Let's talk about cars
Mar 1st 2019, 5:21 pm
#7306
Lost in BE Cyberspace
Joined: Nov 2007
Location: Bay Area, CA
Posts: 13,111
Re: Let's talk about cars
I have always looked to agree a price before talking about modifiers - trading my car in, finance etc. Have a common point of reference to start from. Something like truecar can help guide to what a “good” price is. Know your negotiating position and stick to it. Remember, you are the one with the power here - you choose whether the deal is acceptable, or you walk. I have used that tactic before, and got as far as the door before they caved. There is always another dealer.
The most pleasurable car buying experience I have had before was when doing it all by e-mail. I have told them exactly what I want, what was important to me, and that I am asking multiple dealers (living in Houston means lots of choice). In order to have a bid I would consider they had 1 go at giving me a price. Telling me they would beat someone else’s price would disqualify them (some still chose to do this). I was looking at a straight cash purchase here, so I didn’t need to consider financing etc.
The most pleasurable car buying experience I have had before was when doing it all by e-mail. I have told them exactly what I want, what was important to me, and that I am asking multiple dealers (living in Houston means lots of choice). In order to have a bid I would consider they had 1 go at giving me a price. Telling me they would beat someone else’s price would disqualify them (some still chose to do this). I was looking at a straight cash purchase here, so I didn’t need to consider financing etc.
Mar 1st 2019, 5:50 pm
#7307
BE Forum Addict
Joined: Jul 2015
Location: Panama City, FL
Posts: 2,061
Re: Let's talk about cars
Last couple of new cars I bought / tried to buy (gave up last time and went with a used option), I used Costco's service. They have a pre-arranged price with a local dealer, and all research suggested it was a great price so I accepted that without further ado and bought the car. The second attempt to use that service, though, went well until we discussed trade-in. Their trade-in offer on my existing car was pitiful so I walked, even though the new car price was competitive. They wouldn't budge on the trade in (I was trading in a used 2013 CRV for a new CRV).
Trade-in is great if you don't have the funds or just can't be bothered with the hassle of selling privately.
Mar 2nd 2019, 12:30 am
#7308
BE Forum Addict
Joined: Apr 2014
Location: Lauren's Co. SC by way of Palmetto, Florida
Posts: 3,265
Re: Let's talk about cars
I'm not sure how transparent credit score evaluation is; I've heard many stories about what's good and what's bad for your score. I paid off my mortgage last year and I dropped from, say, 840 to 820 ... not that I cared much, but I was told I should run up a few credit card bills (don't pay them off for a few months) to get my score back. One thing I haven't done is tell anyone officially that I'm no longer earning big bucks. When I was working full-time I was making 'good money'. I've since gone over to part-time/semi-retirement but I haven't publicized that to the credit card companies. I remember being asked to 'confirm' some numbers and I just clicked through leaving the 'big numbers' in place. I'm assuming this isn't 'fraud' ...
I presume the rating agencies don't have access to tax returns, so they have no way of knowing what my income is?I noticed mine dip by a couple of points this month and saw that they have added 'not enough revolving balances' to the factors affecting my score. 30 years on this planet gaming credit card companies and I had to Google 'revolving balances'. It would appear that my penchant for settling my card in full every month knocks my credit score, companies don't make any money off me and they'd prefer to give higher score and therefore better rates to someone less able to manage their finances well!
The credit companies might not have access to your tax returns but they wouldn't need to when they monitor your finances - not just your spending but your accounts, ie bank. Unless you live in a heavy cash environment they know more about your finances than you do! ...And people get the hump with Facebook....
Mar 2nd 2019, 7:53 pm
#7309
Thread Starter
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,446
Re: Let's talk about cars
..... The credit companies might not have access to your tax returns but they wouldn't need to when they monitor your finances - not just your spending but your accounts, ie bank. Unless you live in a heavy cash environment they know more about your finances than you do! ....
Credit reports do not list deposit balances, savings, investments, brokers accounts, pension accounts, 401ks etc, nor, as Steerpike alluded to above, any data whatsoever on your income.
Mar 2nd 2019, 11:41 pm
#7310
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Joined: Apr 2014
Location: Lauren's Co. SC by way of Palmetto, Florida
Posts: 3,265
Re: Let's talk about cars
Finance companies can access your credit report, but that only gives them credit data - loans, consumer finance, mortgages, and other debts, plus any history of non/late payment.
Credit reports do not list deposit balances, savings, investments, brokers accounts, pension accounts, 401ks etc, nor, as Steerpike alluded to above, any data whatsoever on your income.
Credit reports do not list deposit balances, savings, investments, brokers accounts, pension accounts, 401ks etc, nor, as Steerpike alluded to above, any data whatsoever on your income.
Mar 3rd 2019, 12:45 am
#7311
Thread Starter
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,446
Re: Let's talk about cars
OK, but they (those three) definitely don't have access to deposit balances, savings, investments, brokers accounts, pension accounts, 401ks etc, nor any data whatsoever on your income.
Mar 4th 2019, 1:41 am
#7313
BE Forum Addict
Joined: Apr 2014
Location: Lauren's Co. SC by way of Palmetto, Florida
Posts: 3,265
Re: Let's talk about cars
B series Mazda count? It was quite a while back, bench seats, nasty gear stick arrangement, after the Renault 4 it was the most basic vehicle I've ever driven, reliable enough though. Back then the Ford Rangies in Europe were built by Mazda, possibly not any more.
Mar 4th 2019, 3:40 am
#7314
Lost in BE Cyberspace
Joined: Nov 2007
Location: Bay Area, CA
Posts: 13,111
Re: Let's talk about cars
So a credit report is based entirely on your debt / payment profile and has nothing to do with your income? That does seem counter-intuitive!
Mar 4th 2019, 11:02 am
#7315
Often not so civil...
Joined: Apr 2010
Location: The Boonies, GA
Posts: 9,561
Re: Let's talk about cars
If a lender wants to verify your income before extending credit, they can of course the way they do with mortgages, but they can't see it as a matter of course.
Last edited by civilservant; Mar 4th 2019 at 12:25 pm. Reason: Typo
Mar 4th 2019, 12:11 pm
#7316
Thread Starter
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,446
Re: Let's talk about cars
Of course that is why the "low doc" mortgages prior to 2008 were a joke and widely open to
That said, I have found that not much has changed and most credit is still provided without us needing to provide pay statements and evidence of other income - application for car finance and other loans have been approved purely on our self-disclosed figures. Which appears to mean that as long as you have a history of paying your debts, not much emphasis is placed on proving your income.
Mar 4th 2019, 12:26 pm
#7317
Often not so civil...
Joined: Apr 2010
Location: The Boonies, GA
Posts: 9,561
Re: Let's talk about cars
Which appears to mean that as long as you have a history of paying your debts, not much emphasis is placed on proving your income.
Mar 4th 2019, 12:49 pm
#7318
Thread Starter
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,446
Re: Let's talk about cars
….. But why do you say "except mortgages"? A mortgage is the actually the security document (not the loan) that entitles the lender to seize the asset.
Mar 4th 2019, 12:54 pm
#7319
Often not so civil...
Joined: Apr 2010
Location: The Boonies, GA
Posts: 9,561
Re: Let's talk about cars
Because a mortgage lender (in my experience) does in fact verify income - so it didn't really tally with my overall point about secured loans getting by with self reported income because they can seize the underlying asset 
Mar 5th 2019, 12:41 am
#7320
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Joined: Jan 2013
Location: Monterey, CA
Posts: 2,554