What is the deal with car salesman?

I was looking at a Hyundai Elantra 2006 with 21,000 miles on it. Kelley blue book for it is 12,400. I have bad credit, so I know I would have a finance charge of atleast 19%. Well the finance manager came out to talk with me and told me that they could finance me and it would cost me 381 a month for 72 months! That would mean that I would be paying 27k for this car that is worth 12k! I told him no way, I did the math before I came and I averaged 11,800 with 21% for 48 months and it came out close to 341. He then told me that he had to pay the bank a fee to finance me?? Is that true? I thought the bank payed the dealer?! So I got really mean and told them forget it. They wouldn%26#039;t let me leave, claiming that they were giving me a deal. I flipped and pissed them off so they let me leave. How do I get an honest salesman? Help.....

What is the deal with car salesman?

Actually, the problem is usually the Manager, not the sales associate. There are quite a few decent people making a living selling cars, but they are put in difficult situations when a manager tells them to go out to the customer and say %26quot;Great news, we got you approved!%26quot;. They never want the sales associate to give them any details because they want to get you into the finance office where the Finance Manager will close you. I would make sure you get all the figures before you even go into the finance office %26lt;except for extended warranties%26gt;.

If you are looking for a Hyundai, you might want to try another dealership and be upfront with them about what had happened to you. Although many people would disagree with my statement, but history would more likely to repeat itself if you hide your past experience. I would go to the sales associate and tell them your situation and that you will buy if they give you a fair deal. This will show them that you are a buyer and not just a %26#039;tire kicker%26#039;. Do not take a defensive approach to the new dealership because they will be more likely to help you if you are honest and polite with them.

You can also try to secure your own financing with your credit union or local bank. It%26#039;s a shame how dealerships like the one you visited really give good dealerships and sales associates a bad reputation. I hope this helps and you can email me if you have any questions. I will also give you a link to a buyers order, which you can fill out to help understand all the figures. Good luck.

http://www.theautoevaluator.net/dealerwo...

What is the deal with car salesman?

Try a different dealer. They thought you were a sucker. Likely you were smart enough to realize! There are some honest ones out there. Give it enough time, you will find one. I would do your math first. Check out leandingtree.com to get an idea what you should qualify for.. With this in hand, go to the dealer. I did this when I bought my last car, and received a much lower interest rate than the dealer at first was going to give me, but they matches my online quote. Also, tell the dealer how much money you want to spend total on the car, not how much you can pay per month. Once you have a fair price, then talk about a loan. Good luck

What is the deal with car salesman?

depending on the bank they can charge big fees for instance consumer portfolio services have fees up to $1595 drive financial charge anywhere from 13% to 26%of the amount financed i had a $6000 dollar fee on one of my deals once fortunately the rebate covered it but in some states its illegal to charge the customer a bank fee although it is charged to the dealer and comes out of there profit a lot of my deals end up being losers after all the fees etc etc so firstly find out if its legal in your state to charge a customer a fee in my state (pa) its illegal i would never ask a customer for a fee also the finance manager you spoke to could also have been whats called %26quot;packing the payment%26quot; which means he had a warranty and gap insurance included in the payment he quoted you .which again in some states is also illegal mine included .try asking friends or relatives who have purchased cars to point you in the right direction to a dealer that they have a had a good buying experience with hope this helps thanks .finance manger at a new car dealer (11 years)

What is the deal with car salesman?

I%26#039;m a salesperson and I can honestly tell you that a bank does charge the dealer fees to finance someone with bad credit. They are called aquisition fees. As far as you calculating the payments and how much you were going to pay, you probably did it wrong. The APR is done every year not just the first one. Example: You finance $10k. Your APR is 10%. The first year you are going to pay $1000 in interest. Then you pay for a year and the loan gets smaller. The second year you owe $7k. You pay $700 in interest that year. So it%26#039;s an ongoing thing. It%26#039;s not just a one time interest rate. Not only that but there is daily rates too.