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Always negotiate these costs if they’re included in the deal. Every time your credit report is run, your credit score can decrease. Don’t let people run your credit report unless you think you’re going to be financing with them. None of them are written in stone — even though the dealer may want you to think so by preprinting them on the form. Credit reports even if you’re paying cash?
Find out why in the next section. When you finance through the dealership, you have to remember that the Finance and Insurance (your input here bangkok.thaibounty.com) (F&I) department is often a bigger profit center than the sales department. The business manager (the person you deal with in the F&I department) sends your credit information to the lender(s) they deal with. The business manager then takes the lowest approved interest rate and marks it up (increases it).
What happens is that the dealer takes your down payment, tells you the amount that your monthly payments will be, and sends you home in the car. What hasn’t happened is a final contract. Before your permanent tags and payment book are sent out, you may get a call saying the financing they thought you were going to get didn’t go through (as if they didn’t know your credit score when they sent in the paperwork).
Probably the biggest influence on your rate is your credit rating (see How Credit Scores Work to get the full story). Your credit history and credit score tell lenders a lot about your money habits and are designed to give them an idea of what their risk is if they loan you money. Another thing that affects the rate you get is the length (term) of the loan. They often raise the interest rate if your loan is seen as high-risk. Typically, the shorter the loan, the lower the rate.
You’ll have to either bring the car back or sign a new contract, sometimes pay more on your down payment, and always have a higher monthly payment. It can be a nightmare! Dealer prep can be $500 or more for something that takes the dealer two hours to do. ALWAYS make sure you are signing a completed contract and every detail is approved and included accurately. Additional Dealer Markup (ADM): These charges can include many of the items we mentioned above such as rust proofing, undercoating, VIN etching, as well as dealer prep and other fees. Watch for the “subject to financing” statement.
