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Dealer Dilema

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Dealer Dilema

Went to a Chevy dealer on Sat pm. Reached a deal Sat evening, filled out credit app at 630pm, all came back pending. My mortgage is current but was sold to another lender over 6 months ago and they are still not reporting in payment status to CRA's so I had to furnish pay stubs, a few other docs as a work around. Saleman called me Monday at 730 pm telling me they have an approval. I asked for terms , salesman told me he doesn't have them,finance has them, but told me to come in today to review. I said I would like to know terms before I come back in since dealership is far from my job. He then said he would call me back today with them. He did not call me back today. Was it wrong for me to expect him to disclose over the phone? Or will they only discuss loan terms in person once approved?
I know this is the reason why you need pre-approvals before shopping, but CapOne Auto navigator keeps denying me,reason for being over the limit on my CapOne card when I am actually not and haven't been for along time. Credit Unions keep giving me hard time about mortgage payment history not showing since Feb.
Thinking of just trying dealer close to work tomorrow out of convenience and of course seeking better deal or is it wrong to do so
Message 1 of 19
18 REPLIES 18

Re: Dealer Dilema

They should definitely discuss over phone or email. I'd proceed with caution. 

Message 2 of 19
Moderator Emeritus

Re: Dealer Dilema

@FMC dealers, finance people and sales persons love to play games! Be ever careful with auto dealers!
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Message 3 of 19
Frequent Contributor

Re: Dealer Dilema

I called dealer finance office directly. They said they were busy and would call me back. They had salesman call me back on his day off, told me I had an approval but he did not have terms and they have to be discussed in person with finance manager.
I was nice since it was his day off. But let's be real, this is 2019 and finance should be able to disclose not in person via phone or email. Not sure if I should go back in person or not.
Message 4 of 19
Frequent Contributor

Re: Dealer Dilema


@FMC wrote:
I called dealer finance office directly. They said they were busy and would call me back. They had salesman call me back on his day off, told me I had an approval but he did not have terms and they have to be discussed in person with finance manager.
I was nice since it was his day off. But let's be real, this is 2019 and finance should be able to disclose not in person via phone or email. Not sure if I should go back in person or not.

Sounds like they are making it really easy to stop working with them.  If it was me, I'd start looking elsewhere.  I'd also get pre-approved at a bank or credit union.  Anything will do rather than being completely reliant upon the dealer.




Message 5 of 19
Valued Contributor

Re: Dealer Dilema


@FMC wrote:
I called dealer finance office directly. They said they were busy and would call me back. They had salesman call me back on his day off, told me I had an approval but he did not have terms and they have to be discussed in person with finance manager.
I was nice since it was his day off. But let's be real, this is 2019 and finance should be able to disclose not in person via phone or email. Not sure if I should go back in person or not.

I definitely wouldn't go back.

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Message 6 of 19
Frequent Contributor

Re: Dealer Dilema

Only way I would go back without knowing finance terms would be to go in without my trade at my convenience. Car isn't in stock at this location and they told me they wouldn't move it here until after I sign contract. That way they can't play the we have your key game.
Message 7 of 19
Regular Contributor

Re: Dealer Dilema

for the record, 99/100 times, difficult or silly customers make the process painfully hard.  it's not very hard, you know your general credit score, you know what you should be approved for. it's probably true the sales person doesn't know the rate.  so, it's simple. get a BANK DRAFT for the exact amount from your local lending institution...not a pre-approval, a bank draft with the promissory note...show up to buy the car..they either beat the rate you have or you pay with the draft..cash in hand ie a draft will get them to lower the rate if they can.  all these silly ideas that they play games is just made up nonsense..they want to sell you the car more than you want to buy it.  they don't want your keys etc, it's all make believe fake news. they want a commitment from a buying customer, that's it..just like any sales person does. the rest is hokey poky balony from the 70's - early 90's.

Message 8 of 19
Frequent Contributor

Re: Dealer Dilema


@navyitaly wrote:

for the record, 99/100 times, difficult or silly customers make the process painfully hard.  it's not very hard, you know your general credit score, you know what you should be approved for. it's probably true the sales person doesn't know the rate.  so, it's simple. get a BANK DRAFT for the exact amount from your local lending institution...not a pre-approval, a bank draft with the promissory note...show up to buy the car..they either beat the rate you have or you pay with the draft..cash in hand ie a draft will get them to lower the rate if they can.  all these silly ideas that they play games is just made up nonsense..they want to sell you the car more than you want to buy it.  they don't want your keys etc, it's all make believe fake news. they want a commitment from a buying customer, that's it..just like any sales person does. the rest is hokey poky balony from the 70's - early 90's.

 


As someone who bought his first new car in the mid-80s my opinion is that their tactics have only gotten worse and more sophisticated.  I dread negotiating with a car dealer and probably why I keep my cars so long and/or buy used from private sellers.  The only dealer I ever had a pleasureable experience with was Saturn.  I still stalk craigslist for old S-Series cars and have bought my kids 2 of them.  You can call it fake news if you want to, but I will absolutely call it true.




Message 9 of 19
Frequent Contributor

Re: Dealer Dilema

Would Roadloans count? Outside of CarMax, probably worthless.
Message 10 of 19
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