Dealer is screwing me over!!! - Page 2

lizardking · 04-27-2004, 09:03 PM

Yeah it sucks! The more inquiries you have the worse you score becomes. You might try a blank check loan through eloan,roadloans or capitalone. This way you are like a cash buyer and you know your approved before you go.. Some dealers will use credit profiles of other people to get financing for people, this is one of many reasons it's hard to get credit. For the last three vehicles I have bought I have used eloan or Capitalone. You get really good rates starting around 3%. Hope this helps out! Its better to use loans of this type because it puts the screws to the dealership... They sometimes will get up to 3% of the interest of the loan you finance using the dealers sources... This is some inside information, from my best friend who is a Finance Business Manager for a dealership..

Foo · 04-27-2004, 10:05 PM

I agree that's BS. It's the dealer's fault, so put some miles on it, and maybe get some mud on it, then take it back. No dents though, just drive it up all muddy.

I don't think they can take it back or force you with the higher rate, just like you can't take it back if you don't want it. Of course I'm in AZ.

State to state may have differnt laws on this.

Travis499 · 04-27-2004, 10:15 PM

Foo, where did you buy your baby? I live in Peoria, but bought from Scottsdale Nissan.

A buddy and I went in together, he got an Armada for his wife and I got a Titan. We both paid 1% over their cost, got the holdback and no commission to the salesman. I have to admit we are both salesmen, so we negotiate a little harder. They really hate us there!

Your Issac score will always be lower with a dealership, but higher with your credit union. I would get pre-approved from your CU and take the truck back, and tell them to bend over and you will pull it into the garage. Its an old bait and switch, some even "sell" your trade-in before they call you with the hight interest rate.

smoketitan · 04-27-2004, 11:10 PM

Before you try again make sure you know your fico score as that is the base benchmark for all credit transactions. use experian as they usually are the harshest critic. if you are over say 680 then 6.5 apr should definitely be in range, over 700 and you are prime category--more like 3.0-5.0% apr. IF under 680 it is up to your negotiating skill for a rate better than 10% pay the 14 dollar at experian.com, and make sure you get your fico score before you allow anymore agencies to run your credit--cause like everyone else said the more anyone other than yourslef make a inqury into your record the lower your score especially if they are all within few days. this is another way car dealers get you and know who you are dealing with

if they are stillahrd balling you take a trip to california, or northern AZ add about 1000 miles to the truck, and say you went back packing or something--so they have to eat the car for less value cause they are doing your eally wrong especially since you signed the contract

my 2 cents

bwalkertitan · 04-28-2004, 12:23 AM

Well, because I signed all my papers on a Friday night, none of the banks were open - one of the papers the dealer had for me to sign was an additional contract that if the rate they quoted couldn't be obtained, then I would have to give back the car. Did you sign anything like that?

Atsenaotie · 04-28-2004, 06:42 AM

Quote:

Originally Posted by ZubbyZu

I second that. One other problem you may have if the dealer is actively looking for financing on your behalf is "excessive inquiry" on you credit profile. This puts you in a worser shape.

All inquires within the same period are (should) be counted as one inquiry.

10% does not sound bad for a 6 year loan with spotty credit. You will know what is reasonable once you talk to your credit union. The low rates you see advertised are for near perfect credit, or Fords that need help moving off the lot :-).

If the dealer REALLY wants to make the sale they can buy down your credit rate with Nissan assuming they made enough on the sale to you.

geece1 · 04-28-2004, 06:46 AM

Your FICO score is different depending on you pulls it? Don't know if that is what you meant but that is how it reads.

Quote:

Originally Posted by Travis499

Your Issac score will always be lower with a dealership, but higher with your credit union.

Pokey · 04-28-2004, 06:54 AM

VeeJay,
The EXACT same thing JUST happened to my in-laws about a week ago.
2 weeks ago, they buy this SUV with 0.0% financing!! Great deal!
Last week they happen to stop by to have it detailed. The salesman spots them and tells them,"We had a little problem with the financing, we're going to have to go with 3.9% instead." My father-in-law tells him,"You can take the car back then. This sounds just like that scam I've been hearing about. I've got a signed contract between you and I that says 0.0%"
...in the end, the dealer lowered the price of the SUV. They now have the 3.9% financing, but the total payments amount is the same.

You could try and see if the dealer goes for something like that. You take the 10%, he lowers the price of the truck, and you end up paying the same amount.

ChuhBaca · 04-28-2004, 07:05 AM

Since both parties signed the contract for a the original interest rate, I WOULD DEFINITELY CALL TOM MARTINO. Again, the number can be obtained at www.troubleshooter.com. The reason I think this is important is because if they signed it as well, they may have to honor the contract even if it means they have to carry the loan. I've heard of this happening in some cases as well. They dealer may just have to suck it up, meaning you get the interest rate and payment you expected, keep the truck you wanted, and throw the dealer's shady tactics back in their face.

Atsenaotie · 04-28-2004, 07:14 AM

Quote:

Originally Posted by geece1

Your FICO score is different depending on you pulls it? Don't know if that is what you meant but that is how it reads.

Dealerships can use a score that is more heavily weighted to "car buying" and can result in a higher score (or I guess lower) depending on your circumstances. Also depends on the agency, I have slightly different scores from different sources.

boldenmd · 04-28-2004, 08:09 AM

Quote:

Originally Posted by ChuhBaca

Since both parties signed the contract for a the original interest rate, I WOULD DEFINITELY CALL TOM MARTINO. Again, the number can be obtained at www.troubleshooter.com. The reason I think this is important is because if they signed it as well, they may have to honor the contract even if it means they have to carry the loan. I've heard of this happening in some cases as well. They dealer may just have to suck it up, meaning you get the interest rate and payment you expected, keep the truck you wanted, and throw the dealer's shady tactics back in their face.

I've heard of that, too, but the real problem here seems to be that he signed a waiver that covered the dealership in case they couldn't obtain the financing specified in the original contract. That should have been a red flag. Good luck. I hope it all works out.

veejay · 04-28-2004, 09:01 AM

My Credit Union approved me for 5.9% I asked for 26G's.

Now what to do? My original plan was to rack up as much mileage as I can on the truck and return it not letting them know that I have a check from my credit union. Go to another dealer and get a better deal.

Another option is to ask them to lower the original price... (as POKEY was saying) they would lower the price, raise the interest rate and then bam I say "Okay I won't finance at that rate. I'll just pay with this!!!! *shows check

Is there a way they can turn this around on me now that I have the check? I don't think so... but again, we'll see. I'll call the dealer today and tell them I'm returning the truck. I expect them to say that we'll talk to the management and go through more negotiations. Bah... shoulda went with the Credit Union in the first place. Damn sketchy car salesman!!! No referrals for you! And I can't wait til that survey comes!!!!

ZubbyZu · 04-28-2004, 09:23 AM

Quote:

Originally Posted by veejay

My Credit Union approved me for 5.9% I asked for 26G's.

Now what to do? My original plan was to rack up as much mileage as I can on the truck and return it not letting them know that I have a check from my credit union. Go to another dealer and get a better deal.

Another option is to ask them to lower the original price... (as POKEY was saying) they would lower the price, raise the interest rate and then bam I say "Okay I won't finance at that rate. I'll just pay with this!!!! *shows check

Is there a way they can turn this around on me now that I have the check? I don't think so... but again, we'll see. I'll call the dealer today and tell them I'm returning the truck. I expect them to say that we'll talk to the management and go through more negotiations. Bah... shoulda went with the Credit Union in the first place. Damn sketchy car salesman!!! No referrals for you! And I can't wait til that survey comes!!!!

I am glad for you. If I was in your current situation, I will take the truck back period. Two main reasons, bad buying experience so far and I am not sure $1000 over invoice is the best deal out there.

This is the end of the month and with check in hand (like cash) you can negotiate a better deal.

Good Luck

titanized · 04-28-2004, 09:45 AM

If you are happy with your truck...I would talk with management and threaten to return the truck unless they drop the price to invoice for the loops you had to jump through because of their lying, misleading tactics, then after they agree to the lower price and you go back to the finance office...whip out the Credit Union check and tell them you have your own financing. Once that is presented, you know they are going to say they can match or beat the C.U. rate and have you finance with the dealer (so they get more $$), tell them to go F#CK themselves, and that you rather have the C.U. get your interest.

I know everybody says the dealers are the a$$holes in the auto business. There are some honest dealers out there, but the real LYING, MISLEADING, CROOKED SONS-OF-*****ES are the finance guys. I went round and round with mine trying to sell all the extra crap, and then they tried to tell me my Beacon score was below 700 and I had to take a higher rate. He went white as a ghost when I called him a lying mother f%#ker and pulled out my credit rating from all three credit burueas (sp). Needless to say I went with my C.U. as well. Good Luck Veejay

BudmanHemi · 04-28-2004, 10:08 AM

Dealers make money in many ways. They can either lower price of vehicle, and raise interest (kickback from bank also). They can raise price of vehicle, and lower interest. They make tons on options of trucks. In your case i think you are being screwed. There trying too pin you into a high interest rate after signing papers. What i would do is walk into a few dealers, and give you beacon score. Find out what you finance for, and try too get that low rate, with your regular price. I think there trying too make cash off of you by pinning you with a high interest you dont deserve. They make more on interest rate then they do on higher vehicle price. Find out your true nissan financing (its usually better then a bank), then go tell them your returning the vehicle, cause you got a better rate. If they try, and tell them you cant, be stern with them. One mention of lawyer, and they will jump. Dont be nice too these dealers. They are not your friend!! Trust me, i know how sales works. I deliver too the A-holes.. LOL Goodluck..