First time truck buyer here

[Petro-Sooner]

I have an idea of what to expect. Some dos and dont from the SO would be great. And entertaining as well I suspect.

[Hamhock]

gas or diesel?

[Frozen Sooner]

Get ready for everyone you know to call you when they move.

[Petro-Sooner]

gas. I'm sure I will be ridiculed but I'm looking for a used yukon. Thats what I had an older model and it worked out great for me. Never delt with dealerships on my own.

[Hamhock]

gas. I'm sure I will be ridiculed but I'm looking for a used yukon. Thats what I had an older model and it worked out great for me. Never delt with dealerships on my own.


i thought you said you were buying a truck?

trucks have beds.

[Petro-Sooner]

Get ready for everyone you know to call you when they move.
:confused:

NM got it.

[Frozen Sooner]

gas. I'm sure I will be ridiculed but I'm looking for a used yukon. Thats what I had an older model and it worked out great for me. Never delt with dealerships on my own.

OK, well, half the battle is already won, since you don't need to trade in your old rig.

First, are you financing or paying cash?

If you're financing, find the lowest advertised rate in town and go get pre-approved there for your loan. Make sure you get a preapproval certificate. Then make sure they know that you are NOT going to agree to a loan at a higher interest rate than that. Period.

Determine how much you're willing to spend on your vehicle. Factor into that what your monthly payments are going to be based on your loan terms, but make sure that you have a set purchase price in mind. DO NOT let the dealership hose you by getting you a lower payment at a higher price (by extending the term.)

Go to the dealership with a book value of the vehicle in hand. www.NADA.com is a great resource.

Offer trade-in for the vehicle. That's a lowball, and it's probably what they have into it. They won't accept it (probably) and they'll counter a bit higher than retail. Laugh at them and tell them that there's a million Yukons out there and you'll look for one that hasn't been dipped in gold. Go up a bit on your offer. If their next counter is where you want to be, great. If not, act like you're going to leave. That's nut-cuttin' time.

Dealerships know that once you leave, you're not coming back-you're buying from the guy down the road. They'll do what they can to keep you there and buying.

Ta-da! You own your rig!

[soonerbrat]

if the interest rate is too high, walk out. they will chase you down and drop it dramatically.

[Frozen Sooner]

if the interest rate is too high, walk out. they will chase you down and drop it dramatically.

Please don't ever have the dealership find financing for you unless you have a preapproval at an acceptable interest rate first. It's the easiest way to get hosed.

[Petro-Sooner]

OK, well, half the battle is already won, since you don't need to trade in your old rig.

First, are you financing or paying cash?

If you're financing, find the lowest advertised rate in town and go get pre-approved there for your loan. Make sure you get a preapproval certificate. Then make sure they know that you are NOT going to agree to a loan at a higher interest rate than that. Period.

Determine how much you're willing to spend on your vehicle. Factor into that what your monthly payments are going to be based on your loan terms, but make sure that you have a set purchase price in mind. DO NOT let the dealership hose you by getting you a lower payment at a higher price (by extending the term.)

Go to the dealership with a book value of the vehicle in hand. www.NADA.com is a great resource.

Offer trade-in for the vehicle. That's a lowball, and it's probably what they have into it. They won't accept it (probably) and they'll counter a bit higher than retail. Laugh at them and tell them that there's a million Yukons out there and you'll look for one that hasn't been dipped in gold. Go up a bit on your offer. If their next counter is where you want to be, great. If not, act like you're going to leave. That's nut-cuttin' time.

Dealerships know that once you leave, you're not coming back-you're buying from the guy down the road. They'll do what they can to keep you there and buying.

Ta-da! You own your rig!

The old wagon queen family truckster was stolen. Waiting on the 20 days the insurance requires to see if it turns up. I will be financing. I'm sure I'm breaking several man rules here but I am not sure what you mean regarding offer trade in. I dont have anything to trade in. Please dont put me on the SO sicem level. ;) I do have an idea of what I will spend. Am going to my bank in the next few days. And I will not take **** from a dealership. Trust me. Thanks everyone.

[Frozen Sooner]

Oh, sorry.

NADA gives three values for a vehicle:

Average loan value: This is the average amount of credit that participating financial institutions have given on this type of vehicle in the last quarter.

Average trade-in value: This is the average amount that dealerships have offered as trade-in value for this vehicle over the last 90 days.

Average retail value: This is the average amount that the vehicle has sold for in the last 90 days.

These values are for "clean" vehicles (no damaged title, no wrecks, etc) vehicles in good condition. Do not allow a salesman to tell you that there's an "appraisal bonus." There should never be a condition or appraisal bonus, only a deduction.

[soonerbrat]

The old wagon queen family truckster was stolen. Waiting on the 20 days the insurance requires to see if it turns up. I will be financing. I'm sure I'm breaking several man rules here but I am not sure what you mean regarding offer trade in. I dont have anything to trade in. Please dont put me on the SO sicem level. ;) I do have an idea of what I will spend. Am going to my bank in the next few days. And I will not take **** from a dealership. Trust me. Thanks everyone.


they won't give you as much **** since you're a guy. they prey on single women like me.

[royalfan5]

gas. I'm sure I will be ridiculed but I'm looking for a used yukon. Thats what I had an older model and it worked out great for me. Never delt with dealerships on my own.
I didn't know you are a soccer mom. Learn something new everyday.

[OU-HSV]

My 2 cents....Don't buy a ford
Oh and a buddy of mine has a Tundra and absolutely loves it.

[1stTimeCaller]

If you're buying new, Knipplemier in Blanchard will be the last place you go to. Shop others out then go to Knipp for a good deal.

[soonerinabilene]

If you dont NEED, and I mean absolutely NEED 4wd, dont get it. I dont care how sharp that new z71 looks. If you dont use it, you are paying an extra 6-8 thousand for a sticker. I know a guy that cuts vinyl. I can get you the hook up if all you want is a sticker.

I was just in the market for a newer truck a few weeks ago, and I learned a a couple of things. Number 1, Dodge's dont have as a high as a resale value as they did a few years ago. And number 2, the Nissan Titan is truly an amazing truck.

[Frozen Sooner]

Heh.

Now that it looks like I'm moving somewhere warm next year, I feel a little bad for getting the 4MATIC.

[Whet]

Just a couple of things....
The dealers use a "black book" to determine value of a trade-in and that value is the "auction price" - the amount that type of vehicle goes for at dealer's auctions. This amount is quite a bit less than that in the NADA. NADA, I belive, is used by banks/credit unions to determine loan value of a vehicle.

Before you set foot in ANY dealership, you should know what kind of vehicle you want and how much it is worth....

With the price of fuel, the Yukons are probably moving very slow - particularly used (with new, manufacturers can offer incentives to move them). So you will be in a power position over any dealer. Do not buy their line "Oh, these Yukons are flying off the lot." More likely, the vehicle has been sitting on the lot for some time and costing the dealer money - just sitting there.

In the negotiations, you can hold out for various things, such as an extended warranty (be sure it is a GM warranty, not an off-brand). As mentioned earlier, go in with a pre-approved loan from your bank/credit union. Another negotiation, is financing through the dealership.... But, they must really beat your rate AND give you an outstanding deal on the price of the vehicle. They can do this because they get an "override" on any loan they write. So, they can afford the great price because they will be making money on the "back in" of the loan the write. BE SURE the loan is a SIMPLE INTEREST LOAN, some "slick" dealers will try to write a Rule of 7s loan (Mike could probably tell you more about these) it is bad...

Do not purchase extraneous crap, like undercoating, UV weathering protectant, or other dealer-installed item.

One other very important issue to remember: THEY are the professionals, they don't give a rats a@@ about you, other than getting your money. The only way the level the playing field is to go in there with knowledge. Their worst nighmare is a potential purchaser entering the doors of the dealership with a folder full of papers and knowledge! Think of the salesman talking to you about stratigraphic succession, or glacial geomorphology.... he would be lost, as you discuss these topics with him, as you will be, when he tries to sell you! Keep that in mind...

Just some things to think about..... and good luck!

[Frozen Sooner]

Just a couple of things....
The dealers use a "black book" to determine value of a trade-in and that value is the "auction price" - the amount that type of vehicle goes for at dealer's auctions. This amount is quite a bit less than that in the NADA. NADA, I belive, is used by banks/credit unions to determine loan value of a vehicle.

Yes and no. Go up a few posts to see what the NADA values are and how they're determined


Before you set foot in ANY dealership, you should know what kind of vehicle you want and how much it is worth....

With the price of fuel, the Yukons are probably moving very slow - particularly used (with new, manufacturers can offer incentives to move them). So you will be in a power position over any dealer. Do not buy their line "Oh, these Yukons are flying off the lot." More likely, the vehicle has been sitting on the lot for some time and costing the dealer money - just sitting there.

Yep.


In the negotiations, you can hold out for various things, such as an extended warranty (be sure it is a GM warranty, not an off-brand). As mentioned earlier, go in with a pre-approved loan from your bank/credit union. Another negotiation, is financing through the dealership.... But, they must really beat your rate AND give you an outstanding deal on the price of the vehicle. They can do this because they get an "override" on any loan they write. So, they can afford the great price because they will be making money on the "back in" of the loan the write. BE SURE the loan is a SIMPLE INTEREST LOAN, some "slick" dealers will try to write a Rule of 7s loan (Mike could probably tell you more about these) it is bad...

All Credit Union loans must be simple interest under Regulation AA. I don't think banks are allowed to do Rule of 78s anymore either-but finance companies sure can. Good advice there.


Do not purchase extraneous crap, like undercoating, UV weathering protectant, or other dealer-installed item.

One other very important issue to remember: THEY are the professionals, they don't give a rats a@@ about you, other than getting your money. The only way the level the playing field is to go in there with knowledge. Their worst nighmare is a potential purchaser entering the doors of the dealership with a folder full of papers and knowledge! Think of the salesman talking to you about stratigraphic succession, or glacial geomorphology.... he would be lost, as you discuss these topics with him, as you will be, when he tries to sell you! Keep that in mind...

Just some things to think about..... and good luck!

Agreed.

[olevetonahill]

i thought you said you were buying a truck?

trucks have beds.
I had a Blazer once that I put a mattress in the back of, Does that count ?

[Hot Rod]

Please don't ever have the dealership find financing for you unless you have a preapproval at an acceptable interest rate first. It's the easiest way to get hosed.

Even if you tell them that you are financing through someone else, they still nag you about financing through them, sometimes at a higher interest rate! They are so stupid.

[Sooner_Bob]

Please don't ever have the dealership find financing for you unless you have a preapproval at an acceptable interest rate first. It's the easiest way to get hosed.


When I bought our last vehicle, I got pre-approved through USAA at a certain rate and Carmax was able to beat it. Not by much, but it really surprised me that they did.

[SoonerBorn68]

DO NOT BUY A NEW TRUCK!

Get one that's a couple of years old.

An '08 Expedition runs from about $35-50K. I bought this '03 for $14K

http://geocities.com/soonerborn91/misc/03expedition.jpg

And I'll second what Mike said about financing. I worked for dealerships for 12 years & I've seen way too many high fives between finance guys.

[Sooner_Bob]

I bought our '04 Yukon for about $7000 below Blue Book . . . other than the cost of gas we really like it.

My one experience at Carmax was very easy compared to other places I've purchased vehicles.

[Hot Rod]

I've seen way too many high fives between finance guys.

http://www.vagabondish.com/wp-content/uploads/2007/06/seinfeld-high-five.jpg

[Frozen Sooner]

When I bought our last vehicle, I got pre-approved through USAA at a certain rate and Carmax was able to beat it. Not by much, but it really surprised me that they did.

Which is awesome, and the right way to use the dealership's finance department.

The way I always look at it is "How much am I willing to pay for convenience."

MB Finance was able to beat the rate I got from my credit union by ten basis points. After running the numbers, I went ahead and went with my CU just because then I didn't have to mail a dang check in every month. Being able to transfer the payment online (or have it set up automatically) was just worth a couple of bucks to me.

[Sooner_Bob]

Plus the other good thing about Carmax is that they treat the trade-in and the purchase as two separate transactions.

[Mjcpr]

MB Finance was able to beat the rate I got from my credit union by ten basis points. After running the numbers, I went ahead and went with my CU just because then I didn't have to mail a dang check in every month. Being able to transfer the payment online (or have it set up automatically) was just worth a couple of bucks to me.

Is there a bank/credit union out there that doesn't have this "feature" as part of its free online bill pay program?

[soonerboomer93]

It helps if you do research and know exactly what you're looking for.

I actually bought my new car through a no hassle dealer, the price is set, there's no bargaining over the price of the car.

My family has bought several cars from there, my father, my sister and myself all worked for them at some point. We know the owner and upper management, so we can just walk in. If we have problems, we know who to talk to. I actually used the same sales guy my father did on his last purchase so he already knew the history.

I found a car that I wanted, went in and test drove, left a couple hours later with it. I actually went with dealer financing because they went through chase, and I can just link it to my existing chase account. They were lower then my bank, but probably a little higher then if I had shopped around more.

[Frozen Sooner]

Is there a bank/credit union out there that doesn't have this "feature" as part of its free online bill pay program?

Not all banks or credit unions have free online bill pay. Mine does, but there's several in our market who do not.

Of course, there's also the float (at least two days, maybe a week) between when you send the money and the payee receives it on bill pay.

But yeah, good point.

[Mjcpr]

Well, with my lowly payments, the float doesn't make much difference. :D

[85Sooner]

I was told there were three good choices. Tundra , Tundra, and tundra. Thats all I got.