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Thread: Financing

  1. #1
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    Financing

    So I’ve been getting quoted the “cash” price on my quotes despite telling them I’m going to finance the project with trane/AS 0%for 60, I’m told there is a fee involved with the 0%-60 financing should I expect the dealer to pass this fee on to me?


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  2. #2
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    Yes


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  3. #3
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    Nothing is free!

  4. #4
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    Quote Originally Posted by 2kvfr800 View Post
    So I’ve been getting quoted the “cash” price on my quotes despite telling them I’m going to finance the project with trane/AS 0%for 60, I’m told there is a fee involved with the 0%-60 financing should I expect the dealer to pass this fee on to me?


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    Hell Yea. Why do you negotiate payment in full and know your going to finance!

  5. #5
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    Quote Originally Posted by rglasgow View Post
    Nothing is free!
    So where do I find out the fee? It is not disclosed anywhere that I can find. Thanks.


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    Quote Originally Posted by pecmsg View Post
    Hell Yea. Why do you negotiate payment in full and know your going to finance!
    I told them I was financing from the beginning. And can’t find anything about this “hidden fee”.


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  7. #7
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    Quote Originally Posted by 2kvfr800 View Post
    I told them I was financing from the beginning. And can’t find anything about this “hidden fee”.


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    So you were told there is a fee but you feel it shouldn't be passed on to you?

  8. #8
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    Quote Originally Posted by pecmsg View Post
    So you were told there is a fee but you feel it shouldn't be passed on to you?
    I expect a contractor to be straight up with me and send me the all inclusive price. Especially since Ive told everyone I’m using the 0%-60 months. If there is a fee include it in the price. Don’t have me sign off on the cash price, then show up at the door with a higher price.


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  10. #9
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    Quote Originally Posted by 2kvfr800 View Post
    Don’t have me sign off on the cash price, then show up at the door with a higher price.
    Is this even legal?


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    __________________________________________________ _______________________
    “Experience is a hard teacher because she gives the test first, the lesson afterwards" ~ Vernon Law

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  12. #10
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    Quote Originally Posted by Mr Bill View Post
    Is this even legal?


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    I hope not.

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  13. #11
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    The reality is that there is a fee to finance. That's how finance companies make money. It's just "not allowed to be discussed" when it's "0%"

    The way it's supposed to be presented is:

    The financed price is "the price", but the contractor can also offer you a cash discount.

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  15. #12
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    Quote Originally Posted by shellkamp View Post
    The reality is that there is a fee to finance. That's how finance companies make money. It's just "not allowed to be discussed" when it's "0%"

    The way it's supposed to be presented is:

    The financed price is "the price", but the contractor can also offer you a cash discount.

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    Our approach is, we offer the cash price first, then our credit card or finance price as an option. I don't believe you can give someone a price, then change that price after they make a decision to pay with a credit card, or financing, well this has always been my thinking.
    __________________________________________________ _______________________
    “Experience is a hard teacher because she gives the test first, the lesson afterwards" ~ Vernon Law

    "It's what you learn after you know it all that counts." ~ John Wooden

    "When the teachers become unteachable we're all in trouble" ~ Mr. Bill

    "Remember "Pro" is only a name, it's not always a mindset determined to do everything correctly" ~ Mr. Bill




  16. #13
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    Quote Originally Posted by Mr Bill View Post
    Our approach is, we offer the cash price first, then our credit card or finance price as an option. I don't believe you can give someone a price, then change that price after they make a decision to pay with a credit card, or financing, well this has always been my thinking.
    You're doing it backwards then, according to the laws as I understand them.

    You can't charge "more" for credit, only "less" for cash.

    At least in Florida, you have to offer them a price as if they were going to finance it and then offer a discount if they were to pay with cash.

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  17. #14
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    Quote Originally Posted by shellkamp View Post
    You're doing it backwards then, according to the laws as I understand them.

    You can't charge "more" for credit, only "less" for cash.

    At least in Florida, you have to offer them a price as if they were going to finance it and then offer a discount if they were to pay with cash.

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    NY State allows a service charge fee for credit card transactions, 6.9% I believe.

    I quote a price, if they ask cash discount maybe. Usually not because the cash becomes a check!

  18. #15
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    Quote Originally Posted by pecmsg View Post
    NY State allows a service charge fee for credit card transactions, 6.9% I believe.

    I quote a price, if they ask cash discount maybe. Usually not because the cash becomes a check!
    Credit card transactions are different than financing.

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  19. #16
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    Quote Originally Posted by shellkamp View Post
    You're doing it backwards then, according to the laws as I understand them.

    You can't charge "more" for credit, only "less" for cash.

    At least in Florida, you have to offer them a price as if they were going to finance it and then offer a discount if they were to pay with cash.

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    Yeah, I guess it's all kind of confusing, most used car dealers here offer a cash price for a vehicle, then say if you don't have the cash, we take credit cards and offer financing, but that credit card fee or financing fee is added to the price. It could be that the laws are a little different from state to state.
    __________________________________________________ _______________________
    “Experience is a hard teacher because she gives the test first, the lesson afterwards" ~ Vernon Law

    "It's what you learn after you know it all that counts." ~ John Wooden

    "When the teachers become unteachable we're all in trouble" ~ Mr. Bill

    "Remember "Pro" is only a name, it's not always a mindset determined to do everything correctly" ~ Mr. Bill




  20. #17
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    NY State lost a law suite concerning different prices at the pump cash or credit. Retail stores said why only them! Not everyone charges it but it is legal.

  21. #18
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    Quote Originally Posted by pecmsg View Post
    NY State allows a service charge fee for credit card transactions, 6.9% I believe.
    I wished Texas did that, we just charge the fee is costs us which is 2.7% with the card reader, 3.2 % I believe if we have to enter it manually, I've never understood why higher rate if we enter the number manually.
    __________________________________________________ _______________________
    “Experience is a hard teacher because she gives the test first, the lesson afterwards" ~ Vernon Law

    "It's what you learn after you know it all that counts." ~ John Wooden

    "When the teachers become unteachable we're all in trouble" ~ Mr. Bill

    "Remember "Pro" is only a name, it's not always a mindset determined to do everything correctly" ~ Mr. Bill




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  23. #19
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    Rheem has a program that cost nothing to us or the customer. But I bet that AS program for 60 months is costing a bundle. Our salesman pin down payment up front. They usually build in 3% and then if the customer uses a card, we're covered. The contract says subtract $XX for check payment.

  24. #20
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    Quote Originally Posted by Mr Bill View Post
    I wished Texas did that, we just charge the fee is costs us which is 2.7% with the card reader, 3.2 % I believe if we have to enter it manually, I've never understood why higher rate if we enter the number manually.
    Because it accounts for the higher chance of fraud. If you swipe it, you physically have the card in hand. Not saying there are not ways to make a fraudulent swipeable card, but it is much more sophisticated so less common.

    If you key it in, then you might have been given some info over the phone from someone who is not supposed to have or use said credit card information.

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    Last edited by BALloyd; 05-10-2021 at 03:00 PM.

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