DON'T SAY "I'M PAYING CASH!" 2024 (at CAR DEALERSHIPS) The Homework Guy Kevin Hunter
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- Опубліковано 5 кві 2024
- CAR BUYER WITH CASH? CAR DEALERS DO NOT LIKE CASH BUYERS! THEY LIKE CAR OR AUTO LOANS!
SUBSCRIBE ON UA-cam / kevinhunter #Car #dealership #cars #usedcars #carsforsale #TheHomeworkGuy THE BEST CAR BUYING ADVICE YOU CAN FIND is published by The Homework Guy Team (THG)! We’re the team of Auto Experts, Finance Gurus, and Car Pricing Strategists that well over 45 Million Car Buyers have come to know and trust.
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A CAR DEALER WANTS TO:
1. SELL every car for the Highest Possible Price.
2. CONVINCE Car Buyers to use Dealer affiliated Lenders / Banks.
3. LOAD every Car Deal full of Fees and Finance Products.
4. OFFER Lowball numbers on every Trade Vehicle.
THE HOMEWORK GUY TEAM (THG) HELPS CAR BUYERS TO:
1. BUY a Car from Dealers or Private Party Sellers at the Lowest Price.
2. PAY Cash or Finance with their own Bank or Credit Union.
3. DECLINE Dealer Fees and Finance Products.
4. TRADE / SELL their current vehicle for the Best Value.
For more than 40 years, dealerships have EARNED their lowly reputation by being the masters of predatory selling. Dealers stalk victims relentlessly, often ruthlessly treating the most vulnerable car buyers (like seniors, for example) with little or no conscience. Car Dealers and their Finance Officers have no problem creating financial devastation for their customers with over bloated car loans, and quite often do. We point out the traps and the flaws of the process, and help car buyers get by all the nonsense without being ripped off. We promote fairness, honesty, and transparency, and we’d love to see a few dealers join our mission!
The Homework Guy Team provides car buying consumers with information, automotive news and updates, industry outlook, buying and selling advice, and other help to level the tables. The public face of THG is Kevin Hunter and the master negotiator, Amazing Elizabeth. Tons of time and research goes into every show, with several projects always on the table, all with the goal of getting it exactly right. From Automotive News Updates to vehicle shopping advice and assistance, The Homework Guy Team is the best there is.
Paying with cash for your next vehicle? Before you start thinking you should waltz into a dealership and flash that cash, No NO NO and NO! Hold that thought! It’s a good thing you saved up your cash for a car purchase…
But, you gotta know this! DON’T SAY, I’M PAYING CASH the moment you talk to a Car Dealer!
Coming up in this show is WHY you shouldn't reveal you're paying with cash… too early in negotiations… at a car dealership, and before this is over, I’m going to help you cash buyers understand how to defeat a car dealer using their own business model against them! It’s a patented THG Secret! There’s also a giveaway at the end! Let’s roll!
Hi, I'm Kevin Hunter, known as The Homework Guy. Don’t worry, The Amazing Elizabeth will be back for the next show. For the best FREE car buying advice available on the planet, make sure you see our Car Buyers Blog on thehomeworkguy.com! Also, by the time you’re done seeing this show, our new book “Buy Smart, Drive Confidently” will be available as an ebook, and an audio book, and links for it can be found on our website, thehomeworkguy.com! The Homework Guy Team has always proudly represented you, the cash car buyer, so let’s roll!
Cash transactions are a dealerships Achilles' heel. Not to mention, it’s always better for our economy when there’s less borrowing and more saving, and fewer people going into significant debt on a rapidly depreciating tangible asset! Yes, you heard me right. A vehicle is NOT an investment. No matter what any finance officer tells you..
Let's quickly revisit the basics before diving in. You should always avoid announcing your intention to pay with cash upon entering a dealership, or when initiating contact with them via email. You might wonder, "But isn't cash supposed to be king?" While that was true years ago, sadly enough that era has passed us by. In today's automotive market, hefty profits are crowned the King, and these royale profits aren't easily garnered from cash transactions, nor from you smart Homework Guy viewers out there! And especially not from anyone who hires us to negotiate their car deal directly! - Авто та транспорт
JOIN US at TheHomeworkGuy.com to find our e-book for car shoppers, join as a member to get DIRECT HELP buying a car, and even talk to Kevin about our new CAR HAGGLER service where we do all the negotiations FOR YOU! We just can't wait to help our Homework Guy Viewers on UA-cam :)
Anytime I walk into a dealership, and the salesman asks how I intend to pay, I always state, "Are you the finance officer?" "No?" "Then that's not your problem, salesman. "
Lol
"why is car buying so complicated"
@@growingup4487because the dealers aren’t happy with profit on the vehicle sale alone. They want to find ways to profit as much as possible.
It’s so much fun because it ruins every plan they have to rip you off
I simply say, I haven’t bought anything. If they ask me another way, they will get the same response.
I allowed the dealer to finance my purchase. I was given a $500 credit for going through their finance company. I took the $500. The day the "welcome letter" came I paid the loan off. $500 to me for 7 days interest? I'll take that trade off every day of the week.
Yes did same
I remember a time when salesmen liked us cash buyers.
This happened to us recently. When we got "the deal" we wanted, then we said we'd be paying in cash, it all went downhill from there. We left. They didn't want our sale.
Should’ve took the loan for 61 months they offered you and paid a week later with your bank. Just take the loan who cares just pay it after you make the deal, they don’t need to you know you cash. Remember you’re dealing with snakes 🐍
Didn't work for me. Made great deal and then demanded I finance at the very end. I walked away. Chrysler dealerships are not hurting at all.
Sounds fitting that Stellantis still has brand new 2022 vehicles in their floorpans and are not serious about "moving the metal".
Sick how they have a Monoply on industry !
My one reservation with agreeing to a car loan then paying it off quickly is that first your report gets dinged for running the credit, and then it gets dinged HARDER when you pay off the loan. That's something that really surprised me, I thought my credit score wouldn't be bothered or even go up for paying off a loan, but NO! It went DOWN and took months to recover.
So, I would say let them fart around with their deals and once you have a good number, just pay it right there with a check or card at the dealership and walk away, no damaged credit report.
Bought a Lexus in January, They screwed me with an 8.3% rate. 20 days later it was refinanced at 4.99% with credit union.
I live in Pennsylvania but I always purchased vehicles in Ohio so first thing I tell them that I'm from Pennsylvania, and the OTD price and taxes.
The last 2 cars I bought I never had to go through these lenght. I always ask for OTD price no add ons, if they insist I walk away, is that easy, no need for pressure or sound mean. I always get the loan like Keving said and pay it off on the first payment. Whether they get their money or not its really not my issue. The most important thing is always to know your OTD price no matter how you pay.
gotta watch them prepay penalties. many credit unions are starting to sneak this in the fine print
@@1SmokingLizard I have not seen any car loan ever with this prepay penalty and I am on my 6th car.
@MR3DDev I know there's some protection law that; if a loan is 61mths or longer, then lawfully a bank cannot impose the prepaid penalty fee.
@@1SmokingLizardrare chance of finding a prepayment penalty.
OTD price negotiations are the bomb!
Yeah Kevin, great points to be made. I like the one about showing them how much profit they'll make off the loan to get rid of those stupid add on fees. Will try to remember to say it just the way you did. Thanks again.
Boom!
Thanks for the tips
LOL 😂
At exactly @11:29, it appeared as though the lady was giving him a pat on his back for doing a very well job in presenting the information.
90% of dealers stop communicating with me if I request an OTD price or provide a price I am interested in paying for the car. The no haggle price dealers always communicate with me since prices are firm.
Damn , u can try hiring a deal negotiator consultant , he’ll work it all for u while u sit back and relax and not deal with those stubborn a hole lol
Love this video!
Thank you!!
I don't see the link for the cash car buyers outsmart car dealers link in the description. I'm going to go listen to that one now! Thank you!
Hey kevin - will this method work at those dealerships that post online prices at 3k below cost to lure shoppers for the payment packing treatment ?
Kevin, I've been saying this for far too long, You da man! I love that line about the charge back, lol 11:05.
If it's cash, then keeping it a secret from them and getting financing only to pay it off in a month isn't smart. You still pay at least some interest and your credit takes a score hit from the application. And all the UA-cam gurus are in lockstep "don't say you're paying cash". If the dealer attempts to screw you over by paying cash, get up and walk out. You're not out ANY / ZERO money. You still have your vehicle for transportation. Your cash you were going to plop down on a purchase is tucked away, hopefully earning interest. The dealer saying no or doing something to kill the deal is the best thing. You have your cash, they have no sale and a daily depreciating product. As for time and its value, the less you spend at the stealership the better. Seeing your backside walk out and drive off is karma payback.
Love your content so what if you want to put down 75% cash how would you present this at end does this change there interest rates thanks
One plus for the dealerships receiving cash for car contracts is that they themselves can invest it instantly in whatever area of the dealership they want.
Any adjustments need to be made for buying used from a smaller dealership?
When buying a used car going the private party might be the best way. They will gladly take a check or cash.
I have a question plan on paying my Highlander in Jan 25 can I still get a a refund on the remainder of service contract
Hi Kevin, I have a question. When trying to buy used car (unlike new car you have all dealers carrying the same product), the email OTD request is also nicely denied and the dealer would like to see you in person and claiming you will have more leverage. Since it’s used car so there is not many around that I can just go get from others, what would you do instead?
Prices for battery electrics continue to go off a cliff. Not sure what to make of that.
Anybody know a chevy dealership selling new under MSRP pre manufacturers discounts
Amen!
Can I pay cash for a membership or finance for 72 months?
It is sick, if you see what you dont like, just do not buy from them. If they have no customer ,they will sell in cash
As an investing enthusiast, I often wonder how top level investors are able to become millionaires off investing. I do have a significant amount of capital that is required to start up but I have no idea what strategies and direction I need to approach to help me make decent returns
Very educational video. I’m in the market for a new car at the moment. I plan on paying cash. What do you think about going to my personal bank and walking in with a pre-approved car loan then following your advice?
That’s fine but I wouldn’t tell them about it. If you need to finance and your pre-approved loan is better, use it to pay off the dealership loan. Give the dealership the illusion they’re making money off you. You’ll probably get a better price.
@@bwanimations7130 thank you for your advice.
Glad we skipped all the BS when buying a Tesla. Like buying a very large phone 😊
Porsche gt3rs is an investment
BS ask for thier out the door price,do it by email .. then shop that price with other dealerships and pick the price you like best ,consider carefully what that OTD price includes as to the model you have chosen..decide on the dealer and contact them pay with cash and drive it home . Avoid any add ons they will ..
Want you to add .remeber you are dealing with a OTD price.. DONE.
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Kevin, what effect would a 95% down payment combined with loan prepay have instead of saying you are paying cash ?
As a general rule, banks won't write a loan for 5 % of a car's value.
BUT WHAT IF YOU HAVE NO CREDIT OR LICENSE 😭 Do i take someone with good credit or what
The only cars that are an investment are the ones you buy for $5000 and restore and sell for $25,000
I'm confused about using the OTD Used Car Template. The used car price on the vehicle I'm looking at is overpriced. Do I first have the sales guy send me their initial OTD price with all fees, etc and then I used this template to counterback?
Yes, you counter offer it, cutting down the price and removing ridiculous fees.
@@KevinHunter so they just sent me their best OTD price (no different that advertised). They are charging sales tax (3% in SC, I live in NC) $600 Doc Fee (SC State Law is capped at $225) and a $55 Registration Fee. Based on KBB, Edmunds and True Car they are overpriced by about $3k. I just go back with my car price new doc fee and i'm ok with the registration fee.?
Been test driving cars for the past 3 months, have not seen anything I like. All the new vehicles are terrible.
Who cares
And we found the choices narrowing each year.
Agree the newer cars and selection are terrible. Direct injection turbo engines and CVT transmissions are less reliable than older school designs
If the dealer gas seen this video, the jig is up.
What about pre approved by your credit union ?
We've always recommended thar if you're financing to consider talking to your own bank or credit union first.
What if you don't have a credit score because you don't do debt?
Then it seems that you're used to paying cash. So pay cash.
Go to the dealer and see what they offer for loans for folks with no credit. They may require a larger down payment (no big deal if you plan on paying off everything with cash anyway). They may think they’ll make a killing off of you, since you’ll be theoretically offered a higher credit limit. Meh, no big deal, you won’t pay any of that interest. When you receive the payment book in the mail and pay off the loan with the first payment, you’re done, and the finance officer who was hoping to dig deeply into your pocket to rob you gets a charge back on their commission and as we know, the universe is balanced and Zen when a finance officer gets screwed out of money they tried to steal from someone else!
Call the DMV? This dude is in lala land if you think you are going to make that work out.
I take it you've never called the dmv...lol
@@KevinHunter Yah. It rings and rings and no one picks up. Its like calling our local post office. All government ran agencies in my State are like this.
I’ve done this before, especially helpful when buying a car when you’re a resident of one state and living in another (military). It’s awesome to be from a state that charges no sales tax and only $100 for two years of license fees. The dealers just can’t believe it, and it pays to have it all arranged (to include a temporary tag/permit) after you seal the deal and before you pick up your car. (Alaska residents can do this, it’s awesome).
@@andrewh6337 I am an AK resident can you explain this process to me? Last time I got a vehicle the DMV fees were like 165 total but they sent me a check in the mail for that much anyway weeks later.
Jeez, ur a savage hahah. Im a car salesman. My goal is to sell cars in a straightforward way that keeps my conscience clean. Makes me kinda sad your encourageing people to only work over email though thats just boreing 😞
And very effective!
It may be disappointing, but I’m sure you’re smart enough that it won’t be a surprise for you to know that I’m not buying a car to keep you entertained. I buy a car because I need transportation, and I want to keep as much of my money as possible when purchasing said transportation. Who gives a flying crap if you’re bored?? What a comment…. Now if you’re an honest and straightforward car salesman, that’s great, but your finance guy and your dealership is still trying to take as much of our money as we’ll let them. Thank goodness for this channel to give people something to practice saying when dealing with slick weasels that don’t have such high morals.
It may be boring for you, but very useful for me the consumer. I don't want to waste my time haggling, listening to a salesperson lie to me about why a fee or option is mandatory when it isn't, let me wait in an empty room while they "talk to my manager" etc etc. My time is worth more than that. From your perspective, why would you want to spend all that time with someone who may not buy from you anyway? I make an offer or two, you say yes or no. Simple.
I understand what you guys and girls are saying, but how do you think it should go??? Like Walmart where nobody ever ask a question??? Should there be a certain markup that the customers should pay??? Saturn really went well didn’t it??? Are you telling me that an extended warranty isn’t a good thing when some vehicles entire dashboard is a computer. And if you think we charge someone extra if they pay cash, you’re full of dung. Do we like people to finance the, yes, but where I live 90% of our financing is with credit unions, and we can’t mark the rate up at all. I can understand what you’re saying, but you’re way off balance in most of your statements. And if you two feel so strongly about someone who has a 600 credit score paying a high rate, then start co-signing for all your patrons. And it shows how little you know, in Texas, you can’t just mark up the rate whatever you want too. I promise your rate of return for your 99.00 phone call trumps our gross profit x 10 to the power. Unbelievable
You are a hypocritical slanderer Kevin.
This channel is a joke. I used to regularly follow, thinking I would get some useful insight from the "former car salesman".
When I bought a car, absolutely NONE of the advice was unique or truly valuable.
Any of a dozen other channels giving identical advice was just as or more useful.
I washed your cash buyer video
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