Dealer fees: What to know and how to avoid them Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content. We also allow users to conduct research and compare information at no cost - so you can make your financial decisions without trepidation. Bankrate has partnerships with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this website are provided by companies who pay us. This compensation may impact how and when products are featured on the site, such as for instance, the sequence in which they be listed within the categories of listing and other categories, unless prohibited by law for our mortgage home equity, mortgage and other products for home loans. But this compensation does affect the content we publish or the reviews you see on this site. We do not contain the universe of companies or financial deals that could be open to you. SHARE: Photographee.eu/Getty Images
3 minutes read. Published July 14, 2022
Authored by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the details of borrowing money to purchase an automobile. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers gain confidence to control their finances with precise, well-studied information that breaks down otherwise complicated topics into bite-sized pieces. The Bankrate promise
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So, this compensation can impact how, where and when products appear within listing categories in the event that they are not permitted by law. We also offer mortgage, home equity and other home lending products. Other factors, such as our own rules for our website and whether the product is available within your region or within your own personal credit score could also affect the way and place products are listed on this website. While we strive to provide a wide range offers, Bankrate does not include information about each credit or financial item or product. When you've negotiated the price of your new car, you might be shocked by a final sale number which is hundreds or perhaps even thousands more than what you originally agreed upon. The bulk of these additional costs, also known as charges imposed by dealers, are required by law, for example, taxes, title and license fees. But some fees are completely up to the individual dealer and can be negotiated . Dealer fees you can avoid and negotiate Not every fee that a dealer offers you is mandatory or non-negotiable. Be ready to turn down any unnecessary options and bargain the fees on the products you're looking for. The preparation fee for the dealer or vehicle Vehicle or dealer preparation fees are charges the dealer adds to get the vehicle ready for delivery. These include cleaning the car, removing any "bump protectors" from the doors or disposing of the protective coverings for the seats or floor. These can be costly in extra dollars, so it's important to be aware of. Tips to avoid it: U nless the dealer did something more above the normal preparation process, you should not be forced to pay these dealer fees. Extended warranties and accessories installed by the dealer. These additional items are paid for at the time of sale, but only if you requested these items and were able to prove that you were charged a fair price for the item or service. This could be an unintentionally stolen vehicle recovery system -- like LoJack paint sealant, or an aftermarket system for sound or wheels . Avoiding the problem: If a dealer tries in requesting payment for one of these items , and you didn't request them, decline to pay the associated fee. If you did request them, shop around to ensure that you are receiving a fair price since you can obtain all of these items when you own the vehicle. VIN etching or vehicle identification number is the grouping of 17 characters which identify your vehicle. The procedure of VIN engraving is for security purposes. It etchs the number on the car's windows. It could cost anywhere between $150 to $300, so it's best to avoid this additional expense and manage it on your own. This is among the easiest charges to stay clear of, therefore be sure to plan to prevent it from falling through the paperwork cracks . What to do Say no to this additional fee and reduce costs by going directly to an auto retailer for this service. You can even find DIY kits online for around $20 to $40 . Extended warranty is an additional cost that can cover potential car repairs after the manufacturer's warranty on the vehicle expires. But they're not required for all drivers. If you're worried about the price of possible vehicle repairs, it may be prudent to reconsider your choice of vehicle. If it's worth it, shop around instead of going blindly with the dealership's price. Avoid: be sure to compare the price of this cost against the probability that it will actually be used prior to approving on it . The gap insurance guarantee, also known as asset protection, or , is an extra cost you might be charged if are leasing a vehicle. It covers the difference in value of the car and the loan payments if the vehicle is totaled or stolen . The best way to avoid it: nless you have a long loan period and have no money down, this cost should be avoided. Make sure you pay at minimum 20% of your down payment to ensure it's unlikely that you be charged financially liable for the loan. Unavoidable dealer costs There are dealer charges that you won't be in a position to avoid, however you can prepare for them . Tax, title and license fees The fees for title and license will cover the procedure is required to obtain a vehicle title and a license plate. The price tag attached to the tax fee will depend on your state's sales tax rate, and is not negotiated . To learn more about the process in your state, check the state's Department of Motor Vehicles (DMV) website. Documentation fee: The document fee covers the cost of processing all the paperwork associated with a new car purchase and is something you will have to pay. Certain states have a flat fee for this cost, which is usually below $100. Some states do not have any specific rules, which means that dealers may charge whatever price they wish. Takeaway: What you pay for will differ based on the state you live in and the dealer you deal with. To understand what's typical, look up local laws. The fee for destination is the amount it costs the dealer to get the car from the factory. Kelley Blue Book notes that the cost can be as high as $1700. According to Edmunds the process of picking up your vehicle at the factory won't save you the delivery fee as you'll be required to pay the full amount. Takeaway: This fee cannot be changed and could be an expensive portion of your cost. The bottom line: While some additional dealership fees are necessary Knowing which fees can be reduced or negotiated altogether is the key to making savings in your next car-buying experience. Before you even step foot into the showroom, do some investigation and calculate ahead of time to better know .
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The article was written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the details of borrowing money to purchase an automobile. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to control their finances through providing clear, well-researched information that breaks down complex subjects into bite-sized pieces.
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