Latest news with #dealership
Yahoo
2 days ago
- Automotive
- Yahoo
I bought a used car with 6% interest but the dealership claims the bank pushed back and bumped it to 8%. What can I do?
I imagine you drove off the lot in your newly financed used car, stoked about your new ride and relieved you scored a decent rate — 6% interest, manageable monthly payments, and the peace of mind you didn't get fleeced. Don't miss Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) You don't have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here's how Your dealer's sour update probably feels like a punch in the gut. And it should. This kind of last-minute rate increase is a big red flag, but it's not always an outright scam. Sometimes lenders genuinely change the terms after taking a closer look at your credit or your co-signer's history. But shady dealers know that, too, and they'll use it as cover to pad their profit. When a rate bump is legit, and when it's not Fighting for every penny in a car purchase has rarely been so important. Tariffs on new imported cars and parts are increasing the cost of new vehicles. As new cars become less affordable, more buyers shift to the used market, driving up demand and prices for used vehicles — nevermind the impacts of tariffs on the parts used to repair used cars. You may be considered fortunate to get an 8% rate, even if it's higher than what you were initially offered. Credit agency Experian says the average rate in the U.S. is nearing 12% — and that jumps wildly for someone with mediocre credit. Banks really do sometimes decline a deal or increase the rate after initial approval. Especially in used car sales, dealers often let buyers take the car before final financing is fully locked down. That's called spot delivery or conditional delivery. If your co-signer's credit is worse than they thought, or if your own credit report has issues that didn't show up immediately, the bank might truly reject the original rate. But it's also true that this is a well-known dealer tactic, sometimes called 'yo-yo' financing, a problem so bad the FTC has a video on it to warn buyers. The dealer lets you take the car home at a 'too good to be true' rate knowing they'll call you back later with the bad news. By then, they're betting you'll agree to almost anything to keep it. Dealers might also claim the bank rejected the deal when in reality they're just steering you into a loan with a higher interest rate that pays them more in commissions or markup. The bottom line? A rate bump might be legitimate. But it might also be a sign you're being played. Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says — and that 'anyone' can do it Pushing back against a rate change You got that dreaded call saying your 6% deal is now nearly 8%. Don't panic — but don't impulsively say yes, either. Start by asking for proof. A real lender decision to raise your rate will typically be documented. Ask to see the bank's rejection or counter-offer. A reputable dealer should be willing to show you. If they dodge or stall, it's a bad sign. You can also simply refuse. If financing falls through and can't be secured on the agreed terms, you usually have the right to unwind the deal. You can return the car and walk away. Yes, it's inconvenient and awkward, but it's better than getting stuck with an overpriced loan you can't afford. If the dealer won't return your down payment and trade-in, you may have to seek legal counsel. If you're willing to renegotiate, try to hold them to the original terms or at least minimize the increase. Sometimes just threatening to walk is enough to get them to 'find' a better rate. You can also ask them for the out-the-door price and try to find your own financing from a bank or credit union. And if you do sign at the higher rate, remember you're not stuck forever. Refinancing is always an option. Your own bank or credit union may offer a much better deal once you own the car and have some payment history. If you truly feel misled or scammed, escalate. Talk to the dealership's management. File complaints with your state attorney general, consumer protection office, the Better Business Bureau, or the Federal Trade Commission. What to read next Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Accredited investors can now buy into this $22 trillion asset class once reserved for elites – and become the landlord of Walmart, Whole Foods or Kroger without lifting a finger. Here's how Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
4 days ago
- Automotive
- Yahoo
6 Biggest Money Mistakes When Buying a Car, According To ‘The Car Mom' and Rachel Cruze
Buying a car, whether it's a first set of wheels or the latest in a long line of vehicles, can feel like navigating a financial minefield. In a recent YouTube video, personal finance expert Rachel Cruze sat down with Kelly Stumpe, better known as 'The Car Mom,' to discuss some major mistakes people make when they're buying a car. Read More: Learn More: Recognizing these six mistakes upfront can help make car buying smarter and less costly. Test Driving Too Soon One of the first red flags is walking into a dealership before being ready to buy. According to Stumpe, buyers often go in with no intention of purchasing and walk out with a new car because they got swept up in the sales experience. Her advice is don't bring a trade-in, don't bring a partner, and don't test drive until the budget and plan are locked in. People need to have that 'Walk away, I need to think about it' feeling, she explained. Car dealerships can often instill a sense of urgency to try to get people to buy, but thinking about the purchase ahead of time is beneficial. 'Remember that you are the one with the final say, always. If you're feeling steamrolled, don't be afraid to walk away,' Carol Pope, a staff writer and car insurance agent, told LendingTree. Be Aware: Letting Emotions Drive the Decision Cruze and Stumpe also warned against letting emotions override logic. A high monthly payment might feel justifiable at first when the car is new and exciting. But several years down the line, when the car is scratched, stained and no longer fun to drive, that same car payment can start to sting. Failing To Forecast Ownership Needs A car that works today may not work two or three years from now. Stumpe told buyers — especially parents — to think ahead. Family size, lifestyle and cargo space needs often change before the loan is even halfway repaid. Buyers who ignore that risk may end up in a vehicle that no longer fits and a loan they can't easily escape. Letting the Dealership Set the Budget In another YouTube video, Stumpe shared how often buyers let the dealership define what's affordable. She recommended flipping the process: decide on a payment first, then use a calculator to work backward and determine the actual vehicle price. When setting your budget, U.S. News & World Report suggested finding a car where your monthly payment won't be more than 10% of your take-home pay. Skipping Salesperson Research Stumpe also recommended buyers research the salesperson, not just the dealership. Instead of leaving it to chance, finding highly reviewed individuals in advance can make a big difference in avoiding pressure, upsells and financial missteps. For women especially, choosing who to work with can makes a big difference in feeling confident and respected during the process. Not Having an Exit Plan Long-term financing has become the norm, with many buyers opting for 72- or even 84-month loans. But most people want a new car well before that term ends. Stumpe cautioned that without an exit strategy — whether it's passing the car to a partner, selling privately or trading in — buyers often end up owing more on their car than the car is actually worth. More From GOBankingRates 10 Cars That Outlast the Average Vehicle This article originally appeared on 6 Biggest Money Mistakes When Buying a Car, According To 'The Car Mom' and Rachel Cruze
Associated Press
4 days ago
- Automotive
- Associated Press
VinFast Indonesia to expand dealership network to 85 showrooms nationwide
JAKARTA, INDONESIA - Media OutReach Newswire - 26 July 2025 - VinFast, the Vietnamese Nasdaq-listed EV manufacturer, has officially signed agreements with 20 new dealership partners during the Gaikindo Indonesia International Auto Show (GIIAS) 2025. These agreements will bring VinFast closer to its goal of operating 100 dealership showrooms this year. This marks a strategic advancement for VinFast in its journey to conquer the Indonesian market, and underscores its commitment to delivering superior products and services to consumers across the archipelago. VinFast Indonesia Signs Partnership with New Dealers at GIIAS 2025, Expanding Showroom Network Nationwide. The 20 new VinFast dealership partners are highly reputable and capable enterprises in Indonesia's automotive sector. They include PT Auto Green AAS, PT Ivan Dijaja Mandiri, PT Bimmeroom Mobil Indonesia, PT Alto Anugerah Abadi, PT Prestisius Indonesia, and PT Mega Central Autoniaga, etc. Each partner was meticulously selected based on their strong market position and extensive experience in strategic regions. According to the signed dealer agreements and Memoranda of Understanding, the 20 new dealerships are expected to operate a total of 38 VinFast showrooms, which will progressively become operational from the time of signing until the end of 2026. Meanwhile, existing dealerships will open an additional 23 showrooms, bringing the total number of dealerships in VinFast's retail network in Indonesia to 34 dealerships and expected 85 showrooms. The strategic collaboration with these trusted partners is expected to significantly accelerate VinFast's expansion, swiftly establishing a comprehensive distribution and service network across Indonesia's key regions, expanding VinFast's presence to 19 provinces and 41 cities in Indonesia. This move aims to ensure VinFast's smart EVs are readily accessible to a broad spectrum of Indonesian consumers, while simultaneously reinforcing an international-standard after-sales service system in pivotal population centers. Throughout the entire cooperation process, VinFast is committed to providing maximum support to its authorized dealers. This includes implementing comprehensive and continuous training programs for dealership personnel, equipping them with solid professional knowledge about products, technology, and maintenance and repair procedures in accordance with VinFast's global standards. Mr. Ivan Farrel Djayaprawira, Director of PT Ivan Djaja Mandiri, stated: 'As a strategic partner of VinFast, we are proud to contribute modern infrastructure, superior capabilities, established reputation, and deep understanding of the Indonesian market. Joining VinFast in its journey to accelerate the global green revolution, we have strong confidence in the explosive potential of electric vehicles and VinFast's prospects here. We are committed to creating optimal value for a mutually beneficial partnership, thereby delivering top-quality electric vehicle products and services that best meet customer needs.' Mr. Kariyanto Hardjosoemarto, CEO of VinFast Indonesia, shared: 'With VinFast's comprehensive support for our dealership partners, we are committed to ensuring that every customer in Indonesia will always experience professional consulting services and outstanding after-sales policies, providing absolute peace of mind when purchasing and owning a vehicle. In the spirit of this strong cooperation, VinFast and our dealership network will unite to work towards the goal of creating a green mobility future for Indonesia, actively contributing to the nation's EV development roadmap and delivering practical, meaningful value to society.' VinFast is accelerating its retail network expansion amidst a continuously growing range of products in the Indonesian market. In just over a year since officially entering the market, VinFast has swiftly introduced a diverse product lineup covering the most popular segments, from the VF 3, VF 5, VF 6 to the VF e34, and most recently, the VF 7. These products are all offered with exceptionally attractive sales and after-sales policies, such as complimentary charging at V-GREEN charging stations and 0% interest financing support for vehicle purchases. Simultaneously, VinFast continues to foster partnerships with after-sales service providers, workshops, and banks, maximizing convenience for Indonesian consumers transitioning to green mobility./. Hashtag: #VinFast The issuer is solely responsible for the content of this announcement.
Zawya
4 days ago
- Automotive
- Zawya
VinFast Indonesia to expand dealership network to 85 showrooms nationwide
JAKARTA, INDONESIA - Media OutReach Newswire - 26 July 2025 - VinFast, the Vietnamese Nasdaq-listed EV manufacturer, has officially signed agreements with 20 new dealership partners during the Gaikindo Indonesia International Auto Show (GIIAS) 2025. These agreements will bring VinFast closer to its goal of operating 100 dealership showrooms this year. This marks a strategic advancement for VinFast in its journey to conquer the Indonesian market, and underscores its commitment to delivering superior products and services to consumers across the archipelago. The 20 new VinFast dealership partners are highly reputable and capable enterprises in Indonesia's automotive sector. They include PT Auto Green AAS, PT Ivan Dijaja Mandiri, PT Bimmeroom Mobil Indonesia, PT Alto Anugerah Abadi, PT Prestisius Indonesia, and PT Mega Central Autoniaga, etc. Each partner was meticulously selected based on their strong market position and extensive experience in strategic regions. According to the signed dealer agreements and Memoranda of Understanding, the 20 new dealerships are expected to operate a total of 38 VinFast showrooms, which will progressively become operational from the time of signing until the end of 2026. Meanwhile, existing dealerships will open an additional 23 showrooms, bringing the total number of dealerships in VinFast's retail network in Indonesia to 34 dealerships and expected 85 showrooms. The strategic collaboration with these trusted partners is expected to significantly accelerate VinFast's expansion, swiftly establishing a comprehensive distribution and service network across Indonesia's key regions, expanding VinFast's presence to 19 provinces and 41 cities in Indonesia. This move aims to ensure VinFast's smart EVs are readily accessible to a broad spectrum of Indonesian consumers, while simultaneously reinforcing an international-standard after-sales service system in pivotal population centers. Throughout the entire cooperation process, VinFast is committed to providing maximum support to its authorized dealers. This includes implementing comprehensive and continuous training programs for dealership personnel, equipping them with solid professional knowledge about products, technology, and maintenance and repair procedures in accordance with VinFast's global standards. Mr. Ivan Farrel Djayaprawira, Director of PT Ivan Djaja Mandiri, stated: "As a strategic partner of VinFast, we are proud to contribute modern infrastructure, superior capabilities, established reputation, and deep understanding of the Indonesian market. Joining VinFast in its journey to accelerate the global green revolution, we have strong confidence in the explosive potential of electric vehicles and VinFast's prospects here. We are committed to creating optimal value for a mutually beneficial partnership, thereby delivering top-quality electric vehicle products and services that best meet customer needs." Mr. Kariyanto Hardjosoemarto, CEO of VinFast Indonesia, shared: "With VinFast's comprehensive support for our dealership partners, we are committed to ensuring that every customer in Indonesia will always experience professional consulting services and outstanding after-sales policies, providing absolute peace of mind when purchasing and owning a vehicle. In the spirit of this strong cooperation, VinFast and our dealership network will unite to work towards the goal of creating a green mobility future for Indonesia, actively contributing to the nation's EV development roadmap and delivering practical, meaningful value to society." VinFast is accelerating its retail network expansion amidst a continuously growing range of products in the Indonesian market. In just over a year since officially entering the market, VinFast has swiftly introduced a diverse product lineup covering the most popular segments, from the VF 3, VF 5, VF 6 to the VF e34, and most recently, the VF 7. These products are all offered with exceptionally attractive sales and after-sales policies, such as complimentary charging at V-GREEN charging stations and 0% interest financing support for vehicle purchases. Simultaneously, VinFast continues to foster partnerships with after-sales service providers, workshops, and banks, maximizing convenience for Indonesian consumers transitioning to green mobility./. Hashtag: #VinFast The issuer is solely responsible for the content of this announcement. VinFast
Motor 1
5 days ago
- Automotive
- Motor 1
Woman Buys Brand-New Hyundai with Cash. Then She Sees What the Dealership Left Inside
After buying a brand-new Hyundai Sonata, a woman found an invoice inside that she believes the dealership left behind accidentally. She is taking it as proof of her dealmaking skills. TikTok user Jewell ( @coachmejewell ) posted a video with her discovery on July 23. In the video, she reveals that she was initially told the 2025 Hyundai Sonata cost $32,000. Ultimately, she left the dealership having agreed to pay $28,500 after taxes and fees. Get the best news, reviews, columns, and more delivered straight to your inbox, daily. back Sign up For more information, read our Privacy Policy and Terms of Use . When she got in the vehicle, she found a piece of paper that listed the price as $28,410. She assumed the document listed the invoice price. She was thrilled. 'That means they only made $90 on this sale,' she says. What This Tells Her About the Car Buying Process That leads Jewell to believe that car dealerships can be desperate to make a sale. 'They want to get rid of old inventory so they can get new inventory,' she hypothesizes. 'So they're going to increase the price of the vehicle so there is some wiggle room for negotiation.' And how does this reflect on Jewell's car-buying skills? 'I'm just a G like that,' she says. 'I didn't know the invoice price. But I knew what I wanted to pay and what I didn't want to pay. I didn't know I was that close to the invoice number, though.' She continues, 'I'm just lucky enough to see. They were not supposed to leave this in the car. I just feel so good about myself. As a woman, I walked in there by myself.' 'It's a Great Deal' Trending Now Pittsburgh Man Is Tired of Getting Roasted for Buying a Ford Bronco Sport. Then He Does Something About It 'They Would Exchange Stories Like it Was Vietnam:' Man Says Enterprise Was the 'Worst Job' He Ever Had. Here's Why In the comments, viewers debated whether Jewell correctly understood the paperwork she found. "That's a Manufacturer Suggested Retail Price (MSRP); not an original invoice," wrote one person. Jewell replied, "Y'all think you know so much. The MSRP was on the other side. The invoice was inside of that sticker. Either way, everything that I said is still solid." "That's the MSRP, which includes the dealership margin to 'make money,'" said another person. "Nonetheless, you got it out the door for that. It's a great deal, indeed. Enjoy." Someone else noted, "Even if it was the invoice; they don't actually pay that [price] since there are manufacturer incentives." Who Is Right? Jewell is correct that the invoice or dealer price is an important part of the car-buying process. However, that doesn't mean it's the exact price the dealership paid for the Hyundai Sonata. That's because, as Edmunds explains, it won't include any incentives the dealership got from the manufacturer. So did Jewell get a good deal? According to Car and Driver , the 2025 Sonata starts at $28,145 and can cost upwards of $38,000 depending on the trim level. If we assume Jewell's Sonata is a base model, she got a fair, but perhaps not extraordinary, deal. Motor1 reached out to Jewell via TikTok comment and direct message for comment. We'll update this post if she responds. More From Motor1 'Dollar Tree Has Adapters:' Hyundai Sonata Driver Demands Answers After Noticing New Charging Port 'That Honda Fit Sounds Like the One:' Used Car Salesman Picks His Top 6 Vehicles Under $4,000. But How Reliable Are They? Hyundai Is Absolutely Killing It This Year The 2025 Hyundai Sonata Will Start at $27,800 Share this Story Facebook X LinkedIn Flipboard Reddit WhatsApp E-Mail Got a tip for us? Email: tips@ Join the conversation ( )
