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Originally Posted by Bwana
Truer words have never graced Chiefs Planet scott.
OK, it’s time for me to chime in on this thing for real. "Most" F&I guys would whore their own mother out on the street. Before you go into that office, do the math on the extended warranty stuff and the "croke and choke" insurance as a lot of the F&I guys call it on the inside. Most of the time that stuff is a complete rip off. NEVER EVER EVER get caught up in the payment per month scam.
Example:
Dealer: How much were you thinking per month on your payment?
Customer: Oh, around $300-400 per month.
Dealer: well Mr. customer, If I can get you payment within that range, you will take the car TODAY wont you?
Customer: Um, I guess so.
At this point, in most cases, your payment will come back (almost like magic) at around $398 a month.
Dealer: Extending hand "CONGRATULATIONS Mr. customer, you just bought yourself a car!!!”
Guess what, you just likely over paid by $75 dollars a month for five or six years BEFORE interest is tacked on! DO THE MATH IN ADVANCE and don’t' get caught up in the payment per month SACM.
Now keep in mind, this is even before you go into see the finance and insurance (F&I) guys. As stated above, that is where you are really going to get hosed if you don't know what you’re doing, or don’t do your homework. In a lot of cases, in order for the warranty to payoff, you would have to smoke the engine, the transmission and the rear in order to break even once you do the math after paying interest on the extended warranty for five of six years. The odds are higher for you to hit the Powerball. If you are that worried about the thing breaking down and losing all those parts, perhaps you shouldn’t be buying that brand or check in for some psychological assistance? The way cars are built these days, 99.9% of the time the extended warranty is a total sham. If you want to be safe, take that same money and stick it into your savings account every month and if something does happen, not only is it there, but you were making the juice on YOUR money and not getting charged interest on something that you will likely never use. Not only will you get to keep your money, but if in the off chance something does go wrong, it won't cost you nearly as much when you work the figures on doing it both ways. The "Life insurance" they sell is also a rip off if you have any other kind of life insurance, or even if you don't, go get some for a lot less than the "croke and choke" insurance that (once again) you're paying interest on for 5 or 6 years. A little bit of homework can say you $100 or more a month in most cases.
The only other advise I would have is find a good sales person like Foxman and stick with him. There are a lot of good people in the business, but there are also a lot of dirt bags. As several others mentioned, the same goes for customers. Buying a car seems to turn the nicest people into Devil span in a lot of cases.
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