Closing The Deal Now
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THE FINAL: CLOSING THE DEAL
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Buyer Navigator Step 8: The Dealership, Closing the deal Now ! Though you may think that the tough negotiating is over at this point, you need to take this final part seriously. In most cases, you're not finished until you pay a visit to the friendly F&I guys. F&I stands for "Finance and Insurance." The F&I person will open right up to you, saying something like, "Now that the negotiating is over, this is the easy part." It is amazingly easy for the F&I salesperson to slip additional charges and dealer add-ons past the unsuspecting car buyer at this point. Extended warranties, security systems, paint and protection packages, you name it. If it's extraneous and doesn't affect the monthly payment too much, the F&I salesperson will try to sell it. They're even there to sell you the money to pay for the car (that's what financing is all about). "I see you're putting $3,000 down? What lending institution are you using? We can beat their rates." Again, preparation and knowledge is your leverage. Use it! If you have secured a good interest rate from your bank or credit union, it may be worth your while to see what kind of rate the dealership has to offer. If they can set up a better loan, make sure that the term is identical to the one you have already secured. Get everything in writing, and do the math yourself. At AutoNetDirect, we encourage you to be well prepared. You'll also need insurance just to drive the car off of the lot, and if you don't already have it, F&I will be sure to recommend an insurance company. If you're leasing, they'll also set you up with lease insurance, GAP insurance, etc. Finally, you'll need to sign various papers: the power of attorney that allows the dealership to go to the DMV and register the vehicle for you, the transfer of title if you're trading in a vehicle, etc. Each document should be carefully read for errors. Once your signature is on the paperwork, the deal is done; this is your last chance to back out of the deal. If something doesn't feel right, don't sign. And do not feel pressured or obligated to sign just because of the amount of time invested by the salesperson. This is your money we're talking about. The dealer will now collect the down payment and the papers on the trade-in. They'll give you the new car owner's manual and manufacturer's warranties, and then you're on your way. Summary By now you should have a much clearer understanding of the entire car-buying process. The tools and information we've outlined here will help you make better purchasing decisions and hopefully get you a great deal on your new car. Let's recap: 1. Start off knowing what you can afford. This must be done well in advance of visiting a dealership, because what you can afford is not something to discuss with sales staff. Evaluate your finances to discover what your down payment will be as well as what you can afford per month. Then keep this information to yourself. 2. Find out everything there is to know about the vehicle or vehicles you have in mind. Look at the practicality of the vehicle you are choosing. This includes knowing the Actual Market Value price for each vehicle. Do your homework. The vehicle options should be calculated with a similar discount. Add the Actual Market Value of the car to the list of discounted options. You should also know about any current incentives or rebates, and knowing what holdback is and how it can affect the dealer's profit. Your final figure will be your goal when you begin negotiating for your new car. 3. Research the vehicles that fit into your price range, and narrow your selection down to three models. Then read up on buying vs leasing, and decide which is right for you. If you decide to lease, become familiar with leasing process. Use this for some simple guidelines. If you decide to buy, get pre-approved financing from your bank, credit union, or other financial institution. This will help you "big time" in negotiations later on. 4. Choosing the right finance and insurance is key for your preparation in buying a car. These options will really give you financial numbers you will need to know for long term affordability. It is so important to have all of this preparation done before you enter a dealership. Use our site to research dealer rebates and incentives 5. Choosing the right dealership. This section will assist you in choosing the right type of dealer to fit your needs. By this understanding you will feel confident and your experience will be a pleasant one. A great source for researching this is the Dealer Depot section of AutoNetDirect. It is important to build the right relationship with the dealer, as you will need them for possible service issues as well as proper accessories, and warranty service. At AutoNetDirect we promote dealership consumer relationships. 6. Go to a dealership. It's where the new cars are, and its the only place you can get them. You'll want to test drive each of the cars you're researching to get a real-world feel for them. Take the salesperson's business card, but only enter negotiations if you are totally prepared. And it is wise to contact more than one dealership in person before entering into negotiations. That way, you'll already have a feel for how you'll be treated. Disappointed by face-to-face negotiations? Try alternate methods like the telephone, buying services, no-haggle dealerships and Dealer Depot. 7. Negotiation for the best price. When your mind's made up and you've driven the car you want to own, it's time to get down to brass tacks. If you're going to trade in your old car, know what it's worth before asking for an estimate. And be aware of the salesperson's strategies before you're faced with them for the first time. 8. Closing the deal. This is not as simple as signing papers. You must read everything before signing - don't just take the finance manager's word for what your contract states. Decide in advance if you need an extended warranty, alarm system, etc., and don't let any "dealer extras" or ancillary charges slip by. We have all of this on our site for you. Use our resources, as we have affiliated AutoNetDirect with only the best proven companies. The (4) buttons on the top of the contents page will give you the best pricing on what you need. That's all there is to it. Remember preparation is the key, and now that you've read our extensive qualified advice, put your preparation to work. For further questions click on contact-us.
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