Well, I'm quite the tight-ass when it comes to paying for stuff, and JUST learned this nifty trick (accidently)...

I was buying my 2002 (traded in my 2000 for it) about 2 weeks ago, and when speaking with their finance person, I asked:

Me: "So, you guys buy blocks of loans at some rate, then add some premium of your own to the interest rate they give you, right?".

Finance: "Yes, that's correct".

Me: "Okay, cool.. I understand. Well, I guess the rate doesn't matter too much to me because I just had a windfall of money and will be paying the car off next month anyway".

Finance: "Oh.. I see, well, you know you could invent that money, etc.."

Me: "Yeah.. I could, but I'de just end up buying another toy instead"

Finance: " /Laugh I see."

Me: "So, how long does a customer need to have a loan before the dealership/finance makes its 'MONEY' from selling the loan?"

Finance: "90days, or we have to 'payback' the loan company the profit".

Me: "Oh my.. thats not good for you guys!"

Finance: "No, its not..."

Me: "Well, you guys have treated me pretty well.. You know, I suppose I could keep the loan for 90 days so finance makes its money too!"

Finance: "Ohh! That would be great!"

Me: "Hmm..BUT I would be paying interest for 90 days... and thats not good for me... If you could drop the interest another 1/4 point, I'de go ahead an do this for you... If your interested".

Finance: "Consider it done!"

... Moral of the story: They don't make any $ if you don't keep the loan for at least 90 days... Keep this in mind at your finance closing 'talks'!

-- Aaron

 

I didn't know about that ... did you just happen to go through this conversation and pick up the inside info as it developed?

 

Yes.. because I actually WAS going to pay it off...and the conversation just happened...as dumb luck would have it. Thought this would be a good tip for everyone.
-- Aaron