cancel
Showing results for 
Search instead for 
Did you mean: 

Did the dealership exaggerate income?...

Valued Member

Did the dealership exaggerate income?...

Called our local Buick dealership, spoke to a finance guy, and he encouraged us to go ahead and apply online through them. About 15mins later I receive a call from Prestige to verify our income amounts and she gave me a number that was about $30k more than I put on our application. I was so confused. How did she get the number she gave me?

The lady at Prestige said she was going to keep working on our application and they would have a decision shortly.
BK 7 Filed: 2/13/18
Discharged: 5/17/18

CreditOne: $400
39 REPLIES
New Contributor

Re: Did the dealership exaggerate income?...

They do it ALL the time!!!!!!

Message 2 of 40
Valued Member

Re: Did the dealership exaggerate income?...

Well shoot, I don’t like that. I don’t want to enter into a purchase out of dishonesty. Do people usually just go along with it?
BK 7 Filed: 2/13/18
Discharged: 5/17/18

CreditOne: $400
Message 3 of 40
Established Contributor

Re: Did the dealership exaggerate income?...

Most people probably don't know.  Unless they recieve a call like you did (probably a relatively rare thing), how would they?

Venture: $18K | Amex ED: $18K | Amex BCE: $15K | NFCU CR: $15K | IT #1: $14.5K | Wells Fargo: $11K | Savor: 10K | Cap1 QS: $8.5K | Barclays Rewards: $7.75K | IT #2: $6.8K | MLife: $6.5K | Sportsman's Guide: $5.9K | NRA: $5.5K | Elan Plat: $2.3K | Cap1 PS: 2K | TRV: $2.5K | Cabela's: $1K


 


Current FICO 8 Scores: EQ: 728 | TU: 736 | EX: 726


Message 4 of 40
Contributor

Re: Did the dealership exaggerate income?...

Yes, this is very common for F&L guys to pad numbers to get approvals pushed through. Remember, they have an incentive for you to get approved...your loan gets approved...they get a check for all of their "white lies." 

BK7 08/2016 DC 12/2016
Cap1 Venture One $3500 | Cap1 Quicksilver One $3000 | Merrick Bank $1400 | Barclays Apple Rewards $2500 I CFNA $1200 (Survived BK7)
I Starting Score 10/2016 Fico8: TU 597 I EX(LP) 607 I EQ 592
I Current Score 5/2018: TU 658 | EX 662 | EQ 668
Message 5 of 40
Valued Member

Re: Did the dealership exaggerate income?...

So when I provide our proof of income, how does that work? It just gets looked over?
BK 7 Filed: 2/13/18
Discharged: 5/17/18

CreditOne: $400
Message 6 of 40

Re: Did the dealership exaggerate income?...

When I bought my current daily the salesman tried hard to persuade me to use their financing. At one point he slid the application to me and said “just sign it.  We'll fill in everything else”. I declined.

Message 7 of 40
Valued Member

Re: Did the dealership exaggerate income?...

All F&I guys do this. I even had one coach me what to say before the bank called me, just 15 minutes later!?  I almost think they are in cahoots with each other.  

I did it! 6 months clean and sober, NO credit card use, at all! Just paying that mess down!

Message 8 of 40

Re: Did the dealership exaggerate income?...


@ENVISOUS wrote:

All F&I guys do this. I even had one coach me what to say before the bank called me, just 15 minutes later!?  I almost think they are in cahoots with each other.  

 

It was a cash sale. I don't know if the salesman had more angst over that or my refusal to buy the black one.


 

Message 9 of 40
Valued Member

Re: Did the dealership exaggerate income?...

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.  

BK 7 Filed: 2/13/18
Discharged: 5/17/18

CreditOne: $400
Message 10 of 40