Complaint Review: Union Park BMW Wilmington DE - Wilmington Delaware

I would not expect anything less them the wise guy attitude responses from the Union Park BMW employees/management. Its now been 8 weeks we are still waiting for plates and registration dos. Just another example of the poor customer relations at the Uninon Park BWE DEL..

You and his father must be some sort of financial mastermind. 

I don't know a single parent who would think.  "Gee my son needs to build his credit and is working his way through college...I know let's let him get a Luxury Car".  Or should we figure that in your mind anything less than a luxury car is below your status and you wouldn't be seen dead in anything less. 

Of course in this you figured out the maintence costs, as well as the insurance?  If you are saying that the BMW as cheaper than other cars....that better be a huge red flag for you for obvious reasons including the cost to maintain it.  Your son is going to be able to pay for all of this..right?  He has a job that he can make the payments on, and still meet his other expenses..right?  I mean you did sit down with him before you started looking for a car and went over his budget and know exactly how much he can afford.  

As for the loan, you have no idea how credit works.  As the Finanance Manger was right.

What do you think a "Co-Signer" is?  Do you think it is just some empty title that a bank just puts on there for the heck of it?  NO....a Co-Signer is making a legal obligation that says if the primary borrower can not(or will not) make the payments that they will be responsible for them.  As such, the loan is listed on BOTH credit report and BOTH parties are EQUALLY responsible.  There is no "bonus points" for being listed first or second on the loan as far as your credit is concerned.  

The bank just wants their money, they don't care who pays it.  But if they don't get a payment they will go after both parties, and report negative items on both credit reports.  So if his father cares about his credit, he better be calling his son every month to make sure that payment was made on-time and for the full amount.  Or one day he may wake up one morning and find out he has several late pays, a reposession, or worse a suit against him for the balance of the loan.

As for them fixing the problem.  They are offering to fix it..just now how YOU want.  They are giving your son and the father an "out".  Most dealers in this situation would just tell you to go "pound sand".  There is no fraud here, unless you count the fraudlent lesson you are teaching your son.  So you have a choice, either take the car back hoping you can find a dealer who does what you want, or keep the loan and make sure that your son makes the payments.

But personally I would get out him out of this loan, and get your son into a cheaper car.  After all the cheaper the car the less he has to finance at a higher interest rate.   He may even be able to get a cheaper one with no co-signer, this way if he does fail his father won't be on the hook and it would be a great lesson in responsibility for your son.  He may even be able to find a new car with a full factory warranty.  Then once he has established credit go for the higher priced cars(if reality hasn't kicked him in the head yet), where he can get a lower interest rate.

You said you told the F/I guy your son wanted to be the applicant with his father the co-signer, right?  You said you told these people repeatedly that's what was to happen.  However, when the paperwork was presented, the names were reversed and your son SIGNED ANYWAY!  What was that paperwork?  It was a CONTRACT.  If the contractual terms are not to the liking of the parties...THEY DON'T SIGN!  That's a matter of COMMON SENSE! However, when people have their tongue hanging out for a dumb, stupid car, forget about common sense...they just have to have THAT car at any cost!