Bad car buying experience, need refinancing.

[Cleaningitup2016]

Well I found the dealer terms contract with Santander..

On a 60 month term, which mine was, the maxinum amount of miles for a loan is 90,001 miles.

So it turns out they did deceive me into buying a more expensive car, and the proof is of course..the fact I was able to buy the car after being told I couldn't.

[Cleaningitup2016]

"All you had to do is say 'nope, not accepting that rate' after you saw it and the hand them the keys back"

After accepting the "proposal" or whatever they call it, they had me sign the paperwork.

Before signing it, they were outside attaching a temp tag, the papework also had "SOLD" in big bold letters on it.

So I assumed it was a "done deal".

The proposal also had something along the lines of "offer is binding is all parties agree to terms set forth".

[Anonymous]

---

@Cleaningitup2016 wrote:

"All you had to do is say 'nope, not accepting that rate' after you saw it and the hand them the keys back"

After accepting the "proposal" or whatever they call it, they had me sign the paperwork.

Before signing it, they were outside attaching a temp tag, the papework also had "SOLD" in big bold letters on it.

So I assumed it was a "done deal".

---

 Nah,  nothing is final until you drive away with the vehicle.   Try not to be too down and learn from the experience so that in the future you will be better prepared. You will be able to refinance before too long so in the end the experience won't be too costly..  Wish you the best of luck. 

[Cleaningitup2016]

I thought with the "new system" baddies don't impact your score after a year?

Or is it longer?

[Anonymous]

You make a bunch of assumptions, many wrong, and much of what you think you know is just wrong. Not judging here, but really, take this opportunity to educate yourself.

In your first statement, you talked about a mega dealer being honest. Honestly is pretty subjective in the car business. He didn't get all those dealerships by being lose with terms, i assure you!

So, you are not alone in being $crewed by a dealer. In my day it was pretty much a rite of passage. Dealers play on emotions, and you were defenseless.

Learn what YOU did wrong. The dealer did most everything right as far as i can see. Car dealers have a saying. "There's an ass for every seat."  Or, put another way, if you are in the game for more than 15 minutes and you don't know who the sucker is, you are the sucker.

You got took. You feel bad. Accept the blame. Now, like with every bad thing that happens in life, extract the good from it and move forward. 

[Gidgetmom]

Inquiries stay on your report for 2 years, but are not considered in your score after 1 year.  "Baddies" (collections, lates, charge offs, etc) can stay on your report for 7 years or longer depending on the type of issue.

Sorry to hear about Santander loan and the 90,001 miles.  Bet you wish you  had done that research before going into the dealer.

Sucky lesson you had to learn.  We've all had those "hind sight" moments.  

[Cleaningitup2016]

Maybe it's paid collections I'm thinking of?

[Gidgetmom]

Some scoring models will no longer count paid medical collections, but my understanding is that a collection is a collection, paid or not.  

To my knowledge, inquiries are the only thing that fall off your report after 2 years.  Of course, I may be wrong also. 

This might be a question to search or ask the rebuild section.  

[Anonymous]

Sorry dealer got by far the upper hand on you.  My family owned a small Ford dealership for over 50 years. Financing was a huge profit center. We got % of the spread on everything financed/  I would try to pay/fix the baddies and make perfect payments for 6 months.  What is the prepayment clause?  Some use rule of 78 while others simple interest.  

[Anonymous]

When it comes to Santander and being able to finance certain vehicles to a certain mileage you are 100% correct. Knowing this you also have to understand the fees that Santander charges when coming to higher mileage older vehicles. If you are submitted to Santander and the approval comes back with a "buy/sell" (no Rate spread) with a $991 Bank Fee (Fee that can not be charged to the buyer / consumer) and the dealer is only making a $700 profit on the vehicle (assumption) then they would of course try to switch you to a vehicle where their bottom line was not losing money. It is safe to say that very few businesses are willing to lose money because of someones credit history. It is a harsh reality to know that financing a vehicle with subprime credit could influence the vehicle they are able to buy. You also never stated whether or not you were coming to the table with any money down or "trade equity"...you said yourself that your current vehicle wasn't worth what it would cost to repair it. That means you were financing in all of the tax, title, license that comes with buying a vehicle. Auto lenders look at a lot more than just Fico score when it comes to financing subprime customers. LTV? Cash Down? DTI? Time on job? Time at residence? Own or rent that residence? Does income include overtime that might not be readily available? How many vehicles in the household? ( Yes this matters because of you don't have anything else to drive if it gets repossessed you are more likely to pay for the vehicle you are purchasing) Dealers are more often than not at the mercy of the lender when it comes to getting a subprime customer financed. With no real financial support brought to the table by the consumer then the lender has to factor the risk of taking on the loan when a customer has proven in the past to not pay such obligations.