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Bypass dealer financing and go straight to the man?

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Valued Contributor

Bypass dealer financing and go straight to the man?

So, me and the wife are looking to finance a nice used 3rd row SUV. We are straight out of bankruptcy so options aren’t the best so I thought. We are interested in Explorers, but dealer who got us financed says that the explorer in question is to old blah blah. It’s a 2013 sport with 54k miles. Says it puts us in a different APR bracket, which it does according to their website, but also said it shortens the term we can take loan for which credit unions website says that is a lie! Instead they are trying to throw us in a loaded out 2014 Traverse with 68k miles for 4K more. They quoted our interest at 10.39%. My Equifax score was a 578 I believe and wife’s was a 621. Bankruptcy discharged 10/30/18.

The explorer we were looking at is with the same chain, but at a different location so I think that’s why there pushing back. Because we then found a 16’ with 38k miles for same price as the Traverse, newer and lower mileage but he acts like he can’t do it. Question is, can I just bypass the dealer and go straight to who they got me approved through? I know who it is as he said he talked with them first thing this AM and a credit union local to me pulled both mine and wife’s scores this morning. At the very least, can I call and see what interest they quoted to see if dealer is raising the rate a ton??
Don’t take your credit for granted, use it with care! These days, catch me in the bankruptcy forum!?
Message 1 of 5
4 REPLIES 4
Valued Contributor

Re: Bypass dealer financing and go straight to the man?

The salesperson is not making your payments, you are. I do not see anything wrong with securing your own financing and trying to get the best interest rate possible. If you happen to contact the same lender as the dealership and get a better interest rate, all the better.
















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Message 2 of 5
Contributor

Re: Bypass dealer financing and go straight to the man?

Yes you can
Message 3 of 5
Regular Contributor

Re: Bypass dealer financing and go straight to the man?

Years ago, prior to BK, I applied a few places and went through NFCU because they had the best rate and then went to the car lot. When I told the salesman my rate he asked if I'd allow them to try to get a better rate and I said sure but dont waste my time if you cant do it let's move forward with my NFCU approval. They beat the NFCU rate and I left in a newish car.

I should have just let them run everything and tell me what they could do before I told them about NFCU but live and learn.
Message 4 of 5
Frequent Contributor

Re: Bypass dealer financing and go straight to the man?


@Singsonbing wrote:
Years ago, prior to BK, I applied a few places and went through NFCU because they had the best rate and then went to the car lot. When I told the salesman my rate he asked if I'd allow them to try to get a better rate and I said sure but dont waste my time if you cant do it let's move forward with my NFCU approval. They beat the NFCU rate and I left in a newish car.

I should have just let them run everything and tell me what they could do before I told them about NFCU but live and learn.

IMHO you did it right.

 

They most likely ran your file thru different lenders, getting back multiple offers. They are sales people and work on commission, so they could have just shown you a middle or high rate offer. And who knows, in the end, maybe they did still withold the lowest rate. But you at least gave them a goal to beat.

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Message 5 of 5
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