Finance, from, money, Person, bought, dealership

by Michigan Municipal League (MML)

Question by timmyliao2001: How does the finance person from the dealership I bought my car make his money?

Here is the deal. I kind of got taken from a shady Persian gentlemen who did the financing for me at my local Honda dealership. So he got me for a higher interest rate, lied to me so I would purchase stuff like extended warranty and gap insurance. My question is this: Based on my original loan the total loan amount of my interest would have been like ,000 spread out over six years. But I went ahead and paid a large portion of that down and refinanced with a third party - therefore reducing the total interest to something like
00 over four years. So here is my question. Does this dishonest finance guy at the dealership get a cut of the original ,000 and get his money up front? Or will he only get a cut of the total amount of interest I paid on the original loan which was about 00? I want to know if by refinancing through some other lender if I took money away from him that he was expecting would come to him based on the terms of the original loan?




Best answer:

Answer by bill g
It depends on the dealer and how long you waited to re-fi.
You were correct in your assumption that he made a pretty penny on you from all the extras especially the extended warranty and how much he was able yo get you to pay for it. These guys have allot of flexibility in what they charge for these types of extras.

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