5 Ways Dealers Can Rip You Off With Car Financing

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

Рет қаралды 163,696

3 жыл бұрын

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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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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.
We are also specializing in our new Car Grabber service. If you are looking for a late model car and don’t want to contact a bunch of dealerships just to have them show you cars you didn’t ask for. We got you. Just head over to mikescarstore.com and tell us what you are looking for and we will get it for you.

Пікірлер: 273

@craigjacobson158 3 жыл бұрын

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

@ChevyDude 3 жыл бұрын

See it works. And it only cost minimal money and a little extra effort. Great ROI.

@justiceodueze2897 3 жыл бұрын

I had no idea you could do that. I thought once you financed with one bank you could only refinance through that same bank

@nokoolaid 3 жыл бұрын

That's a huge different. I'd like to know what they were padding in there. 5% is a lot for the difference between buy and sell rate.

@craigjacobson158 3 жыл бұрын

@@nokoolaid I'm sure that was a small difference but to get all the rebates that Ford advertised I had to finance with them at their published rate

@craigjacobson158 3 жыл бұрын

The finance guy told me to wait for the 6 months because they get a portion of the finance as a kickback but I waited 6 days

@rwilber72 2 жыл бұрын

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...

@karld001 3 жыл бұрын

Buying cars and houses should be taught in high school.

@allenhigginbotham3740 3 жыл бұрын

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.

@keystomotoadventures2399 2 жыл бұрын

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.

@Big.Ron1 3 жыл бұрын

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.

@williamrichardson6242 3 жыл бұрын

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…

@superchief15 3 жыл бұрын

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!

@lealoctavio18 3 жыл бұрын

Question fuck I wish I would of watch this video befored, but I decided to finance the car, they took my credit card to check my credit score even tho I haven’t lock the deal they still ran my credit, I just figured I’ll get a better rate at my bank plus the deal ship at Honda doesn’t want to disclose the rate until I insurance the car I want to buy HELP!!!!

@olfactory_art 2 жыл бұрын

Great rule of thumb

@andrewmobley8003 3 жыл бұрын

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

@turtleguy2243 3 жыл бұрын

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

@T-roccBABY 3 жыл бұрын

17%!?!? Holy shit were they putting it on a credit card?! I don't even bother with 3.99%(new, used is always higher) I'd laugh at anyone trying to convince me on anything higher.

@trapabar19 Ай бұрын

@@T-roccBABYoh how this comment aged like fine wine.

@T-roccBABY Ай бұрын

@@trapabar19 word. I got 7k taken off and .3% on 5 years, brand new cx5. Spring 2021 was a pretty good time to by. In Canada, the rates are beyond parody now haha.

@PokerADHD 3 жыл бұрын

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

@nsant 3 жыл бұрын

With 300k subscribers, he should be making around 25k a month in just ad revenue.

@LadiiBKS 3 жыл бұрын

He will because of honesty.. thanks chevy dude

@benjaminwagner8141 3 жыл бұрын

I live in Ohio, 6 hours away, and i plan to buy from him when I can

@Jeffelangelo 3 жыл бұрын

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.

@sobora97 3 жыл бұрын

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.

@ChevyDude 3 жыл бұрын

I use to get criticism too. Now they are amazed. Keep up the good work!

@sobora97 3 жыл бұрын

Chevy Dude thank you for the inspiration sir

@biancagarcia9233 3 жыл бұрын

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 !!

@ChevyDude 3 жыл бұрын

Thank for all your support. Shop The Coldest Water 👉 thecoldestwater.com/?ref=CHEVYDUDE Use Promo Code " CHEVYDUDE " to get 10% OFF your entire order.

@blackrider1976 3 жыл бұрын

can you send me a bottle please :)

@buffalobill5526 3 жыл бұрын

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

@XX-166 3 жыл бұрын

Lucky you.

@AL_SD 3 жыл бұрын

My credit was around 600 then the dealer recommended me to pay off all my revolving credit debt before financing a new car. After I payed it off my credit shot up to 740 and I qualified for a 72 Mo loan at 2.99 apr with 0 down and this was back in 2016.

@waterheaterservices 3 жыл бұрын

@@AL_SD Excellent

@bChipps 3 жыл бұрын

How

@XX-166 3 жыл бұрын

@@bChipps that’s what he’s still trying to figure out.

@kirkdunn1379 3 жыл бұрын

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 rate......also 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 rate....... I researched the financing almost as much as price of the truck...... If I used the dealer they wanted 5k down and $830/M...with my CU nothing down and $734/M.....same truck, price, terms, etc

@kellis773 21 күн бұрын

I bought an extended warranty, and it more than paid for it's self.

@thundahsenshi150 3 жыл бұрын

Thank you so much for making this page. It’s so much help!

@Zraupp10 3 жыл бұрын

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

@ChevyDude 3 жыл бұрын

They probably marked it up to much. Banks do have caps and if the dealership goes over they will kick the contract.

@Zraupp10 3 жыл бұрын

@@ChevyDude 04 GMC Sierra 2500HD crew cab Duramax diesel 4x4, Michigan farm truck, little rust, all new brake line/disk and pads, new tires, new wheel hub driver front and all new injectors (injectors were all zero) were done by the previous owner.

@XX-166 3 жыл бұрын

Thieves

@husambazzi9915 3 жыл бұрын

Chevy dude has been hitting the gym! He looks swole💪

@XX-166 3 жыл бұрын

Nahhhhhh he’s wearing smaller shirts.

@worstxiv 3 жыл бұрын

you're the man!!! thank you so much for all these tips, life saver.

@travisschmidt6917 3 жыл бұрын

Dude keep.doing what ur doin, keeping people educated 🤙🔥

@maxxedout2020 3 жыл бұрын

You have described a local dealership that sells Nissan Honda and Ford in Ashland Ky. I wont mention their name but the owner lost the WV governor race last time. They got me about 9 years ago with some of this crap and the add ons.

@fredloresto8845 3 жыл бұрын

This sounds like the car dealership on Maui,Hawaii (Jim Falks Motors of Maui). Alot of people think they're getting a deal,but the dealership is getting the best deal on the customers.

@RonnieGreher 3 жыл бұрын

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

@arielkinch5250 3 жыл бұрын

I love your channel! You gave me the confidence to walk out on a so-called “deal” yesterday, they though just because was in a rental after totaling my car I would feel like I had to buy one last night. But I said bye Felicia! Also I appreciate your tip of “he who speaks first loses” that really threw them for a loop 😂

@Ray-nz5oy 3 жыл бұрын

You’re absolutely right about the cash buyer part once they realized that they didn’t even try to upsell me luckily the dealer I went to apparently deals with a lot of cash buyers so it was pretty seamless

@imtheonewholied 3 жыл бұрын

you should know what bank you are approved for. Always ask if they don’t tell you, I can’t even add a financed car to my insurance without telling them which bank

@slavewages65 3 жыл бұрын

Great content Bro! Thanks and keep it up 👍

@FreeSmoke911 3 жыл бұрын

Dealers used to ask left or right but now they want BOTH CHEEKS

@robstv2805 3 жыл бұрын

Damn does this gentleman have his own book I’d buy it

@mikelindellspillow1428 2 жыл бұрын

Your own personal bank or credit union give you a a better rate then any dealership

@Alleyboy760 3 жыл бұрын

Wow. Lots to remember here. Thank you

@aday2946 2 жыл бұрын

Listening to you videos just saved me over $4,000. I took your advice and declined to buy the car with their dealership add-ons. I told them I didn’t want those and I was told that they do that for all their customers. Really !!!! Thank you so much for your informative videos. I’ll buy somewhere else

@blainexwatson4091 3 жыл бұрын

Great Job Chevy Dude👍👍👍

@johnlacroix1639 3 жыл бұрын

Another great job of info,,keep up the great work / info Sir,,I liked alot

@Ed_Garage 3 жыл бұрын

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.

@tsherrer100 2 жыл бұрын

Your enthusiasm is infectious. I see why you are a good salesman. Good luck in your new venture. I had a bad experience with your former employer and would never attempt to do business with them again.

@zakfarkas5448 3 жыл бұрын

Thank You for all of your videos.

@BobThe9534 3 жыл бұрын

hi Mike. nice vid. liked b4 watching b/c I knew it was going to be good

@gwillis01 3 жыл бұрын

When I took Basic Business Practices 101 in college in 1980--something, this procedure of letting you drive home in the car and show it off and then saying that you have to give the car back ten or fourteen days later because the financing fell through was called the puppy dog move. If you get the puppy from the animal shelter, take it home, and introduce it to the children, how likely are you to give it back two weeks later?? The kids will weep and throw tantrums and you will miss seeing his/her cute little face around the house. Isn't it more likely that you will move heaven and earth to find a way to keep the puppy dog? In terms of the car sale, you will probably say a quick yes to a payment that is suddenly fifty dollars higher just to get the process over with and keep the car.

@davidkrumme216 3 жыл бұрын

David Stanley in Midwest city is the worst 😂😂😂😂 they used to add a dirt bike with every truck and being young I was telling my dad he had to buy a truck there.

@chadabernathey7033 2 жыл бұрын

You're good man. Would be nice if all sales reps were as honest.

@waterheaterservices 3 жыл бұрын

Thank you for helping us sir .

@brentvance3958 3 жыл бұрын

Listen to this guy. I have bought 3 cars not from him but his videos have helped me tremendously. If I ever buy a new GM product I will definitely drive to Louisville and buy it from Mike.

@ChevyDude 3 жыл бұрын

I love hearing how my videos have helped you. 🥰

@Smokedog682 2 жыл бұрын

You don’t have to drive there to buy a car from him. He can always have it shipped to your house and pay anywhere from 3 to 500 depending how far. I live in South Carolina and buying a car from Florida is only $300 to be shipped to my door.

@AZTinstar 3 жыл бұрын

Love the shirt!

@ironseabeelost1140 2 жыл бұрын

Enjoyed, good info.

@tinoarreguin8850 3 жыл бұрын

Thanks for the info, I'm looking to buy a truck and this helps.

@melvinmcmichael2169 3 жыл бұрын

I was looking at a car but it was like they seen my income and they wanted to get me into a car with a higher payment but I wanted something in my budget and I still have a feeling like I'm not gonna be happy with purchase and I never had a car payment

@MansaX 3 жыл бұрын

Very informative.

@James-mf9to 3 жыл бұрын

Tucked in t-shirt? Recently turn 40? Lol. Great vid as always.

@ranchmodding6069 3 жыл бұрын

My dad bought a 2014 Chevy 1500 from a dealership and it actually did come with a free oil change and included with that was a free wash as well

@RadioWhisperer Жыл бұрын

Sadly Google has pulled that load calculator from the search engine. Not like there aren't others, but the one from Google was so clean and easy to use. No ads either.. i hope they bring it back

@thomashaas5965 2 жыл бұрын

Your videos make me realize how awesome the dealership I go to here in Milwaukee ACTUALLY is. Wilde Toyota!!!

@MrJusmobile 3 жыл бұрын

Did you say teached? At 1:29

@camillecarter1784 3 жыл бұрын

Very very good!

@kidmystery2010 3 жыл бұрын

The best thing you can is finance yourself. Buy the car cash and make payments plus interest to yourself.

@scratchyoureyesout4263 3 жыл бұрын

I just got a 32oz Coldest Water bottle. Looks good. Thanks.

@chicocheguerrerero4254 3 жыл бұрын

Hi chevydude I have a question if the loan person offers you packages about the gap and bumper to bumper coverage and wheels should people get the packages? And when you say no they start to change their attitude. Hope you make a video about that thank you

@510t-mac 3 жыл бұрын

I LOVE YOUR VIDEOS

@freddypedraza2066 3 жыл бұрын

I have bad social anxiety This is making me buy from carvana

@EM-eb1lf 3 жыл бұрын

So much good info in your vids. I wish I lived in your area...I'd buy a car from ya.

@steves198145 3 жыл бұрын

I got the yo yo deal from a dealership when I was 20 years old....their slogan is we're dealin' more like we're stealin' 😂😂 I even had good credit

@Hey_its_Koda 3 жыл бұрын

How do down payments work? Can you combine a down payment with a bank loan? That reduce interest rate? I hate dealing with my chevy dealership. Last time they kept pressuring me and calling me non stop at work and home.

@madelinet.8811 3 жыл бұрын

Can you please do a video about factory purchasing a car through a dealership?? Im wanting to purchase a 2021 chevy spark 2lt in the passion fruit color and i wanna know the process and stuff I should look for or ask about

@HJW3 2 жыл бұрын

For well-qualified buyers: very often the dealer can beat credit union rates with branded in-house financing (honda motor credit, toyota motor credit, etc)

@SB-mw1bg 3 жыл бұрын

Chevy dude......sell me one of those beautiful silverado customs! I live in NY,,,,,,and I see that your prices are right!

@UncleSarkis 3 жыл бұрын

Awesome shirt. Supporting our country and the ones who keep everyone safe from within. Oh, and supporting yourself too 😁.

@adamlloyd363 3 жыл бұрын

Putting in that work for the k1500!

@shawn_wrld 3 жыл бұрын

Nice vid

@TravisNewton1979 3 жыл бұрын

Just picked up a new car for the wife this past Saturday, only if Bachman had a Toyota dealership I would have purchased a car from Mike. The next new car will be a C8 so I will be visiting Bachman at that time

@TheLakeShow323 3 жыл бұрын

I just had leg done to me on Sunday, smh i figured it out too late. 😔

@alittlebitofeverything5090 3 жыл бұрын

Great videos! Is it true that a new vehicle purchase can be made off of dealer cost invoice if they will show it to you and also that any manufacturer rebate should be taken off of invoice price and not what the suggested retail price of the vehicle should be? Thanks in advance.

@nissanhawaiinationnhn9963 3 жыл бұрын

You should do a video about factory orders? Like watching your videos

@machfive916 9 күн бұрын

Great video. Your worksheet link comes back with a warning. Is there a PDF link that can be emailed?

@jvinclarence3977 3 жыл бұрын

Whats the honest truth on the chevy colorados? I've been thinking about them but I've heard something about the transmission

@tannerarnold7375 3 жыл бұрын

I had no idea leg was a thing and it happened to me the other day. Was looking at a used 2019 mustang and online they had it listed for $39,450, after the test drive and they valued my trade we sat down and they showed me the numbers. Car was $39,450 ONLY if I financed directly through the Chrysler with a 7.9% rate. Then said another bank could do 3.24% but I had to pay $42,995 for the car. Glad I walked away, now I see what they were actually doing.

@tfaubus 3 жыл бұрын

what kills me are doc fees, uh that's the cost of doing business; but yeah anyone who doesn't know the apr and term is not etched in stone for the life of the loan aren't too bright; oh yeah and when dealerships advertise one price during the week then jack up the price on the weekend, smh

@winternation6872 3 жыл бұрын

I saw your car at ls fest I took a picture of it, and I’m sad that it got rained out

@AylmkJ 3 жыл бұрын

I saw these videos a little too late. I got ripped off on a brand new truck. Pretty bad.

@njcamocutie7085 3 жыл бұрын

Can u please please give advice on buying used from a dealership, ins/outs etc.? i have been so fuckedtime and time again because my credit score and having to go to buy here pay here places(scams) and I need solid advice and your the man

@reddragonstudios1 2 жыл бұрын

I tend to hit dealerships with all the finance fees and charges by knocking all of it off the price of the car, at the end of the day, if im paying a 650 processing fee, its coming off the car.

@MrWrightWay 3 жыл бұрын

I have a prosthetic leg too. im also gettng ready to buy a Accord sport , Camry.

@ziasoto3811 3 жыл бұрын

Greatest information ever legit

@raymondcorrea1 2 жыл бұрын

That happened to me recently went to a ford dealer and told me they had a way to finance my vehicle. I signed my paperwork and then 6 days later the dealer called saying they couldn't finance me and I had to return the vehicle. Luckily enough I recovered my down payment so at least i didn't loose anything besides the car. This was in California

@wilsonbobcatservice4151 3 жыл бұрын

I have a 780 score. For a 18 challenger they were trying to give me 10.9 percent for 72 months. It was $11k over

@michaelm398 3 жыл бұрын

Proud to say my chevy dealership here in Hershey PA has been in business for over 60 years same owners for a reason... How do any dealers trying to pull this crap survive? Are you talking about big dealerships.. Sounds like some Mom and pop really shady

@davethenerd42 3 жыл бұрын

Question about whether I'm getting screwed or not: I was told I could pay for a car that was in transit from manufacturer to the dealer. Then I was told I couldn't and had to pay a fee to hold the car. Am I getting screwed?

@zoomba31 3 жыл бұрын

so if i come buy a truck from you i can be assured a good deal and no scams? I mean straight up..

@broskilove9922 3 жыл бұрын

Chevy Dude is it true that once dealers meet their monthly sales goals, customers are more likely to receive a better deal?

@nickwest1476 2 жыл бұрын

I've already ordered a vehicle and can't remember what I did. I wished I'd watched these videos b4

@realxsynsub6710 3 жыл бұрын

I wish I could buy my first C8 from you but I live in Cali 😭 I’m always asking questions In your discord server!

@oldArmyVet Жыл бұрын

You ever hear of a dealer calling you a week later and saying your paying yo much can you come in so we can fix that?

@Glenningway 3 жыл бұрын

These tactics sound like every car dealership in Mohave County I've been to. They also violate lemon laws in some cases.

@rekunta Жыл бұрын

You’re a character.

@bigcartoonyIIV 3 жыл бұрын

LOL funny part is a turkey named john did that to me. He called back, and said I had to bring in an additional 2,000. I effed up and told him how much money i had.

@jimtroy5054 3 жыл бұрын

Quick question on the mailer/email on car value. I only seem to get them from the dealership that services my car. They know the mileage from the service record. Still complete scam?

@seric16 3 жыл бұрын

Literally last Friday Feldman Chevrolet of Highland (MI) tried LEG on me and now I have a name for it. They tried to get me to sign a worksheet with a hand written monthly payment, and I responded that I wasn't comfortable with that and I know for a fact x amount over y terms is z payment per month. I resisted them pulling my credit as I'd secured a sub 2% at a local credit union. They also kept flip flopping on whether the blazer rs I came to see was sold (transfered to another Feldman dealer) or still available and wanted me to put a deposit down to transfer it back under the empty promise that the car was still available (which I later learned it was actually sold). I'm now going through another dealer with 4 of the identical model I'm interested in, because they're actually selling what I'm interested in buying.

@seric16 3 жыл бұрын

Also "poly" fee was undercoating for $599 and "es" fee was window etching for $299

@asmproductionsllc 3 жыл бұрын

Oh man....... I just watched 3 of your videos talking about Gap/and Financing .... I have to see what texas laws are, but they clearly did some of the things that you have mentioned... my gut is turning right now. I bet you, they'll try to do that yo yo BS.....