5 Ways Dealers Can Rip You Off With Car Financing - Car Buying Tips

Buying A Car Doesn't Have To Suck™️
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Most car buyers get financing with their new car. There are all sorts of tricks, scams, etc where dealers can rip you off if you are not diligent. This video shows you the top 5 financing scams in great detail and shows you how to get around them.
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#Chevrolet #Louisville
You can now find me at my own dealership in southern Indiana. My wife and I started Mike’s Car Store Located in Georgetown, In. Where Buying a Car Doesn’t Have to Suck™
We specialize in Late model Used cars for all types of buyers. If you have challenged credit we can definitely help you and ensure you don’t get scammed or pay too much. If you are a cash buyer or have excellent credit we will be glad to help you as well.
We are also specializing in our new Car Grabber service. If you are looking for a late model car and don’t want to contact a bunch of dealerships just to have them show you cars you didn’t ask for. We got you. Just head over to mikescarstore.com and tell us what you are looking for and we will get it for you.

[@craigjacobson158]

I purchased my F150 on June 6th, 2020 and to get all Ford rebates I had to finance with FMC at 7.22%...No biggie, I was going to refinance anyway. I refinanced with my credit union 5 days later at 2.19% and never made 1 payment (except payoff) to Ford

[@ChevyDude]

See it works. And it only cost minimal money and a little extra effort. Great ROI.

[@justiceodueze2897]

I had no idea you could do that. I thought once you financed with one bank you could only refinance through that same bank

[@nokoolaid]

That's a huge different. I'd like to know what they were padding in there. 5% is a lot for the difference between buy and sell rate.

[@craigjacobson158]

@@nokoolaid I'm sure that was a small difference but to get all the rebates that Ford advertised I had to finance with them at their published rate

[@craigjacobson158]

The finance guy told me to wait for the 6 months because they get a portion of the finance as a kickback but I waited 6 days

[@rwilber72]

So THIS is why dealerships don't know what to do with me when I insist I am not focused on my monthly payment and absolutely refuse to discuss it...

[@allenhigginbotham3740]

Great info Mike, there's a dealership in northern Indiana that packs there payments. My brother went to buy a new car and I went with him thank God I did. He did a deal and the finance guy said this is your package payment. I told him to go back and give him the payment with price of car, doc fee and tax. Saved him $80 a month and what's so funny is they got pissed at me and wanted me to leave.

[@keystomotoadventures2399]

Thank you. I just purchased a used truck for my son. Because of using your tips and doing my homework, I walked away saving just over $9000. Thank you again.

[@Big.Ron1]

In 2005 I bought a Jeep Liberty. About 10 days later I got the dreaded call to come back in. I had good credit with a good LTV so I was pissed. I went in ready to fight but, to my surprise they got me a better rate and my payment dropped 30 dollars. So I was happy, they got a good review, and all ended well. An honest dealer. Imagine that.

[@PokerADHD]

I seriously hope you get a ton of business because of this channel

[@nsant]

With 300k subscribers, he should be making around 25k a month in just ad revenue.

[@LadiiBKS]

He will because of honesty.. thanks chevy dude

[@benjaminwagner8141]

I live in Ohio, 6 hours away, and i plan to buy from him when I can

[@sobora97]

I like the way you sell Cars. I am car salesman myself and I’m doing the same thing you do but always get criticize by peoples I work with for being customer advocate.

[@ChevyDude]

I use to get criticism too. Now they are amazed. Keep up the good work!

[@sobora97]

Chevy Dude thank you for the inspiration sir

[@buffalobill5526]

My last 2 cars where dealer financed and had no problems. But I did pay both off in 2 years of the 5 year loans

[@XX-166]

Lucky you.

[@AL_SD]

My credit was around 600 then the dealer recommended me to pay off all my revolving credit debt before financing a new car. After I payed it off my credit shot up to 740 and I qualified for a 72 Mo loan at 2.99 apr with 0 down and this was back in 2016.

[@waterheaterservices]

@@AL_SD Excellent

[@bChipps]

How

[@XX-166]

@@bChipps that’s what he’s still trying to figure out.

[@williamrichardson6242]

I sure like what I hear. That’s why I’m buying a car from you from out of state. Thanks a lot Mike. Waiting patiently…

[@biancagarcia9233]

Uhm I just had to come to say THANK YOU my man. I’ve been watching your videos as I have been searching for a car. Today I used everything I’ve learned from your videos. I walked in and out confident that I made a good, fair deal. I always hated car shopping because I always caved in on prices. Thank you for your content and candor !!

[@turtleguy2243]

The car loan calculator is awesome. Didnt understand how bad having 17% for 72 months could be til I saw that.

[@T-roccBABY]

17%!?!? Holy shit were they putting it on a credit card?! I don't even bother with 3.99%(new, used is always higher) I'd laugh at anyone trying to convince me on anything higher.

[@trapabar19]

@@T-roccBABYoh how this comment aged like fine wine.

[@T-roccBABY]

@@trapabar19 word. I got 7k taken off and .3% on 5 years, brand new cx5. Spring 2021 was a pretty good time to by. In Canada, the rates are beyond parody now haha.

[@andrewmobley8003]

I’m half tempted to make the drive to Louisville just to do business with you (Only about a 2-3 hour drive). You’re the unicorn of car salesman. Don’t think I’d trust anyone else

[@ChevyDude]

Thank for all your support. Shop The Coldest Water 👉 thecoldestwater.com/?ref=CHEVYDUDE Use Promo Code " CHEVYDUDE " to get 10% OFF your entire order.

[@blackrider1976]

can you send me a bottle please :)

[@superchief15]

Don’t take dealership financing. Have your financing lined up before you shop. Get the best deal and don’t let the dealer run your credit. It goes against your report and you are not using the deal the Finance Manager wants to stick you with anyway! Sell your trade yourself or give it away to a charity and not the finance guy! The only reason to trade your car to a dealer is you need the parking space for the new car!

[@lealoctavio18]

Question fuck I wish I would of watch this video befored, but I decided to finance the car, they took my credit card to check my credit score even tho I haven’t lock the deal they still ran my credit, I just figured I’ll get a better rate at my bank plus the deal ship at Honda doesn’t want to disclose the rate until I insurance the car I want to buy HELP!!!!

[@olfactory_art]

Great rule of thumb

[@karld001]

Buying cars and houses should be taught in high school.

[@Jeffelangelo]

The worst experience I've had was buying a CPO Camaro from a Chevy dealer. It was advertised as CPO, then in the finance office I asked about the CPO documents and they told me it was "certifiable" and I had to pay $400 to actually be a CPO car.

[@Zraupp10]

After I sign paperwork, they asked me to re-sign paperwork, and I got lower interest rate, 4.25% to 4.19% My credit score was 739

[@ChevyDude]

They probably marked it up to much. Banks do have caps and if the dealership goes over they will kick the contract.

[@Zraupp10]

@@ChevyDude 04 GMC Sierra 2500HD crew cab Duramax diesel 4x4, Michigan farm truck, little rust, all new brake line/disk and pads, new tires, new wheel hub driver front and all new injectors (injectors were all zero) were done by the previous owner.

[@XX-166]

Thieves

[@kirkdunn1379]

My credit union was simple....they gave me a "not to exceed" number on check and I could have used it for any brand new 2500 HD truck and I had an approved rate off a hard pull....no matter what your gonna get a hard pull to get a loan....it was very painless and no dealer could come close to the rate......also I knew what banks/ CU pulled which fico score and knew all of my scores so I matched the CU that pulled from my highest score ( some can be 50-100 pt difference).. So instead of guessing and getting 20 pulls I narrowed it down to a few CU who had lowest rates in industry and used my highest fico scoring model (F9 auto EQ in my case) to get me best rate....... I researched the financing almost as much as price of the truck...... If I used the dealer they wanted 5k down and $830/M...with my CU nothing down and $734/M.....same truck, price, terms, etc

[@aday2946]

Listening to you videos just saved me over $4,000. I took your advice and declined to buy the car with their dealership add-ons. I told them I didn’t want those and I was told that they do that for all their customers. Really !!!! Thank you so much for your informative videos. I’ll buy somewhere else

[@arielkinch5250]

I love your channel! You gave me the confidence to walk out on a so-called “deal” yesterday, they though just because was in a rental after totaling my car I would feel like I had to buy one last night. But I said bye Felicia! Also I appreciate your tip of “he who speaks first loses” that really threw them for a loop 😂

[@Ed_Garage]

I just always ask for price out the door. Then I go with the dealer that has the best deal. As far as financing I always contact my bank and get pre approval, if the dealer can beat the rate then I go with that. Never buy anything from the finance guy including gap. I get gap through my insurance.

[@brentvance3958]

Listen to this guy. I have bought 3 cars not from him but his videos have helped me tremendously. If I ever buy a new GM product I will definitely drive to Louisville and buy it from Mike.

[@ChevyDude]

I love hearing how my videos have helped you. 🥰

[@Smokedog682]

You don’t have to drive there to buy a car from him. He can always have it shipped to your house and pay anywhere from 3 to 500 depending how far. I live in South Carolina and buying a car from Florida is only $300 to be shipped to my door.

[@maxxedout2020]

You have described a local dealership that sells Nissan Honda and Ford in Ashland Ky. I wont mention their name but the owner lost the WV governor race last time. They got me about 9 years ago with some of this crap and the add ons.

[@imtheonewholied]

you should know what bank you are approved for. Always ask if they don’t tell you, I can’t even add a financed car to my insurance without telling them which bank

[@RonnieGreher]

Basically you should try to avoid dealer financing, at least initially. You can always ask about it after you get a cash price and check with your bank or credit union. If the dealer won’t give you a cash price, opting to give only monthly payment amount, walk/run away

[@fredloresto8845]

This sounds like the car dealership on Maui,Hawaii (Jim Falks Motors of Maui). Alot of people think they're getting a deal,but the dealership is getting the best deal on the customers.

[@tsherrer100]

Your enthusiasm is infectious. I see why you are a good salesman. Good luck in your new venture. I had a bad experience with your former employer and would never attempt to do business with them again.

[@husambazzi9915]

Chevy dude has been hitting the gym! He looks swole💪

[@XX-166]

Nahhhhhh he’s wearing smaller shirts.

[@mikelindellspillow1428]

Your own personal bank or credit union give you a a better rate then any dealership

[@melvinmcmichael2169]

I was looking at a car but it was like they seen my income and they wanted to get me into a car with a higher payment but I wanted something in my budget and I still have a feeling like I'm not gonna be happy with purchase and I never had a car payment

[@MrJusmobile]

Did you say teached? At 1:29

[@Hey_its_Koda]

How do down payments work? Can you combine a down payment with a bank loan? That reduce interest rate? I hate dealing with my chevy dealership. Last time they kept pressuring me and calling me non stop at work and home.

[@RadioWhisperer]

Sadly Google has pulled that load calculator from the search engine. Not like there aren't others, but the one from Google was so clean and easy to use. No ads either.. i hope they bring it back

[@gwillis01]

When I took Basic Business Practices 101 in college in 1980--something, this procedure of letting you drive home in the car and show it off and then saying that you have to give the car back ten or fourteen days later because the financing fell through was called the puppy dog move. If you get the puppy from the animal shelter, take it home, and introduce it to the children, how likely are you to give it back two weeks later?? The kids will weep and throw tantrums and you will miss seeing his/her cute little face around the house. Isn't it more likely that you will move heaven and earth to find a way to keep the puppy dog? In terms of the car sale, you will probably say a quick yes to a payment that is suddenly fifty dollars higher just to get the process over with and keep the car.

[@travisschmidt6917]

Dude keep.doing what ur doin, keeping people educated 🤙🔥

[@Ray-nz5oy]

You’re absolutely right about the cash buyer part once they realized that they didn’t even try to upsell me luckily the dealer I went to apparently deals with a lot of cash buyers so it was pretty seamless

[@davidkrumme216]

David Stanley in Midwest city is the worst 😂😂😂😂 they used to add a dirt bike with every truck and being young I was telling my dad he had to buy a truck there.

[@thundahsenshi150]

Thank you so much for making this page. It’s so much help!

[@FreeSmoke911]

Dealers used to ask left or right but now they want BOTH CHEEKS

[@UncleSarkis]

Awesome shirt. Supporting our country and the ones who keep everyone safe from within. Oh, and supporting yourself too 😁.

[@njcamocutie7085]

Can u please please give advice on buying used from a dealership, ins/outs etc.? i have been so fuckedtime and time again because my credit score and having to go to buy here pay here places(scams) and I need solid advice and your the man

[@chadabernathey7033]

You're good man. Would be nice if all sales reps were as honest.

[@kidmystery2010]

The best thing you can is finance yourself. Buy the car cash and make payments plus interest to yourself.

[@worstxiv]

you're the man!!! thank you so much for all these tips, life saver.

[@robstv2805]

Damn does this gentleman have his own book I’d buy it

[@kellis773]

I bought an extended warranty, and it more than paid for it's self.

[@freddypedraza2066]

I have bad social anxiety This is making me buy from carvana

[@thomashaas5965]

Your videos make me realize how awesome the dealership I go to here in Milwaukee ACTUALLY is. Wilde Toyota!!!

[@ranchmodding6069]

My dad bought a 2014 Chevy 1500 from a dealership and it actually did come with a free oil change and included with that was a free wash as well

[@HJW3]

For well-qualified buyers: very often the dealer can beat credit union rates with branded in-house financing (honda motor credit, toyota motor credit, etc)

[@AT4Ferret]

Has anyone had this happen to them? : So I purchased my 2020 AT4 6.2L two weeks ago as it was in rout to the dealership. They told me it would be in any day. One week, two weeks max but they didn’t know. They ensured me any day now. It’s two weeks tomorrow and I called GM. They said it’s been sitting down the road 2 hours away at a shipping yard. They have been getting I vehicles, but they kee dodging my questions about my truck. What should I do? Cancel my truck and go to another dealer? I feel like they are just pushing me off. The sales person was one, but the managment seems to be careless at putting a customer at ease. I wasn’t calling every day about it. I called a couple times a week to see if it was in. That’s it. So I don’t think that’s too pushy. Any suggestions or advice?

[@ChevyDude]

It’s shipping logistics. Happens all the time. 🙄 I hate that it happens. Are you out west?

[@oldArmyVet]

You ever hear of a dealer calling you a week later and saying your paying yo much can you come in so we can fix that?

[@tannerarnold7375]

I had no idea leg was a thing and it happened to me the other day. Was looking at a used 2019 mustang and online they had it listed for $39,450, after the test drive and they valued my trade we sat down and they showed me the numbers. Car was $39,450 ONLY if I financed directly through the Chrysler with a 7.9% rate. Then said another bank could do 3.24% but I had to pay $42,995 for the car. Glad I walked away, now I see what they were actually doing.

[@wilsonbobcatservice4151]

I have a 780 score. For a 18 challenger they were trying to give me 10.9 percent for 72 months. It was $11k over

[@johannaj7429]

I’m thinking of purchasing a pre-certified car. That being said, do you recommend on top of that purchasing an extended warranty or is that a gimmick? How about GAP insurance? Thank you for your time and input!

[@madelinet.8811]

Can you please do a video about factory purchasing a car through a dealership?? Im wanting to purchase a 2021 chevy spark 2lt in the passion fruit color and i wanna know the process and stuff I should look for or ask about

[@jasperidanan4993]

I tried clicking on the worksheets link and shows that the page could not be found.

[@carlosmartinez-py3ro]

Same here

[@raymondcorrea1]

That happened to me recently went to a ford dealer and told me they had a way to finance my vehicle. I signed my paperwork and then 6 days later the dealer called saying they couldn't finance me and I had to return the vehicle. Luckily enough I recovered my down payment so at least i didn't loose anything besides the car. This was in California

[@James-mf9to]

Tucked in t-shirt? Recently turn 40? Lol. Great vid as always.

[@zoomba31]

so if i come buy a truck from you i can be assured a good deal and no scams? I mean straight up..

[@MrWrightWay]

I have a prosthetic leg too. im also gettng ready to buy a Accord sport , Camry.

[@spacecat7715]

A bit confused: what if you just wanna pay the Internet price with cash? Can you do that? Or will they jack up the price on you? I know what I wanna pay, and I’m not one to budge.

[@reddragonstudios1]

I tend to hit dealerships with all the finance fees and charges by knocking all of it off the price of the car, at the end of the day, if im paying a 650 processing fee, its coming off the car.

[@chicocheguerrerero4254]

Hi chevydude I have a question if the loan person offers you packages about the gap and bumper to bumper coverage and wheels should people get the packages? And when you say no they start to change their attitude. Hope you make a video about that thank you

[@michaelm398]

Proud to say my chevy dealership here in Hershey PA has been in business for over 60 years same owners for a reason... How do any dealers trying to pull this crap survive? Are you talking about big dealerships.. Sounds like some Mom and pop really shady

[@tfaubus]

what kills me are doc fees, uh that's the cost of doing business; but yeah anyone who doesn't know the apr and term is not etched in stone for the life of the loan aren't too bright; oh yeah and when dealerships advertise one price during the week then jack up the price on the weekend, smh

[@mikedean8061]

What gives? I filled out the page to get car buying worksheet only to get ad page with no worksheet to look at or download. Page says get on that page...Where?????

[@machfive916]

Great video. Your worksheet link comes back with a warning. Is there a PDF link that can be emailed?

[@zimmyman564]

I wrote a check for 24k for a 2020 Equinox with 21 k miles have 2 free oil changes and still has 2 years on the power train warranty and had every thing put in writing. Did i go wrong with this?

[@AylmkJ]

I saw these videos a little too late. I got ripped off on a brand new truck. Pretty bad.

[@TheLakeShow323]

I just had leg done to me on Sunday, smh i figured it out too late. 😔

[@nickwest1476]

I've already ordered a vehicle and can't remember what I did. I wished I'd watched these videos b4

[@Glenningway]

These tactics sound like every car dealership in Mohave County I've been to. They also violate lemon laws in some cases.

[@steves198145]

I got the yo yo deal from a dealership when I was 20 years old....their slogan is we're dealin' more like we're stealin' 😂😂 I even had good credit

[@steveschmitt2849]

Mike I am a retired Chevy commercial truck salesman ( 18 years medium duty) I retired when Chevrolet sold thier medium duty trucks. I remember all those tricks . The Toyota, Nissan and Korean cars where absolutely the biggest culprits of all your vlogs tricks. That is why the industry have no more career salesman like yourself. Just a revolving door of puppets. Keep up the great work in your career as well as your channel, it's very entertaining. Stay safe.😷

[@jvinclarence3977]

Whats the honest truth on the chevy colorados? I've been thinking about them but I've heard something about the transmission

[@seric16]

Literally last Friday Feldman Chevrolet of Highland (MI) tried LEG on me and now I have a name for it. They tried to get me to sign a worksheet with a hand written monthly payment, and I responded that I wasn't comfortable with that and I know for a fact x amount over y terms is z payment per month. I resisted them pulling my credit as I'd secured a sub 2% at a local credit union. They also kept flip flopping on whether the blazer rs I came to see was sold (transfered to another Feldman dealer) or still available and wanted me to put a deposit down to transfer it back under the empty promise that the car was still available (which I later learned it was actually sold). I'm now going through another dealer with 4 of the identical model I'm interested in, because they're actually selling what I'm interested in buying.

[@seric16]

Also "poly" fee was undercoating for $599 and "es" fee was window etching for $299

[@JuanOrtiz-pp5uf]

What can you do if they use this leg tactic? Had a guy flat out tell I don’t want to lower interest rate cause I’m not making anything upfront (cut off all the add ons) I was going to get the gap and extended but didn’t tell till he gave me my deal towards the end. And oh look interest rate went down after all…

[@resendizeve]

What if the dealer did mention that when saling the car and then at finance they prices you with something else...what could i do in this point that i had bought the car?😭😭😭

[@middleburg11]

PAYMENTS DEPENDS ON HOW APR% IS DONE 4% CAN BE OVER 5% DEPENDS ON COMPUND RATE IS DONE !!! SO IT CAN BE 6% TO 8% EXTRA...

[@MarkCensky]

Just thinking how the world has changed. You probably have to do no negotiating on dealer premise. Internet has made that obsolete. Test drive there but let them send you offers without the hassle. Even on used.

[@thomasblaylock8528]

Leg is done in Arkansas a lot.

[@slavewages65]

Great content Bro! Thanks and keep it up 👍

[@stilliraise9201]

How do you identify a subprime loan if you don't know what it is or if they put you on one without even telling you.

[@realxsynsub6710]

I wish I could buy my first C8 from you but I live in Cali 😭 I’m always asking questions In your discord server!

[@zakfarkas5448]

Thank You for all of your videos.

[@kingsautogarage4660]

Can you make a video explaining why dealerships say we can get you into this vehicle lease for said $$$ with $0 down! Then you get there and they say well this $ down is what is gonna be needed to get you into this vehicle! Been wanting to lease and I have friends that have walked out of dealerships only putting down first payment and that’s it but every dealership I talk to says you need first payment, doc, tag, PLUS $,$$$ down why is this?? Thank you

[@jeffhambro]

Might be credit score related

[@stilliraise9201]

So it means that you go to the bank first? And ask for loan to value? If a sonic is listed at 13k it means that I'm not gonna pay more than what it listed??. Kinda confused.

[@johnlacroix1639]

Another great job of info,,keep up the great work / info Sir,,I liked alot

[@Alleyboy760]

Wow. Lots to remember here. Thank you

[@TravisNewton1979]

Just picked up a new car for the wife this past Saturday, only if Bachman had a Toyota dealership I would have purchased a car from Mike. The next new car will be a C8 so I will be visiting Bachman at that time

[@kennykruger5866]

Hey Mike where video of where the Tesla broke down on the highway and had to get it towed

[@dennissvitak5475]

The biggest one was never covered. The F&I guy calls you in, and says you qualify for interest rate X. ALMOST ALWAYS you qualify for better..but the F&I guy gets a kickback for allowing the bank to charge you MORE than your credit score would otherwise indicate. Several times, I have TOLD the F&I guy that I was going for a walk, and when I get back, the interest rate BETTER be lower. Every. Time. I. Have. Ever. Done. This. It. Has. Worked. Interest rate is negotiable, and can be the most important, single negotiation of the entire deal.

[@BobThe9534]

hi Mike. nice vid. liked b4 watching b/c I knew it was going to be good

[@bigcartoonyIIV]

LOL funny part is a turkey named john did that to me. He called back, and said I had to bring in an additional 2,000. I effed up and told him how much money i had.

[@chitownrider9247]

Wow I bought a truck and they did that leg shit on me, once I got home and read documents I saw that I had a lower rate but a bunch of addons, went to the dealership and canceled all the addons. They almost got me

[@davethenerd42]

Question about whether I'm getting screwed or not: I was told I could pay for a car that was in transit from manufacturer to the dealer. Then I was told I couldn't and had to pay a fee to hold the car. Am I getting screwed?

[@dmurphy1578]

I have a cousin who sold cars for a few years. I ask what’s your dealer cash and hold back. After that things tend to go my way. I laughed when the guy brought out the add on tablet. When I got a second car there a week later,after the beating I gave them on the first car, they didn’t even take out the tablet.

[@andrewbove9112]

People need to go in and by a car or truck. Say no to absolutely everything they are trying to add on. And never tell them what amount of a car payment you want. Use a calculator prior and shop strictly on price.

[@mavi5161]

I did buy a ram 2020 in July 2020 I did put 8 k down payment but after long time I figure out my payment it not there and thy scam me is there anything I can do ?