5 Ways Dealers Can Rip You Off With Car Financing - Car Buying Tips

Buying A Car Doesn't Have To Suck™️
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Most car buyers get financing with their new car. There are all sorts of tricks, scams, etc where dealers can rip you off if you are not diligent. This video shows you the top 5 financing scams in great detail and shows you how to get around them.
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#Chevrolet #Louisville
You can now find me at my own dealership in southern Indiana. My wife and I started Mike’s Car Store Located in Georgetown, In. Where Buying a Car Doesn’t Have to Suck™

We specialize in Late model Used cars for all types of buyers. If you have challenged credit we can definitely help you and ensure you don’t get scammed or pay too much. If you are a cash buyer or have excellent credit we will be glad to help you as well.

[craigjacobson]

I purchased my F150 on June 6th, 2020 and to get all Ford rebates I had to finance with FMC at 7.22%...No biggie, I was going to refinance anyway. I refinanced with my credit union 5 days later at 2.19% and never made 1 payment (except payoff) to Ford

[rwilber]

So THIS is why dealerships don't know what to do with me when I insist I am not focused on my monthly payment and absolutely refuse to discuss it...

[allenhigginbotham]

Great info Mike, there's a dealership in northern Indiana that packs there payments. My brother went to buy a new car and I went with him thank God I did. He did a deal and the finance guy said this is your package payment. I told him to go back and give him the payment with price of car, doc fee and tax. Saved him $80 a month and what's so funny is they got pissed at me and wanted me to leave.

[Big.Ron]

In 2005 I bought a Jeep Liberty. About 10 days later I got the dreaded call to come back in. I had good credit with a good LTV so I was pissed. I went in ready to fight but, to my surprise they got me a better rate and my payment dropped 30 dollars. So I was happy, they got a good review, and all ended well. An honest dealer. Imagine that.

[keystomotoadventures]

Thank you. I just purchased a used truck for my son. Because of using your tips and doing my homework, I walked away saving just over $9000. Thank you again.

[superchief]

Don’t take dealership financing. Have your financing lined up before you shop. Get the best deal and don’t let the dealer run your credit. It goes against your report and you are not using the deal the Finance Manager wants to stick you with anyway! Sell your trade yourself or give it away to a charity and not the finance guy! The only reason to trade your car to a dealer is you need the parking space for the new car!

[williamrichardson]

I sure like what I hear. That’s why I’m buying a car from you from out of state. Thanks a lot Mike. Waiting patiently…

[andrewmobley]

I’m half tempted to make the drive to Louisville just to do business with you (Only about a 2-3 hour drive). You’re the unicorn of car salesman. Don’t think I’d trust anyone else

[turtleguy]

The car loan calculator is awesome. Didnt understand how bad having 17% for 72 months could be til I saw that.

[sobora]

I like the way you sell Cars. I am car salesman myself and I’m doing the same thing you do but always get criticize by peoples I work with for being customer advocate.

[biancagarcia]

Uhm I just had to come to say THANK YOU my man. I’ve been watching your videos as I have been searching for a car. Today I used everything I’ve learned from your videos. I walked in and out confident that I made a good, fair deal.
I always hated car shopping because I always caved in on prices.

Thank you for your content and candor !!

[karld]

Buying cars and houses should be taught in high school.

[PokerADHD]

I seriously hope you get a ton of business because of this channel

[ChevyDude]

Use Promo Code " CHEVYDUDE " to get 10% OFF your entire order.

[Jeffelangelo]

The worst experience I've had was buying a CPO Camaro from a Chevy dealer. It was advertised as CPO, then in the finance office I asked about the CPO documents and they told me it was "certifiable" and I had to pay $400 to actually be a CPO car.

[buffalobill]

My last 2 cars where dealer financed and had no problems. But I did pay both off in 2 years of the 5 year loans

[kirkdunn]

My credit union was simple....they gave me a "not to exceed" number on check and I could have used it for any brand new 2500 HD truck and I had an approved rate off a hard pull....no matter what your gonna get a hard pull to get a loan....it was very painless and no dealer could come close to the I knew what banks/ CU pulled which fico score and knew all of my scores so I matched the CU that pulled from my highest score ( some can be 50-100 pt difference)..

So instead of guessing and getting 20 pulls I narrowed it down to a few CU who had lowest rates in industry and used my highest fico scoring model (F9 auto EQ in my case) to get me best

I researched the financing almost as much as price of the

If I used the dealer they wanted 5k down and $830/M...with my CU nothing down and truck, price, terms, etc

[Zraupp]

After I sign paperwork, they asked me to re-sign paperwork,
and I got lower interest rate, 4.25% to 4.19%
My credit score was 739

[Ed_Garage]

I just always ask for price out the door. Then I go with the dealer that has the best deal. As far as financing I always contact my bank and get pre approval, if the dealer can beat the rate then I go with that. Never buy anything from the finance guy including gap. I get gap through my insurance.

[RonnieGreher]

Basically you should try to avoid dealer financing, at least initially. You can always ask about it after you get a cash price and check with your bank or credit union. If the dealer won’t give you a cash price, opting to give only monthly payment amount, walk/run away