Gosset Mazda Finance Ripoff Memphis Tennessee
While I was home for vacation from deployment in Iraq, I drove by Gossett Mazda and saw the car I'd been looking for out front on display. It was a pearl white RX-8. Everything went well until we got into the finance managers office. The interest rate they wanted to give us on a new car was 12.95 percent. My wife and I said we have good credit, are buying our house, no late payments, and have paid off two cars in the last two years. There is no reason to get stiffed with that interest rate. A person with terrible credit perhaps. So he said he'd see what he could do. He walked out and within a minute came back and offered us a 9.5 percent rate. What a huge change, huh? That was still to high.
He ended up taking another 500 off of the car and I accepted. Only because this car, with the special paint and the features are hard to come by. He said that there was no way he could lower the rate at all. He was doing all he could for us according to him.
When we closed we were in the insurance office(State Farm) and found out that they could've financed us. They did up the paperwork. It came back approved for 8.05 percent the very first time. 8.05 from 12.95 was going to save us thousands over the length of the loan. We had the exact same credit that Gossett pulled up from our credit report. This is how they take care of service members. The profit from the car is not enough. The profit from normal finance rates is not enough. They didn't extend anything to me, but rather tried to stick me with a huge finance rate. After reading the other reviews now and with this happening, please avoid them at all costs.
Chris
Memphis, Tennessee
U.S.A.
1 Updates & Rebuttals
Cory
San Antonio,Texas,
U.S.A.
So Refinance
#2Consumer Suggestion
Sun, July 02, 2006
Last truck I bought from ford, to get the extra $1000 rebate, I had to finance through ford at 7.75%. No big deal. 20 days later I get my first payment coupon. Called usaa and refinanced through them, at 3.9%, plus "free" GAP ins. plus didn't have to make a payment for another 60 days. Just because you use their bank, to get all the "specials", doesn't mean you have to stay with that bank. This is just another way the car dealers rip prople off. They sell you the car at one interest rate and then they sell your paper off at a cheaper rate. You're posting like this is a whole new thing. It's been going on for years and informed people already know about it.
You're to be commended for bringing it up though. Two ways to fight it are: one, refinance after you buy the vehicle. If you cut a really good deal, the car dealer will figure he'll make it up on the interest rate and two, cut the deal, get into finance and whip out a check from your bank or credit union.
Few years back, bought a truck from mccombs. Had been looking for the truck for 1.5 years. Drove by and saw a $9000 off tag on the truck. It was a mistake, they put those tags on the stripped models. Spotted it right away. Talked to a car salesmen Fri. morn. who quoted me the price in writting. Went by Fri. night, quoted me the same price, again in writting.
Same thing Sat. morn. Went by Sat. afternoon to buy the truck. They ran down and pulled the tag off. Told them too bad. Your salesmen had already quoted me the price, in writting, several times. Got into a yelling match in the showroom. They finally agreed to sell me the truck, in finance, AT 17%. Whipped out a credit union check, AT 2.9%. They had a cow. Drove the truck for two years and sold it for what I had payed for it. Do some research BEFORE you go to a car dealer. Find out what vehicles are selling for.
It's just as important to find out WHAT MONEY IS SELLING FOR. The price of the vehicle is only half the deal.