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So...I'm trying to buy a car...

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Have never bought a new car, though after working on a number of auto floorplan securitizations I can't imagine ever paying close to sticker. I realize this post is not useful in the least...

What is an auto floorplan securtization?

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I don't know if my experience was unique, but when I bought my Mazda they were very good to deal with. Did my research, showed up and they told me the price I wanted was doable. Didn't tack on any fees after either. 0% financing (I had my own preapproval ready to go though).

I am glad they were. Did you have to give up a warranty to get the finance rate?

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What is an auto floorplan securtization?

Car companies set up lines of credit with dealerships whereby they send cars to dealers and the dealerships make payment on the cars once they are sold (subject to various other provisions).

Rather than waiting for the dealerships to move the cars, the car company can get that money right away by pooling the right to collect on these various "floorplan agreements" and using that pool of assets to back investment securities. Those securities are sold to investors and the car company gets it's money (approximately) up front. The investors now holding the securities get paid as the dealership payments come in, plus some additional amount (usual a fixed or floating interest rate).

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I am glad they were. Did you have to give up a warranty to get the finance rate?

Nah. They offered me an extended warranty at the very beginning which I negotiated into the price but they never tried to take it away or increase my rate. The guy sends me Christmas Cards now. He was a real nice guy. Sometimes you can just tell they mean to do well.

Edited by McNulty

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I don't know if my experience was unique, but when I bought my Mazda they were very good to deal with. Did my research, showed up and they told me the price I wanted was doable. Didn't tack on any fees after either. 0% financing (I had my own preapproval ready to go though).

Here is why. They are trying to give those damn things away.

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Here is why. They are trying to give those damn things away.

Is there something inherently wrong with Mazdas? I was looking into getting a CR-V (after a pretty long process of narrowing-down, consumer reports, test drives, etc), but I haven't even looked at the CX-7.

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Here is why. They are trying to give those damn things away.
Is there something inherently wrong with Mazdas? I was looking into getting a CR-V (after a pretty long process of narrowing-down, consumer reports, test drives, etc), but I haven't even looked at the CX-7.

I purchased a Mazda seven years ago and it was a very painful experience filled with annoying financing games. I just purchased a Honda a few months ago at Norris Honda and it couldn't have been any easier. Told them what I wanted to pay and that I wasn't going to buy the SUV if I didn't get the promotional interest rate. Had no problems.

For what it's worth, I haven't had any issues with my Mazda.

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It was only meant to bust McNulty up a little bit. I don't know much about Mazdas, or cars for that matter. Buy what you want to buy after doing your research. If you think its the right car for you, go for it.

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Car companies set up lines of credit with dealerships whereby they send cars to dealers and the dealerships make payment on the cars once they are sold (subject to various other provisions).

Rather than waiting for the dealerships to move the cars, the car company can get that money right away by pooling the right to collect on these various "floorplan agreements" and using that pool of assets to back investment securities. Those securities are sold to investors and the car company gets it's money (approximately) up front. The investors now holding the securities get paid as the dealership payments come in, plus some additional amount (usual a fixed or floating interest rate).

You poor guy.

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You should see me at dinner parties....

I'm assuming you just tell people you're a scout and forget the lawyer thing, right? ;)

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I'm assuming you just tell people you're a scout and forget the lawyer thing, right? ;)

Catch-22. Lawyer thing not really that interesting for anyone. Scout thing tends to get highly annoying (believe it or not, when people find out I do some scouting they go into, "Let me impress you with MY knowledge" mode).

Usually, I grab a whiskey and just let my wife talk. :)

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Good plan. Anyway, thread hijack over, back to your regularly scheduled vehicle purchase/finance advice.

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