When you look for balloon auto financing, chances are you either have dealt with a dealership recently or soon will. Be sure not to be taken advantage of by reading up on the top dealership scams.
“Your credit disqualifies you for the best rates.” Dealers will do their best almost always to make your credit appear worse than it really is. They do this so they can amaze you into higher interest rates on financing. This is part of the reason why you would be better off securing third-party financing, such as balloon auto financing.
Accumulating all transactions into one. Dealers love nothing more than to negotiate all three components of a car-buying transaction (financing, trade-in value, and the new vehicle price) at once. Lumping everything into one allows them to bring to notice one low number in front of you while disguising the fact that they are simultaneously inflating (or deflating, in the case of trade-in value) the other numbers. You may either negotiate each of these transactions separately or get balloon auto financing from a more trustworthy third party.
The MSRP myth. You will always only see the MSRP of the car on the vehicle window. This number is basically meaningless because it is nothing more than an inflated suggestion. What you should mostly pay attention to is the invoice price, or what the dealer paid for the car. Find out this number and work your way up.
The 0% financing illusion. You will sometimes have the option of 0% financing or a cash rebate. Always choose the cash rebate. The hidden costs of 0% financing are significant because the dealer has to compensate for the profit lost in the financing deal. Often, 0% financing means you have to pay sticker price for the car, which is not worth it. You’re better off with independent balloon auto financing.
“I’m losing money on this deal.” You will hear this line when the dealer doesn’t want to go any lower on the price of the car, and you should never believe it. If they try to substantiate this claim at all, the figures they show you to “prove” they are losing money on the deal are not accurate. Dealers get their profit from all kinds of sources, including manufacturer holdbacks or cash incentives, as a result,neither of which they will tell you about.
OFFICE ADDRESS
The Law Offices of Hovanes Margarian
13425 Ventura Blvd.
Suite 303
Sherman Oaks
CA 91423
818.990.0418
Apparently you have never sold cars. These are people who arent trying to cheat you they are trying to make a living, support the wife and kids. People often say you will get your money back on the next one what if the next one doesnt happen for a while all they have to live off of is that little minimum voucher of 75.00 which is taxed. Treat people how you want to be treated put yourself in the shoes of the salesman. People should help eachother. For everyone that does business with me I return the favor shopping at the establishments they own.
I have never had a sales job at a dealership but I founded and ran a nationwide auto brokerage for over 5 years and know exactly how the industry works. Over those years I hired many employees – some with customer service backgrounds and some with pure car sales backgrounds. Thus I am very well aware of the fact that there are decent sales people out there (many of whom are really good friends of mine and I respect them tremendously for being righteous in such a dirty business) but I am also very aware of the fact that most “good” sales people are extremely cutthroat and will let nothing stand in between them and selling a car. I once hired a sales guy who claimed to be great at selling. A few months later during a team meeting he told me a story which disturbed me so much that I fired him the week after. What he had done was sold a vehicle without air conditioning to an unsuspecting buyer and when the buyer had come back he had hid behind peoples desks and in empty rooms to avoid him on numerous occasions until the buyer quit visiting the dealership to complain to him. What made me sick to my stomach was how he told the story with such pride and excitement that you would think he had saved a baby from a burning building. Again, I am not saying that all sales people are the same. There are many honest people in the automotive industry and if you are one of them then I sincerely solute you! We need more like you so that people can get what they bargain for instead of being cheated out of their hard earned money.
Very Good!
Hahahah.. Damm.. great one
Brilliant!