2017 Wrangler JK Information Thread - Page 114 - Jeep Garage - Jeep Forum

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  #1357  
Old 09-06-2016, 08:30 AM
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re: 2017 Wrangler JK Information Thread

Quote:
Originally Posted by Diogen View Post
Actually a house mortgage is easier to figure out per dollar borrowed. Car loans and financing are typically as or more complex more likely to be more costly than immediately apparent, especially those originated at dealerships.



And no one is being condescending since everyone is affected.



Car dealerships make profits on loans, People who buy with loans from car leaderships pay more. That is a fact. Studies at debt,org show that car loans from dealers cost the most.



The idea that generally a car loan at a dealership is better than one at a bank, CU, or better yet home equity so you can deduct, is just not supported by the facts. Car dealers prefer people who take loans originated by them because it increases their profit (increases buyer's net and relative costs)



The studies also show accurately assessing impact and actual cost of consumer debt is something a huge majority of people fail at.

Sounds like someone got screwed at some point from a dealer. Car loans are insanely easy to figure out and much easier to figure out than a mortgage payment.

The last 3 vehicles we've purchased we've financed through the dealer. They were more than happy to beat my CU rates all 3 times.

Also, you can ask for a transit sheet from any dealer in the country. It's a list of all their vehicles on the lot and how long they've been sitting around. I got a killer deal on my wife's T&C a few years back because we asked to see their 3 oldest T&C's on the lot. Them pulled them up and we started negotiating. It was painless and simple.

Dealers make money on financing by charging more % points than what you were actually approved for. I.E. - I walk into dealer x and am approved for 4.9% financing, but the dealer comes back at 6% - they get a 1.1% kickback from whatever bank they use. Regular banks do exactly the same thing, their just borrowing from the Fed at a much lower rate. If you walk into the dealer as an informed customer they simply can't take advantage of you - it's the simple.





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  #1358  
Old 09-06-2016, 09:07 AM
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re: 2017 Wrangler JK Information Thread

Quote:
Originally Posted by Diogen View Post
Car dealerships make profits on loans, People who buy with loans from car leaderships pay more. That is a fact. Studies at debt,org show that car loans from dealers cost the most.
Clearly, not true. At least in my case.

I got my loan thru the dealer, as I mentioned above, for around 1/2 the cost the same bank was publically advertising, and even less cost than either of the two CU's I belong to, could do.

If I save money, and the dealer made a few extra bucks, unlike you, I look at that as one of those rare win-win scenarios.


Quote:
Originally Posted by keviper1 View Post
Sounds like someone got screwed at some point from a dealer. Car loans are insanely easy to figure out and much easier to figure out than a mortgage payment.


The last 3 vehicles we've purchased we've financed through the dealer. They were more than happy to beat my CU rates all 3 times.


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  #1359  
Old 09-06-2016, 09:46 AM
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re: 2017 Wrangler JK Information Thread

Quote:
Originally Posted by Diogen View Post
Actually a house mortgage is easier to figure out per dollar borrowed. Car loans and financing are typically as or more complex more likely to be more costly than immediately apparent, especially those originated at dealerships.
Incorrect. The truth in lending law requires all charges for the loan be spelled out on the contract.


Truth in Lending
The Truth in Lending Act (TILA) protects you against inaccurate and unfair credit billing and credit card practices. It requires lenders to provide you with loan cost information so that you can comparison shop for certain types of loans.
For loans covered under TILA, you have a right of rescission, which allows you three days to reconsider your decision and back out of the loan process without losing any money. This right helps protect you against high-pressure sales tactics used by unscrupulous lenders
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  #1360  
Old 09-06-2016, 09:48 AM
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re: 2017 Wrangler JK Information Thread

Quote:
Originally Posted by keviper1 View Post
Sounds like someone got screwed at some point from a dealer.
indeed a lot of people seem to have been and not understand hwo badly.
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  #1361  
Old 09-06-2016, 09:51 AM
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re: 2017 Wrangler JK Information Thread

Quote:
Originally Posted by Thunderjet View Post
Incorrect. The truth in lending law requires all charges for the loan be spelled out on the contract.
I will go with the studies and data. The average person dos very badly and quantify costs even with such laws.

The idea that the dealer is going to be clearer than the bank is typical of the FUD.
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  #1362  
Old 09-06-2016, 09:52 AM
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re: 2017 Wrangler JK Information Thread

Quote:
Originally Posted by WaltA View Post
Clearly, not true. At least in my case.

I got my loan thru the dealer, as I mentioned above, for around 1/2 the cost the same bank was publically advertising, and even less cost than either of the two CU's I belong to, could do.

If I save money, and the dealer made a few extra bucks, unlike you, I look at that as one of those rare win-win scenarios.

+1
Well said. I dont concern myself with how much the dealer makes on the sale or the loan. Its really none of my business.
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  #1363  
Old 09-06-2016, 09:56 AM
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re: 2017 Wrangler JK Information Thread

Quote:
Originally Posted by Diogen View Post
I will go with the studies and data. The average person dos very badly and quantify costs even with such laws.

The idea that the dealer is going to be clearer than the bank is typical of the FUD.

Do you even realize the lender is required to have you sign a contract that lists all charges the borrower must pay back?
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  #1364  
Old 09-06-2016, 09:58 AM
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re: 2017 Wrangler JK Information Thread

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Originally Posted by Yoodie View Post
They are in somewhat of an advantageous position considering there mere existence is protected by law in something like 47 out of 50 states. Very frustrating. In 2016 I should be able to submit a factory order without "help" and have it delivered but alas that is criminal. Lol
The laws are there because dealers kick back the profits to politicians. On average hundred more paid for dealer originated loans compared to bank loans, lower prices paid for trade ins, higher prices prices paid.

that is why dealer lobby has tens of millions to give legislators to fight tooth and nail to protect a dinosaur model
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  #1365  
Old 09-06-2016, 11:15 AM
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re: 2017 Wrangler JK Information Thread

I've waited for Gobi for about as long as I can and have to place my order. I'm going with a Willy's W in Rhino. This'll be my first Jeep, and I'm really looking forward to it as I grew up riding around in the back seat of my dad's 1980 CJ-5.

For those still waiting, I am certain that, since I'm placing my order today, Gobi will become available tomorrow.
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  #1366  
Old 09-06-2016, 11:18 AM
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re: 2017 Wrangler JK Information Thread

Quote:
Originally Posted by Diogen View Post
The laws are there because dealers kick back the profits to politicians. On average hundred more paid for dealer originated loans compared to bank loans, lower prices paid for trade ins, higher prices prices paid.



that is why dealer lobby has tens of millions to give legislators to fight tooth and nail to protect a dinosaur model

I have no lack of clarity on this.
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  #1367  
Old 09-06-2016, 11:28 AM
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re: 2017 Wrangler JK Information Thread

Quote:
Originally Posted by Milous View Post
.

Figured the thread was getting a little bogged down so i checked post 1 to see if any new nuggets had been snuck in. I didn't see any changes.

I do have a question for Milous.... Any indications on the platforms for this year's special editions(Chief, Winter)? Usual Sport or Sahara based I presume? Pretty certain I want to go Rubicon but considering I still am not in the position I want to be to order I can consider alternatives.
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  #1368  
Old 09-06-2016, 12:32 PM
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re: 2017 Wrangler JK Information Thread

Quote:
Originally Posted by Yoodie View Post
Figured the thread was getting a little bogged down so i checked post 1 to see if any new nuggets had been snuck in. I didn't see any changes.

I do have a question for Milous.... Any indications on the platforms for this year's special editions(Chief, Winter)? Usual Sport or Sahara based I presume? Pretty certain I want to go Rubicon but considering I still am not in the position I want to be to order I can consider alternatives.

I'm secretly hoping the Chief is based on the Rubicon platform. Pipe dreams probably, but you never know.


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