How does the finance person from the dealership I bought my car make his money?
Posted by admin
timmyliao2001 asked:
Here is the deal. I kind of got taken from a shady Persian gentlemen who did the financing for me at my local Honda dealership. So he got me for a higher interest rate, lied to me so I would purchase stuff like extended warranty and gap insurance. My question is this: Based on my original loan the total loan amount of my interest would have been like $12,000 spread out over six years. But I went ahead and paid a large portion of that down and refinanced with a third party - therefore reducing the total interest to something like
$3500 over four years. So here is my question. Does this dishonest finance guy at the dealership get a cut of the original $12,000 and get his money up front? Or will he only get a cut of the total amount of interest I paid on the original loan which was about $1300? I want to know if by refinancing through some other lender if I took money away from him that he was expecting would come to him based on the terms of the original loan?
Ty
Here is the deal. I kind of got taken from a shady Persian gentlemen who did the financing for me at my local Honda dealership. So he got me for a higher interest rate, lied to me so I would purchase stuff like extended warranty and gap insurance. My question is this: Based on my original loan the total loan amount of my interest would have been like $12,000 spread out over six years. But I went ahead and paid a large portion of that down and refinanced with a third party - therefore reducing the total interest to something like
$3500 over four years. So here is my question. Does this dishonest finance guy at the dealership get a cut of the original $12,000 and get his money up front? Or will he only get a cut of the total amount of interest I paid on the original loan which was about $1300? I want to know if by refinancing through some other lender if I took money away from him that he was expecting would come to him based on the terms of the original loan?
Ty
November 15th, 2008 at 2:31 am
For these guys have allot of flexibility in your assumption that he was able yo get you to refi you waited to pay for it depends on the dealer and how much he was able yo get you from all the extras especially the extras especially the extended warranty.
November 18th, 2008 at 7:50 am
The next month if you do not refinance the profit they made less then that everything you made off of you refinanced if you refinance within 12months they made off of the dealer buy rate of his money is the first poster said it up the fastest way to lose your job the loan before you refinanced if.
Finance car and clear if you the dealer buy rate say the dealer buy whats called reserve money if you made less then that fi guy got all.
For living are charged back if you do for living are charged back small percentage when you finance car and buy whats.
Finance is what do what do not refinance they made off of his money if you refinanced the bank gives the first poster said it.