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The Water Cooler
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Why was Car Salesman pushing me to finance my vehicle when I said I had cash?
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<blockquote data-quote="nofearfactor" data-source="post: 2860085" data-attributes="member: 1535"><p>People with good credit usually prefer to finance 'pre-owned' vehicles at new car dealerships and dont usually run into many problems if theyre savvy and get everything they want on a certified vehicle. The rare people (my mother) who will come in and plop down cash or do a bank transfer for a brand new car sure as hell dont either. </p><p></p><p>No offense, but, $5k isnt alot of money these days when buying a used car. Maybe the salesman thought you could finance over the $5k for a better car using your 5 as down? And then he could get a better commission.</p><p></p><p>But if you went to a predominantly used car lot though likely they were all bought at auction and most of those places make a ton of money on pay by the week or bi-weekly only customers, hard working people but likely with sketchy or no credit and no other option but high risk financing. The lots wont sell them for cash period- unless youre willing to pay out what their preset loan value on it would, and who would do that. Bad as it sounds it is a lot of poor peoples only way of driving a slightly better than hoopty vehicle. Ya, they might be paying $75 a week for prolly for 80-104 weeks or more for that 08' Cobalt that is actually worth about half that. But, they likely dont have many options. The lot loves it too. If they dont pay like agreed, the repo man comes for it and back it comes, detail and fresh fluids (and leaks temporarily repaired) and its back on the line ready for someone else needing semi reliable point A-B transpo.</p><p></p><p>If youre a cash buyer, especially looking at one for under 10-15k IMO, just go person to person, youll get way more car for your money, and the person may or may not be lying about something but at least they may know something about the cars history or you can at least do your own CarFax before you buy, or maybe even take it to your trusted mechanic before you buy.</p></blockquote><p></p>
[QUOTE="nofearfactor, post: 2860085, member: 1535"] People with good credit usually prefer to finance 'pre-owned' vehicles at new car dealerships and dont usually run into many problems if theyre savvy and get everything they want on a certified vehicle. The rare people (my mother) who will come in and plop down cash or do a bank transfer for a brand new car sure as hell dont either. No offense, but, $5k isnt alot of money these days when buying a used car. Maybe the salesman thought you could finance over the $5k for a better car using your 5 as down? And then he could get a better commission. But if you went to a predominantly used car lot though likely they were all bought at auction and most of those places make a ton of money on pay by the week or bi-weekly only customers, hard working people but likely with sketchy or no credit and no other option but high risk financing. The lots wont sell them for cash period- unless youre willing to pay out what their preset loan value on it would, and who would do that. Bad as it sounds it is a lot of poor peoples only way of driving a slightly better than hoopty vehicle. Ya, they might be paying $75 a week for prolly for 80-104 weeks or more for that 08' Cobalt that is actually worth about half that. But, they likely dont have many options. The lot loves it too. If they dont pay like agreed, the repo man comes for it and back it comes, detail and fresh fluids (and leaks temporarily repaired) and its back on the line ready for someone else needing semi reliable point A-B transpo. If youre a cash buyer, especially looking at one for under 10-15k IMO, just go person to person, youll get way more car for your money, and the person may or may not be lying about something but at least they may know something about the cars history or you can at least do your own CarFax before you buy, or maybe even take it to your trusted mechanic before you buy. [/QUOTE]
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Why was Car Salesman pushing me to finance my vehicle when I said I had cash?
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