Sandra asks…
How low should I offer for a car (paying cash) at dealership?
I am getting my ssd back pay and planning to get a car. I know at carmax they don’t haggle but my step dad works there and is going to try to find me a good dealon a pt cruiser which i want to buy.
If i dont find one there I did find a dealership that had a few i LOVED and they said come back when you have the cash settlement cause cash talks and make me an offer.
I am bringing my husband and step dad so i dont get screwed but how should I offer say if i car is 11,900?? How much less would they take at a dealership if i dont find one at carmax??
Just curious cause ive never had a nice newer car and never been able to pay cash(check that will be verified) at a dealership…any help would be appreciated.
Thanks
CSC101 Customer Service answers:
Most car dealerships have about $3,000 markup on vehicles. They are usally happy to make $500. I have been in the automotive buisness for a long time.
Michael asks…
is cash back really cash back?
I was looking to buy a new car and I always hear about these cash back offer on the radio. How do they work. do I still need a down payment? will I qualify for them with a credit score of 600? Do I actually get the cash or do they just lower the price?
I don’t have a whole lot in savings and a 2000-3000 boost would be nice.
CSC101 Customer Service answers:
600 score to bad. Unless you put >20% down you wont be driving anything. 600 is considered poor credit, real poor. When i was in the biz we called people with bad credit “roaches”..if you hear that term at the dealership…..they are talking about you.
Even if you could get financed your interest rate would be over 15%. To get a car you will need cash up front and it looks like you dont have that.
Go look for a $2,000 used car you can pay cash for, new cars are out of the question for you.
Ride that car for a year or two and rebuild your credit. Then look into something newer, but not a new car. You’ll get into trouble…trust me, I’ve seen it to many times.
Linda asks…
Approved for New Car?
The dealership is offering $1000-4000 cash back on select vahicles.
How do these cash back offers work?
Can they be applied as the down payment?
CSC101 Customer Service answers:
Cash back can be applied to the loan. If you wanted to take the money back, you an also do that, however it would increase your monthly payment.
Another thing to consider is that most manufacturers will offer a special interest rate instead of the cash back. Depending on your credit and rate, you might be better off taking the rate instead of the cash back. I hope this helps you!
Courtesy of Y!Answers