Mike
Radford,#2Consumer Suggestion
Fri, February 07, 2003
This is a classic rip-off technique to force the buyer to take higher cost financing than they agreed to. If the deal is "subject to finance approval," do not drive the new car off the lot until you have a payment book or other confirmation that the financing is really finally approved. Get the dealer to sign an agreement not to drive the car or sell it to anyone else while you're waiting. Of course they probably knew right away that you weren't getting the 9.6% when they checked your credit. When it appears to them that you're not starry-eyed and gaga over the new car, that you want to protect your interests in the deal, they might wise up. If you have good credit you can very likely get a better deal on financing at a bank or credit union anyway.