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Post 27 Feb 2018, 12:19 pm

Having recently purchased a car, it's quite clear to me that car dealers will charge as much as they can get away with regardless of race, religion, color, sexual preference, gender, or age. They are equal opportunity exploiters. The notion that only African Americans need to worry about being ripped off by a car dealer is silly. There are already laws and regulations at both the state and federal level that try to protect the car buying public. Some work, many don't. Buyer beware.
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Post 27 Feb 2018, 1:03 pm

As far as I understand it...dealers make a very small profit on selling new cars. They make up for it in their service department, selling used cars, loan charges and putting you in a room and not letting you out until they squeeze some more money out of you by getting you to buy accessories, warranties, whatever.
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Post 27 Feb 2018, 4:15 pm

freeman3 wrote:As far as I understand it...dealers make a very small profit on selling new cars. They make up for it in their service department, selling used cars, loan charges and putting you in a room and not letting you out until they squeeze some more money out of you by getting you to buy accessories, warranties, whatever.


As my German prof would say, "Nein, nein, nein! Falsch, falsch, falsch!"

For a while, the field was relatively level, courtesy of the Internet. Back in the day, they would hose unsuspecting idiots, like me. My first car, I probably paid $4000 too much.

My first real negotiation resulted in me paying $50 than a broker paid for it.

However, nowadays they use kickbacks, incentives, etc. to mask the actual cost. It's very difficult to figure out what a "good price" is.

Ideally, you pay $500-1500 more than the dealer, depending on the popularity of the car. But, in the current climate they can show you a receipt and it doesn't mean much because they get money from the manufacturer that you'll never know about.
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Post 27 Feb 2018, 4:18 pm

I've found this helpful. https://www.carbuyingtips.com

When I went to buy my last car, every dealer quoted the same price. I even told the closest dealer not to do it--that I would not buy from him if he did.

He did it anyway.

I finally found someone to treat me like a person. I saved $1500.
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Post 27 Feb 2018, 4:49 pm

I don't know what's so false about it. If you know generally what the cars are selling for and use several dealers to compete for your services, and then when you get there make a low-ball offer and sort of reel them in where they don't want to lose a sale...you'll do alright.
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Post 27 Feb 2018, 5:18 pm

Apparently, RickyP thinks African-Americans need more help in avoiding making poor decisions than European-Americans.

I wonder why he thinks so lowly of them...

The internet is full of tips, prices and such. It only takes effort and desire. Those certainly are not a racial trait as far as I am concerned. Perhaps others think differently.
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Post 27 Feb 2018, 5:25 pm

freeman3 wrote:I don't know what's so false about it. If you know generally what the cars are selling for and use several dealers to compete for your services, and then when you get there make a low-ball offer and sort of reel them in where they don't want to lose a sale...you'll do alright.


Because they basically price-fix. They obscure the real cost of the vehicle, which makes it difficult to sort out what is a "low-ball offer."

Maybe they're just wonderful in SoCal.
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Post 27 Feb 2018, 7:01 pm

Ah...so we should let just them price-fix because it will help the economy? I think I got it. Cut regulations...and we'll have more pollution, more birth defects, more asthma due to worse air, more black lung disease, more cancer, etc...and consumers will get ripped off because of monopolistic practices. But at least we will (supposedly) have greater growth!
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Post 27 Feb 2018, 7:25 pm

freeman3 wrote:Ah...so we should let just them price-fix because it will help the economy? I think I got it. Cut regulations...and we'll have more pollution, more birth defects, more asthma due to worse air, more black lung disease, more cancer, etc...and consumers will get ripped off because of monopolistic practices. But at least we will (supposedly) have greater growth!


Demagogue much?
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Post 28 Feb 2018, 8:13 am

bbauska
Apparently, RickyP thinks African-Americans need more help in avoiding making poor decisions than European-Americans.

Its as if you don't think that the US has a rich history of racial discrimination?
I think most consumers are at a disadvantage when dealing with large corporations that engage in deceptive marketing and sales tactics. Banks (like wells fargo) have engaged in fraudulent tactics to make millions a few hundred dollars at a time...
http://money.cnn.com/2017/08/31/investi ... index.html


In this case here's what we know.
unlike mortgage applicants, auto-loan applicants don’t have to disclose their race or ethnicity; it’s strictly prohibited under the 1974 Equal Credit Opportunity Act (ECOA)

The CFPB strongly suspected, after complaints, that visible minorities were paying more for their car loans. And developed a methodology to estimate the extent of the fraud since ECOA, lobbied for by the financial institutions, protected auto loans from scrutiny.

NADA complained to Congress that the CFPB’s methodology of determining discriminatory pricing was inaccurate, and has been lobbying Congress heavily, with nearly $3 million in campaign contributions to members in the 2014 election cycle, and another $3.2 million in lobbying, according to the Center for Responsive Politics.


Why would the NADA spend so much money and time lobbying ? Obviously they are protecting a profitable tactic.
A government concerned with the well being of their consumer population would interpret the mandate of the CFPB broadly and welcome their intervention on the side of the consumers.
A government concerned with appeasing a lobby group that contributes to their campaign funds, will narrowly interpret the regulation and fight the CFPB's efforts on behalf of consumers.

Nothing about this had anything to do with "ending burdensome regulation to energize the economy".
It had to do with, once again, siding with financial institutions that bleed consumers ....
and with auto dealers who get their extra little piece.
As a Trumpian effort to charge the economy its just another "con mans claim".
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Post 28 Feb 2018, 8:56 am

If it weren’t for straw men, innuendo masquerading as argumentation, and utter speculation, rickyp would have nothing to say.
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Post 28 Feb 2018, 10:14 am

You miss my point, RickyP. Nobody is forcing the person to sign a contract for a car. Heck, you can even buy a car online, and the issue of race is not even on the online form! I know because I have done it.

It is not a racial issue. It is an issue of a person's credit.
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Post 28 Feb 2018, 3:00 pm

bbauska
It is not a racial issue. It is an issue of a person's credit

Funny then how black and latinos, showing up in person, almost always end up paying a higher loan rate.
I guess its not a racial issue online where people can't see to whom they are lending?
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Post 28 Feb 2018, 8:21 pm

Please show where the race is a component of the loan process resulting in higher loan costs based only on the race.

It would look like this:
Person A has a FICO of 725 and is black. Their costs are x.
Person B has a FICO of 725 and is white. Their costs are y.

Compare x to y on a statistically significant sample size. (alliteration intended)
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Post 01 Mar 2018, 6:04 am

bbauska wrote:Please show where the race is a component of the loan process resulting in higher loan costs based only on the race.

It would look like this:
Person A has a FICO of 725 and is black. Their costs are x.
Person B has a FICO of 725 and is white. Their costs are y.

Compare x to y on a statistically significant sample size. (alliteration intended)


The next sound you hear will be *chirp*

Oh, he'll throw some dust in the air, but it won't be anything like the proof you're asking for.