Quote:
Originally Posted by classic_erik
What exactly is this kickback?
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Dealers get paid anywhere from 1% (if they don't mark up the rate) to as much as 3% if they do a maximum markup 2%
Their payouts are subject to chargeback which is 90-120 days depending on the bank.
Typically dealers will try to match/beat a rate you get from outside, even if they have to buy down the lowest rate they can get from one of their banks (and take less of a payout). I can't imagine a dealer won't take outside financing, does that mean they wouldn't take cash either?
If it were me and a dealer was playing that kind of game i'd just take their financing and refi it the next day.