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What I learned this weekend....

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Well, on Saturday I took a trip to CarMax. Absolutely loved that place. Felt no pressure at all. Anyway, I learned so much from my salesperson Lori. When I left there I wanted to go to the last dealership that I bought from a shoot the finance guy!! During this past week I have been told by 2 different Ford dealerships that they would give me $20,000 for my 2004 Envoy that I owe $25,379 on. I was also told that I HAD to buy a new vehicle (Explorer) because of the large rebates to offset my negative equity. I was also quoted rates ranging from 14.9% to 12% with several thousand down and payments would still be between $700-$850 a month. Well, at CarMax, I had an appraisal done on my Envoy and they were willing to give me $16,400. Lori explained that even though the Ford dealers were offering me $3,600 more, it was factored in somewhere and I was really paying for it. I also was able to see the offers from the banks as they came back. Wells Fargo came back with 13.39% and Transouth was 11.5%. She told me that a lot of times, the finance guy will increase my interest rate based on what I have said about my credit. If I am expecting a high rate, he will make sure that it is high and will profit from it. With this new information in hand I am heading to a Ford dealership on Monday morning. I am going to ask what they will give me for trade BEFORE I tell them what I am looking for or what my pay off is. If I do find something that I like I will insist that the finance person show me the offers from the bank. I am also going to my CU in the morning to see if they can beat these rates and what they will pre-qualify me for.

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Be careful with prices at car max. All dealerships make money somewhere.

There are 3 places: Car price, loan terms, or trade in. Some monkey with one, some with all three. It is a shell game that they play every day and they are good at it. IMO, every person who buys a car pays more than they could have.

Car Max is one of the ones who plays with prices. They claim to be no hassle. What that means is they won't bargain on prices. I went there 2 years ago looking for a car. They tried to sell me a 3 y/o used car for $2.5K over blue book. Then they wouldn't come down.

Not saying they are bad, just no different from the others.

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