Anyone else almost get "took" by the dealer?

[Blackbelt]

Originally Posted by forestacademy

Well you shouldn't (or cant) use a home equity loan. This is one of the big holes in auto financing now. A few years ago a very high persentage of Autos and SUV's were being purchesed with Home Equity loans or lines of credit because they were great rates and no negotiation.

This is One of the reasons the down turn in Home Values is tied to the down turn in the auto market.

I just bought a new Wrangler and got a home equity loan to cover a small part of the cost.(only borrowed$6500). I like the Home equity loan because the interest is deductable. I built my home in 1995, so i have a good bit of equity in it. Housing prices in the western PA area have not declined all that much(they didnt go up that much the last few years either).
I didn't finance the smart, we saved up for the year we were waiting and paid cash for it.

[forestacademy]

Originally Posted by Woody14619

That and the fact that some new cars cost almost as much as a new home. I have neighbor that got a shinny new tricked out Hummer 2 about two years ago, which ran him just over $40K. Mind you, houses in my neighborhood at the time were going for $50K to $80K. Insane...

Does he live in that Hummer now? Because You know he owes more than its worth now.

[spud]

My document fees is not that bad just $280.00. I know one person in Southern California paid $3,500.00 over sticker price, she told me dealer told her it "MARKET ADJUSTMENT FEES" dues to the $ less values. I think the is call ripped off dealer.

Any way any MBZ dealer most of them they are terrible, I have a MBZ, everytime I took my car to get it service, cost $500.00 or more more, last time cost me $2,300.00 I hope this Smart car dealer will not do the same.

[kwajman]

My wife and I have incredibly good credit scores, both over 800 and the dealer gave us 5.9% interest. The best we could get outside, was 6.04. The highest quoted was 9.4% at my OWN bank! So we went with the 5.9% over 4 years. The monthly payment is a little high but its for my business so I can write it off for advertising.....

[aslusers]

We did not negotiate much. They offered 4.85% rate for 63 months. I guess some dealers are not so nice!

[Kooky]

You can find good deals with credit unions. PFCU is below:

https://www.penfed.org/productsAndRa...wAutoLoans.asp