I run a great contra deal with my twin brother. He has worked in Audio Visual for years and I always manage to get TVs and sound equipment at great prices. What a benefit?
A couple of days back, he phoned me saying he was buying another BMW. This time, a 335i Convertible. Nice car.
I have spent an entire life working in finance, but I don’t do it anymore. What I can do is work out when the Finance guy in the car yard is lying. All it takes is my finance calculator and a few minutes work to see if they are telling the truth.
Well, they are car finance guys, so it’s a safe bet, they are not telling the truth. My bro got a quote of 9.25% from a guy he dealt with before. I ran the numbers to find he was being charged 9.77% per annum, not 9.25% per annum.
The guy from BMW quoted 10.66% per annum, but told his buyer that he could not tell him what rate it was, it was just a repayment. Bullshit! He knew and was just hoping he could fob a guy off!
It’s funny. BMW are not just happy selling cars for over $100,000… they have their own finance company and car yard scoundrels cheating and lying to decent folks willing to pay them all that money for a car.
A little negotiating later and after a few doses of truth and BMW reduced their repayments by $64.00 per month, saving my bro over $3,000 in interest in the next 4 years. Finance people in car yards… and we tried a few… have a habit of lying. They will juggle terms, balloon payments and rates to confuse the living daylights out of the uninformed. I’m a little tired of their antics, how about you? been screwed by your car finance guy/girl?
How do I feel about saving my bro over $3,000?
Well, I feel like I can ask for that new surround sound system at a good discount… and not feel like a freeloader!
fat bastard car loan cop- out
No comments:
Post a Comment