eagles100 Posted February 13, 2014 Author Report Share Posted February 13, 2014 I went to a Nissan dealer and negotiated on my own and the salesman, after me insisting on a peso and not a freebee discount, offered me a reduction of 5,000 pesos off a 2014 Juke. I asked the dealer if they could deliver the car Lakeside and the answer was yes. So, the dealer called and offered to bring the Juke here Lakeside so we can test drive it. Great, I thought. He only spoke in Spanish and we ended up understanding each other with my limited Spanish. I asked him about the price that I was given, 325,000 pesos; he replied "correcto". I had my maid call to confirm the information and NO discount, nada. They told her 330,700 which is full retail. I told my maid then never mind. The dealer said maybe they can work something out. I haven't called them back yet. If they didn't actually intend on giving any discount, they should tell me the truth. That to me is just frustrating, either here or NOB. Link to comment Share on other sites More sharing options...
eagles100 Posted February 13, 2014 Author Report Share Posted February 13, 2014 Oh and if I'm not gonna save ANY money, I might as well use Spencer's services. Link to comment Share on other sites More sharing options...
Mainecoons Posted February 13, 2014 Report Share Posted February 13, 2014 Ok, I know it might be frowned upon to post on an older thread but it's one I started. My updated info is that we plan to buy a new Nissan Juke. I went to a Nissan dealer and negotiated on my own and the salesman, after me insisting on a peso and not a freebee discount, offered me a reduction of 5,000 pesos off a 2014 Juke. I asked the dealer if they could deliver the car Lakeside and the answer was yes. Before this change of heart and budget, we went with Spencer from S&S for a used car but didn't really find what we were looking for within our budget at the time which was 125,000 pesos. I see Spencer's value but if we buy through him, I'll likely be throwing away the 5,000 pesos I was offered as Spencer will be getting it instead of us. The other query is the best way to pay for the vehicle. We're Canadian. If we were to go through Spencer and give him a Canadian cheque, Spencer told us his rate isn't good because his bank is taking a risk that the funds aren't there; they give him the money quickly without going through the whole process (this is what I understood). So we'd like to know which bank/exchange places gives the best exchange rate from Canadian funds. We know that the exchange isn't great right now but we don't want to wait an eternity for it to get better. 3+ months have been challenging without a car. We have used public transportation but there are times it's impossible, like later at night (cat emergency proved taxis won't come later in evening … thankfully, the vet ended up coming to the house). Not being able to read the Spanish contract for a new car, would that be problematic or would the Nissan dealerships be honest? Is there a Nissan dealership you prefer? So many questions but I appreciate the responses. That's an awful lot of money for a vehicle that is not that well rated. http://usnews.rankingsandreviews.com/cars-trucks/Nissan_Juke/ If you talked to Spencer about used cars, you owe it to yourself to go see Rafael at the Car Wash Moyoyo just down the street from Spencer and across from Cafe Magana. He has three very nice Honda CRV;s for sale and he provides the same service of walking you through everything including getting the Jalisco plates. The CRV is vastly superior to the Juke and has the same advantage of easy service since there are so many of them here and they are made in Mexico. Rafael speaks perfect English. His phone number (cell) is 3312692696. He has sold cars to my friends and they are very satisfied. Car dealers don't "deal" in Mexico. It is list price or nothing, basically. They get away with it because of the protectionism that has seen expats who spend many thousands of dollars yearly on Mexican merchants and employees getting hassled over mostly old, cheap cars. Link to comment Share on other sites More sharing options...
eagles100 Posted February 13, 2014 Author Report Share Posted February 13, 2014 Another option I have used in the past is to directly transfer the money from my Canadian bank (TD Canada Trust) directly into the dealership's Mexican bank account using xe.com. Canadian $$'s in, Mexican pesos out. Takes about 3-5 business days and if you have it set up properly, xe does not charge any fees to do the transfer (ACH/EFT transfer using direct account debit). Interesting way to transfer the funds. I called Actinver and the rate is horrible. At the moment, xe.com indicates 12.15 pesos per Canadian dollar. Actinver was giving me 11.7 but said that the way it works, is we start in Canada and the rate will be determined once the funds reach their bank. She said we might be 10 to 15 points more than the 11.7, which is still quite bad. Link to comment Share on other sites More sharing options...
AlanMexicali Posted February 13, 2014 Report Share Posted February 13, 2014 Interesting way to transfer the funds. I called Actinver and the rate is horrible. At the moment, xe.com indicates 12.15 pesos per Canadian dollar. Actinver was giving me 11.7 but said that the way it works, is we start in Canada and the rate will be determined once the funds reach their bank. She said we might be 10 to 15 points more than the 11.7, which is still quite bad. Actinver has a prefered customer rate and also accepts dollars, at least US dollars, to be deposited from abroad in a separate account than your peso account and you can wait until the exchange rate is good, go in and ask for the "special" rate and get it exchanged then. It has to be before 11AM or the rate will not be locked in. It has to be a substantial amount. Their international wire transfer fee is $29.00 US going out and $0.00 US coming in. They seem to need you in their office and with your perfered customer rep. to get good service, not by phone or at a window in their building. Most of their reps. speak passable English I have noticed. Link to comment Share on other sites More sharing options...
eagles100 Posted February 13, 2014 Author Report Share Posted February 13, 2014 I was at Actinver's office a few weeks back and she gave me the same rate as today; between now and then, the rate has gone up. Link to comment Share on other sites More sharing options...
AlanMexicali Posted February 13, 2014 Report Share Posted February 13, 2014 I was at Actinver's office a few weeks back and she gave me the same rate as today; between now and then, the rate has gone up. But you are selling Canadian dollars for pesos not buying Canadian dollars with pesos at $12.12 pesos for 1 CND which is the million dollar exchange rate on Bloomberg now. You will always get less than this when selling CND. Closer to $11.12 pesos for 1 CND than closer to $12.12 pesos. That is the way it always works. $11.7 pesos for 1 CND is an excellent rate. Link to comment Share on other sites More sharing options...
eagles100 Posted February 13, 2014 Author Report Share Posted February 13, 2014 We had transferred some funds via Bancomer before Christmas when the rate was better and we received better than posted rate. I thought I'd try another bank as I've been told we could get a high exchange in comparison to Bancomer. Link to comment Share on other sites More sharing options...
AlanMexicali Posted February 13, 2014 Report Share Posted February 13, 2014 We had transferred some funds via Bancomer before Christmas when the rate was better and we received better than posted rate. I thought I'd try another bank as I've been told we could get a high exchange in comparison to Bancomer. What posted rate? The rate Bancomer had posted on their window or in their lobby? It cannot be higher than Bloomberg´s rate that day as that is the rate for buying CND with MX.pesos and for 1 million dollar transactions. You always get a lower rate when selling CND or USD for MX. pesos. Link to comment Share on other sites More sharing options...
eagles100 Posted February 13, 2014 Author Report Share Posted February 13, 2014 It's the rate I get on my computer (app) which is always very close to what xe.com posts. Link to comment Share on other sites More sharing options...
Ezzie Posted February 14, 2014 Report Share Posted February 14, 2014 On xe.com at this instant - $1 CDN will buy you $11.8483 MEX. It changes every few seconds by a little bit. Link to comment Share on other sites More sharing options...
lobita Posted February 14, 2014 Report Share Posted February 14, 2014 Where on xe.com are you seeing that number, Ezzie? Right now xe.com is showing 12.0920 CAD to MXN, and I can't imagine it changed all the way from $11.84 in 12 hours ... Link to comment Share on other sites More sharing options...
mudgirl Posted February 14, 2014 Report Share Posted February 14, 2014 Where on xe.com are you seeing that number, Ezzie? Right now xe.com is showing 12.0920 CAD to MXN, and I can't imagine it changed all the way from $11.84 in 12 hours ... Buy/sell rates are different from mid-market rates. You may be looking at the wrong one. Link to comment Share on other sites More sharing options...
Ezzie Posted February 14, 2014 Report Share Posted February 14, 2014 Correct. What you are looking at is the "mid-market" rate. On xe's web site it explains this as follows and I quote it here: "The rates in our free information services are neither "buy" nor "sell" rates. Instead, they are mid-market rates derived from the mid-point between the "buy" and "sell" rates from global currency markets. Our free information services always list the mid-market rate because it indicates the value of a currency that is not weighted towards buying or selling. "Buy" and "sell" rates include overheads and profit margins that are independently set by foreign exchange providers; their rates can vary a lot and will differ from the mid-market rate, so we recommend you shop around." - xe.com The buy and sell rates are different. XE's "profit" from doing the currency exchange is buried into the difference. This is the way all foreign currency exchange houses (and banks) operate. For example at this instant: From CDN$ to MX$ - to sell $1 CDN to them, xe.com will pay you $11.8050 pesos From MX$ to CDN$ - to buy $1 CDN from them, xe.com will charge you $12.3315 pesos It is very important that you understand this especially when converting large amounts or comparing the rates posted by different financial institutions. What is really bad is when a bank charges you an additional fee on top of these buried exchange rates. At least with xe.com it is free. Link to comment Share on other sites More sharing options...
AlanMexicali Posted February 14, 2014 Report Share Posted February 14, 2014 Buy/sell rates are different from mid-market rates. You may be looking at the wrong one. Correct. The buy and sell rates are different. XE's "profit" from doing the currency exchange is buried into the difference. This is the way all foreign currency exchange houses (and banks) operate. For example at this instant: From CDN$ to MX$ - to sell $1 CDN to them, xe.com will pay you $11.8050 pesos From MX$ to CDN$ - to buy $1 CDN from them, xe.com will charge you $12.3315 pesos It is very important that you understand this especially when converting large amounts ort comparing the rates posted by different financial institutions. What is really bad is when a bank charges you an additional fee on top of these buried exchange rates. At least with xe.com it is free. Here is XE.COM´s explaination of the "mid market rate" they post free of "charges" some people are refering to: http://www.xe.com/faq/rates_buyorsellrates.php Link to comment Share on other sites More sharing options...
eagles100 Posted February 14, 2014 Author Report Share Posted February 14, 2014 My Canadian bank just quoted me a rate of 0.0881 (11.35) + would charge a $60.00 Canadian fee. I told them no thanks. We're getting a better rate at the ATM; today was 0.0849 (11.78) This is so confusing. We just don't know who to use. It's hard to say what we'll get with xe.com if the rate is only when it closes. Arrrggghhhh Link to comment Share on other sites More sharing options...
sue Posted February 15, 2014 Report Share Posted February 15, 2014 . Financial Institutes here just like up North will give a better rate to good customers.You may have to deposit your monies somewhere get the best deal you can and stop stressing. . You have to realize that the rates will vary day by day so you pick your best rate and do it otherwise you will be walking for the next 3 months. Like the Stock market we all want to buy at the bottom and sell at the top realistically we usually are somewhere else on the curve. Think of the taxi money you will save when you have your own wheels. Link to comment Share on other sites More sharing options...
Fox Posted February 15, 2014 Report Share Posted February 15, 2014 Honda car dealers are having a promotion Sale thru Febrero 28th. One example in the flyer is $15,000 Pesos off 2014 Honda Fit. Link to comment Share on other sites More sharing options...
eagles100 Posted February 15, 2014 Author Report Share Posted February 15, 2014 Honda car dealers are having a promotion Sale thru Febrero 28th. One example in the flyer is $15,000 Pesos off 2014 Honda Fit. That's a huge discount off the Fit which is much cheaper than the Juke, hmmmmm Link to comment Share on other sites More sharing options...
lobita Posted February 15, 2014 Report Share Posted February 15, 2014 Right, I understand mid-market, buy, and sell. I just didn't know that xe.com posted anything other than the former. Where do you find the buy and sell rates? Link to comment Share on other sites More sharing options...
Fox Posted February 15, 2014 Report Share Posted February 15, 2014 eagles100, We bought our Honda Fit around this time last year, and also received a $15,000 Peso descuento. INTERCAM has some flyers from Honda Acueducto in Zapopan, if anyone is interested. Fox Link to comment Share on other sites More sharing options...
mudgirl Posted February 17, 2014 Report Share Posted February 17, 2014 Right, I understand mid-market, buy, and sell. I just didn't know that xe.com posted anything other than the former. Where do you find the buy and sell rates? After you sign up with xetrade (which costs nothing, but takes awhile), when you sign in to make a trade, you fill out all the required fields to make a trade, then click the "quote" and it will give you the amount you have requested tranferred, in the currency you are exchanging to. This quote lasts for 1 minute, then you can click it again, as the rates change minutely every minute. If you have reason to think the rates may go up in following days, or don't need the transfer right away, or have seen a better rate elsewhere, or were just checking, you can just hit "cancel" to cancel the trade. Otherwise continue. Link to comment Share on other sites More sharing options...
hkrause Posted February 18, 2014 Report Share Posted February 18, 2014 Of course, you know we give our Honda Fit a big "thumbs up," in case you're considering one. Since we'll eventually be buying another one here in Mexico once we sell the existing one up north, I'll have to keep in mind that there are possible discounts around this time of year. Thanks for the info! Heather Link to comment Share on other sites More sharing options...
Mainecoons Posted February 18, 2014 Report Share Posted February 18, 2014 FYI http://jalopnik.com/consumer-reports-no-longer-recommends-the-honda-fit-1507680330 And: The super-high efficiency minicar has become the Holy Grail for many environmentalists. But on Tuesday, a new study on minicar safety tossed some cold water on the dream. The Insurance Institute for Highway Safety (IIHS) reported that in a series of test crashes between minicars and midsize models, minis such as the Smart car provided significantly less protection for their passengers.The tests did not involve the much ballyhooed mismatches between subcompacts and Hummers, but measured the effect of relatively modest differences in size and weight. Even though the Smart car and other minis such as the Honda Fit and the Toyota Yaris have fared relatively well in single-car crash tests, they performed poorly in these two-car frontal offset collisions. In the words of IIHS president Adrian Lund, "though much safer than they were a few years ago, minicars as a group do a comparatively poor job of protecting people in crashes, simply because they're smaller and lighter." http://online.wsj.com/news/articles/SB123993371229527975 Link to comment Share on other sites More sharing options...
eagles100 Posted February 18, 2014 Author Report Share Posted February 18, 2014 After you sign up with xetrade (which costs nothing, but takes awhile), when you sign in to make a trade, you fill out all the required fields to make a trade, then click the "quote" and it will give you the amount you have requested tranferred, in the currency you are exchanging to. This quote lasts for 1 minute, then you can click it again, as the rates change minutely every minute. If you have reason to think the rates may go up in following days, or don't need the transfer right away, or have seen a better rate elsewhere, or were just checking, you can just hit "cancel" to cancel the trade. Otherwise continue. Thanks for the info; I'll look into this. Link to comment Share on other sites More sharing options...
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