New York City Sales Bout Update

Hi Everyone,

Just a quick update, I recently bought a 2014 Infiniti QX60 for a little less than 16,000.00. I was able to get a good deal on the price but my APR was ridiculous at 14.7 APR and my payments were 377/mo.

The update is I refinance with a credit union and they were able to get my rate down to 4.23% and knock off about 77 off my monthly. So I got a decent price and a good rate. Took work but I’m happy with everything. Question I have is I bough gap Insurance with my original financing. Since I am refinancing can I get a refund on it?

Thanks for the help guys 
Ryan Hernandez
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New York City Sales Bout

Ok here it goes,

So I was shopping around the New York City Area for a 2014 Infiniti QX60. It was rough because everyone was very firm on their price, not willing to negotiate, and everyone didn’t had reasons why their prices didn’t match their online listings. I fought with them at first and that got no where fast. After about 4 trips and arguing about advertised prices I finally decided I would hear them out. I had to buy a car by the end of the week and had that need working against me.

I went to a dealership in Brooklyn to see a black model I saw for $1599.99. When the sales man asked if he could help me I said I am interested in potentially buying a car. He asked if I was paying cash or financing, I said I didn’t know. I told him the model I was looking for, he took me in dropped his “the price is after a $2000.00 down payment and a non negotiable $1000.00 dealership fee”. I jokenly said my uncle told me “If it’s taxable it’s negotiable” we both laughed and I asked if he could show me the car. Doing a walk through inspection I noticed 3 small dents but other than that the car was beautiful. He asked if I liked it, I told him it looks like all the other ones I’ve seen so far. We took it for a test drive and at first I asked him to give me a min so I could hear the engine and how it drove. Then after that i kept interrupting his qualifying question with long stories and a made up story how my friend is a general manager at a used car dealership in California. When we pulled in he tried to ask for the close, I came back with I need 2 things, the first was if it was ok to scan the car and second we need to talk about the price. He was ok with me connecting my scanner to the car. After it checked out we went inside to talk price. 

He opened with how I was going to pay for it cash or financing, I followed up with I need the out the door price. He wrote a price on a piece of paper. I told him that wasn’t going to work and I needed an itemized list on how he got to the price he quoted me. The original ODP was $17,999.99 for car, 1997.50 tax and title, $1000 dealer fee, $75 doc fee. I sat for a minute as I went over the quote. I countered with $16,999.99, crossed out the dealer fee, was ok with the doc fee, and told him I was transferring my plates. He went back to his boss then came back and said the price was the price. I went over the quote again sat for a min and started playing with my phone. I really wasn’t doing nothing just letting him sit in silence. I then said we gotta do something to make this deal happen. He goes back to his boss and his boss takes me into his office. We shake hands and he tried to explain about how he understands but this is a below market price and the dealership fee was his only real profit. I explained I understood his point of view and then I explained the dents and how in going to have to fix them and maybe have to repaint the car. I counter with 17,500.00 and a $250 dealership fee and put out my hand to shake on the deal. We finally agree to $17,800.00 no dealer fee (which was pretty much my counter). 

Now im off to the next level the Finance Manager. I go into his office we shake hands, he was really nice. I open up and tell him my credit score and tell him I’m prime possibly subprime loan level. I took this from one of your videos and asked him to be nice to me on the APR and explain I am paying $4000.00 down. He does his thing and is talking to the bank and says he has to get an override and say he’s got me. After he tell me in order to do the override the bank is adding an extended warranty and I can cancel it any time. I say I want to cancel it now if that’s ok. Everything wraps up the original sales manager takes me into his office we are wrapping up and starts pitching GAP insurance I stop him and ask how much is it and how much does it cover. It was $160 and covered up to $25,000.00, I liked it and said throw it in. He then explains there is another $1000 lender fee and gives me my payments. I add up the payments and they were off so I ask for a final itemized sheet of everything I’m financing. He then shows me an email from the lender and it shows a $471.00 lender fee and tells me he got the guy to lower it. He then gives me the sheet and changes my payment down to $377.55 which added up

So here’s my final price
Car Sales Price: $17,800.00
Tax: $1579.75
Down Payment: $4000.00
Dealer Fee: $0.00
Lender Fee: $471.00
Doc Fee $75.00
GAP Insurance: $160

Total Amount Financed: $16,085.75
Payments $377.55 for 60 months

I feel I for a decent price but got screwed on the financing. I am going to look to se if I can refinance as soon as I can to get a better rate. What do you guys think?
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