This is a pretty old thread, but just for giggles I will contribute my thoughts.
You're dealing with an industry that, to say the least and being nice about it, is known for not being the most honest. It starts from the VERY TOP of the distribution chain. The Manufacturer, GM, Toyota, Ford, etc. (when selling new cars) tries to screw the dealers with confusing sales incentives, and who knows what else. They actively attempt this so they don't get what is owned them). The dealership attempts to screw the sales manager, he in turn screws his sales people anyway he can. All to increase the manager's override commission. The customer then gets screwed by the sales person.
Finally, here is where you really get it. The finance person; (they are the most experienced, and know the numbers inside out). They have the most perceived credibility. Educated, dress and speak well; and have the best, and formal education with advanced selling skills and psychology. They "are working for you." Hahaha, yes, I'm sure they are--working for you to get the most percentage of gross profit for them personally--they are paid on that. Their job is to insure the dealership is making the maximum amount of gross profit as a whole.
So its not secret that dealerships lie; and yes do some dirty tactics at times. Just be aware, do your own research, be prepared. NEVER WALK IN OFF THE STREET unless it's just part of the research: if so tell them openly...."I'm not going to buy today, we are just looking at the features to see what we like." Taking a final look then (make an appointment).
Then walk in informed. Talk to the person you made the appointment with--No the guy the nearly jumped you walking into the dealership did not really see "Your Guy" just drive away for the day! NO he is not his partner either; at the very worst if he get caught, he will have to split the commission. So why not try whatever trickery he can.
Yeah You Got It--the sales people daily screw and steal sales and leads from each other too. They even have an industry name for that too; thats just way too funny.....it's called a "Skate." Are you starting to get the idea of how things work here? Look on the internet and ses if you can get credible reviews about the dealership and staff.
Talking about bad reviews; you discount YOUR credibility when writing a review when you say something untrue, and things that don't make sense. Bank of America is not owned by the Government (I know at the time numerous very large companies were bailed out (they got a sweet loan) and owned stock, were shareholders, and controlled the business and used it as collateral--but never was in history "owned" those companies".
Yes, dealerships offer financing and it is a profit center for them; they sell the financing from Bank of America (or whomever) at a "Wholesale Rate" and and Markup the product (money) a percentage. Otherwise, why offer financing. They also charge a "Dealer Processing or Preparation Fee" of maybe $399.00 (pick on that, it really costs them nothing).
Directly Addressing the Commenters Complaint. You got a rate at another dealer of 5.99%; GREAT! There are many variables that only a very experience salesperson would be able to figure out. How much did you pay for the car? Was it exactly the same used car model with the exact same milage and condition. Dealers buy these cars at auction--maybe they got a good deal, or they screw the former owner on the trade-in. Then sold the car at the same price as the other dealer and dropped the interest rate. Possibly making more gross PROFIT than the first dealer. Because I'm sure you told them what irritated you about the other dealer--and "you would not stand those tactics here."
So with that knowledge, the 2nd dealer knew just what would make you happy. Do you still have the warm fuzzies on the deal you got? Just saying ....... they do want you to walk away FEELING good, and get a good referral and survey from you. But you surely told them what you needed to have that perceived warm feeling about the deal; low interest rate. So they have it to you.
Just know, they all lie and pull stunts. You should be happy they didn't let you drive away with the car, accept your trade in (if you had one--another variable) then call a few days later and say "Sorry, we could not find anyone to buy the loan with those terms." "With the exception of one company that wants a $2,000 "Bank Fee." Yes, that is a "fee" that is added to the principle. I forgot the name of that stunt, but they have one. Or the bank with only do it for 15% interest. If thats unacceptable, please bring back the car. This trip at the time was the BIGGEST and most successful trick. They gace you just enough time to showed all your friend and relatives your new car. You lied and told them what a good deal you got, and financing was not a problem at all because you have excellent credit. Social Pressure, boy thats a ***--you of course cave in and make the worst deal. All you can do is suck it up for the next 5 years.
I did this for about a year, I just could not stomach it any longer.
Product or Service Mentioned: Carmax Trade-in.
Reason of review: Customers Reviews Are Inaccurate and Not Fair .