Bank Fees at Car Dealerships
As a car buyer, you expect to pay for the car you are purchasing or leasing, not additional bank fees, right? Unfortunately, many car dealerships pack profits on top of bank fees, resulting in higher costs for the consumer.
If you’re paying cash for your car outright, there should be no bank fee at all. However, if you’re financing or leasing your car, the bank will charge a fee for processing the loan or lease. This is fair and reasonable, as the bank is providing a service to the consumer. Similar to buying a home, a loan officer will charge a fee for providing the loan.
But what happens is that dealerships often add a few hundred more dollars on top of the bank fee, making the total cost for the consumer much higher. For example, Mercedes Benz Financial Services has a fixed bank fee of $795 per car loan. However, many dealerships will add an additional markup, resulting in a total bank fee of $1,295 for the consumer. This practice is not uncommon, and it’s important for car buyers to be aware of these additional fees when negotiating a car deal.
At LeaseMax, we understand that transparency is key when it comes to car buying. We know exactly what the true bank fees are for every manufacturer and every brand of car. Our LeaseMax deal sheet provides a payment structure based on the fee the bank charges, with no additional dealer markup. This means that you can trust that you are getting the best possible deal, without any hidden fees or surprises.