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.
WALK AWAY. WALK SO FAR AWAY, YOU WILL TAKE THE NEXT BUS OUT OF TOWN. This guy is a scam. He was hoping to do the deal with Prestige, but for some reason they backed out of the deal, so he was trying to "buy" time to reshop your deal around. Never ever make a deal on a car, especially financing and paperwork till you physically see the car. I would have never even had him run my credit without a physical car on the lot.
If it hasn't been 30 days, just find someplace else. You don't need to beg no crook for a car. Make them beg for your business. Girl, let me tell you, when you know something is fishy, it most definitely aint duck. I know you so want this vehicle, but what if this couple took it off roading through the desert at Burning Man and it came back with scuffs, dirt, dog hair, balled tires, engine light on and a blown head gasket. I don't know where you live, but there has to be another dealership within a 1 hour drive that you can deal with online.
I agree with you. This just sounds so wrong to me and it pisses me off. I agree with you, I think we will walk away and try again in 3-6 months somewhere else. We NEED a vehicle but I am not about to let them think that I WANT a car so bad that I'll just take whatever they offer.
Sounds good. But if you NEED it, try to do it within the next week or 2 to minimize the inquires, because as you know, all auto loan credit pulls within a certain time span counts as one. Did you try the CapOne pre-approval auto loan thing? You might have a better deal with that and then you can take it anywhere. Here's a linky:
We did on 5/23 and it said they weren't able to pre approve us at that time. How soon can you try again? Cap One and GM Fin were the only 2 places we tried before heading to the dealership.
Good news is, my husband just opened a PenFed account (today), so I am hoping that will be where we can start later on down the road when it is time to try again.
I agree this guy does sound fishy but the reason he probably didn't send the deal to GM Financial is they usually require your BK to be discharged for at least two years.
Well you have already told me more than he would. Haha. If he would have told me that then I would feel a bit better. Rather than just beating around the bush. I'd rather they were straight forward with me. Thank you for letting me know though!
Yeah I would walk away from this deal as well. As mentioned, sounds like he was trying to push through Prestige as they would have made the most money off of the back end of the loan through an APR mark up and not as much through GM Financial. He really should have pushed your app through GM.... if he can't be at least honest enough to try with GM then he's a crook and you should run because he'll sell you anything. THe worst recipe for someone coming out of a BK. You need a salesman whose extremely honest at this point. Second thing is a prev post is right, never buy a car you havent seen. He was going to push your app through Prestige and sell you anything that would make the deal work regardless of how you feel about the car. I am sure you can find somewhere else that would help.
Have you considered going directly to GM financial for your loan? No need to go through a dealership, apply online.
Unless the rebates are gone.