"Jimmy Tango" (jimcalliu)
12/21/2014 at 11:35 • Filed to: None
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"Jimmy Tango" (jimcalliu)
12/21/2014 at 11:35 • Filed to: None | 1
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After I posted !!!error: Indecipherable SUB-paragraph formatting!!! sometime ago, I have been keeping wasting my life and looking at my search result whenever an alert pop up.
!!! UNKNOWN CONTENT TYPE !!!
Granted, the salesperson in last article are dubious, and so far the new MaxCare quote I got are certainly more in line with what I expect, albeit I ran into some salesperson reply my quote request with "It can be $15~$40 per month financing!" which is like the oldest trick in car selling.
Yesterday, I encounter a new case that CarMax suspiciously want to stop me from asking (and posting?).
They said I need to get credit check for financing, in order for them to show the MaxCare term.
I am, I am not buying a health care policy for myself, plus your MaxCare is transferable, what to do with my credit score?
I bet that's how they are saying "serious buyer only".
Whatever, CarMax used to be cool in my book when Doug started talking about it, but this past 6 months when I starting to be serious and want to get a car from them, they disappoint.
sellphones2493
> Jimmy Tango
12/21/2014 at 11:51 |
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I worked as a salesperson at 'max during the summer of 2013. In terms of telling you how much it costs per month is the tactic that everyone uses. Most people looking for a car could give a flying fuck what the total price is, or what percent financing they're working with - it all boils down to how much per month they'll end up shelling out.
If I tell you that Maxcare is $3,000, you'll most likely think it's a ripoff. If I tell you it's $60 a month, it's a helluva lot easier to wrap your brain around. If I tell you GAP Insurance is $500, you'll most likely reject it. If I tell you it it'll increase your payment by $3 a month, it's pretty much a no-brainer (and $50 in my pocket).
In terms of not being able to see Maxcare costs before running a credit app, you most likely ran into a sketchy salesperson. When i worked there, they had a promo going on for employees that would get you (from what I recall) $15 per credit app run (I had a guy who called to run financing and he had me do it with 4 different people somewhere on the app - his credit and thiers was so bad he never got approved, but I made like $100 in 15 minutes) - I'm assuming the guy you talked to wanted his promo money.
However, in order to see the Maxcare costs, you do have to create a buyer's order, and if you were planning on financing, it would only make sense for you to run an app before seeing the costs, in order to see how much you'd actually be shelling out for Maxcare, given the finance rate you're getting.
**In terms of financing - if you are part of a credit union, I'd utilize that. Carmax Auto Finance (CAF) is a scam. When they run your app, if you're either Tier 1 or Tier 0 Credit, your app will only be sent to CAF, blocking out the other banks Carmax uses (Wells Fargo, Cap 1, Santander). For the most part, they'd be able to beat the rate, as CAF hasn't realized giving someone with good credit 5-6% APR is insulting.
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Jimmy Tango
> sellphones2493
12/21/2014 at 12:28 |
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Thank you for sharing the insight. Yes, I agree with all of your point and I have never thought about financing through CarMax. If I were leasing, BMWNA can give you 1.94% via MSD program; my employer's credit union has 1.99% new car (3 years or less in model year) for auto loan.
And I also plan on getting MaxCare paid off via cash instead of financing, since I live in WA and closest CarMax is in OR.
jvirgs drives a Subaru
> Jimmy Tango
12/21/2014 at 12:37 |
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They gave me the full price of MaxCare and what the addition to my monthly payment was. All I did was ask and she didn't give me any issues about it, however she did do a credit check first, mainly because that's really what I wanted to know.
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jvirgs drives a Subaru
> sellphones2493
12/21/2014 at 12:40 |
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I agree with the credit union or even another bank may be able to beat the rate. I inquired about financing through CAF for shits and gigs and they gave me a pretty competitive rate, but I still think I can go a bit lower through my credit union. (CAF- 2.45% vs. potentially 1.9%)
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sellphones2493
> jvirgs drives a Subaru
12/21/2014 at 13:58 |
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CAF is super weird. I had a guy come in to buy a $29,000 Audi A6 to use as his 'winter car'. He brought in a FICO Credit Score Report, showing a 790, his house was paid off, his only outstanding debt was his 911, and his annual income was $425,000 (don't ask me why he's buying a used Valumax A6). Because it was a Valumax (over 5 years old or over 60k), he got approved for 6.9% APR. He was pissed off, and he had every right to be. He left Carmax and leased a brand new A6.
Another time, I had a lady come in wanting to buy a car for 10k. She didn't want to spend more because her credit wasn't good. We searched the lot, and I found her a nice newer Rav4 way outside of her price range (it was like 16k). She fell in love with it, and we decided to run an app on it. I figured she was attached enough to the car, she'd be willing to spend more. I could probably get her approved through Drive (23.99% APR).
When filling out the app, she was telling me how like 10 years prior she had her car repo'd. That was like a complete facepalm moment for me - there's not a chance in hell you'll get financing with a prior repo. However, she went on to say that even though she never got her car back, she spend years paying off the loan, even writing an apology letter to them for not paying her bill.
She got approved with zero down for 1.9% APR through CAF. She cried - it was actually very rewarding.
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jvirgs drives a Subaru
> sellphones2493
12/21/2014 at 14:11 |
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That is very strange.