Hi,

So I went to a dealership last week and got a quote. The sales rep persisted on figuring the monthly payment after he quoted me the car sale price on a 2010 G37 sedan 6MT for $35,699. The monthly payment seemed very off to be me though, so I walked out.

Sale Price: $35,699
Tax: $3,129.00
DMV Gov Fees: $565
Trade in:$18,000
Amount owed for trade in: $14,243
Down payment: $3,000.00
Finance: 60 months at 2.9%

Final number: payment of $615 per month

The monthly payment seemed high. I was getting about $585 on my own calculation. Any thoughts? I have a feeling this dealership was trying to sneak in a higher rate and make the difference. I don't want to slam the dealership if my facts are not straight so I won't mention which dealer quoted this yet. Any thoughts?

 

Considering your trade is up side down a few grand I think its about right.. I would make them take away the down payment or lessen it. 36k/60=600?

 

I'm in the positives for my trade in. They're willing to give me $18k, and I owe about $14k to the bank.

 

Why is that high? Without interest 60x600 is 36,000. Or what the price is. Your down payment covers tax and not even the tags.

 

Ahh I see. Im thinking your right, the payment seems a little high for you putting down 3k and the trade in. I would try another dealer before going back. If they put your trade in towards cap cost reduction you should be saving about $50/month? Let me know how your deal goes.

 

According to the Excel sheet I'm using, your monthly payment should be $586 with the values you listed. So yeah, it seems very fishy...

Ask them to break it down for you. I seriously doubt they'd try to con you like that. Either you're missing something, or they just made an error. If it was intentional, run.

 

a tad higher than what the numbers you gave us.

better check your purchase slip again. cause it's overpaying about 2k.

you buy something else?

 

Are you (a) writing another check of $3,000 in addition to your trade as down payment, or (b) using $3,000 of the $3,757 equity in your trade be applied as down payment? If the answer is "a" your calculation of $585 is correct ($584.98 to be exact).

If "b", the payment would be $638.75, but then what happens to the balance of your trade equity? If I apply the whoe $3,757 trade equity as down payment, the payment is $625.18. In no scenario can I get the $615 as they quoted.

Did you verify the pay off amount for your trade with the bank? I wonder if that is part of the cause for discrepancy?

 

I'm writing another check for $3000 on top of my trade in equity. I thought so, the numbers looked funny. The difference of $30 per month equate to $1800 overall in 60 months.

The pay off amount was accurate. I was curious how they got the $615 from, so I played around with some figures and I think I have it figured out. As they're telling me the interest rate is 2.9%, they're actually using 4.9%. That was the only way I could get the $615.

Needless to say I did run out of that dealership. I don't think they thought I would catch on to the figures that quickly during my sit down. Furthermore, they even emailed me all the figures in writing after the fact to get me to go back. It may be a mistake, or it may be on purpose and they want to make the 2%. Either way, I won't be doing business with them. I'm still shopping around in the So Cal area and seeing what dealerships are better to work with, so we'll see what happens.

I do appreciate everyone's help nonetheless. If anyone is shopping around in So Cal like me, good recommendations are much appreciated. I'd be happy to tell you which dealership I was referencing to above so you don't share the same experience as me as well.

 

A word of advice, make your deal over the phone before setting foot in the dealership. Ask for the Internet/Fleet manager.

I recommend calling Fritz at South Bay (where I got the G), or Ron Long at Metro (my QX). No bs, just a smooth quick deal.

Good luck.

 

Ah so you are
pitting 7k down. Or did they give you the car for that price with the trade. Know what your trade is worth and what the car is selling for.

 

Call Infiniti of Montclair and ask for frank. He was copland they tookme right into finance because I didn't like the tactics of another dealer.

 

honestly montclair sales dept is good, but their finance team will play games but if you know what you are doing prior to walking in (which in this case seems to be true for you) you'll be fine.

i had a smooth transaction at montclair but only with good credit can you play on their level..food for thought for anyone whos wants to play finance games with car dealerships...

 

The showed me the screen and matched my Lease Calc that I use online. You SHOULD know everything before you walk into ANY dealer. That means all incentives, what the car sells for and what the rates are. I am Tier 0 so my credit wasn't the issue.

If you walk in and tell them what you are paying and that you know the rate they can't really play any games. It's straight forward.

 

The mistake everyone makes is letting the dealership know what you want your payments to be. Always negotiate with the price, not your payments, they (dealership) can work the numbers and even extend the payments and you wind up paying more at the end even if they got you down to the payments you want.