Is this normal for a car buying experience?

(2011-01-23 15:30:19)

1. jojo Says: My husband and I decided to buy our first car. The dealer had us sign something saying we would buy so long as we agreed with the terms. But the terms they gave us were very unclear. They could not tell us exactly what our interest rate was. They quoted us monthly payments for a $7500 car in the $190's but could not tell us if it was a 4 or 5 year loan. They kept saying the financing department would give us all the details, but they wanted us to commit to buying the car BEFORE we found out all the details. Is this typical? We ended up leaving very frustrated as they were quite rude and are afraid to buy a car now.

2. RICHARD Says: It is required that the dealer when discussing payments Discloses
Price, all fees and taxes. Then the Bottom line price ( Amount being financed ) Interest rate ( APR ) and Term ( 48, 60, 72 months etc )
That is part of Regulation Z on the disclosures. This is a national requirement.

If they did not, not only are they likely being dishonest, they are more than likely breaking the law.

It is fine to ask you what kind of payment you are looking for and then try and find a way to get there, but they have to tell you how they got there before you are required to sign.

Now some dealers want you to talk to the finance manager so that he can fully explain every detail even further... And that is actually great. The finance department actually should know a lot more about the entire deal than the salesperson.
However you should at that point only he asked to sign something stating that you understand what you are paying for car and guess as to what the payments will come out to based on the amount financed and term, and rates used, with the understanding that those can change and are subject to bank and credit approval and terms. Then before you sign the CONTRACT the finance manager should go over ever option and other options along with a FULL DISCLOSURE of how they got there.

It is actually way more complicated than this. But this is a simple answer for your question.
I would shop elsewhere.

Most dealers now days have a for that gives around 9 total options. 3 different down payment choices, and 3 different terms for each at a specific rate.
the rate is based on credit and structure of the deal, so once you get into finance, the rate could go up or DOWN based on the approval.

If you need more specific help, please feel free to email me.

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GOOD LUCK
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3. jay Says: some dealers can't give an exact interest rate, or don't want to. They defer to the finance dept so your credit can be run, to see what rate they can offer you.

You signed a buyers order, but nothing is final until the financing is agreed upon. You can still say no if the terms are not agreeable to you.

4. whata waste Says: I would have walked out on them. Never sign anything that isn't clear to you. Go somewhere else.

5. nap4gbp Says: no this is not normal and they should never ask you that question, sounds like they are ripping you off. never sign anything until you agree on a price, after that is when they take you to finance person who than will tell you how long the term of the loan is and if they don't ask them..
go to another dealer and get the price they will sell you that car for first, do not tell them how much you want your monthly payment to be, get their price and if you like it than buy it. when you go to finance person ask how long the term of the loan will be, many will give you lower interest if shorter, you need to know all this before buying , actually you need to know how much you can buy that care for by using edmunds.com and follow directions and it will tell you how much you can buy that car for, than go to dealer and ask if they will do internet selling, if not ask for internet sales person and they will give you that price and again don't tell them what price you have let them do the talking and if close to what you got than fine if not tell them what you have and they should sell for that amount or close to it , if not leave again.
it's a game and you have to have uppper hand and this is how you get it, works every time for me.