Will a Car Dealer Do This?

In My Humble Opinion
1

Can you walk into a car dealership, pick out the model you want, negotiate the price, and tell the guy to start the paperwork for the sale…but, you’ll be back next week once you’ve secured your own financing. Even better, you put $1000 down as earnest money and ask if you can drive the car home tonight.

My wife thinks they will do this because they’re eager to sell cars. I think they’ll think we’re nuts because they have no clue if we’re telling the truth…and they just don’t let you take the car home like that, I WAG, when they’re not doing the financing.

So, I say it’s a waste of time to go to the car dealer tomorrow and do this. Do you agree? Any other suggestions as to how to handle this while waiting for the financing to be a done deal? (We know we’re approved, and the check’s in the mail, so to say…)

I’d say they’re gonna laugh in our face. Agree/Disagree? What’s your HMO?

  • Jinx
2

When I bought a used car at a major dealer here in DC a couple years ago, they offered me that option. But the dealer offered me basically the same rate at the financing that I was arranging, so I didn’t bother to make the second trip. I have no clue whether they would have let me drive it home that night.

3

The last two cars I bought (second-hand, not new) I paid cash for, without getting finance through the dealer. So yes, you can buy a car without getting finance through the dealer. How quickly you can drive it off the lot may be another matter, but I don’t see why you shouldn’t be able to drive off the same day if you bring your cheque book with you, and there are no problems with your financial position.

4

You can get financing however you want but you can’t drive the car away until the full payment of the car is accounted for.

5

I was able to do something like this once.

Looking at new cars on a Saturday, I found one at the right price and made a deal to buy it. I informed them up front that I had no intention of financing it through them if they couldn’t match or better my own credit union’s rate (which was closed for the weekend). The sales manager offered to let me write a personal check for the full amount and agreed to hold it until I secured my loan. He kept his end of the deal and by midweek the loan was done. I called to let them know when the check was good and that was that. I left no deposit or earnest money otherwise.

not every stealer… er… dealership… will do this but most will do anything possible to get you in a car that day. As my slimy used car salesman brother in law used to say “You can’t sell cars on a comeback.” They know if you walk out the door, chances are you won’t be back. As a fallback, they know they can get just about anybody financed through the dealership. Also, letting you take the car gives them an extra bargaining chip in arguing that you can’t return it used if your own financing falls out.

6

If you have excellent credit and are established in the area, you can take almost any car you want home for a look see. They’ll virtually insist on it once they know you’re a for real and capable buyer, and interested in the vehicle.

7

With great credit, you can finance at “30 days same as cash”. In other words, if you pay within 30 days, it is just like paying cash. I am not saying every dealership will do this, but it can be done. The $1000 down would help.

But I suggest strongly you don’t. Spend a couple days shopping. Leave your checkbook at home. Make it clear you will NOT “buy today” no matter what. This is very very important. Say NO!!! No matter what they tell you. If the salesman still treats you nice, then be sure to go back to him- if that’s one of the cars you have settled on.

Now then, once you have found a couple cars you like, then (unless one of them is a Saturn or a Toyota*), then go to Consumer Reports and pay for their report. It’ll cost $12, and save you hundreds, maybe even a thousand. An extra $10 gets you an estimate on your trade in.

Now, if you have great credit, and that automobile company is offering 60 month financing at 2% or lower (look in the paper)- then that’s fine, you don’t need to go to your bank or CU. Do note that Consumers Reports and others would like you to buy based upon 48 month financing, but that just isn’t practical for most dudes, and with cars lasting 10 years, 60 months is fine.

Then, take your report to your two dealers (I am assuming two different manuf.). Show it to them- they’ll usually pretend to get mad and say that CU is full of shit, but they’ll come around. Tell them up front that you are now planning on buying a car today, and theirs is one of two. After you get the price you want,* then* haggle trade-in. One thing at a time!!! Play off one against the other. Do note- the two cars should be somewhat the same- not a Hummer vs a Hyundai compact, right? :smiley:

*Two exceptions here. If you are going for a Saturn, then no need for the $12 report. They give a fair flat price, and they don’t haggle (well, maybe you might get free mats or something… can’t hurt to ask, keep it under $100). They do haggle a bit on the trade in, so do spend the $10. I think they are offering cheap financing now, too. Great cars.

On to Toyota. One word- don’t. Great cars, but never, ever buy a Toyota from a Toyota dealer- they are the worst crooks in the business. If you must buy a new one, do it through a Broker. Do get the $12 report.

Right now, those gas-electric hybrid cars are hot, and you’ll not get much of a discount. Well, Toyota will try and charge you several thousand OVER sticker! :eek:

Undercoating and overcoating and just about everything that the dealer adds on is not worth it. Including an extended warrenty- well, maybe unless it’s a used car- caveat emptor.

Last word- if you currently own a XXXX (and think it’s nice manufacteror)- look at XXXX’s first. Check out “buyer loyalty” bonuses- this can be $1000 or so. Nice.

8

I drove home with a used Camry (about $8k) with 10% down and a signed promisory note for the rest in cash. I was about a week late with the balance, but they never even called. About a year later, I did the exact same thing with a $14k car, except I got them the money on time; ie about 10 days later :slight_smile:

9

Although I am a subscriber and huge fan of Consumer Reports, my experience with their car buying reports are that they really aren’t worth the money. They seem to contain the same basic information already available on the web, and their negotiation tips are just basic common sense (admittedly needed by a fair portion of the general populace). I recommend carbuyingtips.com as a good reference point to start from.

10

Back in the day, when yours truly sold cars at a “new car dealership,” we would do just about anything possible to get the customer to take the car home when the details had not yet been finalised as long as we could establish the customer’s identity and his capacity to finance the purchase or lease.

“Mental Ownership” is a very strong sales tool. It’s also pretty emabarassing to have your neighbors see a new car in your driveway and then a few days later another one, or worse, the old clunker.

11

I had this happen to my on my first new car purchase, 1988. “Take it home, see how it looks in the driveway” kind of approach.

I parked in a parking lot with about a thousand other cars (TBS, Quantico, VA).

I did it anyway. Drove back the next day and bought it.

12

Go here: http://www.carsdirect.com/home

They’ll deliver the car you want to your door at a great price.

Plug in the exact car that you want. Print out the results. Go to the dealer and tell them that you will buy it from them at this price and not a penny more. Don’t let them add bullshit like delivery fees. They’ll whine and bitch and say it’s impossible but should eventually cave in. If not, just buy it online.

Haj

13

Seconded. I bought my car from them and it was a positive experience (although they didn’t deliver “to my door”). Tell 'em what I wanted, then go to a dealer to pick it up at a price that was only a couple hundred above invoice. Only dealt with a guy in fleet sales, which are a completely different sort then the guys waiting around to sell to walk-ons…

14

We’ve basically done this with the last two cars we’ve bought at dealerships, except we secured our financing first through E-Loan. The whole process takes about 15 minutes. You fill out the application on-line and then they follow-up with a phone call to confirm your personal information. The “Power Check” is Fed Exed to you the next day. We got very good rates, and the entire process was quick and stress-free.

We went into the dealerships, negotiated the price, and then wrote the “Power Check” for the full price plus tax, title, tags, etc.

15

When I bought my car [used, through the dealership], it worked that way. We were actually really surprised. I had $1000 to put down, and was being financed through my bank, and the check would be coming the next day. They checked out insurance, and I drove the car home that night. My dad and I were kind of confused/surprised, but they [the dealership] really encouraged it.

16

Thanks for the link, AnatomicallyCorrect. My brother’s in the market for a car, and I’m sure he’ll find that site helpful.

17

Technically, I was unemployed and homeless and had no real credit history when I drove off with my first new car. Since I bought it in the evening, banks were all closed and I didn’t have a loan approved yet. The difference was that I put a biiig deposit up front (close to 50%), and I was only homeless and unemployeed in that I was in the process of moving and taking a new job but didn’t have an address or a paycheck yet. The finance guy told me that he was sure someone would take the loan and if not, he would personally loan me the money ha ha ha! (He was a car salesman after all). I think that if you have a reasonably responsible credit history, it should work.

18

Well, this is pretty much exactly what we did last time we bought a new car. We had the financing already somewhat pre-arranged (pre-approved for a loan in the amount of xx from our credit union). Walked into the car dealership. Negotiated a price. Gave them 2 grand (on our credit card). Signed a “promissory note” that said “pay in 3 days or we start charging interest at a usurious rate”. Drove the car home. Brought the check in from the credit union a couple days later.

IIRC, they did run a quickie credit check to make sure we had a decent credit rating. I have no clue what they’d do for someone with subprime credit.

The process was similar with a previous car we bought except that dealer insisted we had to talk to their financial people. Not that we had to use their financing, but we had to sit down and talk. I think that chat lasted less than 5 minutes - the guy admitted there was no way they could beat the rate we already had from our bank.

I wouldn’t finance through the dealer unless you know exactly what market rates are. They have leeway to jack up the interest rate as much as they think they can get away with and that’s pure profit to them (the dealer). They typically do it to stick it to people who are guilty of attempted DWM (Driving While Minority); with my first car, the dealer did so because I was DWYU (Driving While Young and Uninformed).

19

Another good idea for your trade in is to go to a CarMax if there’s one in your area. They’ll give you a price they’ll buy your car for and it’s good for 7 days or 3k miles. Tell the dealer to beat or match it.