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Discussion Starter · #1 ·
I bought an 07 for quite a bit below invoice, and I'm financing part of it at the longest term possible (72 months) due to my currently being in law school and not making much money. He told me he can give 4.9% interest, and will run a credit check on Monday (or tomorrow).

My credit is pretty good, but I assume this 4.9% is for Tier 1 amazing credit. There is no way I can swing a higher monthly payment should this 4.9% not come through for me.

If he calls and says the interest is higher, what the hell should I say? Also, I already put down a deposit; can I get that back should he not be willing to lower the price so the monthly payments work?
 

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I would tell him I'm on my way over to pick up my deposit check and do just that. If he backs down and agrees to keep it at 4.9% when you get there, okay. If he does try to raise the rate on you, I think they're just trying to squeeze a few extra $$ out of you and will back off if they believe you'll walk. But if you're bluffing, he may call it, so make up your mind before you get there what you're going to do. I'm guessing this is that car you really want, but 6 years is a loooong time to be paying on a car, even at 4.9%. Any higher than 4.9% really hurts.
 

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Discussion Starter · #3 ·
I would tell him I'm on my way over to pick up my deposit check and do just that. If he backs down and agrees to keep it at 4.9% when you get there, okay. If he does try to raise the rate on you, I think they're just trying to squeeze a few extra $$ out of you and will back off if they believe you'll walk. But if you're bluffing, he may call it, so make up your mind before you get there what you're going to do. I'm guessing this is that car you really want, but 6 years is a loooong time to be paying on a car, even at 4.9%. Any higher than 4.9% really hurts.
I don't plan on keeping the loan for the full 6 years. I'll most likely refinance in 2 years when I graduate and get a job. It's just that for the next 2 years, I need a low monthly payment, as I'm paying this out of my savings account. My income right now is basically zilch due to my only being able to work 20 hrs per week while full-time in law school. (They won't let you pass the Bar if they find out you've worked more than 20 hours during your schooling, and they always find out. Also, I'm kinda too busy to work any more than that anyway right now). My parents have offered to help me out if I'm in a bind, but even so, I don't wanna spring them if I don't have to.

I just found a comparable GTI 1.5 hrs away. It isn't package 1, but it's got the 18", so it'd be okay. If he tries to push a higher interest on me, I'm going to take my check back and tell him I'm getting this one upstate instead. Heh.

I don't know if it's because I'm a girl or what, but these salesman have been mercilessly aggressive/manipulative with me EVERY dealership I've gone to. I think they assume that if I don't have a penis, they can take me for all I'm worth.
 

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Good new is...and being that you are a law student you can appreciate this.....all the bait and switch sales tactics used have given you a buttload of case law to use to support your case.

Bottom line is you signed your name to a deal with specific terms that neither you or the seller can deviate from. If the dealer wants to change the terms, you get everything back upon the surrender of the vehicle. Read your contract for the time limit on the surrender of the car.

I bought (or tried to buy) a Jeep Grand Cherokee in 1998 and they tried to switch it up on me. I traded in a car and put a couple grand down. The term for the return in the event of changes was 30 days.... OOPS!!!

I drove the car for 29 days and put about 5,000 miles on it before I took it back. Luckily for them they still had my trade in, (or they would have been up the creek without a paddle.) I took my car back, got my money and drove away with the knowledge that I had a month without a car payment and didn't have a care in the world about the maintenance of the car I drove.

Could have been worse.

At the end of the day, deals like that lose too much money and the dealers will do pretty much anything to keep that from happening; even taking a bottom line loss on the sale is usually less than taking the car back.
 

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SB-Once your deal is completely done and you take possession, will you let us know which '07 you got and what you paid and at what interest rate? Sounds like others are in the hunt for an '07 and I'm sure they would appreciate you sharing your numbers.
 

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Discussion Starter · #12 ·
Almost 1k under edmunds invoice.

He started $1700 below MSRP.

I took out my print-out of edmunds prices (MSRP, Invoice, TMV) and told him the only way I'll take an 07 with 40 miles on it is if it's below invoice. He offered $200 below invoice, and I asked him to show me some 08s. Then he offered $500 below, and I said now that I think about it, I really do like the black 08 better than this grey 07, and finally he disappeared for like 15 minutes and offered me roughly $900 below.

Then he started dicking around on the financing to get his revenge, so I'll see if I end up actually taking it or not. There are 2 other comparable 07s in the area that I've got my eye on. I just put down a deposit to hold it until the credit check is done, so there's no irrevocable commitment on my part.
 

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I'm sure you'll be fine. If not, the sales rep is trying to screw you. VW Credit is really not that hard to get credit with. Like you, I have pretty good credit, and I bought an '07 a month and a half ago with the 4.9% rate. I think they also offered me 2.9% for 48 months or something.
 

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SB-Is Edmunds invoice $24,492? Did you get it for $23,500 + tax, title, etc.? Saw your other post that you are picking up your GTI this weekend. Congratulations!
 
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