Dissatisfied
Bath,#2Consumer Comment
Thu, January 22, 2004
This is one of the oldest car dealer tricks. The F&I manager knows what the consumer qualifies for when you credit score and report is pulled up. The idea is to let the customer think they received a great deal, let them drive the car long enough to become attached to the car. Then after 3 days to week or longer they say oops your financing fell through! The way to avoid this is to have financing before going to the dealership to avoid their games. Sure dealers offer lower financing rates but most customer do not qualify. Also when a dealer cannot obtain financing within the required amount of time the contract is dead and should return the trade-in and down payment if you don't want their business. Never give the F&I manager cash for down payment because they will steal it if the deal goes through. Use a credit card instead so you can dispute it. Remember car salesmen and F&I managers only want to take for a ride and its not in a car.
Jasper
Chicago,#3Consumer Comment
Thu, January 22, 2004
Lonnie, I'm not your 5 year old, so don't tell me to take sides. I was merely making an observation. If all financing needs to be approved by the bank, then perhaps the dealer should tell the customer this fact, and not let them take the vehicle until ALL the paper work is completed. Now there's a novel idea.
LONNIE
SCOTTSDALE,#4UPDATE Employee
Sat, January 17, 2004
i read this rebuttal but it really didnt make sense. which side of the fence do you stand? actually many customers get a better interest rate at the dealer than through their credit union or bank because its in the best interest of the dealership to provide a competitive rate so that they can actually sell the vehicle for the price they want and the payment is affordable for the consumer. the funny thing is that people with less than desirable credit ratings are protected more than people who have great credit. by the way all paperwork at the dealer level is based upon approved financing from the bank.
Jasper
Chicago,#5Consumer Comment
Sat, January 17, 2004
Lonnie, This sort of thing happens quite often. The deal is made, the car is driven home, then WHAM, the dealer calls and wants more money down, or the vehicle, or some such nonsense. What is the finance department doing? As far as I'm concerned, if your finance department says everything is alright, then don't come crying to me in a few days saying you can't get me financed at the rate/rates you gave me. The only reason so many people cave in, is because it would cost them a tidy sum of money to get a lawyer to fight it. For the most part, NO ONE in a dealership is out to help you out. I have dealt with several dealers who really do care and I plan on doing business with them again in the near future. Just an FYI, I got a better loan rate thru dealer financing, than I did thru my credit union.
LONNIE
SCOTTSDALE,#6UPDATE Employee
Fri, January 16, 2004
WHAT THE CUSTOMER FAILED TO MENTION WAS THAT THE DEALER CUT BACK THE ADVANCE OF THE DEAL APPROX 3K JUST TO GET THE DEAL APPROVED AT WHAT WAS A GREAT INTEREST RATE FOR THIS PARTICULAR CUSTOMER. BY THE WAY THE CUSTOMER ALSO FAILED TO MENTION THAT THE REASON THE PAYMENT WENT UP WAS THAT THE TERM WAS SHORTENED BY A YEAR DUE TO BANK REQUIREMENTS. OH YES, THE CUSTOMER RE CONTRACTED AT NO MORE MONEY DOWN THAN ORIGINALLY AGREED TO. IT'S REALLY A SHAME THAT CUSTOMERS COME TO A DEALERSHIP FOR HELP WITH FINANCING AND THEN COMPLAIN WHEN A RIDICULOUS REQUEST CAN'T BE MET DUE TO BANK QUALIFICATIONS. PEOPLE SHOULD REALIZE THE REAL PROBLEM HERE IS THE CREDIT SCORING SYSTEM IT'S EASY TO BLAME THE MEAN OLD CAR DEALER BUT THE CREDIT REPORTING AGENCIES THAT HOLD CUSTOMERS HOSTAGE TO A SCORE ARE THE REAL PROBLEM.