The Worst Thing You Could Do In a Car Dealership

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[DeshoneTheAutoAdvisor]

For car shopping help and free resources open the Cars From Home Toolkit here www.CarsFromHomeToolkit.com

[hueythegod]

I’m not even buying a car but this information is super important and helpful..

[certafyde]

Be careful whenever the salesman leaves you at his desk to go talk to the finance manager. They will leave the phone on speaker/conference and go to another office and listen to what you are saying in private.

[rapidride]

You NEVER negotiate the monthly payment...but rather the price of the vehicle.

[Dragandspinn]

The $5000 =$100 is great. I was taught to drop zeros and multiply by 2. $35000 is 350x2 $700 monthly. It's approximately a 6% interest rate.

[christophercarter]

I appreciate the free game you given I’m actually looking into getting a vehicle and I needed this exact info. Thank you 🙏🏿

[tonyquinn]

Wow! This was some great information. You said more was coming and this was right on time.

[calvinnunnally]

Got it! Every 5000 is a hundred per month, simple, but informative

[cheezybred]

Get your mind away from payments and think about the price. Payments will keep you poor

[somanynamesilltrythis]

I'm definitely listening, and i subscribed bcuz this is the knowledge I need.

[akabucy]

I was always SO anxious buying a man's video's have helped so much!

[francisaselin]

Always calculate the interest. Dealerships will tell you it’s $400 a month for 60 months. Then when you run the sales price payment and length of the lease you find out your paying 12 to 15% interest. We went to another dealer. If you have good credit you should not be paying over 7 to 8. If you have great credit you should be paying about 5 or 6. My son was told because he hadn’t bought a car before he would have to pay a high interest. However I knew his credit score. He built up his credit with credit cards he paid off every month and when it was time for him to buy his first car his score was 725 and he got a 3% loan. Watch out.

[frankb.]

Wouldn’t the interest rate affect this significantly?

[Machete]

Best thing to do is shop for financing with credit unions and banks get pre approved for a loan before you walk in to the stealership also ALWAYS turn down extended warranties. Read the fine print they don’t cover 💩 and they add them to the total cost and you finance them for 5 years adding a extra year in payments alone.

[savedbychrist]

Should I wait until end of the year to buy a new vehicle?

[agustincastillo]

Love to see positive Brothers like you! Keep up the good work! You got my support!!!

[jeebuscrise]

Worst thing you can do is step on the lot without working your best deal with them before you get there.

First. Never trade with a dealership you are buying from. Sell it outright, or tell the dealership you want a trade offer before you even discuss a purchase.

Next, get your loan from a credit union first. Set your budget by what you can afford, not a payment a dealership offers. You will already know your payment because you established it with your credit union. Now find the best car or Suv with the draft check in your hand.

Stop living life as consumerist. Become an investor/owner. Stop trying to recapture new car smell every few years so you can focus on buying rental property to invest in, and own your life, not rims.

[pushonline]

I do it differently and I’m curious your thoughts.

My brother in law is a GSM for FORD and been in the industry 25 years. And his colleague is now GM at Chevy. Wifey runs BDC dept. I also have auto clients at my agency…

So here’s what I do / learned - please tell me if this is wrong.


I call about three dealerships and tell them to give me a quote out the door with taxes, tags, delivery fee, etc., at tier 1 credit, 15, 000 miles, no money down, 36 months - I provide the trim level as well. I ask for any rebates, incentives, and back then would never pay sticker.

Once they give me that quote, I ask for the residual value of the vehicle. Then I ask for the money factor.

I times the money factor by .0024 to get the rate. Then I do the math.

Example:

$50, 000 car. They quote me a ridiculous $799/mo and tell me the money factor is 4.9%. It’s lies.

If the residual is 60%, I will k ly be $20, 000 over the course of the lease. Also realize their lying because when I asked for the money factor again, they gave me .0034.

The formular is to times that by 2, 400. Which is an 8%+ interest rate.

So I ask, how am I being charged that at Tier 1? Oh, because the bank is at… wait, oh we made a mistake. (I know you did)

Now they come back with a 6% money factor.

$20, 000 / 36 months is $555. But I know that it doesn’t include those taxes, tags, interest, etc.

I tell them I wanna put no more then $2K down (which should be no more than $1, 500-$1, 800), but knowing every $1K will drop the payment down atleast $27…. I’m now at $501/mo.

Add the 6% money factor +
6.5% taxes and that adds total, another $62.62/mo. Brings me to $563.62 + tags, delivery fee, and whatever other state or dealership fees are on there can now get factored in. Less just add another $30 then.

I’m now at $593/mo…

There’s my payment. If you X that by 36 months, you get $21, 348 on the $50K car. Makes sense?

I’ve always done my leases this way. I’ve entered the dealership to negotiate a deal for someone recently with this formula and added a military discount. He walked out with a $480 car payment on a 2022 Pathfinder S(he did trade in an explorer), and the other family walked out with a $799 payment on the same vehicle (but put close to the same amount down in cash)

[markfoundas]

Fabulous info ! Very well done ! Many thanks.

[pdavis]

Thanks for sharing this information. When is your next masterclass? Or, do you have a replay?