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Got a call from the dealership...

Contributor

Got a call from the dealership...

Ok, so i got my first car 2 weeks ago!!!! A 2008 Nissan Altima @ 8.4% (through Nissan financing) for 63 months (will try to refi next year). I am sooooo excited! No more waiting in the burning sun, freezing snow, rain, etc. for public transportation.

I got a call this morning from the dealership saying that I actually qualified for a lower rate (7.09%). The lady on the phone said that everything else would stay the same, that I would just need to come in and sign a new finance contract if I want the new rate. Has anyone heard of this???? It's a nice rate, but I'm still suspicious...I've read online about people getting phone calls from dealerships days/weeks later telling them their financing terms changed.

I asked her if she could fax me a copy of the new contract so I could look it over before I came in, but she said she couldn't print it out cause it's an "e-contract" which will get sent electronically to Nissan for faster processing. Has this happened to anyone? I'm worried that they will try to sneak something into the new contract. Please help!

Message Edited by InfinitiG35 on 06-11-2008 12:50 PM
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Message 1 of 11
10 REPLIES
Established Contributor

Re: Got a call from the dealership...



InfinitiG35 wrote:
Ok, so i got my first car 2 weeks ago!!!! A 2008 Nissan Altima @ 8.4% (through Nissan financing) for 63 months (will try to refi next year). I am sooooo excited! No more waiting in the burning sun, freezing snow, rain, etc. for public transportation.

I got a call this morning from the dealership saying that I actually qualified for a lower rate (7.09%). The lady on the phone said that everything else would stay the same, that I would just need to come in and sign a new finance contract if I want the new rate. Has anyone heard of this???? It's a nice rate, but I'm still suspicious...I've read online about people getting phone calls from dealerships days/weeks later telling them their financing terms changed.

I asked her if she could fax me a copy of the new contract so I could look it over before I came in, but she said she couldn't print it out cause it's an "e-contract" which will get sent electronically to Nissan for faster processing. Has this happened to anyone? I'm worried that they will try to sneak something into the new contract. Please help!

Message Edited by InfinitiG35 on 06-11-2008 12:50 PM

 
haha call her back & ask her how you are going to sign it if she can't print it. Thats very strange, I have never heard of e-contracts for a vehicle., becuase you also need a copy of the whole thing,. If you are uneasy,. just call Nissan Financing and find out if ther has been a change in terms on your approval.

Message 2 of 11
Valued Contributor

Re: Got a call from the dealership...

Go down there.  Bring your original signed finance agreement, make sure all #'s match (purchase price, tax, title etc.), the loan terms are the same, the payment has dropped etc. and no pre-payment penalty.
 
If it is a new finance agreement she will have to pull out a whole new form, the big long one with all the info on it.....and in triple form.
 
It is worth a shot. 
 
I have financing through Nissan.....It took them a month to fund my loan so anything is possible.


Message Edited by 1111mel on 06-11-2008 03:40 PM
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Message 3 of 11
Contributor

Re: Got a call from the dealership...

UPDATE: I went back into the dealership last Thursday. I was a little leary, but there was no catch. The finance guy I worked with typed up a new finance contract right in front of me, and everything was exactly the same as on the old contract except the lower interest rate. So I went from 8.44% to 7.09% for 63 months!! I'll pay a little extra toward the principle and refi next year and lower the term to maybe 36 months. Woohoo!! Got my very first car!!!! Smiley Happy
Chase Amazon: $3,000 | Chase Slate: $4,800 | Barclaycard Upromise: $4,000 | Chase Freedom: $4,000 | CapOne Platinum: $3,500 | CapOne Quicksilver: $5,000 | Credit One Bank: $2,100 | BofA Better Balance Rewards: $1,000 | Sony Card: $1,000 | CapOne Platinum: $300 | Amex PRG: NPSL | Amex Delta SkyMiles: ???? | CareCredit: $13,560 | Discover IT: $6,500 | Barclaycard Apple: $3,500 | Overstock: $4,500 | Wayfair: $4,000
Message 4 of 11
Valued Contributor

Re: Got a call from the dealership...

Congrats Infiniti! I'm glad everything worked out for you. Good to know that it wasn't a scam either.
Message 5 of 11
Valued Member

Re: Got a call from the dealership...

If you don't mind telling Infiniti, what was your score when you applied and which report did they pull? I'm considering buying from them and would like to have an idea of what my interest rate could be with certain scores. Right now I'm only at 600 but I am looking to gain at least 30-40 points by December.
Message 6 of 11
Valued Contributor

Re: Got a call from the dealership...

If you can refi. through a CU.   7.09 is high.
 
 
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Message 7 of 11
Valued Member

Re: Got a call from the dealership...

7.9 may be high for some, but for a first time buyer (auto wise)  that is a very good rate.  Not all of us are 800's yet.  My guess as to why they had you recontract is that they tried to "hold rate" and nissan made them give you a buy/sell rate. 
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Message 8 of 11
Highlighted
Contributor

Re: Got a call from the dealership...

The same thing happened to me and my ex-husband several years ago when we bought a Nissan Altima.  It appears that Nissan is more interested in keeping customers and getting repeat business than in screwing their customers.
Message 9 of 11
Established Member

Re: Got a call from the dealership...

O.K. let me understand this: your interest rate went down and your payment, sale price, length of contract stayed the same?????? either payment amount or, length of contract should have went down.

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Message 10 of 11