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#429103 - 08/13/08 05:51 PM
Re: #1 Carbuyer request
[Re: ABoater]
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Admiral
Registered: 11/10/06
Posts: 3428
Loc: San Diego
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And reading ALL of the contract is just that. You should see me when purchasing real estate. I read every single document top to bottom and front to back Yes, we call those people 'readers' in the business. The back of the standard LAW Retail Installment Contract #553 is used by every California dealer that I know of. You cannot adjust or change anything on the back of the contract, so read all you want, if you do not like it you cannot buy the car because the dealer can NOT make any changes, crossovers or adjustments to any of the fine print you see there. Total waste of time, like I said, to read it. The basic purpose of the fine print is to give the bank the ability to repo your car if you don't make the payments. It has things there like your requirement to carry insurance, you can't sublet the vehicle, explanation of finance charges, etc. Read it, don't read it, neither will change anything that will happen, so like I said, it is a waste of everyone's time. Be nice to your dealer next time and have them fax it to you at work, you can read it all there and not take an hour in F&I reading it at the dealer.
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#429229 - 08/14/08 08:15 AM
Re: #1 Carbuyer request
[Re: bperg]
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Nautical Alchemy
Admiral
Registered: 01/14/03
Posts: 11543
Loc: Battle Creek/Grand Haven, MI
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But if you do finance, then don't you have to consider the interest rate you pay?
My credit union has the following interest rates now:
3yr = 5.7%
4yr = 6.7%
5yr = 7.7%
These are horrible rates for a Credit Union rates - more like bank rates. Other CUs in the area (which I cannot qualify for), are up to 2% lower.
But when we bought our last new car in 2001, GMAC offered 0.9% or $1,000. Factoring in the rebate plus Credit Union rates, we ended up saving $900 or so by taking the 0.9%.
The only problem is that paying for the car via Credit Union gave us a $1,000 head start due to the rebate, so if we didn't keep the car for the duration of the loan, we would have less paid off. However, we usually buy new cars and keep them for 8 to 10 years (we have had the car for 7 years now).
So I don't think you can make a sweeping statement that low APR or rebate is the better; I think it has to do with each individual situation as to which is best.
_________________________
"Yesterday's Dreams"1995 Carver 325 Aft Cabin  Posts are amateur opinion only. You assume all responsibility for any action you take as a result of reading my posts.
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#429248 - 08/14/08 09:35 AM
Re: #1 Carbuyer request
[Re: trooplewis]
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Safety Officer
Admiral
Registered: 03/17/04
Posts: 6684
Loc: SoCal
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And reading ALL of the contract is just that. You should see me when purchasing real estate. I read every single document top to bottom and front to back Yes, we call those people 'readers' in the business. The back of the standard LAW Retail Installment Contract #553 is used by every California dealer that I know of. You cannot adjust or change anything on the back of the contract, so read all you want, if you do not like it you cannot buy the car because the dealer can NOT make any changes, crossovers or adjustments to any of the fine print you see there. Total waste of time, like I said, to read it. The basic purpose of the fine print is to give the bank the ability to repo your car if you don't make the payments. It has things there like your requirement to carry insurance, you can't sublet the vehicle, explanation of finance charges, etc. Read it, don't read it, neither will change anything that will happen, so like I said, it is a waste of everyone's time. Be nice to your dealer next time and have them fax it to you at work, you can read it all there and not take an hour in F&I reading it at the dealer. Okay. But I buy a car every 8 to 10 years and need to refresh my memory and also see if anything new has been added. The F&I people don't need to hang around while I read it so it is only my time that is spent. The thing is I don't actually spend any time at the dealer negotiating the price. Alexander Bell invented a device 100 or more years ago for that. I just go in, read and sign the paperwork and drive out with the vehicle.
_________________________
72% of fatal boat accidents are caused by boaters that haven't taken a safe boating course. 2001 Sea Ray Sundeck 190 5.0 EFI Alpha I,Generation 2 2002 4x4 LB Lariat CC F250, 7.3PSD 
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