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The Water Cooler
General Discussion
Why was Car Salesman pushing me to finance my vehicle when I said I had cash?
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<blockquote data-quote="Shoot Summ" data-source="post: 2860090" data-attributes="member: 1055"><p>Could have been a number of reasons he was pushing to finance, all were based on more profit for the Dealership.</p><p></p><p>It also changes the conversation from "purchase price" to monthly payment. When buying cars, the vast majority of people are fairly ignorant to the mechanics of the deal. They get spun up on a nice car, and what they can afford monthly. Next thing you know they are way upside down on a car, that they will pay on for 6 years.</p><p></p><p>If you are smart about it, with the rates so low right now, it actually makes sense(to me) to finance and let your cash grow at a higher rate in some smart investments. We just bought a new car, financed 100% at under 2%. I'll sell the old car, and pay the note down. I've already made an extra payment(1st payment wasn't due until next month). And I'm paying extra monthly. This made more sense to me than taking money out of an investment that pays a 6% dividend, and has appreciated over 10%.</p></blockquote><p></p>
[QUOTE="Shoot Summ, post: 2860090, member: 1055"] Could have been a number of reasons he was pushing to finance, all were based on more profit for the Dealership. It also changes the conversation from "purchase price" to monthly payment. When buying cars, the vast majority of people are fairly ignorant to the mechanics of the deal. They get spun up on a nice car, and what they can afford monthly. Next thing you know they are way upside down on a car, that they will pay on for 6 years. If you are smart about it, with the rates so low right now, it actually makes sense(to me) to finance and let your cash grow at a higher rate in some smart investments. We just bought a new car, financed 100% at under 2%. I'll sell the old car, and pay the note down. I've already made an extra payment(1st payment wasn't due until next month). And I'm paying extra monthly. This made more sense to me than taking money out of an investment that pays a 6% dividend, and has appreciated over 10%. [/QUOTE]
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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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