Financing at dealership possible?

disdreamin · ‎09-09-2017

While my credit is good, I'm car-shopping out of town since a nearby city offers better incentives and pricing and am concerned about obtaining a loan. The issue is with trying to obtain financing through that dealership since I already have a substantial car loan currently, and a hefty mortgage as well. The mortgage is in my name as well as that of my spouse, the problem is that I'd be going to the dealership without my spouse. If the lenders look at my income versus the current loan I have plus the full mortgage payment, I highly doubt they'd extend me an additional loan (the credit union that financed my current vehicle loan apparently barely approved me without my spouse coming in, according to their loan person).

So what do I do? Try to get financing through the CU again before I head to the dealership so my spouse can be there and co-sign or take a chance and make a 2+ hour round-trip solo without being sure I can get financing. I know nothing of dealership financing, so any advice and insight is appreciated.

bigpoppa09 · ‎09-09-2017

@disdreamin wrote:
While my credit is good, I'm car-shopping out of town since a nearby city offers better incentives and pricing and am concerned about obtaining a loan. The issue is with trying to obtain financing through that dealership since I already have a substantial car loan currently, and a hefty mortgage as well. The mortgage is in my name as well as that of my spouse, the problem is that I'd be going to the dealership without my spouse. If the lenders look at my income versus the current loan I have plus the full mortgage payment, I highly doubt they'd extend me an additional loan (the credit union that financed my current vehicle loan apparently barely approved me without my spouse coming in, according to their loan person).

So what do I do? Try to get financing through the CU again before I head to the dealership so my spouse can be there and co-sign or take a chance and make a 2+ hour round-trip solo without being sure I can get financing. I know nothing of dealership financing, so any advice and insight is appreciated.

I wouldn't go solo just by u talking about your debt both of u will probably need to be on loan it's best to get pre approved from a CU before going to the dealer good luck.

clipperskipper · ‎09-10-2017

Have your significant other give you durable power of attorney, this way, he won't need to be present at anything to do with finances. You can obtain the necessary forms online, rocket lawyer for one, print them, and then have it notorized at your local bank, all free of charge.

You will run into some stumblimg blocks down the road, Wells Fargo for example, will tell you that "we have a form for that". That's crap, fax or email them your DPOA, and you're all set.

Anonymous · ‎09-11-2017

As far as the above reply, be careful doing this. Many lender's will not accept POA's for paperwork... some lender's will however but you will probably find that most will not. I think you would be far better off obtaining financing through a credit union before hand and walking into the dealership with that to insure you get the best term's available to you.

clipperskipper · ‎09-12-2017

There's a caveat to this whole thing in that several dealers are manipulating financing so that it stays in-house. How does it stay in-house? Inflated document preparation fees, doc fees. I posted this very subject on another thread, as this is happening more often. What happened? I showed up at a large Nissan dealer in the Boston area to buy a one year-old TCH, that's Toyota Camry Hybrid for the noobs. I explained to the sales person that I had cash for the car, and he quickly blurted out that, there is a $400 doc prep fee, unless you finance it through us, which wound up being WFDS. Not a big deal, as I put half down on a debit card, and wrote a 36 month note for the balance. I paid off the balance in two months, for $13 bucks interest, less than $400. There's really no need to carry paper on a vehicle, save up for what you think you can afford.

Anonymous · ‎09-18-2017

@clipperskipper What you are saying is that they didn't charge you the Doc Fee because you financed the vehicle? Or they discounted the vehicle another $400 because you financed the vehicle with one of their lenders? If they completely waived the Doc Fee then that is against the law...once the Doc Fee is charged to one person it must be charged to everyone that purchases a vehicle unless they have a wholesale dealers license. If you look at your paperwork and there is not a Doc Fee charged then anyone that has purchased a vehicle from that dealership can go and request their Doc Fee back. The Doc Fee must be posted and disclosed in the business office and charged to everyone. By the way, I'm not a "noob" and nobody in the car business calls the Toyota Camry Hybrid a TCH...I've heard some other names for them, none which I can mention here, but never a TCH!

StartingOver10 · ‎09-19-2017

nissanrep, I know you are in the auto sales business (at least I think so), but I have a hard time believing that a document prep fee is required by law. I do believe you have been told that by management because its one of the standard fees many dealerships charge to boost their bottom line. Even a cursory google search shows that the doc prep fee is an add on fee that could/should be negotiated out of the purchase price: http://www.bankrate.com/auto/dont-pay-unnecessary-dealer-fees/

Do you have anything in the "legal statutes" that says a doc prep fee must be charged to the consumer? I don't see how waiving a dealership fee could be illegal. It doesn't make any sense at all.

Anonymous · ‎09-19-2017

@StartingOver10 wrote:
nissanrep, I know you are in the auto sales business (at least I think so), but I have a hard time believing that a document prep fee is required by law. I do believe you have been told that by management because its one of the standard fees many dealerships charge to boost their bottom line. Even a cursory google search shows that the doc prep fee is an add on fee that could/should be negotiated out of the purchase price: http://www.bankrate.com/auto/dont-pay-unnecessary-dealer-fees/
Do you have anything in the "legal statutes" that says a doc prep fee must be charged to the consumer? I don't see how waiving a dealership fee could be illegal. It doesn't make any sense at all.

In my 17 years in the auto business never once heard that it is 'required ' by law. Purely optional fee added by dealerships to increase profit and they may state that they require it but unless there's some weird state law where nissanrep works, no such law exists that requires it to be charged.

Edit-may be some law or ruling by his state's attorney general/courts that says it has to be charged to everyone or people can ask for refunds. I'm sure there is no law that it has to be charged in the first place. Also whatever law/ruling that exists pertains only to the state that he sells in. Most states do have some law pertaining doc fees mostly in an effort to put a cap on the fees or to ensure that they are fully disclosed.

Anonymous · ‎09-19-2017

To be a little more clear about what I stated...The "Doc Fee" in and of itself is not a mandatory fee nor is it required by law. What would be illegal is if you charge it to some people and not charge it to others. That is why I said that all others that were charged the "Doc Fee" would be able to demand it be refunded or to file a lawsuit against that dealership. My response was to the person that posted that they got the "Doc Fee" waived by financing the vehicle with the dealer and that is a way for them to keep financing in house...I simply did not believe that they waived the "Doc Fee" but rather gave more a discount on the vehicle to capture his financing. The "Doc Fee" is 100% additional profit for the dealership and is in no way required. Sorry for the confusion!

jim44 · ‎09-20-2017

You're correct in this one nissanrep. While Doc prep fees are not required by law, if a dealership starts charging them, they can't legally wave them for select future customers. They can however deduct the amount of the prep fee from the purchase price. The prep fee will still show on the Bill of Sale, in fact the fee is sometimes preprinted on the BoS. The poster with the experience at the nissan dealership must have questioned the fee. Most saleman will try to discount the fee in the sales price to try to save the sale Also nissanrep, some customers confuse doc fees with doc stamps.