Dealer Incentives?
12-01-2007, 07:23 PM
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Dealer Incentives?
I know the advertised incentive is $3500, but I saw a few posts of people getting $7500 off 07s ... is that location sensitive? Or just depends on how bad the dealer wants to get rid of last years model?
12-01-2007, 10:39 PM
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When people say they got $7,000 - $7,500 off, what they mean is from the MSRP or the "sticker price" on the window. The factory rebate of $3,500 will taken off from the final price you and the salesman agreed on.
Important thing to keep in mind is that you can get any of the 2007s for Invoice price. In other words, when the salesman tries to negotiate from the MSRP on the window, DO NOT go there. Be explicitly clear that you know what the Invoice prices are; Sports, Touring and GT model. Then, negotiate from there. Lastly, from the price agreed on, then take the $3,500 factory rebate to the final price.
For example in my case, a 2007 GT which had a MSRP of ~$33,500.
1) I informed the salesman that Invoice price is ~$28,500.
(I added a few more options to #1, ~$29,000)
2) I told the salesman I wanted to apply $3,500 rebate from #1.
3) The final agreed price was $25,500 - $26,000 for a brand new 07 GT.
The 07s Sports were offered to me for 21k. Hurry, 2007s running out.
If you don't have it already, please see attachment for 2007 MSRP and Invoice price on. Study up on it and use it to your advantage when you go to the dealer. Good luck.
Important thing to keep in mind is that you can get any of the 2007s for Invoice price. In other words, when the salesman tries to negotiate from the MSRP on the window, DO NOT go there. Be explicitly clear that you know what the Invoice prices are; Sports, Touring and GT model. Then, negotiate from there. Lastly, from the price agreed on, then take the $3,500 factory rebate to the final price.
For example in my case, a 2007 GT which had a MSRP of ~$33,500.
1) I informed the salesman that Invoice price is ~$28,500.
(I added a few more options to #1, ~$29,000)
2) I told the salesman I wanted to apply $3,500 rebate from #1.
3) The final agreed price was $25,500 - $26,000 for a brand new 07 GT.
The 07s Sports were offered to me for 21k. Hurry, 2007s running out.
If you don't have it already, please see attachment for 2007 MSRP and Invoice price on. Study up on it and use it to your advantage when you go to the dealer. Good luck.
12-02-2007, 08:04 AM
#4
Nope, customer cash does Not work like that
Customer Cash works like ... customer cash.
Say, car cost 25K, after tax and all the bullshit fees it end up around 28K, NOW you take that 3.5 K customer cash in it. the price you own Mazda will be 24.5K.
Simple.
if you want the best deal, for a 07, GT, I will give them no more than 25K. even the MSRP is 33.5 K. 25 K or walk. if you finance with MAC or dealership suggested rip off company, they will be more than happy to give you a lower price on the car.
What Im gonna do is
Talk the car to 25K.
Say you'll finance with MAC, if you want to finance with THEIR company, MAKE sure to ask if there is a penalty on early payoffs.
Sign all the paper and happy with your car.
Drive your new ride to the closest Credit UNION. get it refinance.
Be happy
So the important catch is, check your credit union on re-financing first.
Customer Cash works like ... customer cash.
Say, car cost 25K, after tax and all the bullshit fees it end up around 28K, NOW you take that 3.5 K customer cash in it. the price you own Mazda will be 24.5K.
Simple.
if you want the best deal, for a 07, GT, I will give them no more than 25K. even the MSRP is 33.5 K. 25 K or walk. if you finance with MAC or dealership suggested rip off company, they will be more than happy to give you a lower price on the car.
What Im gonna do is
Talk the car to 25K.
Say you'll finance with MAC, if you want to finance with THEIR company, MAKE sure to ask if there is a penalty on early payoffs.
Sign all the paper and happy with your car.
Drive your new ride to the closest Credit UNION. get it refinance.
Be happy
So the important catch is, check your credit union on re-financing first.
Last edited by nycgps; 12-02-2007 at 08:07 AM.
12-02-2007, 01:21 PM
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That's how it worked when I bought Zoomy. My brother works for Ford, so I got S-plan. That's invoice price. They took the CC off that, added sales tax and registration fee, and I wrote them a check.
Ken
12-02-2007, 03:41 PM
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Nope, customer cash does Not work like that
Customer Cash works like ... customer cash.
Say, car cost 25K, after tax and all the bullshit fees it end up around 28K, NOW you take that 3.5 K customer cash in it. the price you own Mazda will be 24.5K.
Simple.
if you want the best deal, for a 07, GT, I will give them no more than 25K. even the MSRP is 33.5 K. 25 K or walk. if you finance with MAC or dealership suggested rip off company, they will be more than happy to give you a lower price on the car.
What Im gonna do is
Talk the car to 25K.
Say you'll finance with MAC, if you want to finance with THEIR company, MAKE sure to ask if there is a penalty on early payoffs.
Sign all the paper and happy with your car.
Drive your new ride to the closest Credit UNION. get it refinance.
Be happy
So the important catch is, check your credit union on re-financing first.
Customer Cash works like ... customer cash.
Say, car cost 25K, after tax and all the bullshit fees it end up around 28K, NOW you take that 3.5 K customer cash in it. the price you own Mazda will be 24.5K.
Simple.
if you want the best deal, for a 07, GT, I will give them no more than 25K. even the MSRP is 33.5 K. 25 K or walk. if you finance with MAC or dealership suggested rip off company, they will be more than happy to give you a lower price on the car.
What Im gonna do is
Talk the car to 25K.
Say you'll finance with MAC, if you want to finance with THEIR company, MAKE sure to ask if there is a penalty on early payoffs.
Sign all the paper and happy with your car.
Drive your new ride to the closest Credit UNION. get it refinance.
Be happy
So the important catch is, check your credit union on re-financing first.
As a person who is in the financial serv business, what would I do without your internet expertise?
Would this apply to home purchase too?
12-02-2007, 03:57 PM
#7
Isn't that what Liam said? Negotiate the price, then the CC comes off that.
That's how it worked when I bought Zoomy. My brother works for Ford, so I got S-plan. That's invoice price. They took the CC off that, added sales tax and registration fee, and I wrote them a check.
Ken
That's how it worked when I bought Zoomy. My brother works for Ford, so I got S-plan. That's invoice price. They took the CC off that, added sales tax and registration fee, and I wrote them a check.
Ken
12-03-2007, 03:53 PM
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Nope, customer cash does Not work like that
Customer Cash works like ... customer cash.
Say, car cost 25K, after tax and all the bullshit fees it end up around 28K, NOW you take that 3.5 K customer cash in it. the price you own Mazda will be 24.5K.
Simple.
if you want the best deal, for a 07, GT, I will give them no more than 25K. even the MSRP is 33.5 K. 25 K or walk. if you finance with MAC or dealership suggested rip off company, they will be more than happy to give you a lower price on the car.
What Im gonna do is
Talk the car to 25K.
Say you'll finance with MAC, if you want to finance with THEIR company, MAKE sure to ask if there is a penalty on early payoffs.
Sign all the paper and happy with your car.
Drive your new ride to the closest Credit UNION. get it refinance.
Be happy
So the important catch is, check your credit union on re-financing first.
Customer Cash works like ... customer cash.
Say, car cost 25K, after tax and all the bullshit fees it end up around 28K, NOW you take that 3.5 K customer cash in it. the price you own Mazda will be 24.5K.
Simple.
if you want the best deal, for a 07, GT, I will give them no more than 25K. even the MSRP is 33.5 K. 25 K or walk. if you finance with MAC or dealership suggested rip off company, they will be more than happy to give you a lower price on the car.
What Im gonna do is
Talk the car to 25K.
Say you'll finance with MAC, if you want to finance with THEIR company, MAKE sure to ask if there is a penalty on early payoffs.
Sign all the paper and happy with your car.
Drive your new ride to the closest Credit UNION. get it refinance.
Be happy
So the important catch is, check your credit union on re-financing first.
As far as what you were saying for financing. OMG. You would **** some1 sideways with that logic. You cannot go and refinance after you have just opened a loan with a credit/bank company. You can have them setup a contingency that you would like to not lock in numbers until you have called or went to a credit union of your choice. If someone were to do what you just said. They would hate you forever. They'd be stuck with w/e rate applied to them at the time or w/e rate the finance manager decided to hold them and they would have payed about $305.33 to much for there brand new rx8. And then they woulda had to wait 6months to refinance as to not take an over excessive ding on their credit history!
12-03-2007, 05:10 PM
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Im gonna have to call bs on this one. You must be a car salesman as well eh? I think your a little bit confused on the differences between customer cash and dealer incentive cash. You talk the number down to as close or better then s-plan pricing(dealer invoice). The 3500 gets takin off of that price and then all your fun fees and taxes are applies that way you dont have to pay more in tax on the vehicle then you should.
As far as what you were saying for financing. OMG. You would **** some1 sideways with that logic. You cannot go and refinance after you have just opened a loan with a credit/bank company. You can have them setup a contingency that you would like to not lock in numbers until you have called or went to a credit union of your choice. If someone were to do what you just said. They would hate you forever. They'd be stuck with w/e rate applied to them at the time or w/e rate the finance manager decided to hold them and they would have payed about $305.33 to much for there brand new rx8. And then they woulda had to wait 6months to refinance as to not take an over excessive ding on their credit history!
As far as what you were saying for financing. OMG. You would **** some1 sideways with that logic. You cannot go and refinance after you have just opened a loan with a credit/bank company. You can have them setup a contingency that you would like to not lock in numbers until you have called or went to a credit union of your choice. If someone were to do what you just said. They would hate you forever. They'd be stuck with w/e rate applied to them at the time or w/e rate the finance manager decided to hold them and they would have payed about $305.33 to much for there brand new rx8. And then they woulda had to wait 6months to refinance as to not take an over excessive ding on their credit history!
Wrong. I used to be a finance manager, and pretty much everything you said was wrong. The other guy is close.
Customer Cash, is not a discount at all. It is just THAT, Down Payment assistance. It does not get subtracted anywhere, it gets added to yoiur cash, and that is subtracted from the total(after tax) to determine your ammount financed. It is not up to the dealership, they don't care how much you pay in taxes(not 100% true, but for practical purposes yes*) We used to consistently play games with sale price and trades, etc to lower tax figures, as it would lower monthly payments without reducing profit, thus it was free money to everyone but the state.
You are confused, as dealer cash is a rebate from the manufacturer to the dealer, and not required to be passed on to the customer. In this case, the dealer can use the money as he sees fit. Most times this is given to the customer in the form of a "rebate" but then directly subtracted off the price to lower the tax figure. Again, it is in the dealer's best interst to charge you as little tax as possible, as they get a MUCH higher percentage of any other dollar that increments a monthly payment moreso then Tax.
As for the second part he has a point. Very few states allow a pre-payment penalty on auto loans. Additionally, most credit unions will still finanace a car as new, as an original loan for the first 90 days of ownership. In this instance you would only spend an additional $20 (in MD) for the lien fee. This is charged by the state to record a lien, and you would be recording liens twice. You will be able to get a lower price if the dealer makes money elsewhere, and he will be disappointed to see the chargeback on unearned interest in 60 days but that's no mind to you.
Dealer financing is also not always a ripoff. Dealers "buy" money in MUCH more significant ammoutns then any of you out there. Thus they receive wholesale rates MUCH lower then you would get from the same lending instituition, Suntrust, Wachovia, BB+T, etc all offer VERY attractive, usually lower then credit union rates to their dealers. Dealers are then allowed to mark this rate up, a measured ammoutn based on usery laws. In Md this is 3% up to 60 months, and 2.5% for longer terms. So, keep negotiating, arrive prepared, and see how close to your rate they can get.
I remember times, shortly after 9/11 where I could get rates as low as 3.39% from Suntrust. At the times Most credit Unions were around the 4% mark. Many of my customers over the years have left with rates below their already arranged rates. If they can beat your rate, there is really NO REASON not to take it. The dealer will make more money, thus allwoing you to further negotiate the price, all the while, your costs of borrowing decrease. You should basically be able to negotiate at least an additional 1% of your loan ammount if financing. That is normally a minimum commission for selling financing, from bank to dealer.
* Most dealerships receive 1.5% of all taxes collected, as a commision for doing tag and title work. This is a VERY small number.
It would probably benefit you to read my LENGTHY thread "tips form the inside" on this same forum. There is a WHOLE LOT of info on there to help educate yourself before purchasing a car. I spent some time on New and Used cars. I no longer work for a dealership, and if I do go back, I won't pimp it to the forum. It is purely for imformational purposes, to attempt to give what i can to the RX8 community. What most people don't realize, is that Dealerships LOVE educated customers, and it's so much easier to have a simple, easy, smooth transaction, and thus will cut better deals to customers that they work less on.
I hope this helps.
Last edited by Revvittupp; 12-03-2007 at 05:17 PM.
12-03-2007, 05:25 PM
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For pre-existing structures, some Realtors such as Long and Foster own title companies and Wholesale lenders. In this case, you can usually get NO COST Transactions, where you pay a stupid high rate, with very little out of pocket. This can be a good idea, especially if you are purchasing under market value, and of course, presuming you have excellent credit. FNMA also does not have what they call seasoning, and therefore even 1 day after purcahse you can use appraised value as your Loan to Value basis, and thus perhaps get another Zero Out of Pocket refi to a lower rate. All purchase loans are based on sale price, regardless of appraised value, unless of course appraised value is lower, in which case that will be used, and additional required as cash down.
I'm no longer a finance manager, now I am attempting to sell Mortgages, though it's tough in this market.
12-04-2007, 12:10 AM
#11
Im gonna have to call bs on this one. You must be a car salesman as well eh? I think your a little bit confused on the differences between customer cash and dealer incentive cash. You talk the number down to as close or better then s-plan pricing(dealer invoice). The 3500 gets takin off of that price and then all your fun fees and taxes are applies that way you dont have to pay more in tax on the vehicle then you should.
As far as what you were saying for financing. OMG. You would **** some1 sideways with that logic. You cannot go and refinance after you have just opened a loan with a credit/bank company. You can have them setup a contingency that you would like to not lock in numbers until you have called or went to a credit union of your choice. If someone were to do what you just said. They would hate you forever. They'd be stuck with w/e rate applied to them at the time or w/e rate the finance manager decided to hold them and they would have payed about $305.33 to much for there brand new rx8. And then they woulda had to wait 6months to refinance as to not take an over excessive ding on their credit history!
As far as what you were saying for financing. OMG. You would **** some1 sideways with that logic. You cannot go and refinance after you have just opened a loan with a credit/bank company. You can have them setup a contingency that you would like to not lock in numbers until you have called or went to a credit union of your choice. If someone were to do what you just said. They would hate you forever. They'd be stuck with w/e rate applied to them at the time or w/e rate the finance manager decided to hold them and they would have payed about $305.33 to much for there brand new rx8. And then they woulda had to wait 6months to refinance as to not take an over excessive ding on their credit history!
Dealer cash means Deal-ler-Cash, this money, sometimes called dealer holdbacks. goes directly to the dealership.
Is like,
Im buying a car- cost 2000
Customer cash 1000
Dealership cash(or incentive) 1000
Lets Say no tax or whatever.
The car cost 2000
Customer Cash is 1000
Take the 1000 off the 2000, cuz its customer's cash
So I own car company 1000
Then the car company will pay 1000 to the dealership as a *thank you* for selling a car for them.
Got it?
Yes you CAN refianance with whoever you want, even your mom, even right after you got a loan with a credit/bank company, as LONG as there is no Penalty charges. most dont. but be sure to check it first. Who cares? Let them hate you for a while. As soon as you go back for another car they will be your friend again. for a short while that is.
Last edited by nycgps; 12-04-2007 at 12:13 AM.
12-04-2007, 02:28 PM
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customer cash means Customer's cash, Cus-tom-mer-Cash, means those *whatever amount* will go to your down payment. just like what Rev said.
Dealer cash means Deal-ler-Cash, this money, sometimes called dealer holdbacks. goes directly to the dealership.
Is like,
Im buying a car- cost 2000
Customer cash 1000
Dealership cash(or incentive) 1000
Lets Say no tax or whatever.
The car cost 2000
Customer Cash is 1000
Take the 1000 off the 2000, cuz its customer's cash
So I own car company 1000
Then the car company will pay 1000 to the dealership as a *thank you* for selling a car for them.
Got it?
Yes you CAN refianance with whoever you want, even your mom, even right after you got a loan with a credit/bank company, as LONG as there is no Penalty charges. most dont. but be sure to check it first. Who cares? Let them hate you for a while. As soon as you go back for another car they will be your friend again. for a short while that is.
Dealer cash means Deal-ler-Cash, this money, sometimes called dealer holdbacks. goes directly to the dealership.
Is like,
Im buying a car- cost 2000
Customer cash 1000
Dealership cash(or incentive) 1000
Lets Say no tax or whatever.
The car cost 2000
Customer Cash is 1000
Take the 1000 off the 2000, cuz its customer's cash
So I own car company 1000
Then the car company will pay 1000 to the dealership as a *thank you* for selling a car for them.
Got it?
Yes you CAN refianance with whoever you want, even your mom, even right after you got a loan with a credit/bank company, as LONG as there is no Penalty charges. most dont. but be sure to check it first. Who cares? Let them hate you for a while. As soon as you go back for another car they will be your friend again. for a short while that is.
12-04-2007, 02:30 PM
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customer cash means Customer's cash, Cus-tom-mer-Cash, means those *whatever amount* will go to your down payment. just like what Rev said.
Dealer cash means Deal-ler-Cash, this money, sometimes called dealer holdbacks. goes directly to the dealership.
Is like,
Im buying a car- cost 2000
Customer cash 1000
Dealership cash(or incentive) 1000
Lets Say no tax or whatever.
The car cost 2000
Customer Cash is 1000
Take the 1000 off the 2000, cuz its customer's cash
So I own car company 1000
Then the car company will pay 1000 to the dealership as a *thank you* for selling a car for them.
Got it?
Yes you CAN refianance with whoever you want, even your mom, even right after you got a loan with a credit/bank company, as LONG as there is no Penalty charges. most dont. but be sure to check it first. Who cares? Let them hate you for a while. As soon as you go back for another car they will be your friend again. for a short while that is.
Dealer cash means Deal-ler-Cash, this money, sometimes called dealer holdbacks. goes directly to the dealership.
Is like,
Im buying a car- cost 2000
Customer cash 1000
Dealership cash(or incentive) 1000
Lets Say no tax or whatever.
The car cost 2000
Customer Cash is 1000
Take the 1000 off the 2000, cuz its customer's cash
So I own car company 1000
Then the car company will pay 1000 to the dealership as a *thank you* for selling a car for them.
Got it?
Yes you CAN refianance with whoever you want, even your mom, even right after you got a loan with a credit/bank company, as LONG as there is no Penalty charges. most dont. but be sure to check it first. Who cares? Let them hate you for a while. As soon as you go back for another car they will be your friend again. for a short while that is.
Oh and holding customer cash from a customer is illegal practice and the banks or c.u's will correct your mistake before the approve the loan or they'll call the dealership that sent the deal and ask them whats going on with that deal.
12-04-2007, 04:48 PM
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Ignorance. You USED to be a finance manager cuz either A you sucked and quit or B you got fired cuz u sucked. I am currently a car salesman and FI manager in training at Milam Jeep and Mazda in Puyallup washington. My father is THE best finance manager in the state of washington with plaques to prove it and the rep from the credit unions to prove it. Wachovia Fin. Serv. does not send people to vegas for doing well for no reason rofl. Cmon man Actually know what your talking about before you post absolute DRIVEL.
No I USED TO be an F+ I and Sales Manager upuntil February. I had been doing it for 3+ years and quit as a result of a disagreement between myself and ownership, over of all things, Liability and honesty.
Custoemr CASH is taxed, PERIOD. You are wrong, in over your head, whatever... I will compare brain pans with you every day of the week and twice on sundays. Rebates can be actually, who'd of thunk, taken as a rebate. You have the option to receive the money, directly fromt he manager, after the sale has been completed in their system, paid by check, to your mailbox. It is NOT in any way a reduction in sales price. MOST PEOPLE choose to have it applied towards their purchase.
Holdback is not dealer cahs. Holdback is an incentive paid quarterly by manufacturers to attempt to overcome floorplan costs. Most dealerships do not OWN the cars on the lot, and thus owe a bank interest until they sell the car. This is what's called a floorplan. Holdback is paid to dealerships tha tdo not floorplan, and is thus direct profit for them, btu very few owners own their cars.
Dealer Cash, is an insider term for rebate that does not need to be shown to the custoemr. 90 times out of 100 it still goes to the customer, as a discount, and thus would not be taxable.
If you would liek a lesson on the road to the sale, the anatomy of a car deal, the breakdowns of the costs and profit sturctures of a car deal, or heck would you liek me to go over how to read dealer financial statements, because I'd be happy to and more then capable.
Rebates, or customer cash are Cash given to a customer after a purchase, and thus taxed by the state. Most of the time, dealers give the customers free loans on this money and apply it immediately. If you do not know this, then I feel bad for your customers.
pre-payment penalties are based on statewide legislation, not a choice of the bank offering the loan.
If I can give youi one piece of advice as you progress towards being a Finance Manager. remember that your signature is the only dealer representative on any financial document. What this means is that you are liable for EVERYTHING that occurs in the dealership if somehting were to come up. Dealers themselves, salespeople and Sales Managers alike have very liability in the process. Therefore it is entirely on you to ensure that all paperwork is completely compliant with all state and federal laws.
2nd hint, when going over Reg-z(Truth in Lending) flip your pen over and use the back to circle the rate, term, payments and underline the ammount financed, and total of payments. This could potentially save you a BIG headache down the line. It nips things in the bud real quick. I was glad to have learned that one early in my career. It certainly removes any doubt you went through the information as the carbon copies will all show where the back of your pne was. Do not use ink or you will have to re-sign the contract- no writing in the TIL...
12-04-2007, 04:56 PM
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Edmunds still shows $3500 in my zip until Jan 02, and typically Mazda changes programs on the 3rd i.e. yesterday. Check with your local dealer or back with edmunds in a few days, but if it has not changed, noone really will know until it does change, what it would change to.
12-07-2007, 01:18 AM
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Edmunds still shows $3500 in my zip until Jan 02, and typically Mazda changes programs on the 3rd i.e. yesterday. Check with your local dealer or back with edmunds in a few days, but if it has not changed, noone really will know until it does change, what it would change to.
12-07-2007, 07:17 AM
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When people say they got $7,000 - $7,500 off, what they mean is from the MSRP or the "sticker price" on the window. The factory rebate of $3,500 will taken off from the final price you and the salesman agreed on.
Important thing to keep in mind is that you can get any of the 2007s for Invoice price. In other words, when the salesman tries to negotiate from the MSRP on the window, DO NOT go there. Be explicitly clear that you know what the Invoice prices are; Sports, Touring and GT model. Then, negotiate from there. Lastly, from the price agreed on, then take the $3,500 factory rebate to the final price.
For example in my case, a 2007 GT which had a MSRP of ~$33,500.
1) I informed the salesman that Invoice price is ~$28,500.
(I added a few more options to #1, ~$29,000)
2) I told the salesman I wanted to apply $3,500 rebate from #1.
3) The final agreed price was $25,500 - $26,000 for a brand new 07 GT.
The 07s Sports were offered to me for 21k. Hurry, 2007s running out.
If you don't have it already, please see attachment for 2007 MSRP and Invoice price on. Study up on it and use it to your advantage when you go to the dealer. Good luck.
Important thing to keep in mind is that you can get any of the 2007s for Invoice price. In other words, when the salesman tries to negotiate from the MSRP on the window, DO NOT go there. Be explicitly clear that you know what the Invoice prices are; Sports, Touring and GT model. Then, negotiate from there. Lastly, from the price agreed on, then take the $3,500 factory rebate to the final price.
For example in my case, a 2007 GT which had a MSRP of ~$33,500.
1) I informed the salesman that Invoice price is ~$28,500.
(I added a few more options to #1, ~$29,000)
2) I told the salesman I wanted to apply $3,500 rebate from #1.
3) The final agreed price was $25,500 - $26,000 for a brand new 07 GT.
The 07s Sports were offered to me for 21k. Hurry, 2007s running out.
If you don't have it already, please see attachment for 2007 MSRP and Invoice price on. Study up on it and use it to your advantage when you go to the dealer. Good luck.
12-07-2007, 08:14 AM
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12-07-2007, 08:42 AM
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holy shoot! I was thinking of walking into the dealership with $21,000 in cash "take it or leave it" for a 2007 Touring (they offered $23,987, which includes all the rebates), but now, I might have to rethink this plan. (I'm in Florida)
12-07-2007, 01:41 PM
#21
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Hahaha are you kidding me. If you were an F&I manager the first thing you would know is that alot of subtle things are eaten and hidden by dealerships. The customer does not pay the tax of the rebate. If a dealership tells you so Id tell them to pack-sand because that is false. You wanna act smart and compare "Brain Pans"? Whats your full name and store you worked at that sold mazdas? Mines Bryce Morton I work at Milam Jeep and Mazda. Look at up you'll see that I am the top mazda salesman at that store since I started there a year ago. You'll also see that I've sold about 45 New jeeps this year, 125+mazdas and 75+used. Thats about 250 car deals I've made and processed in 1 year how many have you done? Shoot I bet you didn't know many salesman that sold 250cars a year.
Since you don't believe me...
Edmunds is the best I can find, I can't find anything on the WA DMV but here you go. Here is one more resource that says I'm right and you are wrong. I think you should look back at one of your "250" purcahse orders, and backwards calculate the tax on one with a rebate. I'm sure you will find that I am right. AND PLEASE, fi you don't know what you are talking about, don't offer it up as advice. I personally have adopted this forum becuase it is FILLED with misinformation and tactics that won't help anyone have a better purchase experience. My goal is to help others get the best deal that makes them happy. So please, STFU until you know what you are talking about NOOB.
to Quote Edmunds
"Taxing rebates: Increasingly, consumers use cash rebates from car manufacturers to offset the price of new cars. How does this affect the sales tax you pay on your new car? It varies from state to state. Look at the column labeled "Are Incentives Taxed?" If there is a "Y" in this column it means that sales tax is calculated before any customer cash rebates are subtracted. Say you have agreed to pay $20,000 for your new car but there is a $4,000 customer cash rebate. Depending on the state you live in, you will either pay tax on the full $20,000 (which, at 8 percent, would be $1,600) or on $16,000 (at 8 percent it would be $1,280). The difference is $320."
http://www.edmunds.com/advice/buying...4/article.html
Notice the Y next to Washington, and MOST STATES. I'm sure Edmunds is wrong too, I mean this must be impossible for THEM to find out...
Ok i jsut found it... Washington department of Revenue
To Quote
"How are rebates taxed?
Rebates from the manufacturer or distributor are part of the selling price of the vehicle. The amount of the rebate may not be deducted from the selling price before retail sales tax is charged, nor may it be deducted before computing the B&O tax.
Rebates from the dealer are considered discounts and are not part of the selling price. These rebates/discounts are not subject to the Retailing B&O tax or the retail sales tax."
http://dor.wa.gov/content/DoingBusin...scRebates.aspx
Example
Manufacturer A offers a $1,000 rebate for the purchase of a new pickup truck. The customer may elect to use the $1,000 as part of the down payment or take the $1,000 cash and spend it in some other manner. The agreed selling price of the pickup truck is $15,295. In either case, the amount subject to retail sales tax is $15,295. When using the rebate as part of the down payment, the customer will only finance or pay $14,295 plus interest. When taking the rebate for cash, the customer will finance or pay $15,295 plus interest.
Last edited by Revvittupp; 12-07-2007 at 01:50 PM.
12-07-2007, 08:39 PM
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12-08-2007, 10:56 PM
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MSRP which included the $3,500 rebate.
12-12-2007, 11:42 AM
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I only sold cars for one day less then 1 year, so I ONLY sold 212 new Dodge's, Jeeps and used cars. I then have worked in 3 dealerships as Finance Manager and have actually PROCESSED an average of 80 purchase agreements over 2 and a half years which equates to doing about 2500 auto transactions worth of paperwork. I have yet to find a Finance manager with a shorter fund time then myself. I typically turned money in an average of 72 hours. Every SINGLE one of them paid tax on rebates, because that is how it is done. Rebates take place, AFTER the initial transaction and are often "fronted" by dealerships to assist in sales.
Since you don't believe me...
Edmunds is the best I can find, I can't find anything on the WA DMV but here you go. Here is one more resource that says I'm right and you are wrong. I think you should look back at one of your "250" purcahse orders, and backwards calculate the tax on one with a rebate. I'm sure you will find that I am right. AND PLEASE, fi you don't know what you are talking about, don't offer it up as advice. I personally have adopted this forum becuase it is FILLED with misinformation and tactics that won't help anyone have a better purchase experience. My goal is to help others get the best deal that makes them happy. So please, STFU until you know what you are talking about NOOB.
to Quote Edmunds
"Taxing rebates: Increasingly, consumers use cash rebates from car manufacturers to offset the price of new cars. How does this affect the sales tax you pay on your new car? It varies from state to state. Look at the column labeled "Are Incentives Taxed?" If there is a "Y" in this column it means that sales tax is calculated before any customer cash rebates are subtracted. Say you have agreed to pay $20,000 for your new car but there is a $4,000 customer cash rebate. Depending on the state you live in, you will either pay tax on the full $20,000 (which, at 8 percent, would be $1,600) or on $16,000 (at 8 percent it would be $1,280). The difference is $320."
http://www.edmunds.com/advice/buying...4/article.html
Notice the Y next to Washington, and MOST STATES. I'm sure Edmunds is wrong too, I mean this must be impossible for THEM to find out...
Ok i jsut found it... Washington department of Revenue
To Quote
"How are rebates taxed?
Rebates from the manufacturer or distributor are part of the selling price of the vehicle. The amount of the rebate may not be deducted from the selling price before retail sales tax is charged, nor may it be deducted before computing the B&O tax.
Rebates from the dealer are considered discounts and are not part of the selling price. These rebates/discounts are not subject to the Retailing B&O tax or the retail sales tax."
http://dor.wa.gov/content/DoingBusin...scRebates.aspx
Example
Manufacturer A offers a $1,000 rebate for the purchase of a new pickup truck. The customer may elect to use the $1,000 as part of the down payment or take the $1,000 cash and spend it in some other manner. The agreed selling price of the pickup truck is $15,295. In either case, the amount subject to retail sales tax is $15,295. When using the rebate as part of the down payment, the customer will only finance or pay $14,295 plus interest. When taking the rebate for cash, the customer will finance or pay $15,295 plus interest.
Since you don't believe me...
Edmunds is the best I can find, I can't find anything on the WA DMV but here you go. Here is one more resource that says I'm right and you are wrong. I think you should look back at one of your "250" purcahse orders, and backwards calculate the tax on one with a rebate. I'm sure you will find that I am right. AND PLEASE, fi you don't know what you are talking about, don't offer it up as advice. I personally have adopted this forum becuase it is FILLED with misinformation and tactics that won't help anyone have a better purchase experience. My goal is to help others get the best deal that makes them happy. So please, STFU until you know what you are talking about NOOB.
to Quote Edmunds
"Taxing rebates: Increasingly, consumers use cash rebates from car manufacturers to offset the price of new cars. How does this affect the sales tax you pay on your new car? It varies from state to state. Look at the column labeled "Are Incentives Taxed?" If there is a "Y" in this column it means that sales tax is calculated before any customer cash rebates are subtracted. Say you have agreed to pay $20,000 for your new car but there is a $4,000 customer cash rebate. Depending on the state you live in, you will either pay tax on the full $20,000 (which, at 8 percent, would be $1,600) or on $16,000 (at 8 percent it would be $1,280). The difference is $320."
http://www.edmunds.com/advice/buying...4/article.html
Notice the Y next to Washington, and MOST STATES. I'm sure Edmunds is wrong too, I mean this must be impossible for THEM to find out...
Ok i jsut found it... Washington department of Revenue
To Quote
"How are rebates taxed?
Rebates from the manufacturer or distributor are part of the selling price of the vehicle. The amount of the rebate may not be deducted from the selling price before retail sales tax is charged, nor may it be deducted before computing the B&O tax.
Rebates from the dealer are considered discounts and are not part of the selling price. These rebates/discounts are not subject to the Retailing B&O tax or the retail sales tax."
http://dor.wa.gov/content/DoingBusin...scRebates.aspx
Example
Manufacturer A offers a $1,000 rebate for the purchase of a new pickup truck. The customer may elect to use the $1,000 as part of the down payment or take the $1,000 cash and spend it in some other manner. The agreed selling price of the pickup truck is $15,295. In either case, the amount subject to retail sales tax is $15,295. When using the rebate as part of the down payment, the customer will only finance or pay $14,295 plus interest. When taking the rebate for cash, the customer will finance or pay $15,295 plus interest.
Your that 1 guy who always has to do something better than some1 else eh? If I told you I sold 300cars a year you'd say u sold 350. If i said 400 ud say 450. Well guess what man. Ive talked with you in 3 different threads and youve been wrong in 3 different threads. Youve also stated 3 different jobs youve had at the same time. So Im just kinda curious. Your a F&I manager, wholesaler, salesman, and used car manager? You may have done 1 of these things in the past. Because I can see where you get half the **** ya say. Times have changed man. You were prolly like everyother "Hotshot" who thought he could sell cars and did it for a year or 2 and failed. No offence but holy wow your polluting this section of the forums.
I mean **** man was it ya worked 3 years as finance? Or ya worked for awhile as a whole saler or were you top jeepdodge sales for 10years? Cuz unless you actually had to pound pavement and soldier out in the cold tryin to put your smile on so you can try and sell a car HELL NO. You havent sold ****. Youve sold warranty and gap and Lojack and Xzilon or w/e car care product your dealership tried pushin. I shouldnt even give you the benefit of the doubt and say you sold anything, because in your words it would seem youve sold just about everything. I dont know how wed do it without ya. Your years of knowledge in almost every aspect of life. I love it.
12-12-2007, 02:10 PM
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Wait I don't get it, how are you saying I don't knwo **** when I pulle dup YOUR states laws and SHOWED YOU that you were wrong?
Next, I said I sold cars for 1 year, and I even said that I sold LESS then what you said you sold.... Then for 2 1/2 years after that I wore whatever hat was given to me at the time. I did mostly finance durign this time, went to Ron Reahards 3 day calss in ARI and had at least a DOZEN other sessions with his trainers. A good portion of my time as an F+I manager I spent at a small (under 100 /month store with 2-3 total managers. Thus there were PLENTY of times wehre either the General Sales Manager or the Used car manager wouldn't be there. I pick up things quickly, so I filled those responsibilities while they were off, and they spun contracts for me when I was off. I trained for the desk at Auto Profit Builders in Nattick MA. I have nor formal trainign in appraising or wholesaling vehicles, but my wholesale numbers held up "fine".
I'm not trying to one-up you, simply trying to make sure that the correct info is out there for the RX8 community. That's it. You are spreading baltant fallacies, and I correct them. That's it. I'm sorry if you take correction as a flame war, or that you are disappointed that you don't know what you think you know, but seriously, when YOU are in F+I, it's YOUR *** on the line, and you better know the rules and regulations in your area. I hope you get the proper training required to do a fantastic job, much like it appears your dad has.
I remember the first car I ever sold.. a new Dodge Dakota to a guy named George Andrew Walker... Nice old man, I sold 2 more cars to his family that year, and referred DOZENS of peopel to my dealerships throughout the following years. I have plenty of previous customers with good experiences, and even a few with bad, from rookie mistakes. I'm not sure what I have to prove to you thoguh, as I have consistently corrected you on a couple of threads.
Please only pass correct info out in these forums. Ther eis no point or benefit from making things up or lying to cover it up. It does not help anyone here, and this forum is LITTERED with inacuracies, and I am doing my best to clear them up.
I really hope the best for you in your career. And I hope that sound purchase decisions are made by all that read this forum...
Next, I said I sold cars for 1 year, and I even said that I sold LESS then what you said you sold.... Then for 2 1/2 years after that I wore whatever hat was given to me at the time. I did mostly finance durign this time, went to Ron Reahards 3 day calss in ARI and had at least a DOZEN other sessions with his trainers. A good portion of my time as an F+I manager I spent at a small (under 100 /month store with 2-3 total managers. Thus there were PLENTY of times wehre either the General Sales Manager or the Used car manager wouldn't be there. I pick up things quickly, so I filled those responsibilities while they were off, and they spun contracts for me when I was off. I trained for the desk at Auto Profit Builders in Nattick MA. I have nor formal trainign in appraising or wholesaling vehicles, but my wholesale numbers held up "fine".
I'm not trying to one-up you, simply trying to make sure that the correct info is out there for the RX8 community. That's it. You are spreading baltant fallacies, and I correct them. That's it. I'm sorry if you take correction as a flame war, or that you are disappointed that you don't know what you think you know, but seriously, when YOU are in F+I, it's YOUR *** on the line, and you better know the rules and regulations in your area. I hope you get the proper training required to do a fantastic job, much like it appears your dad has.
I remember the first car I ever sold.. a new Dodge Dakota to a guy named George Andrew Walker... Nice old man, I sold 2 more cars to his family that year, and referred DOZENS of peopel to my dealerships throughout the following years. I have plenty of previous customers with good experiences, and even a few with bad, from rookie mistakes. I'm not sure what I have to prove to you thoguh, as I have consistently corrected you on a couple of threads.
Please only pass correct info out in these forums. Ther eis no point or benefit from making things up or lying to cover it up. It does not help anyone here, and this forum is LITTERED with inacuracies, and I am doing my best to clear them up.
I really hope the best for you in your career. And I hope that sound purchase decisions are made by all that read this forum...