Bob Watson Chevrolet A.K.A. TakeOverPaymentNetwork Bad Business Practices Harvey Illinois
I seen the commercial on TV for the 'take over payment network'. I decided to call for thier pre approval because my credit is bad and they claimed they could help people with bad credit. I called and applied and the 'take over payment network' ask me if they could run my credit....I said "yes". A few minutes later the lady came back on the line and said my credit met thier criteria and a dealer would be calling the next day.
This is where Bob Watson Chevrolet comes in. A salesman named "Jimmy Cysco" called me and said he had me approved with a major lender with a good interest rate. He gave me directions to get to the dealership and I was suppose to meet him at 3pm (he was suppose to be there until 7pm that night). As it turned out I got lost because he gave me the wrong directions 3 times. I called back mad and asked to speak with someone that could give me proper directions which I finally got. I got to the dealership about 3:30 pm and Jimmy was no where to be found.
Another salesman took Jimmy's place and looked at my credit and said "we wont be able to get you financed" I was pissed because the financing was suppose to be already approved. He said no bank is going to finance me with my credit but he tried anyway and I was turned down by all their lenders. He asked if I had a co-signer I said "no". He said wait a minute and he would be right back.
I then went outside to have a smoke and I witnessed 2 salesmen swearing at each other and telling each other to get f***ed and calling one another motherf***ers. I could not believe my eyes and ears. This is suppose to be a business and these people should be professional.
I went back in and had a seat and waited a few more minutes. Here come the salesmen with some other guy and this other guy started hounding me about having a co-signer. I told him several times I didnt have one but He could not get that through his thick head.
Finally I said. "I was told the financing was already approved if it isnt I am leaving. If you cant do it, you cant do it..simple as that" I then got up and walked out.
A.
Valparaiso, Indiana
U.S.A.
1 Updates & Rebuttals
Mike
Radford,Virginia,
U.S.A.
"Lead Generation" scheme. These "preapproval" ads are deceptive.
#2Consumer Suggestion
Wed, July 21, 2004
These "preapproval" ads are deceptive. The companies that run them do not have anything to do with approving any loans and they usually don't even run your credit. All they do is collect your name, address, phone number, etc. and sell it to a car dealer.
All advertising and promotional efforts by car dealers have ONE goal: to get likely car buyers to come to that *particular* dealer. Once he is there, in-person sales pressure can be applied, which is highly effective on many people. The difficult part is getting his confidence up enough so he will come through the door.
The dealer was upset because the company had sold him the name of someone with terrible credit, but he still had a chance with you -- if they could sell you on the idea of a co-signer. So the dealer still wanted you to come in even though your credit was really bad. I suspect the lead generation company didn't even bother to check your credit because they knew the dealer would still want your name regardless.
If you really were "preapproved" for a loan, you would get essentially a blank check from the bank, which you could take to any car dealer. Then you'd call the bank back with the exact details of the car you chose, and if it was within their guidelines for age and price, the bank will send the dealer the money. This process almost always gets you a better deal than having the dealer do financing. Financing and items related to it are highly profitable "back end" items that dealers will sell you.