Cross shopping - seeking tips/suggestions/advice

[wangstarr03]

Hey all, so being the end of the month and end of the quarter, I've decided to try my luck in landing a deal on remaining '19 inventory in my area (DC metro). I'm in the market for either a Limited or Longhorn and was lucky enough to find one of each that meet my criteria albeit at different dealers (Fred Frederick CJDR & Koons Tyson's CJDR for you local DMV folks). Both are pretty equally equipped and I have appointments to cross shop them, tomorrow.

As my title indicates, just seeking some tips, advice or suggestions anyone might have on how to land the best deal. I'm certainly no novice when car shopping but this would be my first experience with purchasing a new vehicle and cross shopping two dealerships. I have a $50k pre-approval from Capital One which I'm indifferent about but am a bit wishy washy to see if I can secure a better pre-approval prior to visiting the dealer due to the amount of potential inquiries it might add. In addition, seeking opinions on whether it's worth it to have the dealer try and secure my financing and throw in any incentives there might be out there; unfortunately I know FCA does not have their own captive financing arm.

Finally, for reference, the Limited (found HERE) has an MSRP of $67,645 and the listed "conditional final price" today is $60,395 though earlier this week I saw it as low as $50k and change - would love to try and get even lower than that (this has been on their lot for most of the summer if not longer). The Longhorn (found HERE) has an MSRP of $70,825 and the listed "WOW price" today is $57,060 but it's been as low as $54k and change just a few days ago. Again, would love to get into it lower than that.

Thoughts? Thanks to everyone in advance!

 

[GRAYWOLF]

A small cluster of inquiries aren't a big deal...if they are spread out, it looks like you tried for 1, got denied, tried another, denied, etc...raises a red flag...

You can search around to see who has the best rates (definitely check out local credit unions) before applying. This will keep you from getting hits by higher rate lenders that you wouldn't use anyway.

If you don't know your credit score most credit cards and a lot of banks offer free access to your score through one of the bureaus. Also, you can check it through Discover (even if you don't have their card)
Creditscorecard.com (it updates every 30 days).

Sent from my SM-G965U using Tapatalk

 

[Fmrchvy]

First piece of advice I have is...do not tell the dealer you have a preapproval, work the deal first then after you have reached satisfactory numbers, understand you’ll lose the $500-1000 in Chrysler Capital rebates.
Second, let them know you’re willing to walk and that your cross-shopping. Get quotes from more than one dealer and make them compete for your business.
Finally, don’t settle for a truck that doesn’t have the things you want, including color, interior and option packages...it’s a big purchase and you should drive off satisfied. Consider getting a solid trade-in appraisal at Carmax so you know what your truck is worth before you even get there.

 

[JRD]

You will almost definitely get better financing through a local credit union in my experience.

keep in mind you can always finance through Chrysler capital for the rebate, then turn around and refinance through a credit union for a better rate.

i also agree that just get what you want, I bought my truck from a POS dealership purely because they had the truck with all the features I wanted and unfortunately they wouldn’t trade with local dealerships so I could buy the same truck elsewhere

 

[wangstarr03]

Thanks, for the replies thus far everyone. I actually just pulled my equifax/experian scores from myFICO 2-3 days ago - mid 700's for both w/six figure income. Hoping this will unlock tier 1/S/A/B rates for me (also willing to consider a lease depending on the numbers). Does anyone know which bureau Chrysler Finance/Ally generally uses for purchase and lease?

The only thing that concerns me is our mortgage payment as it's a joint liability that could artificially increase my DTI since I will be applying individually.

That said, I don't have a trade and was full disclosure with both folks from each dealer I spoke to that I am cross shopping them. This is the first time I've ever been advised to not tell the salesperson I'm preapproved though - what's the reasoning behind this? Luckily, both trucks have what I'm looking for in each respective trim which is rare (level 1 equipment pack, advanced safety pack, off-road group, pano roof, etc).

Keep the tips coming, thank you all!

 

[wangstarr03]

You will almost definitely get better financing through a local credit union in my experience.

keep in mind you can always finance through Chrysler capital for the rebate, then turn around and refinance through a credit union for a better rate.

i also agree that just get what you want, I bought my truck from a POS dealership purely because they had the truck with all the features I wanted and unfortunately they wouldn’t trade with local dealerships so I could buy the same truck elsewhere

Hopefully you were at least able to get a good deal even thought it was a POS dealer?

From what I've heard, Koons Tyson's CJDR in my area is a volume dealer though I'm not sure if that bodes in my favor or not from a negotiating standpoint.

My CapOne pre-approval isn't terrible - I was able to use their car search function to get an idea of rates on new Longhorn/Limited models and it ranged from the low 4's to 5's. The CU's I've seen are generally offering 3.99 as their lowest so I'm really not going to fret over 25-75 bps.

 

[JRD]

Hopefully you were at least able to get a good deal?

From what I've heard, Koons Tyson's CJDR in my area is a volume dealer though I'm not sure if that bodes in my favor or not from a negotiating standpoint.

The deal was so so, I got 15% +/- off MSRP. But the experience as a whole was pretty terrible.

If they are a volume dealer, and still sitting on 19s that could work in your favor. But I wouldn’t let 1-2k decide your fate if there is something missing from one or the other. For me, it was air suspension. I just loved the way the truck rode, and I was able to lower it enough to fit in my garage.

What I really like about these trucks is most of the options can easily be added if you’re willing to pay.

 

[wangstarr03]

The deal was so so, I got 15% +/- off MSRP. But the experience as a whole was pretty terrible.

If they are a volume dealer, and still sitting on 19s that could work in your favor. But I wouldn’t let 1-2k decide your fate if there is something missing from one or the other. For me, it was air suspension. I just loved the way the truck rode, and I was able to lower it enough to fit in my garage.

What I really like about these trucks is most of the options can easily be added if you’re willing to pay.

I'm with you about not compromising on the options. For me, I've searched high & low for a Limited/Longhorn w/the off-road group plus the other options I want which is apparently a rare combination.

A quick search shows that a little over half (Koons Tyson's) of their 1500 inventory are still 2019's - 48 out of 87 which is about 55%. The other dealer has 18 total 1500's on their lot all of which are 2019's with no 2020 models, yet.

 

[jloops]

I would tell both dealers you want the price you saw earlier this week and see which one is willing to work with you. The end of the month is the best time to make a deal because the dealers are always trying to hit their numbers. Plus you're at the end of the model year so you're in a great buying position for a 2019.

Like JRD said, take whatever incentives they'll give you even if you have to finance through Chrysler Capital at a higher rate, then refinance right away with your bank or credit union with the better rate.

If you have a trade do not tell them about it until you have a Buyers Order (firm offer in writing) with a price you are happy with, that way you can make sure you're getting a fair price for your trade.

After I have the out the door price I'm happy with, including trade-in (if applicable), all fees, taxes, etc. I always have a few hundred dollars worth of accessories picked out that I know I want right away and make them throw in to finalize the deal. Make sure they add them to the Buyers Order without changing the price.

Lastly, don't be afraid to stand your ground or get up and walk (at least make them think you're going to walk). One of the best closes is the takeaway.

Good luck!

 

[JRD]

I'm with you about not compromising on the options. For me, I've searched high & low for a Limited/Longhorn w/the off-road group plus the other options I want which is apparently a rare combination.

A quick search shows that a little over half (Koons Tyson's) of their 1500 inventory are still 2019's - 48 out of 87 which is about 55%. The other dealer has 18 total 1500's on their lot all of which are 2019's with no 2020 models, yet.

I mean you’re picking a good time with end of month & quarter. Especially if they are close to hitting numbers, or maybe they already have and are trying to pad their numbers. I know how you feel though, I bought mine a month or so ago, and there was only 2 black appearance packages with the 12” screen.

Keep us updated! Hopefully tomorrow you’re showing us the new ride.