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Hi. I found a car which I want to buy for $11k. I was at the dealer today to get it and I chose to finance it. I wanted to put a $2000 down payment and pay tax upfront. They gave me an option of paying 295/mo for 60 months which gives a number of $17700...the interest rate that they got me for is 7.8% which is to high in my opinion. My credit score is 740 but I never had any loan or mortgage, they said that its that high because of that. Even with 7.8% interest it doesnt add up. Its my first loan so I dont really how it works. I said that I am going to get a loan myself and come back with cash. Could you help understand it? Was a a good deal or did they want to rip me off?

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http://m.wolframalpha.com/input/?i=%249000+7.8%25+APR+60+month+payments&x=0&y=0

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If you have a 740 FICO score you should be able to qualify for a sub-3% interest rate from a national credit union -- assuming the car isn't too old.

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Maybe you've heard of it, maybe not, but there's this slick web site called, uh, Google, which lets you SEARCH for things. If you search for "car loan calculator" it pops open a Google supplied calculator. There are even some 3rd party sites you can click on.

In the Google supplied calculator, plugging in the values:

Loan Amount: $9,000 (since you're putting $2K down on an 11K vehicle and paying the taxes up-front)
Interest Rate (%): 7.8
Loan Period (months): 60

It calculates your monthly payment as $182 and your total loan cost as $10,898. Sounds like the car dealer is trying to take you for a ride. Hopefully you'll get offered a MUCH LOWER RATER than 7.8% when you locate your own loan, further lowering your borrowing costs.


 

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You were wise to walk away from that: even if there was a misunderstanding about pricing, it's a truism that you should never sign something you don't quite understand.  If they really were trying to pull what you laid out here... well, I'd keep walking, myself, and find another car elsewhere.  As others have noted, the monthly payment for their financing offer makes no sense at all at that price (unless they've larded the invoice with thousands of dollars of garbage fees, add-on warranties, who knows what all.)   Your 740 credit score (if that's a reliable FICO) is "good" bordering on, though not quite, "excellent" (750-ish).   That 7.8% is awfully high -- my credit union (Alliant CU) is showing 2.49% for used car purchases (though it'd be slightly higher for a 740, but not 5.3% higher!).  So check your own bank, or a credit union you can join, for financing options.

If you do continue with this particular purchase, this could be a dealer where you'd best be on the lookout for vaguely-explained additional charges on top of the posted price.  Some may be legit in your state, like a titling fee or document fee, but find out what is a reasonable charge for these in your state, for a used car, and don't let yourself be charged more.  Other than sales tax, whatever they lard onto the price can be also be waived, so demand they waive it (and again, be prepared to walk if you're pushed). 

And stick to your very wise course of pulling up the reins if it's not entirely clear what you're agreeing to, or if you haven't had a chance to run your own calculations to your own satisfaction. Good luck!

 

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Thank you very much.
I never had any loan so its something new for me, the dealer was trying to convince me that the rate is very low and that the $295 payments are very low. I used the calculator but I got confused that there is so much difference and I started to think that maybe thats how it is. He told me that there are no additional fees included other than $375 transportation fee (weird because the car is in their parking lot) and $375 administration fee (for vehicle check up), I would try to take off the fees because I did not feel the need of paying it. But I decided to walk out and see what others think. I live in NY. The car year is 2012.
What do you think about lenders like LightStream?
Can I get an auto loan before getting the vehicle? Can I change my mind and use it for a different car?

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Definitely some funny business going on here. $295 a month on a 60-month note at 7.8% computes out to a financed principal of over $14,500, so $16,500 with your down payment.

1) Seriously consider whether you really want THIS car. I would have very little faith all is as it seems on this one.

2) Negotiate "out the door," inclusive of all fees. I don't care how they itemize fees, but what I negotiate will be the all-inclusive transaction price, and the transaction price will be where I want it with respect to the vehicle's book value or there won't be a transaction. Tax, title, and license are paid separately at the tag agency here, so not a factor here, but be clear whether that's included as well.

3) You can likely do better on the interest rate and it sounds like they're subprime specialists, so there are probably some other nasty surprises in the terms.

4) Out-the-door price (including TTL if applicable) less down payment should be your financed amount and punching that, the quoted interest rate, and the term into an amortization calculator should give you the quoted payment amount.

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m4gnumek said:   Thank you very much.
I never had any loan so its something new for me, the dealer was trying to convince me that the rate is very low and that the $295 payments are very low. I used the calculator but I got confused that there is so much difference and I started to think that maybe thats how it is. He told me that there are no additional fees included other than $375 transportation fee (weird because the car is in their parking lot) and $375 administration fee (for vehicle check up), I would try to take off the fees because I did not feel the need of paying it. But I decided to walk out and see what others think. I live in NY. The car year is 2012.
What do you think about lenders like LightStream?
Can I get an auto loan before getting the vehicle? Can I change my mind and use it for a different car?

  
Yes, you can get a loan at a bank/credit union without first deciding on which car to buy.  They will approve you an amount and you can shop within that budget.

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Good Night Nurse!! For a comparison, it has been a few years when I refinanced my 2010 Toyota Prius with NationWide Bank (related to the insurance company of the same name). My car insurance went to a different insurance company and remained so after the refinance. Amount financed was a bit more, but the APR was under 3%. FICO was a tad under your number and I had nothing but credit cards and the original dealer financing on my credit report. My dealer financing was about 4.1% APR.

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Are they imcluding gap insurance on the deal?  That would drive the cost up, and a lot of dealers try to do so.  You should have no problem getting a lower interest rate. I have never had an auto loan over 3%, although my credit score is higher. Also, your $11,000 car will cost more due to tax, title, and registration. Tax should be around $440 for NY, plus any local taxes, and registration fees are by weight, if I remember correctly. Souds like your dealer might be locked into their prefered lender, rather than shopping to get you the best rate. Shop for a loan online and get a pre approval letter from your lender. As is mentioned, credit unions usually provide better rates than banks. 

I lived in NY for 17 year. This deal sounds like some I ran across. Do what I did, take your business elsewhere. My intuition says there is more wrong with this deal than just the financials. Walk away and dont look back!

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Never rely only on the dealer for financing. They can bump your rate to make money, and if you don't have a point of reference for what you can really get, they'll tell you it is the best you can get.

Go to a credit union or 2, see what they'll offer you. Then when you do buy a car, you can let the dealer try and beat the bank. But now you are keeping them honest to get you a better deal since you should have a decent rate to begin with.

The second lesson you should take from this is never let the dealer obscure the real numbers using a monthly payment. Demand real numbers so you know what is actually in the deal.

If you do care about monthly payment for your budget, do some homework before to know what you can afford in terms of purchase price. This is also where it helps to know what interest rate you can get from a credit union. Example, you can afford $x a month so that means you can buy a car for $10k with the 4%, 36 month loan you got from the credit union. Then you can just negotiate price with the dealer and tell him to put his payment worksheet away.

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Good for you for questioning the numbers and coming here to ask about it.

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OP said: He told me that there are no additional fees included other than $375 transportation fee (weird because the car is in their parking lot) and $375 administration fee (for vehicle check up)

Yeah, figured -- though the numbers still don't add up, as noted above.  For used cars, (*cough* "pre-owned", I mean!) these added charges are meaningless, no matter how "standard" the dealer claims they are.  They're obviously designed to mimic the somewhat more legit charges on factory-new cars, but here they're just random adders to the advertised price.  At best, figure the real price is $11750 and ignore the hand-waving about magical charges (or better yet, negotiate them away, or down).

I'm with the other respondents here: this operation sounds fishy, like they've spotted you as someone new to the car-buying experience and are pulling all the shenanigans.  There are a lot of nice cars out there, and with your credit score you should be able to get attractive financing from mainstream sources (assuming you have a steady job, etc.).  Try walking into a local credit union and see what they can do for you (esp. if you transfer your regular banking to them).  Or talk to one of the reputable online credit unions you see discussed here on FW, like Alliant, Navy, etc.

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p.s. re VicVinegar's note about considering the dealer's offer to beat your bank/CU's rate for financing.

If you do, be very sure to compare apples with apples. The bank/CU financing will specify APR (annual percentage rate), the final and complete interest rate you pay. Ensure that the dealer is not "beating" that with a basic loan rate... and then adding on an origination fee or other fee that boosts their APR above the bank's. (This you may only find out above as your pen is poised above the signature line!)

Also in this sort of scenario, ensure that you are getting the same payoff rights. For example, the bank/CU loan would generally have no payoff or prepayment penalty, and you may find that the dealer's "competitive" financing charges you a percentage of balance for early payoff. (E.g. if you sell or junk the car before the loan's paid off.)

If these caveats sound like lessons learned the hard way... you are right

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prosperity said:   Good for you for questioning the numbers and coming here to ask about it.
  Yes, especially asking questions before signing on the dotted line.  Many times we see posts here where the buyer already signed the purchase/loan docs and at that point it's the water under the bridge.

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When I've bought used cars, I've always negotiated my "out the door" price--including, tax, tags, title, any other BS fees they think they're adding. It's also a good idea to walk into the dealership with your financing already arranged through a bank.  If the dealer can beat the rate, great, if not, you use your financing.  I have had dealers tell me that they can match the rate and try to have me finance through them, thinking I will be indifferent...but that's another negotiation opportunity--they get paid something if you finance through them, they get nothing if you finance through the bank.  So even if the rates are identical, I try to milk them for something in order for me to finance through them.  Last time I got them to replace the keys on my older Accord (Honda dealership) since they were malfunctioning (a known Honda defect for the model year).  If you let them, dealers will extract as much money as possible from you.  Never forget, you're the one in control, there's plenty more cars out there, but only so many ready to buy buyers are walking through their door--they do not want to lose a sale.

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Dealer Financing = Money. Dealers say ANYTHING to make more money.
Get your financing ahead of time (PenFed, Lightstream, etc) and watch them make a face when you show them the preapproval.

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forbin4040 said:   Dealer Financing = Money. Dealers say ANYTHING to make more money.
Get your financing ahead of time (PenFed, Lightstream, etc) and watch them make a face when you show them the preapproval.

  Dealers can occasionally meet or beat pre-approved financing.

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$295 a month for 60 months on a $11k car adds up to more like 20% interest rate.
Say they jacked up the cost to $13k with fees and taxes and options and fees and fees and you'd paying around 13%

Good bet that this used car dealer is ripping you off and lying to you.

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Regarding LightStream I recall from another thread that although their rates are low and they offer unsecured loans they base their approval on your assets as well as credit score. I'm not sure what level of assets is required but it seemed like much more than a typical provider.

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At this point i would be worried about the condition of the car. I would check out other dealers as well first.
Integrity is very important in business.

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Makes perfect sense, they were making you pay 2000 to take your car and adding 2% to your interest rate + 20 a month for the clearcoat for the TWOsday special .  Whoops all those 2's floating around gets so confusing for the sales manager.  Good thing they are looking out for you.  Such a scam, never go to a dealer without prearanged financing, shop the hell out of a car, come with other dealership printouts in your hand to leave on the sales table, go the last day of the month and be ready to walk out.  After you test drive when they want to sit you looking at the vehicle put your back to it and point out all the problems and talk yours up, when you let it be known you can leave without it the price drops by thousands and suddenly you trade will go up 10% but they they will work the warranty and options.  I like to look interested but tell them I will sleep on anything so they are in more of a hurry to get the car deal done and try to make the car price better then I never come back for the scam warranty.

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Thanks guys, you all really helped me a lot.
The car is in an Audi certified dealer, he has just few used cars. That is why I thought that they are reliable but it looks like they are even bigger lairs than the small dealers.
I applied for the loan to Lightstream but they declined, I also applied with a local CU - Bethpage. I will get the decision on Monday but the sales rep told me that I will more than likely be approved. I got 8 hard inquires on credit karma from the dealer...hope they are going to count is as 1. Should I try with another CU to have more room to play?
Could you help me understand how does the CU loan work? Will I get a check after I apply or do I have to hand the preapproval letter to the dealer? I applied for $10k. 
Can I transfer registration from my current car?

Oh I called the dealer that I got my own financier and I want to get the car for the 11k+tax+DMV+$750 (administration and transportation fee, they said that there is no chance that they would wave it), the manager told me that the $11k price is just for financing but I told him that there is nothing about that on their website and I will come and buy the car for their online price, I noticed that he was very mad but he said okay. The car has a very good price if it would be the $11750 and its in excellent condition.

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m4gnumek said:    I got 8 hard inquires on credit karma from the dealer...hope they are going to count is as 1. 

 


My understanding is that this should be grouped into one event and not hit you as hard as 8 separate applications.   They realize people want tos hop around for loan rates so applying for multiple auto loans within a short period shouldn't hurt your score worse than applying for one loan.
 

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m4gnumek said:   Thanks guys, you all really helped me a lot.
The car is in an Audi certified dealer, he has just few used cars. That is why I thought that they are reliable but it looks like they are even bigger lairs than the small dealers.
I applied for the loan to Lightstream but they declined, I also applied with a local CU - Bethpage. I will get the decision on Monday but the sales rep told me that I will more than likely be approved. I got 8 hard inquires on credit karma from the dealer...hope they are going to count is as 1. Should I try with another CU to have more room to play?
Could you help me understand how does the CU loan work? Will I get a check after I apply or do I have to hand the preapproval letter to the dealer? I applied for $10k. 
Can I transfer registration from my current car?

Oh I called the dealer that I got my own financier and I want to get the car for the 11k+tax+DMV+$750 (administration and transportation fee, they said that there is no chance that they would wave it), the manager told me that the $11k price is just for financing but I told him that there is nothing about that on their website and I will come and buy the car for their online price, I noticed that he was very mad but he said okay. The car has a very good price if it would be the $11750 and its in excellent condition.

  
The dealership shotguns your credit app out to a bunch of places to see what comes back, so that is why you see 8 from that one event. I'd apply at another place to see what the rate is. Why not at this point?  As someone already said, the credit agencies recognize when you are loan shopping and shouldn't penalize you for multiple hits in a short time period.

How you actually pay for the car depends on the CU. Some will send you what is essentially a blank check to use, others will require a phonecall at the dealership to take the information down and they'll send the money.  Just ask after you get approved.

Living in NY and VA I've been able to transfer tags/registration, can't say for where you are.  You say Bethpage, so maybe NY.

You seem happy with the price, so maybe it is no big deal, but I'd want to know why I'm paying a transportation charge on a used car.  New cars have a freight charge, as they are shipped from a port or factory.  

How are you pricing this car?  Book value?  What are the book numbers?  Remember, a dealership can make way more on a used car than a new sale.  They either steal the car from someone as a trade in or they get it at auction.  If 11k is retail book, they probably own it for 9.5k.  Don't be afraid to offer less.  There is no greater bargaining chip than being a ready buyer with money to spend.  Once your loan is straightened out, email them an offer and tell them you'll buy the next day if they accept it.  Don't be afraid to reduce your number. 



 

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Great, so I am going to apply in more credit unions, are banks worth trying too? I read lots of good reviews about Alliant but I dont think I qualify for the membership.

Oh okay so I do not get the money in hand like with the unsecured loan.

Yes, I live in NY. I transferred the registration before but Im not sure how to do it through the dealer as they are doing the registration.

I asked about the transportation fee and they told me that its for the car checkup, oil changes etc Ill try to negotiate it but they are angry anyways that I did not agree for the financing, they clearly are not happy to sell it for the advertised price.

The KBB dealer suggested price is $14k so the price is very good if it all works out, thats why I want the car so much. The sales rep said something that they got if for $9k. The carfax says that they got it at auction.

They want to come tomorrow but I am not going to get the approval until Monday. Im sure they are going to try to get me in some paperwork. Do you think I should get any document listing the numbers? Should I put a deposit?

Sorry for asking so many questions but you are my only hope right now.

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m4gnumek said:   Sorry for asking so many questions but you are my only hope right now.
  
Sorry, we're not Obi-Wan. 

Don't put down a deposit. It's typically not refundable, especially if you don't end up with the loan. If you want it to be refundable then you'd have to write that in and then what's the point of a deposit if it's refundable? It is possible that they could sell it to someone else, but that's the risk you have to take because you haven't gotten your financing set in advance. Cars are a commodity, you'll be able to find another one like that. 

You apply to the credit union that has the best rate. You can also check nadaguide.com. If you have good credit, you can typically buy a car at a little below retail. 

Boy, wait til the finance guy gets to you after you buy the car, that's when they'll try to sell you extended warranties, tire/wheel protection packages, rust proofing, cloth protection packages etc., really endless. You should also decline as most of it is fluff and has a very high profit margin. 

 

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They sound like they want a huge money grab at start but will still do the deal and are pressuring sooner now even below KBB?? Have you had the car checked out by a mechanic? It's not all adding up as a "fair" transaction. Especially if they are pressing to sell a car that far below book value. I'd be very hesitant to jump on this deal.

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m4gnumek said:   Thanks guys, you all really helped me a lot.
The car is in an Audi certified dealer, he has just few used cars. That is why I thought that they are reliable but it looks like they are even bigger lairs than the small dealers.
I applied for the loan to Lightstream but they declined, I also applied with a local CU - Bethpage. I will get the decision on Monday but the sales rep told me that I will more than likely be approved. I got 8 hard inquires on credit karma from the dealer...hope they are going to count is as 1. Should I try with another CU to have more room to play?
Could you help me understand how does the CU loan work? Will I get a check after I apply or do I have to hand the preapproval letter to the dealer? I applied for $10k. 
Can I transfer registration from my current car?

Oh I called the dealer that I got my own financier and I want to get the car for the 11k+tax+DMV+$750 (administration and transportation fee, they said that there is no chance that they would wave it), the manager told me that the $11k price is just for financing but I told him that there is nothing about that on their website and I will come and buy the car for their online price, I noticed that he was very mad but he said okay. The car has a very good price if it would be the $11750 and its in excellent condition.

  As far as paying for the car with a CU check - this is how mine works.

You apply for the loan for the max amount you feel you are going to spend - you don't have to use all of it. After approval you are to sign a couple documents for the loan and are given a blank check which will have printed on the face the max amount the check is good for. Along with the check is an instruction sheet for you and the dealer.

When you are done negotiating and ready to buy, the dealer has to call the CU and "verify" the car. Essentially what the CU does on the phone is go through the KBB items just like you would do on-line. As long as the "retail" price you are paying is equal or less than what is found you are good. Then they ask to talk to you (to verify that you are really there and purchasing the car) and that's it. Then you fill out the check and done.

Every time over the years that I went to buy a vehicle (new or used) I've done this. Only once has the dealership offered me a much better rate which I went ahead with. When I did that I simply returned the check and paperwork to the CU.

I have used my CU for buying used vehicles person-to-person also (not at a dealer). Basically the same steps - just that you call the CU yourself to verify the vehicle. They also ask for a copy of the registration to be faxed to them ahead of time,

It is kind of empowering to be able to walk into a dealer with essentially a blank check in your pocket. But of course you still have to be vigilant in watching the final price and any fees. At least that takes the financing part out of the transaction where the dealer will try to play with the numbers.

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Trying to add a separate charge for reconditioning a used car is bs. Reconditioning a used car is standard and should already be part of the car's price. It isn't your fault they picked something that needed work. They make those decisions.

Once your loan is squared away, get them to commit to a price via email and you commit to come in after that, armed with the written price. Id even ask them to have the paperwork started to speed things up for you. You are a busy person and have better things to do than sit at a dealership. If you come in and there is some "mistake" on the paperwork or they try to do anything but sell you the car for the price in the email, then get up and leave.

On the price, if they own the car for 9 and are trying to charge you $800 for nonsense, then they are still making very good money at 11. I mean, let's just say they legitimately put 800 into it for reconditioning (probably didn't) and weren't trying to pass it along to you (they are), then they still would stand to make 1200 at 11. That isn't a bad sale at all for the dealer or the sales guy.

If I were you, I'd offer less. Start talking out the door price, inclusive of all taxes and fees, and get them to commit to that in writing. You want to walk in and write a check for x amount. Don't let them stash fees around every corner. You don't care if they charge you 500 for the car and 10000 in dealer fees, you just know you'll write a check for 10500 and get the keys to a car.

I'll also just throw this out there, you mention this is an Audi dealer. Please tell us you aren't buying an $11k Audi as your first car purchase. If you are on a limited budget, a $11k Audi should not be in your list unless your cousin is a Audi mechanic who will work for free. Even then, the parts are expensive. Get a Honda and wait until you can afford a new Audi.

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You obviously want this car, so don't let emotion dictate what you do. I would put a depost down. I put a deposit down in NYC and found a better deal across the street. I went back and got my money refunded. Also, keep in mind, that they may have purchased it at auction for 9k, but if it needed any kind of work, mechanical or body etc., the dealer is paying for time and materials. So, they may be upset if they arent making money, and might be willing to begrudgingly take a loss if there are other unresolved problems still. I assume the vehicle is pre-owned, but not certified, correct?  Have a mechanic check out the car first. I might be the best money you spend in this entire transaction

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I am going to see the dealer today and make him write the numbers down so I can come just to pay for the car once I get approved for the loan.
They stated at their ad that the price is below KBB, I guess they are giving good car price but rip people on the financing. I could tell right away that they were not happy that I did not agree for the financing and they wanted to make the car price higher when I offered paying cash. Is it even legal to not agree to sell the car for the advertised price?
The car is not Audi its a Caddy. The car looks like its in very good condition. They are assuring that the car was checked and there is nothing that needs any work. Its pre-owned not certified.
I will try to negotiate the transportation fee down.

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I dont think they are giving you a great deal, but it is not bad.  Basically, that car in your area has a private party value just over $11K.  If you are set on buying, put money down. 

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m4gnumek said:   The car is not Audi its a Caddy. The car looks like its in very good condition. They are assuring that the car was checked and there is nothing that needs any work. Its pre-owned not certified.
Did they put that assurance IN WRITING? If not, that means nothing. As already mentioned by a previous poster, spend a few bucks to get it independently inspected by a reputable mechanic.  That might cost you $100+, but it might be some of the best money you've ever spent (especially if the mechanic finds that the vehicle has all sorts of issues with it).

Did the Audi Dealer at least give you a CarFax report on the Caddy? If not, GET ONE.  Also, verify that the VIN on the report matches the VIN of the car.

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TheDiggler said:   
m4gnumek said:   The car is not Audi its a Caddy. The car looks like its in very good condition. They are assuring that the car was checked and there is nothing that needs any work. Its pre-owned not certified.
Did they put that assurance IN WRITING? If not, that means nothing. As already mentioned by a previous poster, spend a few bucks to get it independently inspected by a reputable mechanic.  That might cost you $100+, but it might be some of the best money you've ever spent (especially if the mechanic finds that the vehicle has all sorts of issues with it).

Did the Audi Dealer at least give you a CarFax report on the Caddy? If not, GET ONE.  Also, verify that the VIN on the report matches the VIN of the car.

  I got the carfax and it looks clean. They did not put the assurance in writing but ill try to make them do it today. 
snnistle said:   I dont think they are giving you a great deal, but it is not bad.  Basically, that car in your area has a private party value just over $11K.  If you are set on buying, put money down. 
  Did you find the car? There are no private sells for this car nearby and this one is in pretty good shape so I would be happy to get it.

Okay so I got a message from my local credit union that I was approved for the lowest rate which is 2.08% (not 7.8% like the dealer tried to convince me). They said that I need to get the copy of the dealers license and a signed purchase order, on Monday I need to get it to the branch and they will hand me the check. Should I sign the purchase order?

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Never, ever walk into a car dealer without cash or a previously shopped for approved financing. If I'm in the market for a vehicle, I will look around for the best rate and have a pre-approved rate and amount in hand (usually the lender will send you a blank check). Just because you are pre-approved from a lender doesn't mean you have to go with them either. Once at the dealer and we haggle price for a bit and I have a finalized out the door price I want, the dealer can offer to see if they can get a better loan rate for me. Half the time they don't even try because they know they can't beat my pre-approved rate but this last time I was able to get a lower rate for a 60 mo vs my 40 mo term so I did go with the dealer financing.

OP, it sounds like this dealer is totally trying to take you. If it was me I would laugh my way out the door and never deal with him again. Good for you for using common sense and stepping back when something didn't seem right.

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I got approved for a loan and I am ready to get it, I opened the membership account already because their costumer service if great and very fast. I am going to the dealer right now to get everything settled but I dont know if I should sign the purchase order? The CU requires me to do that before they can hand me the check.

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Treat every part of the transaction separately. Dealers often try to bundle it to infuse added costs into the deal. Make sure you know what you are paying for. Everything is negotiable but you are specifically wanting an "out the door price". If they are including tax, title and licensing costs make sure you know that from the sale price. Usually they add that to the total amount financed.

Only sign the purchase order for the lender when you agree on a final sale with the dealer. This means "you bought the car" and there are no returns. Then the lender will send the dealer a check for the amount financed. I'd expect the dealer to call the lender to verify your loan.

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Okay so it got to the end after a huge bang
They made me wait 1.5h to tell me that it just got sold. It was not sold because it was still on their parking lot and each guy was saying something else and they were simply lying. I had an argue with the finance manager because he said that the additional $9k was just the interest + tax and I dont know how to calculate the loan.
They had a lot of costumers which I heard they were clearly trying to rip off just like me so I made sure that everyone hears it. When I got out the finance manager called me a "fcking idiot" and I was really holding myself to not do something I would regret. I am surely going to spam some reviews so everyone knows how they treat people.
Thank you guys very much for your help, I really appreciate it. I am going to do what you said and look for a new car. I got approved for $13k so I can stretch my budget a bit.r

Skipping 33 Messages...
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m4gnumek said:   Finally, I got a car. I found it on through cargurus, thanks to for reminding me of that website - Quikboy4
I got it from a dealer who was willing to negotiate and was very clear with everything. It went very fast and simple. I got the check from my CU very fast as well. I am very happy with the car and I hope that there is nothing wrong with it.

Thank you all very much. You taught me a lot and I am much smarter in loans and buying cars, all because of you. I really appreciate you help.

  
Awesome, glad we could help too!

You are the ideal first time poster. You came here, told us your issue, asked a question, listened to the answers, came back and responded, took some of the useful information, solved your issue, improved your financial well-being, told us the resolution, and really learned something. I wish all first time posts on the forum could end up like this thread! Please stick around and browse and continue learning about finances and deals. Your wallet will be getting fatter in a matter of months, I promise! And even if you don't think you have much to contribute, just stick around for a little while on the forums and you'd be surprised how quickly a question will pop up about something that you might know a lot about.

Thank you for contributing to our community!

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