Advice sought. Dealership went to town on my report

[Appleman]

Thanks for posting their 'apology' and letting us see which Kansas City dealer played this game (from the picture of their post). 

[disdreamin]

I recently dealt with a dealership who shopped me to a local bank without my permission - in fact, it was against my explicitly expressed wishes. When working with the finance person who structured the deal, I expressly stated that they were ONLY to pull me through their captive lender for 0%, nowhere and nothing else - and not until we finalized the deal and I made an appointment to take delivery.

Apparently the finance guy covering on the morning I was scheduled to go in (3pm appt) hit up Chase for an approval that morning. When Chase didn't immediately respond he said he panicked and shopped me to a local bank "so you could pick up the car." I called BS and told him THEY were the ones who set the pickup date and time and I'd have happily switched to a later date if they needed more time to complete the deal through Chase.

I was trading in a vehicle worth 3/4 of the new one, and only financing $7-8k, it was ridiculous and I was very unhappy. I got a call from the person that finance guy was covering for, and an apology, but I'd be a bit hesitant to use that dealership again based on that experience. If I do, I'll put everything in writing and not just make sure they note it on their end.

[Loquat]

It sucks OP when the dealership said they would do one thing and then did another. This happens a lot and I've read a many of stories on this here forum of such.

As a PSA to those reading in the future, know when you seek financing at a dealership you are giving them the authority to do just that...and that means that they will use whatever they have in their financial tool shed to get your deal bought.

If inquiries are important to you I would suggest obtaining financing outside the dealership...which actually I would suggest such anyway unless you're going for 0 or low percent financing from the captive lender.

When you allow them to obtain financing on your behalf, you're pretty much given them the consent they need to do just that...even if they submit you to several lenders in rapid fashion.

I know it isn't right when they said one thing and did another but that's how these situations tend to shake out.

Sorry this happened to you, OP.

[disdreamin]

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@Loquat wrote:
As a PSA to those reading in the future, know when you seek financing at a dealership you are giving them the authority to do just that...and that means that they will use whatever they have in their financial tool shed to get your deal bought.

If inquiries are important to you I would suggest obtaining financing outside the dealership...which actually I would suggest such anyway unless you're going for 0 or low percent financing from the captive lender.

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I get that the dealership will do whatever they need to in order to secure financing and close the deal, but I would think speaking directly to the finance person (as well as the salesperson) and saying "you can have your captive lender pull me for the promotional 0% or I will write a check. Do not, under any circumstances, shop me to anyone besides your captive lender" and having them agree to that stipulation should be enough to...well, have them do what they agreed to.

[Brian_Earl_Spilner]

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@disdreamin wrote:

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@Loquat wrote:
As a PSA to those reading in the future, know when you seek financing at a dealership you are giving them the authority to do just that...and that means that they will use whatever they have in their financial tool shed to get your deal bought.

If inquiries are important to you I would suggest obtaining financing outside the dealership...which actually I would suggest such anyway unless you're going for 0 or low percent financing from the captive lender.

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I get that the dealership will do whatever they need to in order to secure financing and close the deal, but I would think speaking directly to the finance person (as well as the salesperson) and saying "you can have your captive lender pull me for the promotional 0% or I will write a check. Do not, under any circumstances, shop me to anyone besides your captive lender" and having them agree to that stipulation should be enough to...well, have them do what they agreed to.

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It would be ideal, but in the end, they're a business and will do what they need to, to make it happen. The only way these practices will stop is if they are put on blast and people get up and walk when it happens. Won't happen though. Too many people are uneducated in how credit works and affects them. Couple that with how most people don't habitually credit seek and it's a non-issue for the majority.

[Anonymous]

car dealers have to be the lowest of the low. You gave them insturctions on how to run your credit or you would just buy the car by paying with a check. They dont want that, they make more on your interest kick back from the banks then they make on selling you a car so sure they lied to you. they where not just shopping you but shopping to see which lender would pay them the most on your interest payments.

I never found a dealer that told the truth 100%. They all pull something to make as much off of you as they can. It is typical.

Sorry this happened to you though

Mark

[brk1971]

If you want to try for the captive offer, can't you just do that (via web) without involving the dealer unless you're going that route?

[Loquat]

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@Anonymous wrote:

car dealers have to be the lowest of the low. You gave them insturctions on how to run your credit or you would just buy the car by paying with a check. They dont want that, they make more on your interest kick back from the banks then they make on selling you a car so sure they lied to you. they where not just shopping you but shopping to see which lender would pay them the most on your interest payments.

I never found a dealer that told the truth 100%. They all pull something to make as much off of you as they can. It is typical.

Sorry this happened to you though

Mark

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As painful as it may be to accept, dealerships aren't non-profiting organizations.  They're in business to make money just like any other business.  The way in which some go about it may be questionable...but when you allow them to seek financing on your behalf, you have to be mindful that they're going to do just that.  It doesn't make it right that they went past what the OP asked...but again, you want to purchase a vehicle, you asked them to seek financing, that's what they did.

If you want to make sure that they only submit your application to a certain lender then you must get them to put it in writing and sign it...which I'm guessing most dealerships wouldn't even consider such a request.  

[Brian_Earl_Spilner]

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@brk1971 wrote:

If you want to try for the captive offer, can't you just do that (via web) without involving the dealer unless you're going that route?

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If you prequalify online with a manufacturer your info is sent to a dealer. When you come in, they do a second hard pull (or more) for the actual application. 

[brk1971]

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@Brian_Earl_Spilner wrote:

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@brk1971 wrote:

If you want to try for the captive offer, can't you just do that (via web) without involving the dealer unless you're going that route?

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If you prequalify online with a manufacturer your info is sent to a dealer. When you come in, they do a second hard pull (or more) for the actual application. 

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But without the shotgunning you'll know if you qualify for the 0%, right? 

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