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Spot Delivery Scam? Maybe not?

User1996
New Member

Spot Delivery Scam? Maybe not?

So I went into a Mazda dealership 3 dats ago to get a 2019 Mazda 3. Me and the salesperson did the usual routine. Now I know my credit file is thin and of course I’ve worked on it. I just have 2 credit cards with $500 Limit on both. Credit history is a year and a half. I told them myself I know my file is thin. Now here is the interesting part, after talking downpayment, she said I was approve for 2.9% with Mazda capital services(basically chase). I was shocked because I did not expect that. I did tell them I have up to 18,000 to put down because I did not want a high interest loan for more then $10,000, but at that interest rate I only put 8000 down. I told them if the interest rate is high I was just going to buy the car cash. She behold I aperantly have approval for 2.9%. Now I signed a lot of paper work then realized I signed a “spot Delivery” form saying pending final approval from financial institution. I was alarmed immediately and did end up taking the car home and went right back to the dealership. They insistent that I was approved for that rate. I asked for paperwork, I know I should have done this the first time but it was my mistake. They said everything is fine. Then fast forward to today the loan appears on my chase account (I have a checking account with them as well) Everything should be fine correct? Just confused how I got such a decent rate for my thin credit file. My score they ran was 723(Transunion).
Message 1 of 6
5 REPLIES 5
calyx
Super Contributor

Re: Spot Delivery Scam? Maybe not?


@User1996 wrote:
So I went into a Mazda dealership 3 dats ago to get a 2019 Mazda 3. Me and the salesperson did the usual routine. Now I know my credit file is thin and of course I’ve worked on it. I just have 2 credit cards with $500 Limit on both. Credit history is a year and a half. I told them myself I know my file is thin. Now here is the interesting part, after talking downpayment, she said I was approve for 2.9% with Mazda capital services(basically chase). I was shocked because I did not expect that. I did tell them I have up to 18,000 to put down because I did not want a high interest loan for more then $10,000, but at that interest rate I only put 8000 down. I told them if the interest rate is high I was just going to buy the car cash. She behold I aperantly have approval for 2.9%. Now I signed a lot of paper work then realized I signed a “spot Delivery” form saying pending final approval from financial institution. I was alarmed immediately and did end up taking the car home and went right back to the dealership. They insistent that I was approved for that rate. I asked for paperwork, I know I should have done this the first time but it was my mistake. They said everything is fine. Then fast forward to today the loan appears on my chase account (I have a checking account with them as well) Everything should be fine correct? Just confused how I got such a decent rate for my thin credit file. My score they ran was 723(Transunion).

If it is on  your account and is correct it should be fine.   Not every spot delivery is a scam, sometimes they're just desperate enough for the sale.   You put down a hefty deposit, I'm sure that helped.  And years ago, when I had an even thinner file (just a student loan), I also got approved for a 2.9% autoloan with Chase (Subaru Financial).



F8 EQ: 809 | EX: 802 | TU: 805 | Accounts: 1/6 4/12 6/24
Happy practitioner of AZE7or8or9or10 | Team Finances > FICO
Message 2 of 6
User1996
New Member

Re: Spot Delivery Scam? Maybe not?

Yeah I know they are all not scams, but with the thin credit file I have was caught off guard with that 2.9%. Thank you for the response I was just worried but seeing it on my chase account should mean everything has been approved correct?
Message 3 of 6
shoegal
Valued Contributor

Re: Spot Delivery Scam? Maybe not?

I don’t think it is. I bought mine 2 months ago and was offered the same rate. The loan show up on my chase account right after that and I just made my first payment, recently.


Message 4 of 6
Morpho
Valued Contributor

Re: Spot Delivery Scam? Maybe not?

You put down about 40% it seems. With that much down most lender would pick up that loan  at a decent rate. Congratulations. That’s actually a solid technique if you have a thin file or low scores.

Message 5 of 6
DaveInAZ
Senior Contributor

Re: Spot Delivery Scam? Maybe not?

Yeah, with that much down most lenders would jump at that loan even with the low rate (which is probably subsidized by Mazda), and your banking relationship with Chase very likely helped.

 

And Congrats! The 2019 Mazda 3 is a very nice car! I've become a Mazda enthusiast, I bought my first Mazda in 2015, a 2013 Mazda2 from Hertz. I liked the car but it was a bit small & light and bare bones for me, it is their entry level model and no longer sold in the US. I traded it in on a 2016 Mazda CX-3 in Sept. 2017 and man do I love that car! Drives like sports car with the sure footedness of all wheel drive. Zoom zoom!

Message 6 of 6
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