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Quote:

Originally Posted by boyvan (Post 565922)

I agree with what Auto Junkie said. Don't let them intimidate you....I know its easier said that done.

If you were to get a pre-approved loan first then you will have an advantage to negotiate the price. But if you go pre-approved way then your credit will be checked which will bring your credit score down a bit (we should leave that for another day). So just go to one place to get a loan.....but dealerships are less picky when it comes to loans. There is so much to say so if you ask more specific questions I will try to answer.

I am not an expert in anyway but having gone through the first brand new car purchase (6 mos ago) I thought I handled it well. OR at least thats what they made me think....lol

As far as i know, chrysler does all of there finance loans through outsourced banks. My loan was done through TD Bank i think, but everything was done on the spot with the guys at the dealership. After we signed a confirmation forum to confirm our price point and order, we then approved for a credit loan. With both me and my gf's combined credit we approved no problem.

The prices of the jeeps are pretty standard, theres not a whole lot the dealer can do as far as changing the prices, but they will try to upsell you on something you don't need for sure.

Quote:

Originally Posted by AutoJunkieMan (Post 565923)

And you are right Chrysler outsources the finance part. Manufacturers get special rate (buying power) through the banks and the same banks won't offer you the same rate even if you are their client for an auto loan unless of course you have high net worth.

But when you tell the dealer that you will pay cash then they tend to lower the price even more - of course it depends on the make/model and how desperate the dealer is to move their stock off the lot. I know because I tried it few months ago :smile:

In most cases banks / credit unions will not match the manufacturer interest rate. So now you have to do your math and see if you get 1% higher (for example) from the bank and pay cash to the dealer then how much the dealer will reduce and if you are better off going this way - this should include cost of borrowing and if you are planning to make extra payments, etc etc.

I was a FA at a bank and we used to do this way too often for our high value clients and in most cases dealer financing was a better way to go.I personally went through the dealership too....in case you were wondering :laugh:

Having said all that....I learned over the years that there is no perfect way. What worked for me may or may not work for someone else. My 2012 Overland - with Adaptive Cruise, etc was listed for little over $56K. I got it for little over $52K.

Quote:

Originally Posted by boyvan (Post 565925)

In alot of cases you can get a "off the lot" car for lower of course. But then you have to get common features like Automatic *shiver*.

I guess I pay a premium for my rear gear ratio and my manual transmission, but who cares! It's going to be perfect just the way I ordered it and this is my first new car. But for sure i agree go through the dealer, because most banks will jack up the rates unless your a big investor.