Showing results for 
Search instead for 
Did you mean: 

Help with shady tactics

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
New Member

Help with shady tactics

Hi all!

I am currently in the middle of buying a car, and I could really use your suggestions on how to deal with a shady salesman (not too many people in my life to help me).

Long story short - I was a young goof in 2016 & 2017 and I was late multiple times on my current car loan. I’m finally in a much better place, mentally and financially due to seeing the major impact of credit. Now it’s time for a new car because mine is on its death bed. I’ve found the perfect car at a really great price, so I asked the dealership to proceed with running my credit to determine the best rates. FYI, this is all via text.

He comes back to me with one quote from Wells Fargo at 7.74% apr with the option of a 2500 or 5000 DP (he didn’t give me the APR for each option) for 72 month term. I then remembered I was pre-approved by Capital One but they couldn’t calculate it online since there was other information needed. So I asked him to have finance run it by them. He comes back to me only saying that they were higher with a 9% apr. It didn’t sit right with me so I called Cap One and asked them for the specifics. They told me they actually approved me at 7.06% w/ a 5k DP & 900 trade 531/mo for 71 month term.

I am so FURIOUS and disappointed that he lied. Not sure what I should do? Report him to his manager? Suck it up? I don’t understand his purpose of lying and the benefit he receives from jacking up my apr.

Any helper understanding would be great! I’m taking my car there tomorrow for an appraisal.

PS! I just tried my luck with chase in the middle of typing this rant and they approved me for 5.84 APR, 546/mo, 66 month term, 5k DP.
Message 1 of 8
Community Leader
Valued Contributor

Re: Help with shady tactics

Honestly I would leave it. I’m just not a “stir the pot” kind of person. Believe me I’ve dealt with shady salesmen. At the  ripe old age of 23 I’ve already gotten 3 car loans. He probably wants you to finance with the dealership. I would just utilize your best offer and enjoy the new car. Congrats on that Chase offer—seems like a good step up from the others!

Discover It: 18.7k
Amex BCE: 18k
Citi DC: 4.7k
Once you go Berner, you never go back.
Message 2 of 8
New Member

Re: Help with shady tactics

Thank you soooo much for your feedback, I truly appreciate it. It’s tough to decide when you should or shouldn’t speak up for yourself in these situations!

And thanks so much! I can’t believe I was approved at such a good rate with Chase!! Especially considering my track record lol.
Message 3 of 8
Established Member

Re: Help with shady tactics

As someone who works at a dealership. They have the flexability to mark up the buyrate by 2% if they choose, I would tell him that you will just secure financing on your own and that you spoke to capital one and its 7%. 

Message 4 of 8
Valued Contributor

Re: Help with shady tactics

The manager probably taught him everything he is doing.


Its padding and its legal.  The dealership gets the difference between your rate and whatever they get you to sign for.


New car?


Why not walk out if you don't like your salesman?



Rebuild started in 2014  -  $100k total unsecured credit in 2017  -  $250k+ total unsecured credit in 2019.


       10% Rotating - Discover                             5%-20% - Amazon & Lowes                       6% Groceries - Amex Preferred (DW)
       5% Gas & Sporting - Ducks Unl                 4% Dining & Entertain - Savor                   3% Travel & Hotels - Propel & Uber
       2% Everything Else - Venture                    1% Cancer Charity - Fifth Third                 0% Financing Promos - QuickSilver

Message 5 of 8
Frequent Contributor

Re: Help with shady tactics

Although it’s not always easier, it’s often better to walk into a dealership with your own financing already secured. In my opinion, the only exception to this is when you can qualify for a promotional interest rate through the dealership - like a 0% financing type thing.
Personal Credit -
AMEX: Platinum, Green, Cash Magnet, Schwab Investor
PNC: Cash Rewards
NFCU: Flaghship Rewards, Cash Rewards, CLOC
PSECU: Founders
BB&T: Spectrum Cash Rewards
CapOne: Quicksilver
Discover: IT Chrome
Synchrony: PayPal 2%, PayPal Credit
Barclays: Uber
Store Cards: Target
AU Cards: Citi Rewards+

Business Credit-
AMEX: Blue Business Plus, Amazon Prime, Simply Cash Plus
Message 6 of 8
Frequent Contributor

Re: Help with shady tactics

I wouldn't call this a shady salesman more like "industry standard".  They will try to make money from you 10 different ways and jacking up the interest rate is one of those ways.  This, as you know OP,  is why it pays to be an informed consumer.  Good job!


Minion Congrats.gif

Message 7 of 8
Frequent Contributor

Re: Help with shady tactics

In my opinion, a more apt definition would be "industry standard shadiness." 


@RobertJ wrote:

I wouldn't call this a shady salesman more like "industry standard".  They will try to make money from you 10 different ways and jacking up the interest rate is one of those ways. 

Message 8 of 8