@Anonymous wrote:
Just to update everyone
I got a call last night from the finance department saying he had great news and that I was approved from Lexus financial, everything worked out. They just need $1200 down from me (it’s understandable, I have no credit history and my credit score is only in the 500 range, I got mad at them for keep wanting a large sum of down payment from me so they deducted it to $1200, I told them I will have it next month and they’re totally fine with that, now I’m also waiting on my new job offer letter, once I have these two factors ready I can take the car home. They’ve already taken the car off their inventory list and sent me a thank you email for purchasing at their dealer. And since I payed even more down payment be said he’ll contact me in a couple of days to tell me my new lowered monthly payment.
The main reason that I was approved was also because I used to owe almost $3000 to a credit union, but before purchasing the car I payed it off in full so that’s a big plus for the bank/lender to see. And also my new job is at the post office and it’s a government job, it pays well and it’s stable so they know that I will be making the monthly payment on time and I’m a trustworthy person. But then again, I can only hope the offer letter comes soon, the government is so slow I’m about to lose my mind. But if the letter doesn’t come in on time, that’s fine. I’ll lose the deal, and get another loan once I’m fully prepared. It’s just that I’ll feel real bad for all the people that worked so hard on getting me approved.
Just be careful ok. I don't want them to be wasiting your time, like dangling a carrot in front of your face, just so you can't "shop" around to other dealers. In the mean time, contact another dealer, but don't tell them about already going to another dealer to negotiate a deal. It's not "Final" until you actually take delivery of the vehicle. Most dealers also do defered down payments. Ask them could you do a post dated check. Next month is quite awhile away for a dealer to hold a car. Don't give them anything until you have read EVERYTHING.
I just purchased a replacement vehicle after my other one I purchased 5 months ago was totaled, and the dealership i purchased the original car from, had the nerve to call me, and say I still owed them $500. I said, "I gave you 2 defered checks, one for $500, the other for $1000. I don't owe you anything". Welp, come to find out, the F&I guy, put in the paperwork that I actually had put $2000 down. Just to push through the paperwork to Nissan Finance. She wanted all this proof and mess, but she was playing head games and i told her I'm not paying it, because That is not what I signed on the defered check forms, or the checks that I wrote out.
Still haven't heard a word back. Also, make sure you are signing a lease form. My cowork, got slipped up, thought she had signed for a lease, but the dealer did a bait and switch, and she was actually signing a balloon purchase contract, hence why she only put $1000 down. I truly hope that you get the car that you want, but don't be afraid to venture out and explore other dealers. You basically have a whole month. Heck, raise those scores, and you might be able to tell that dealer that after thinking about it, my score is much better, and I want a better deal. Or your walking.
Good luck, and be patient. They want to work out the deal. Just don't do a 5 year lease! Yikes!
