www.dealertrack.com Now 15,000 car dealers can rip you off even faster then in the past Gordon City New York

I give my clients the buy rate, the banks are now offering flats to dealers that take this opportunity to earn peoples business and keep there loans for term. I also get paid a salary. I have been on both sides of the Industry working for the lender and working for a car dealership, I assure you that soon you will all see that the lenders will be giving a flat rate to the dealers that use their buy rate.

What happens when you pay off a vehicle that is financed and the finance person marked up the rate they get charged back which means they may have already spent the commission on your loan, but they will have to pay it back if you pay off that loan. I rather not owe anyone money at the end of the month.... So, that is my comment I hope you all learn something from this.

I too have had dealerships try to rip me off. But I was prepared in that I knew what my credit report said, what my credit score was and had checked out a few other sources before hand.

Because of this I was prepared.

Yes, it is true that there are some shady dealers, just as there are not so honest customers.

Take the customer who finds a vehicle, wants to see the invoice and then offers less.

First, why do you think a dealership HAS to show you anything. Just because some dealers show invoices, doesn't mean that that is the true invoice or that they have to show you anything. Next time you go to the grocery store, tell them you want to see their invoice on each and every item. See how fast they give you th horse laugh.

Next is the customer that tells you their credit is PERFECT. Then after a salesman spends his afternoon with him. The finance dept. runs credit to find that there is good reason for this customer to say he has perfect credit. Now that the bankrupsy is final, his lawyer told him to go out and finance anything he wants. But, of course, no finance company in the world would touch this person.

I would venture a guess that there are just as many dishnest customers as there are dishonest dealers.

Why not be fair and honest right from the beginning. If your credit is questionable, say so and let the salesman "pre-qualify" you, sort of like they do in the real estate business.

If you have a trade in, tell them right up front.
If you can only afford so much a month, say so. If you only have so much for a down payment, say so.

So remember that both parties need to work together. Customers can get fair deals. Dealerships need to make a profit to stay in business.

Remember one thing; you can always get up, say no and leave. Don't whine latter. I assume you are of legal age.

the consumer must understand that the terms and rates are dictated by the consumer credit. if one blindly ventures to a dealer without any beforehand knowledge, it can be an aweful experience. if your credit profile is poor, be thatful that some one at the dealership can find a lender to assist you in the lending aspect. if your credit is good,try going to your own bank first. let your own banking institution tell you what your credit merits.

My husband and I are both in the car business. I am in sales and my husband is in finance. Dealer Track is not the enemy here. Every individual has the opportunity to research their finance options before entering the dealership. This includes banks, credit unions, etc. The finance department is there to secure a loan with terms to fit your budget using the lenders they have access to. It is up to the consumer to research other financing options. The dealership will give you the best terms that THEY are able to secure. After all we do not have access to EVERY lender out there. The consumer needs to research BEFORE they sign, not after.

You should also keep in mind that just because the interest rate is lower does not necessarily mean that is the best loan for you. If you told the finance office that you need your payment to be at $500 a month, they are going to secure financing at that payment. 0% interest will not do you any good if it is short term and your payment is $800 a month instead of the $500 you budgeted for.

Ok, I have been reading Rip-off reports for a while, and I finally need to say something. Car dealerships are a business. They exist to make money. In order for them to make money they need to satisfy the customer. Customers today expect to be in and out of a dealership with their purchase in 45 minutes or less. Before companies like dealertrack came along, a lot of deals went like this.

Customer comes in, finds vehicle, gets a good price, fills out credit applications, "thank you mister customer, we'll call you when we find anything out."

With dealertrack, customers can get their financing a lot faster. Yes, if it is possible, the dealer will mark up the rate. Just like the rate is marked up by the finanace company before it gets to the dealer and just like if you go to your own credit union the rate is marked up. Nobody makes money just giving things to people at cost.

Think of how much markup you pay on everything else that you never even think to negotiate. Groceries, furniture, gas, even things like paper and pencils. Everything is marked up and that is what makes this economy function.

Yes there are dealers that resort to unethical tactics. I will be the first to admit it is very hard to run an honest car dealership anymore, but I do my best as do a lot of other dealers. There are just as many honest as dishonest dealers. Just because a dealer will not give you everything at cost does not mean they are dishonest.

I work in a car dealership and so often people come in and say, I know you guys make a ton of money. I have to say that that is just not true. People talk about holdback like it is profit. HOld back serves a purpose to help a dealer stay in business. If a vehicle has been on the property more than 60 days that hold back has already been spent just to have that vehicle there for you to purchase.

So because people refuse to allow a dealership to earn a profit, we have to resort to finding ways to make money instead of just selling a vehicle at a fair price which is already set by the manufacturer. Customers are just as guilty of dishonest tactics as the dealer. They try to hold information that could actually help them. If customers and salespeople could all be honest, people would get vehicles at a resonable price and dealerships could continue to operate normally. Just in my area alone a number of new car dealers have already gone out of business.

People, just ask to see the invoice of a vehicle, tell the salesperson what you think is a fair amount of markup for them to make and come to an agreement. Research interest rates, tell the finance manager what you expect and you'll probably get it if your credit is good enough. Just know that the worse your credit it, the higher your rate will be. It is just a matter of risk and return. Ask for something reasonable that you think is fair and just accept the fact the someone is going to make money because of your purchase. If they did not make any money, then they would not be there to help you to get the vehicle you want.

I have experienced the "past" activities of car dealers. Consumers cannot trust the F&I office to tell the truth about your credit. They will ALWAYS shove the highest interest down their customer's throat. It is interesting that I received 15.40 percent at a Ford dealership and went to a bank and refinanced for 6.9%. Certainly the F&I pocketed the difference. Car dealers have EARNED their bad reputation by their fraudelent practices and not by them making a profit. Since I learned first hand what kind of scum works in car dealerships I will know how to deal with them thugs if another dealer wants to pull the same crap on me again. IN ORDER TO AVOID FINANCE SCAMS, HAVE FINANCING BEFORE LOOKING FOR YOUR NEW RIDE. DEALERS ALWAYS LIE ABOUT YOUR % RATE ELGIBILITY.

when you "buy" anything,someone gets a commission...welcome to capitolism....dealers got a bad rap from their activities of the past(throwing your keys on the roof so you can't leave)...inviting more than one person at the dealer to make your deal..(good guy-bad guy)....to that clown from florida and his perspective of dealertrack(truth is...his credit was probably ruffer than a stucco bathtub)....the finance guy "shot-gunned" the deal....and all eleven banks sent "turn-down"letters to the customer(we're sorry sir...according to your credit profile,we see that your problem was you couldn't find any stamps....)embarrassment can make people commit murder....look at the guy from jerry springer,he killed that gay guy because he was embarrassed....to the floridian flailer,your sister called and wants her panties back....scott

It is so typical of car people to rip off their customers and HIDE behind their lawyers. Auto makers knowingly sell defective cars to the public that cause injury and deathe to countless victims. How many recalls do car makers have that they never inform their customer of the problem. I'm glad aircraft are not sold in the same manner. Do you really expect to rip people off and get away with it. Each time you cut someone's throat the odds may catch up with you. Oh by the way selling cars is not a real job. What do car salesmen do? 1. When someone calls about a car, the dealer says he has it, when in fact he doesn't. 2. Steal the customers keys. 3. demand a down payment then change it after receiving it to a much higher amount/refusing to refund the money to the customer after find fraudelent intent. 4. I noticed most dealerships have at least one giant individual to threaten consumer who refuses to meet dealership demands. THE CAR PEOPLE HAVE EARNED THEIR BAD REPUTATION.

Speaking of ripoff... I think you should rip off your lips and anything else allowing you to pop off like some MBA or PHD conducting an indepth study on dealer activity. JACK.

I think all of my fellow car people will agree with me on this. How about get a little bolder so that we can have a field day with you in court? Otherwise, get a real job.... and start selling some cars.
Robert

I am a Business Manager for a small dealership in Mid Michigan and am very upset at your report stating that ALL car dealerships rip customers off. We use Dealertrack as a faster way to get our customers approved. If you would take the time and FULLY research the information you are reporting, you would find that Dealertrack makes the process much faster for the customer, while still giving them a great deal on interest rates. I know at least at this dealership, most of our A customersare receiving rates of below 5%, which beats every credit union in the area.

So next time you want to slander a business, please ensure you have all the facts, not just your misguided opinions.

To Whom It May Concern
Dealertrack helps customers too. This is how it works the dealership inputes information into a special screen, then the finance manager selects which bank he feels the customer qualifies for from his copy of the credit report. He then clicks submit and sends the information to the bank. There is only about 15 banks/finance companies associated w/dealertrack. And almost every other bank/finance company has online credit apps. It is just how things are being done now.

The information that the customer gives to the dealership is yes usually their social security #. But really that is all that the bank needs because the bank pulls their own credit report, and can get info from that. Not to mention that nowadays you can get info on just about anyone by going to a website that specializes in finding people. Or how about directory assistance.com.

Dealertrack helps customers by letting them know if they can get apprved or not. It is quick and a lot more acurrate than faxing the information to a bank. The finance manager will usually know within 2-3 hrs if you are approved or not. Now wouldn't we all like to know as soon as possible.

Dealertrack does'nt help dealerships rip off customers, it is just a way of connecting dealerships to finance companies. It allows dealerships and cust to get a response from the bank/finance company as quickly as possible. It doesn't decide if the customer keeps the car, the customer decides. Not to mention that credit unions have a similar website called cudl.

So please research things before you write.