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Trekologer

(1,078 posts)

3. When you get a loan though the dealer, there is markup on the interest rate

Reply to yeoman6987 (Reply #1)

Fri Jan 24, 2014, 08:37 AM

Jan 2014

The bank sets the interest rate at, say 7.0% but the dealer can add additional interest percentage points which is returned as commission. In this case, it is doubtful that banks are doing it.

When you buy a car, have the financing lined up already or at least know what interest rate you should be getting.

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Highlight:

SMH, Car dealers have a nasty and pernicious habit of charging black and Latino customers higher [View all] Mr Dixon Jan 2014 OP

It sounds like the banks are doing this yeoman6987 Jan 2014 #1

When you get a loan though the dealer, there is markup on the interest rate Trekologer Jan 2014 #3

The banks always do this to minorities. Here is my real experience with this... kelliekat44 Jan 2014 #5

Sweet Mr Dixon Jan 2014 #10

What is an 'SMH'? Bluenorthwest Jan 2014 #2

It stands for "shake my head", Nye Bevan Jan 2014 #4

SMH Mr Dixon Jan 2014 #8

It's a shame shenmue Jan 2014 #6

They know they can. And they do. nt redqueen Jan 2014 #13

Last time I bought a car I negotiated everything via email before setting foot in the dealership. Nye Bevan Jan 2014 #7

IMO Mr Dixon Jan 2014 #9

I did that using a masculine sounding name, and it worked out. bettyellen Jan 2014 #15

women do not fair all that well in the service dept either dembotoz Jan 2014 #11

Auto lending is a mix of banks, manufacturer's credit companies, and non-bank lenders FarCenter Jan 2014 #12

Car DEALERS aren't doing this, and the reason banks ARE... Demo_Chris Jan 2014 #14

SMH Mr Dixon Jan 2014 #16

.. gollygee Jan 2014 #17

My feminist friend used to call it "the non-Caucasian fee" KamaAina Jan 2014 #18

ROFL Mr Dixon Jan 2014 #19