My friend was had, can anything be done?

[Anonymous]

Some dealerships do have that written in. I didn't look for that last night however. I'll have him pore over it tonight to look for that. Regardless our CU is going to bat for him to get the loan back on their part.

The dealer claimed that fairwinds wanted a 4k DP when that was never true. CU mgr went to high school with Sutherlin Nissans finance manager and apparently have him an ear full. Process is going to be finished up tomorrow hopefully.

Regardless our loan officer seems to think we'll either get it refinanced in the morning or take the lien from sutherlin.
Found out their gap charge was just their normal price for it(wasn't sure if it's because it was new or not) CU charges 400. Whether or not you agree with gap(I don't have it) 400 vs 800 is simple numbers and you go with the cheaper one.
It's looking like we won.
If you live in Florida, Fairwinds is an excellent CU(specifically the one near Waterford lakes)

[StartingOver10]

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@Anonymous wrote:
Some dealerships do have that written in. I didn't look for that last night however. I'll have him pore over it tonight to look for that. Regardless our CU is going to bat for him to get the loan back on their part.

The dealer claimed that fairwinds wanted a 4k DP when that was never true. CU mgr went to high school with Sutherlin Nissans finance manager and apparently have him an ear full. Process is going to be finished up tomorrow hopefully.

Regardless our loan officer seems to think we'll either get it refinanced in the morning or take the lien from sutherlin.
Found out their gap charge was just their normal price for it(wasn't sure if it's because it was new or not) CU charges 400. Whether or not you agree with gap(I don't have it) 400 vs 800 is simple numbers and you go with the cheaper one.
It's looking like we won.
If you live in Florida, Fairwinds is an excellent CU(specifically the one near Waterford lakes)

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It is common for the F&I person to lie.  No other way to say it. I am not surprised the finance person said the $4k was mandatory. I have been in the finance office when they told me verbally that the warranty was mandatory to get the rate on financing and I had to show the contract to the F&I guy that the warranty was optional. They just lie right to your face. Not all auto finance people, but many. 

GAP is a huge money maker for the dealership and the F&I guy makes a commission off of any of the add on products (warrany, gap, etching, and anything else he can add). That is the incentive for the finance person to put in as much of that junk as the consumer will allow. That is why you have to read the contract before signing. Once you sign, in general you are stuck with the deal until you can refi out of it or pay your way out of it. 

I'm so hopeful the refi goes through with the CU today. This will remove every bit of profit from the F&I guy's pocket. GL

[Anonymous]

So something about the debt value or something like loan value...i dont remember. was going on. The dealer claimed Fairwinds wouldn't do it because the value was going to be at something like 115% or so, when that wasn't true, the value was actually at 102%(he was allowed to be at up to 105%). 

Our loan officer, once she finished calculating everything even said, "....annnddddddddd...... they lied to you. " 

Dirty dirty dirty....

I had to drag my friend out of bed to get this done(like i said, we're on the younger side) and i had to head to work before everything was finished, but it sounds like everything will be fine within a week or so. Fairwinds is going as high as possible with the dealership for us to get it released to them since their 'partners' and no titlework has been done yet. Worst case, they've all assured us, even if the loan has to be started for a day with the Nissan(? i think anyway) bank, as soon as the paperwork is filed and the loan shows up, it will be refinanced <i>immediately</i>. That's the worst case scenario however.

Also i looked over the paperowkr this morning, unfortunately it explicitly stated there was no cool off period so theres that. Regardless this is all going to work out. 

The gap was 800 from Nissan, it will be 400 from fairwinds, they will simply remove the Nissan one and rewrite it at Fairwinds. Thank you all for your help, we both appreciate it 

[Anonymous]

Sounds like you have helped your friend a great deal.  He should be very appreciative.  Unfortunately finding an honest F&I guy is almost impossible these days. Unfortunately they only get paid by selling products regardless of the need of the customer and marking up interest rates, they cannot mark up interest on a loan they don't arrange which is why this guy made up the 4k down payment so he could get your friend to agree to go with Nissan which he can mark up.  Between having to negotiate a price, a trade value, deal with the F&I guy and then having to deal with the commissioned service representatives dealerships are just not consumer friendly.  The good news is the manufactuers are aware and several are working towards simplfying these transactions and making them more transparent, dealers are pushing back hard so who knows how many more years we will have to put up with this silliness.  The funny thing is the dealers argue against the Tesla direct sales model being legal in many States because they say they are consumer advocates, thats a good one.

[Anonymous]

Hope you get this taken care of to your satisfaction. Once it is all said and done, you need to let your friend know in a very kind way how much you have done for him. You have invested a lot fo time and effort into it. And frankly you seem more concerned about it than he does. So hopefully he will really appreciate your hard work. 

[Anonymous]

Oh no. He's a very good friend. He knows what I've done. I definitely do care more than he does. But only because he doesn't/didn't understand just how big of a deal he was getting screwed on. He was comparing his situation to mine. My first car loan I got 8% earlier this year, but I have a 180+ day late on my file. He got 6% and figured.....Well it's better than what he got.
Until I showed him an amortization calc of what he was supposed to have and what he got he realized the mess up.
He definitely appreciates it. He just didn't know any better. Par for the course in friendships as far as I'm concerned =)

[Anonymous]

This is said friend. I am extremely grateful to both him and the rest of you guys for all the information you've supplied. It has been a huge help and a great learning experience so I'm more prepared for things like this in the future. Again, thank you all so much for your input