Automotive

Premium for paying Cash

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  • Feb 23rd, 2023 5:32 pm
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Feb 23rd, 2023 1:24 pm
ncnmra [OP]
Sr. Member
Mar 22, 2004
716 posts
545 upvotes
London, ON

Feb 23rd, 2023 1:24 pm

Premium for paying Cash

I realize this isn't new, but I was surprised by this ad I came across for a vehicle on AutoTrader. Of course there is no photo, and the description says nothing about the vehicle, instead says this.
NOBODY BEATS A DEAL FROM THE SQUAD!

$1000'S IN SAVINGS THIS MONTH ONLY!
ASK ABOUT OUR MONTHLY SPECIAL, AVAILABLE FOR A LIMITED TIME:
- FREE Safety Certificate Included ($199-$999 Value)
- FREE Delivery Ontario Wide ($500 Value)
- FREE Detailing & Full Tank Of Gas ($250 Value)

WITH 1000'S OF HAPPY SQUAD MEMBERS ON THE ROAD, CARSQUAD IS THE GO-TO DESTINATION IN ONTARIO FOR CAR BUYERS OF ALL TYPES.
WHETHER YOU'RE A FIRST TIME BUYER OR LOOKING TO TRADE, WE HAVE A WIDE SELECTION OF CARS AT THE BEST PRICES IN ONTARIO TO SUIT YOUR NEEDS.

HAS YOUR CAR LOAN BEEN DECLINED?
OUR FINANCE TEAM HAS DECADES OF EXPERIENCE WITH THE MAJOR PRIME/NON-PRIME LENDERS IN CANADA TO HELP GUIDE YOU IN REBUILDING YOUR CREDIT.

ASK ABOUT OUR 30 DAY SAFETY GUARANTEE ON EVERY VEHICLE WE SELL.

NO HAGGLE / NO NEGOTIATION POLICY! WE PUT OUR BEST PRICE UP-FRONT TO SAVE YOU THE TROUBLE OF NEGOTIATING WITH A DEALER.
NO CHARGE FOR SAFETY CERTIFICATION.
NO HIDDEN FEES! $999 ADMIN FEE ON ALL PURCHASES.

OUR 4.8/5 RATING ON GOOGLE GIVES US GREAT PRIDE IN OUR SERVICE!

VISIT US TODAY. WE HAVE 2 LOCATIONS TO SERVE YOU BETTER:

CARSQUAD MISSISSAUGA: Located At 2206 DUNDAS ST. E.
CARSQUAD HALTON: Located At 357 GUELPH ST.

Cash Purchases subject to $3000 premium*
$3k to pay with cash? Wow

Also, no hidden fees...."we tell you up front that we're charging you $1k above the sticker price." If it's not hidden, why not just include it in the price?!
9 replies
Feb 23rd, 2023 1:45 pm
ichibansan
Deal Addict
Sep 14, 2012
1554 posts
2269 upvotes
Toronto

Feb 23rd, 2023 1:45 pm

HAS YOUR CAR LOAN BEEN DECLINED?
OUR FINANCE TEAM HAS DECADES OF EXPERIENCE WITH THE MAJOR PRIME/NON-PRIME LENDERS IN CANADA TO HELP GUIDE YOU IN REBUILDING YOUR CREDIT.
Avoid buying cars at any place that advertises like this. Those places are there to take advantage of deadbeats and their car prices as a result are far too high.
+10
Feb 23rd, 2023 2:54 pm
mrweather
Deal Fanatic
Aug 29, 2011
8812 posts
5767 upvotes
Mississauga

Feb 23rd, 2023 2:54 pm

Oh yeah, I've seen a few of these dealerships in Auto Trader. The advertised price is the financed price; add up to $5k for cash purchase.

Nothing nefarious going on there... :facepalm:
+1
Feb 23rd, 2023 3:48 pm
EP32k2
Deal Expert
Jan 15, 2006
20030 posts
20877 upvotes
Richmond Hill

Feb 23rd, 2023 3:48 pm

These places make bank on subprime loans. They don't want cash buyers.
+5
Feb 23rd, 2023 3:59 pm
Shaner
Deal Expert
User avatar
Jul 5, 2004
27032 posts
6308 upvotes

Feb 23rd, 2023 3:59 pm

ichibansan wrote: ↑ Avoid buying cars at any place that advertises like this. Those places are there to take advantage of deadbeats and their car prices as a result are far too high.
I've seen some good deals on cars at places like this in the past.
I think their business plan is the high interest rates, not necessarily high car prices.
I didn't go as far as getting the cars checked out by a mechanic because I wasn't interested in buying, but I have seen some very reasonable prices at a couple places like this in my area
Feb 23rd, 2023 4:04 pm
Beamerguy28
Member
Apr 22, 2019
462 posts
546 upvotes

Feb 23rd, 2023 4:04 pm

Wow what a scam, unbelievable that these dealers continue to get away with behaviour like this.

I recently purchased a vehicle for my partner from Don Valley North Lexus and we paid in cash and they had no issue with that at all, they did not try to charge us more and were pleased as this made the deal quicker to finish.
Feb 23rd, 2023 4:24 pm
Gutty96
Deal Guru
Jun 24, 2006
13638 posts
8014 upvotes

Feb 23rd, 2023 4:24 pm

EP32k2 wrote: ↑ These places make bank on subprime loans. They don't want cash buyers.
Years ago, I remember a co-worker on the floor who bought an older but still more than serviceable Ram 1500 for $19k, financed at 21%, over 8 years....

His justification was he could afford the payments. I told him I wanted to review any purchases he was planning to make over $1k going forward. He took me up on this for several years before he eventually left the company.
+3
Feb 23rd, 2023 4:49 pm
EP32k2
Deal Expert
Jan 15, 2006
20030 posts
20877 upvotes
Richmond Hill

Feb 23rd, 2023 4:49 pm

Gutty96 wrote: ↑ Years ago, I remember a co-worker on the floor who bought an older but still more than serviceable Ram 1500 for $19k, financed at 21%, over 8 years....

His justification was he could afford the payments. I told him I wanted to review any purchases he was planning to make over $1k going forward. He took me up on this for several years before he eventually left the company.
You're a great co-worker to have!
+1
Feb 23rd, 2023 5:32 pm
ichibansan
Deal Addict
Sep 14, 2012
1554 posts
2269 upvotes
Toronto

Feb 23rd, 2023 5:32 pm

Shaner wrote: ↑ I've seen some good deals on cars at places like this in the past.
I think their business plan is the high interest rates, not necessarily high car prices.
I didn't go as far as getting the cars checked out by a mechanic because I wasn't interested in buying, but I have seen some very reasonable prices at a couple places like this in my area
There is a great book Called "Don't Get Taken Every Time" by Remar Sutton...he lays it out as it is about buying cars and how the dealerships take advantage of you. Although the book is dated, it is highly recommended.

I love this quote:
For decades every town has had "buy here, pay here" lots, usually sleazy, run-down lots that make you want to wash your hands before you even touch the front doorknob Only the most desperate buyers went to these places,....etc"

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