fantastic insurances nowadays, sidestepping GAP Ins, my Toyota's engine and transmission is covered by my credit unions own ins during the life of the loan (3 years).
ANY financing, 3, 5, 7 years, pick the middle if strapped, but if you can pick the minimum (3 year) yes you're paying more a month, but you're paying MUCH less in interest. Let's say you have to choose the 7 year, ok.. but every chance you get pay more than the minimum payment each month even if it's just $10. You won't see that $10 to whatever more you pay, but at the tail end of the loan you will BIG time! It really does eat at the banks / credit unions interest!
I LOATH car salesmen and the BS games they play! So unnecessary! Their always looking for stupid (uneducated) and whales (people with big pockets). Opportunist. Wouldn't it be more profitable to sell A LOT of cars at a good price, no BS warranties, mark ups, BS coverage such as paint protection rather than selling a few cars each month in which far too many will cease to pay for the car because they can't afford it?
I was a porter at several dealerships. I've seen what they do. They want you to pay $12,000 for a vehicle that is only worth $5000.00 Ask them what there commission is if they sell you the vehicle.
First of all, DAMN YOU FINE!!!!! Ok, let me get back focused, lol. Thanks so much for sharing this information. I will be buying a used car this year with no trade in but will have a down payment. Can you do a video on the best way to negotiate this type of situation? Also why are there so many fees on the sheet from dealerships? Is it better to get financed on your own or through the dealership?
I've always been told it's best to arrange your own finance, you can negotiate that before even looking at the car. Also insiders say NOT to tell them your effectively paying 'cash' until an acceptable price has been negotiated. If they pressure you to talk finance,be brave, stick to your guns and say you'd rather get the price sorted first. Above all, always be prepared to walk away at any time if the car seems suspect in any way, or you think your paying too much, or even if the dealer seems to be a bit of a G. (I think that's what you say in the states)? lol Remember, you've done the hard part raising the money, there are lots of cars out there and if it the deal stinks it's not for you.....If you already have a car sorted I hope it's OK, and there always a next time. Rob.UK
@@robv1139 Thank you so much for the response. I have not purchased anything yet but I have my eye on a Toyota Camry 2017 w/ 48k miles. They are asking 14,999. I am still doing some research aiming for more at the end of the year to see if I can get a better deal. I appreciate the encouragement and your straight forward and helpful advice, king! 💘
@@ariesgirl. Your welcome. But do see if you can arrange your own finance or at least see how it compares. It's often cheaper because the dealer doesn't get a cut and you'll have more time to consider. Also it'll give you the freedom to shop around. Once again good luck, and if you've already it arranged remember not to say your effectively paying cash to them until the price is signed. In the age of the net prices tend to be move even across the board so they rely on making their money and disguise it in the package. They say Toyotas are a good buy there in the states, but maybe have and independent report done too. Make sure it's always lived in a hot, dry state has regular servicing and not doesn't say 'rebuilt' on the title. If it's all good then 14,999 sounds about right. :)