So here's where we are at. We went up to the dealership Tuesday evening, we are working with the finance guy, and he says that only one bank has been responding and that the bank is Prestige (the one who called me). Gives us a list of paperwork we need to provide to finish the "deal" and that we will pick up back up tomorrow. Wednesday morning my husband goes up to the dealership with all of the paperwork we needed, and after 4 hours, lets us know that we have been approved for such amount, with such APR, and such payment per month. He said the problem is he only has 1 vehicle that will work that approval amount, but it is being used as a loaner vehicle right now, and they should have it back later that day or the next day. So we call up there Thursday, salesman lets us know it will be back tomorrow now, as the couple using it lives out of town. Friday comes, I go up to the dealership, and salesman now says it will be here Monday hopefully. So I start getting a little suspicious and go home, and I call Prestige to verify that we ARE approved with them. After 30mins of being on hold, Presitge lets me know that our application was NOT approved. WHAT? Thats frustrating as the finance guy said that was the only bank responding to our application.
Now this all started with my husband and I initially applying through GM Financial so we could take advantage of the rebates. When I told the finance guy that, he said we'd just send our app to other banks as well and see what we get. When he later mentioned Prestige, I asked about GM Financial, and he said "it's funny, some banks will approve you, some won't." Well, duh, I get that. And he never expanded on that further. So after I got off the phone with Prestige to find out we were denied, I decided to call GM Financial and ask about our application. The guy at GM informed me that the dealership never even tried to process our application through GM even though I really expressed how we wanted to start with GM because of the rebates. Now, I understand that most finance guys can look at a credit report and know who will and who won't approve you or even work with you, but we've been with GM Financial in the past and we have a good history with them, no lates etc, which is why I hoped to go through them again. At this point, I dont even know if we're approved, and if we are, who we're approved through. I question if this "loaner vehicle" even exists because I don't see it on their website in their inventory. I don't know what is going on or what to believe. I'm not even going to contact them tomorrow because I am about to walk away from the whole deal. But if it does happen we're approved through SOMEWHERE, I hate to waste inquiries by walking away, and we desperately need a bigger vehicle and this is the furtherst we've been able to get in a year of trying for a bigger vehicle.
Any advice? Does this sound familiar as far as this being something dealerships do just to string you along and hope you go along with whatever crap deal they offer you? This is so confusing to me because this dealership has great reviews. I had to really go back pretty far in their reviews to find even ONE bad review.
