Toyota Factory Rep

[arrow34]

LOL I wasnt trolling, i did want to see what a few members would say and you guys didnt disappoint. I actually was heading into the dealership to get a part i ordered a few weeks back... just funny when they called me(thought they were calling to say come get your part that has been here for a month) and said a factory rep wanted to get me into a new toyota. Tcoat as usual you dont disappoint.

[Dake]

Originally Posted by guybo

If at some point a dealership offers to pay off my FRS (I am so upside down on that thing- I don't WANT to trade it in ever but if they were stupid enough to offer I'd have to really) I'd do it and start from scratch. So every time we get a game card, we play the game, get our swag and talk to the salesman.

You do realize when dealers offer to "pay off" your current vehicle, upside down or otherwise, all they're doing is rolling that amount in to your new loan right? Unless you literally only owe whatever they offer in trade - they're not going to give money away.

[bcj]

Saw on the news that some auto groups are offering 84 month loans now.
Seven freakin years of servitude to pay off the loan. On a car!
Think it will run that long? Without something going south?

[Tcoat]

Originally Posted by JD001

I have a feeling that the car owned by the OP is a very rare beast having an even guage of paint all over.


BTW: I never get dealer invites!! Feel left out!! Feel lonely!!

The dealers in the UK are just not hungry enough to scam people.

[humfrz]

Originally Posted by JD001

I have a feeling that the car owned by the OP is a very rare beast having an even guage of paint all over.


BTW: I never get dealer invites!! Feel left out!! Feel lonely!!

THEY read this forum ....... and they just don't like you ........





humfrz

[Leonardo]

My dealership sent me a letter 2 weeks ago saying that they wanted to buy my car. The letter said that they would offer me $12,700 or possibly more. (Yeah right)

Anyway, It was just a way for them to talk to me about buying a new car. I don't have a payment right now, and I would like to keep it that way.

[extrashaky]

Originally Posted by bcj

Saw on the news that some auto groups are offering 84 month loans now.
Seven freakin years of servitude to pay off the loan. On a car!
Think it will run that long? Without something going south?

There's no expectation that you'll keep the car for seven years. The expectation is that you'll trade in the car and finance the next one, so that they continue to receive payments. If you're upside down in the car at that point, even better for the lender, because you have fewer choices and will end up having to roll the unpaid principal into your new loan. It becomes almost like an "auto subscription service," where they know you'll pay them a monthly payment for the rest of your life to be able to drive an automobile.

Personally, I don't have a lot of sympathy for most* of the people who opt to trap themselves in those long term loans. All the information about how auto financing works is out there for the taking and has never been more easy to find and access. If you choose not to educate yourself or choose to do it anyway because you don't like your alternatives (buying a cheaper car, etc.), then you can't really complain that the lender somehow took advantage of you.

*With the exception of very poor people who opt into the only option they have to be able to get to work. But that really doesn't apply to most people, and even in the case of the very poor, what would they do if that option wasn't available?

[Tcoat]

Originally Posted by extrashaky

There's no expectation that you'll keep the car for seven years. The expectation is that you'll trade in the car and finance the next one, so that they continue to receive payments. If you're upside down in the car at that point, even better for the lender, because you have fewer choices and will end up having to roll the unpaid principal into your new loan. It becomes almost like an "auto subscription service," where they know you'll pay them a monthly payment for the rest of your life to be able to drive an automobile.

Personally, I don't have a lot of sympathy for most* of the people who opt to trap themselves in those long term loans. All the information about how auto financing works is out there for the taking and has never been more easy to find and access. If you choose not to educate yourself or choose to do it anyway because you don't like your alternatives (buying a cheaper car, etc.), then you can't really complain that the lender somehow took advantage of you.

*With the exception of very poor people who opt into the only option they have to be able to get to work. But that really doesn't apply to most people, and even in the case of the very poor, what would they do if that option wasn't available?

This is exactly what happened when I bought the FRS. I however went into it well aware of what was going down. Part of why I did it was an emotional thing since I completely hated my 12 Lancer GT (not the car's fault it was fine for what it was) and wanted that particular FRS right that moment. I was willing to roll the loan in in order to do it. I also managed to get a lower interest rate so even though I took a hit on the depreciation (I deprecate the shit outta cars) it wasn't as bad a financial decision as it seemed on the surface. In my particular case I actually make money on buying new since it is a work vehicle and I get paid mileage which more than covers my monthly loan amount. I prefer to put that money towards paying off a new car over repairing an old one with mega miles on it. It really comes down to understanding exactly what is happening and being willing to accept it.

[NARFALICIOUS]

if you get a 7 year loan, you can always pay early and/or refinance later

[extrashaky]

Originally Posted by Tcoat

In my particular case I actually make money on buying new since it is a work vehicle and I get paid mileage which more than covers my monthly loan amount.

Same here. My down payment was expense money I saved up while driving my Jeep. Except for a few payments that had to come out of my own pocket while I was between jobs, my BRZ was almost completely paid for by my employers.

After three years and 11 months, I finally sent a check last week to go ahead and pay mine off a month early. It gave me great satisfaction to log into my account on the credit union's website and POOF! my loan wasn't there. Then this week I received my latest $800 deposit from my company for mileage. It gives me great satisfaction to know that expense payment isn't already earmarked, but I have the company deposit it directly into my savings account to start building up a down payment for the next one. I'll let them pay for that car too.

[extrashaky]

Originally Posted by NARFALICIOUS

if you get a 7 year loan, you can always pay early and/or refinance later

Among the population of people who sign up for the extra interest expense and equity risk of a seven year loan, I suspect the subset who find themselves able and willing to pay it off early is statistically insignificant.

[JD001]

Originally Posted by Tcoat

The dealers in the UK are just not hungry enough to scam people.

Errmmmm.. perhaps back in the ole days.. 1930s or something.. I think you've been watching too many Pathe movies!!

Dealers are the same no matter where they happen to exercise their finely tuned art..

[g e]

According to Clark Howard who is a widely syndicated consumer advocate, there is a shortage of quality used cars nationwide. That means the price is up over the past. Few years. We had widespread bad weather events this year. Lots of cars wrecked.

It might be a good time to make a deal. Dealers are alwYs under pressure to sell new cars and if their used inventory is skinny they need to get more.

Might be a rare situation of win-win for all involved. If you are careful....

[Tcoat]

Originally Posted by g e

According to Clark Howard who is a widely syndicated consumer advocate, there is a shortage of quality used cars nationwide. That means the price is up over the past. Few years. We had widespread bad weather events this year. Lots of cars wrecked.

It might be a good time to make a deal. Dealers are alwYs under pressure to sell new cars and if their used inventory is skinny they need to get more.

Might be a rare situation of win-win for all involved. If you are careful....

For every "there are not enough used car" stories there is a "there are too many used car" ones.
https://www.cnbc.com/2017/08/30/hurr...used-cars.html
https://www.reuters.com/article/us-a...-idUSKBN1880KE

The "we need your used car" scheme has been around for decades. There are approx. 230 million cars in the USA. If 500,000 we destroyed in disasters (as per the attached) that is a whopping .2%. There will be no skyrocketing values or great deals.