Please help - I think they're trying to do a point spread on me!

[Booner72]

At the subaru dealer the finance guy knew my EX was 714 and EQ was 658.  He said he pulled EX bc Chase aka Subaru  uses Ex.  Well, EX bank calls me SUNDAY MORNING (just now) to find out if our other truck loan is paid off.   They had given me a quote of 8.9 yesterday and I said NO WAY.  Well when I tell the bank this today, he says WOW if your EX is 714 we can do better than 8.9.

The bank guy also said that SUBARU DEALER sets the rate.  That I'm approved by Chase but SUBARU SETS THE RATE.

I told the Subaru Finance Guy yesterday that I would not buy any car with anything over 5.5%.  Why would he lie to me and blame BANK when Bank is blaming SUBARU?

 

What's the truth and who do I believe?

Also the dealer sent me home in the car, which is good so I can really test it out, would he do that if he wasn't getting me a better rate?

[tooleman694]

Because he will make more money from the bank if they give you a higher interest rate.

With a 714 you should be getting the best rates possible..

[Booner72]

I thought so, too.  The Car Dealer Finance Guy said he talked to even another credit union and they offered 9%, too.  He is now saying no one will use my EX score which is why I'm getting the 9% bc of EQ being 658.

Its not looking good.

[tooleman694]

SUBARU should be using Ally bank..

[wwinter]

I would strongly suggest you go back and give them the keys to their car back.  It bodes VERY badly for their ethics that they would attempt to lie to you like this.  

I negotiate with lawyers for a living (I represent artists) and I've learned over the years the most powerful word you have in your negotiating arsenal is NO.  You have good credit scores.  You should be getting sub 5.0% APR's no problem.  

I think they sized you up as a sucker and proceeded to try to take advantage of you.  The LAST thing they will expect is for you to come back in with the car and tell them "thanks but no thanks" and just walk away.  I'd be surprised if you made it to the door before they came squirming over to you promising to "see what they can do" and then miraculously finding you a 5ish% APR.

Granted, what I'm suggesting is some pretty aggressive negotiating but since they've already lied to you I wouldn't give them an ounce of faith or an inch of rope.  There are dozens of dealerships in your area (unless you live in arctic circle) who will sell you a car with a fair APR and no BS.

[Booner72]

Hi WWinter - Yep, that's what I planned on doing tonight.  But they "amazingly" came up with 5.24% and claimed they "convinced" the credit union to use my EX score instead of my EQ score.

Yes they are liars.  I did agree to the warranty but I am sure I will be canceling it if I find bad info on the BBB or from FICO Forum member's experience and advice.  But if it is something I should keep, I will.

I've been looking at Subaru Foresters all over for over a week online and this is by far the best price considering the low miles.

For about 1600 I got a "CNA MECHANICAL ADVANTAGE" plan for 3 years.

Thank you so much for your reply!

[cybarra2003]

I'm in a similar situation. Dealer showed me 648 EX. and offered 8% interest but made the mistake of flipping his screen towards me where I clearly saw the 666 auto enchance score. I asked about it and he played coy saying most banks wont use that score. We walked out and went to another dealer where he actually printed out the score saying this is the score (auto enchanced) that is used to determine interest rates. We were then offered 1.9 for 60 months or 5% on 72 months. I was surprised at the difference between this dealer and the last.

[Booner72]

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@cybarra2003 wrote:

I'm in a similar situation. Dealer showed me 648 EX. and offered 8% interest but made the mistake of flipping his screen towards me where I clearly saw the 666 auto enchance score. I asked about it and he played coy saying most banks wont use that score. We walked out and went to another dealer where he actually printed out the score saying this is the score (auto enchanced) that is used to determine interest rates. We were then offered 1.9 for 60 months or 5% on 72 months. I was surprised at the difference between this dealer and the last.

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NICE JOB!!!  GOOD FOR YOU!

[wwinter]

It's funny... I often think most cars salespersons are just failed real estate jockeys and that most real estate salespersons are just failed car salespersons.  Am I alone here?  Naturally, there are talented professionals in both industries I just find them very hard to locate.