Does a dealer's Finance Manager set the interest rate?

[SKargo]

Originally posted by CChase

Originally posted by Bill Stockard

It is amazing how folks get all worked up on the best price on the vehicle and don't pay any attention to the financing part and blow anything they might have saved by not paying attention to what they are actually paying on the contract. If they get a monthly payment they want, all is well...

Yep... . dealer I bought my truck from tried that on me. They said OK price is X, now that equals a payment of Y which I knew from doing my own calculation reflected a higher interest than what I should pay. When asked what rate they were using... . 8%! Told them they were either going to come down substantially or I was going elsewhere for the financing (Credit Unions were about 3. 75% at the time) so they came down to 4. 5% and I agreed to that.



A little foreknowledge of where the numbers should be or asking the right questions on the tail end of the sale can save money. This question and calling BS on the dealer saved me roughly $4000 over 5 years.



ON EDIT: Anybody know why that quote above didn't come out right?

The quote didn't come out right because there was no forward slash / before the closing quote. For example, it looks like it's actually like this "

" when it shgould have a / before the q.