Ask-A-Jeep-Dealer Thread

[wahlsaint]

I'm glad you brought this up. Federal regulations have closed the loophole on pre-pay penalties. They no longer exist. My advice is to play along. Take the deal and take their financing. You can pay it off as soon as you get the financing banks loan information or you can re-finance with whoever you like. If you want to put in some effort ahead of time, contact who you want to get your loan through and explain to them the situation and that you want to finance the amount through them and see what they say. Bringing your own competing rate to them may or may not help, but if you are a 800+ you should be able to get a good rate as long as everything else is in alignment. Not buried in a trade that throws of the LTV etc. The other factor you can use with them is the LTV. Put enough down to get under 80% of invoice. That is usually the cut off for the best rate.

DealerGuy, what numbers are used for the value in the LTV calc on new vehicles? MSRP, Invoice, purchase price numbers on the bill of sale, some percentage of one of these, or something else? Thanks for the info!

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[JLWF Dealer Guy]

DealerGuy, what numbers are used for the value in the LTV calc on new vehicles? MSRP, Invoice, purchase price numbers on the bill of sale, some percentage of one of these, or something else? Thanks for the info!

Take the total amount financed divided by the invoice to get the loan to value.

 

[wahlsaint]

Take the total amount financed divided by the invoice to get the loan to value.

Yep, thx!

 

[swyman]

Did you end up with getting anything off employee price on the jeep?
If you search on this forum there is a dealer in Kalamazoo that has the best pricing. I'm buying it thru him. His prices are listed on here too.

I bought through Williams Brothers in Dundee. I work at FCA Dundee Engine plant and the dealer is new and a block down the road so I thought it would be easier for me if I needed service or warrantee work. I am under the impression that it shouldn't matter what dealer I order a Jeep from as the EP (employee price) should be the same? I hope the dealer guy will pipe in if I am wrong? Anyway here is my order sheet and my cost is the EP price. Oh, and to answer your question, I did not get anything extra off the EP price....not sure if you can?

 

[swyman]

You'll see forum people posting that they got 3-5% or more off invoice. What they don't tell you is info in regard to the lets call it the total picture... that they had a trade, dealer says financing through them is a must, inflated dealership set-up fee $, State fees, etc. (Example, dealer shows you below invoice and gives you a few thousand less on your trade then he should)

Anyway, when negotiating a deal the vehicle buyer needs to look at the total picture and not the dealer waving the 3-5% off invoice info scribbled on a piece of paper. Again, always look at the total picture and shop around.

In regard to Extended warranty.. Do know that you should absolutely shop around for the Extended Warranty just as you do for pricing on a vehicle! Do know that you can buy the manufacturer extended warranty after the vehicle purchase date and many times for many $ less.

You can buy your Jeep at one dealer and a month or so later buy the exact same extended warranty from another dealer, maybe even a dealer across the USA somewhere, that you deal with online/ by phone.... from a dealer that is selling say the same friggin Jeep warranty for hundreds of $ less.

Reality is no matter how how much you read on these forums that a particular dealer is so terrific and offering 3-5% off invoice and yada yada, that no dealership is your friend. Dealer is out to maximize the $ that you drop at his or her dealership. Dealer always makes $ on you. Your only hope is to minimize the $ they make off of you.

That was a great response and totally makes sense....Thank you!

 

[MojitoJLUR]

I bought through Williams Brothers in Dundee. I work at FCA Dundee Engine plant and the dealer is new and a block down the road so I thought it would be easier for me if I needed service or warrantee work. I am under the impression that it shouldn't matter what dealer I order a Jeep from as the EP (employee price) should be the same? I hope the dealer guy will pipe in if I am wrong? Anyway here is my order sheet and my cost is the EP price. Oh, and to answer your question, I did not get anything extra off the EP price....not sure if you can?

I didn't think you could either but i guess you can. I have a quote from a dealer in ohio that's 3% off EP so im going to see if my local dealer (near Fca hq) will match it.

 

[swyman]

I didn't think you could either but i guess you can. I have a quote from a dealer in ohio that's 3% off EP so im going to see if my local dealer (near Fca hq) will match it.

Crap! That would be worth a drive for sure. Is that for ordering one or one on the lot?

 

[MojitoJLUR]

Crap! That would be worth a drive for sure. Is that for ordering one or one on the lot?

Ordering

 

[swyman]

Ordering

Jelous

 

[ccarrico29]

I didn't think you could either but i guess you can. I have a quote from a dealer in ohio that's 3% off EP so im going to see if my local dealer (near Fca hq) will match it.

Care to share the dealer? That would be worth the drive for sure. For me, Tyson's and Dave Dennis are the two closest to me with great prices. Local dealers won't do anything beyond 1%.

 

[MojitoJLUR]

Care to share the dealer? That would be worth the drive for sure. For me, Tyson's and Dave Dennis are the two closest to me with great prices. Local dealers won't do anything beyond 1%.

They are on this forum. Dave dennis jeep... FYI.. .you have to qualify for employee pricing to get extra reduction.

 

[Mfdidier]

Hey @JLWF Dealer Guy

I took care of all my financing yesterday and got hosed on the extended warranty price. Any suggestions before I call the dealer to take it off my contract? Do I have to rescind the entire deal?

Thanks

 

[MojitoJLUR]

Hey @JLWF Dealer Guy

I took care of all my financing yesterday and got hosed on the extended warranty price. Any suggestions before I call the dealer to take it off my contract? Do I have to rescind the entire deal?

Thanks

No, you have something like 30 days to cancel the warranty.

 

[dudemind]

I have a order with station that due to deliver in the next week or two, but one of their stipulations for the deal is that you must finance through them, their ad says needs to be minimum of six months payments before you can close the loan, but they have told others here only 3 months, and my sales rep told me there is no strings but I don't trust him as he was learning about their sale as he was dealing with me. As either way I am prepping for a negotiation fight with them.

I have 800+ credit, I can easily pay for a loan after my monthly expenses, and have more enough liquid cash to pay for the Jeep but plan on using that money to pay for a kitchen renovation come this summer hence why I want to go for a loan.


Now my questions:

1. Can the dealer stipulate in the loan some mechanism that forces to pay x months before I can refinance for a better possible rate? Basically what's stopping me after I drive off the lot fully signed from just paying off the loan right there?
2. Should I still being in my own competing rate quote to us as a bargaining chip?

The dealer cannot force you to hold your loan. Certainly not in any standard paperwork. I suppose they could draft a separate agreement and make you sign it, but I'm curious/doubtful if it'd even be enforceable.

A lot of dealerships do this. Just play their game against them... My experience below...

When purchasing a car for my college-age younger brother, the guys who I ultimately purchased from sprung the financing trap on me pretty last second, when I already had my check out to pay for the car. I had already told them I was paying 50-100% of the vehicle's value in cash/check depending on the financing rate (which they were fine with), but once I was in a seat in the finance office they were telling me that I needed to finance the entire purchase. And of course they showed me a terrible rate. Mind you, I have an ~815 credit score, I think a dozen and a half successfully paid off vehicle loans without a single late payment -- I always qualify for any financing offers with flying colors. I was agitated but decided to play along. I told them that they can have their loan origination fees with their points on the inflated rate, as long as they'd discount the vehicle for me a little more and tell me how long I have to hold the loan for them to get paid. Made them feel I was on their side as long as they scratched my back too. They gave me another $1,200 off and told me 100 days. I took the discount, and the loan, and then paid it off fully when I got my first statement a few weeks later. Meaning I got that $1,200 discount and they got nothing for the loan. F'ed em right back for playing games with me.

I think I realistically could have paid it as soon as the bank recognized the loan, but I've heard (admittedly from non-official sources) that you should wait for the first statement if fully paying it off to avoid any headaches. So I made the first payment standard and then submitted a payoff the day after.

 

[ccarrico29]

They are on this forum. Dave dennis jeep... FYI.. .you have to qualify for employee pricing to get extra reduction.

Aah, makes sense. I was able to get the 5-6% from Dennis without being EP, so that must be why. I can get a Friends and Family pricing, wonder if that can be added on?

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