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Richard are prices are displayed on the internet and its plus tax and doc. Newport Motors prides itself on transparency. To be specific with your deal the bank dictated the interest rate based on your credit score You informed my salesperson you did not like the rate and wished to use your bank , we have no issue with any customer providing there own funds. The dealer does not determine your rate although the bank will provide a mark up if warranted. Guess what the bank did a buy/ sell with your situation due to your credit . There was no mark up in your rate and no backend products. I do understand your confusion because you were financing negative equity from your trade in which may have not be explained to you properly Thanks Newport Motors
So If you have a 600 or more credit score and a person of color go to you own credit union and don't take there offer. Even if you can afford it. Do as I did and get a second opinion and save your self 65k in interest for a 45k viechle. Read below. Heres how the unfair pricing and add-ons occur: After a consumer settles on a price of a vehicle, he or she is then told to see the finance and insurance (F&I) representative to review terms and sign the purchase. What few consumers know, is that many dealers pay its F&I personnel on a commission basis. Hence, the more costs added to the vehicle purchase, the more these employees earn. Other dealers, according to NCLC, pay a higher percentage commission as the F&I profits increase per vehicle sold. Sometimes car sales representatives receive a commission on the cars sold and additionally, a portion of the add-ons, sometimes known as back-end products. If consumers accept all the options offered by F&I, the likelihood is that they will eventually pay far more than the vehicle is actually worth. Not only that, the amount of mark-up that boosts the dealerships profits would be far cheaper and affordable if the consumer secured them independently. To make these products and services appear affordable, the length of the auto loan is often extended to 72 or 84 monthsor even longer. The longer the auto loan, the more likely that the consumer is getting a bad deal. NCLC also cites previous research by the Center for Responsible Lending (CRL) that determined car buyers who financed vehicles at the dealership in 2009 paid $25.8 billion in interest rate mark-ups. That same study also found that more than half of Black car purchasers (54 percent) were also charged loan kickbacks, compared to only 31 percent of Whites. In 2014, a CRL consumer survey also found that Black and Latino car buyers purchased more add-on products than other consumers after being told that the additional items were required to finalize the deal. As a result, although consumers of color reported trying more than other consumers to negotiate a fair car deal, they still wound up paying more for their purchases than similarly-situated White consumers.
Culture Im sorry you seem to have think you have gotten a bad deal please call me to discuss you may not know how hard it is to acquire pre owned cars the market is very high. Please reach out to me. Mike Basta 702-641-8110 ext116
As a black man with 650+ credit there should not be a reason to price gouge the way these dealers are. What they are doing to our community is akin to highway robbery. The only reason I gave 2 stars and not a worse review is because of their vending machine, it worked at-least half of the time so I didnt have to go hungry during my 5 hour waste of a time!