Financing Mix Up

[Livestrg05]

Some of you might know I'm new around here and really enjoy cruising around the forum - I've learned so much already. I haven't posted pics of my car yet to formally introduce myself but I'm now involved in a financing mix-up. I bought my Camaro on a Sunday approx 4 weeks ago. The next week I get a call from the F&I guy advising they got me a lower rate with another bank and I needed to come in to sign new paperwork. I tell him I live 3 hours away and can't get down there are willy nilly and to mail them to me and I'll return them asap (I'm happy though cause my payment goes down 30 bucks)

Jump to a week and a half later and I finally get an overnight FedEx with the paperwork, sign it and return it in their own envelope via FedEx back to them. A couple weeks go by and now I realize that my first payment from my original paperwork was supposed to be the 21st but I've never received anything from either the original bank or the new bank including the payment book, etc. I have no idea if the payment's due or even where to make it.

I call the guy and he says he never received back the paperwork I'm ticked off wondering why he didn't call me sooner?!?! I ask him what to do because I haven't received anything from the bank and I'm about to get paid and need to know whether I need to make my first payment - obviously I don't want to be late. He says "Oh, don't worry about the loan right now." He said he'll track the paperwork this morning and then give me a call from there.

Sorry for the long story, but I feel like I'm in a predicament. Has anyone gone through something similar? I imagine my first payment isn't going to be due this month because the loan hasn't yet been finalized if he hasn't received the paperwork but I don't know and I can't get a straight answer from this guy!

[trm0002]

Originally Posted by Livestrg05

Some of you might know I'm new around here and really enjoy cruising around the forum - I've learned so much already. I haven't posted pics of my car yet to formally introduce myself but I'm now involved in a financing mix-up. I bought my Camaro on a Sunday approx 4 weeks ago. The next week I get a call from the F&I guy advising they got me a lower rate with another bank and I needed to come in to sign new paperwork. I tell him I live 3 hours away and can't get down there are willy nilly and to mail them to me and I'll return them asap (I'm happy though cause my payment goes down 30 bucks)

Jump to a week and a half later and I finally get an overnight FedEx with the paperwork, sign it and return it in their own envelope via FedEx back to them. A couple weeks go by and now I realize that my first payment from my original paperwork was supposed to be the 21st but I've never received anything from either the original bank or the new bank including the payment book, etc. I have no idea if the payment's due or even where to make it.

I call the guy and he says he never received back the paperwork I'm ticked off wondering why he didn't call me sooner?!?! I ask him what to do because I haven't received anything from the bank and I'm about to get paid and need to know whether I need to make my first payment - obviously I don't want to be late. He says "Oh, don't worry about the loan right now." He said he'll track the paperwork this morning and then give me a call from there.

Sorry for the long story, but I feel like I'm in a predicament. Has anyone gone through something similar? I imagine my first payment isn't going to be due this month because the loan hasn't yet been finalized if he hasn't received the paperwork but I don't know and I can't get a straight answer from this guy!

You must know who the original lender was even if you haven't received a payment book or whatever yet. Call them directly and find out the story from them. You really don't want to miss the first payment on a new car. That said, I picked up my car May 19th 09 and my first payment wasn't due until July 1st so I wouldn't be in freak-out mode yet if I was you.

[heRS]

Same here, took the car home 7/19 and first payment was due mid-september. Give him a couple of hours to do his job and track your stuff down. If the paperwork is truly lost then I'd consider taking my business elsewhere.

[Livestrg05]

Yes, I know the original lender but I don't have a loan number or anything additional to provide to the bank other than my name and SSN. My first payment was supposed to be October 21st so I'm getting concerned. I'm more upset because I feel like someone dropped the ball on the dealer side of things.

[trm0002]

Originally Posted by Livestrg05

Yes, I know the original lender but I don't have a loan number or anything additional to provide to the bank other than my name and SSN. My first payment was supposed to be October 21st so I'm getting concerned. I'm more upset because I feel like someone dropped the ball on the dealer side of things.

It doesn't matter. They can look up anything currently related to you by your SSN.

[shockandawe]

Free car!

[ffrcobra_65]

sometimes, when a dealer says, "oh, we got you a better rate, come back and sign the loan docs," there is always something in it for them and they will ask you for additional money to add to your original downpayment. BS that they didn't get the docs you sent back. You probably didn't read the entire document which says they need more $$ down and when they opened the envelope and saw no check, the new docs went to the trash can and they decided to send out the original docs to the lender.

[SlowSS]

I wouldnt be going nuts just yet...ironically my first payment is also due on the 21st. Did you buy your Camaro on the 6th of Sept?

[Livestrg05]

I bought it on Sept. 12th. Still waiting on a call back about the tracking # for the UPS docs. Should have written it down before I sent it out...stupid me on that one. Also, I didn't put any money down; I had a lot of trade equity so no way I'm putting more down.

[zirotti]

This sounds pretty fishy. They had you approved and signed contracts with one lender, and you drove off the lot. Then, they tell you that they got you a better rate with another lender?

I bet what happened was that they ****ed up the original deal and have to have you resign with another lender because the first wouldn't buy your deal, OR because they are getting a kickback from the new lender.

Who is the dealership?

[Livestrg05]

Originally Posted by zirotti

This sounds pretty fishy. They had you approved and signed contracts with one lender, and you drove off the lot. Then, they tell you that they got you a better rate with another lender?

I bet what happened was that they ****ed up the original deal and have to have you resign with another lender because the first wouldn't buy your deal, OR because they are getting a kickback from the new lender.

Who is the dealership?

Cox Chevrolet/Mazda in Bradenton, FL

[Betro02]

My bet is that they did not had an original lender they had you on a spot delivery, so they sent your app to different lenders and one of them gave them a good buy rate and then the dealer sent you the new paperwork. Call your F&I guy and ask him what bank has your loan.

[rydahog]

Tomorrow is MONDAY,,, at 9 a.m. sharp i would be on phone with BANK, or whoever has /had your loan and get some info... ASAP!! DEALERS have been doing selling cars for many moons....something here is different,,, they never make mistakes like this, UNLESS there is something in it for them....... why would they look out for your interests on saving you money..?????????? get some info!!! FASTTTTTTTTTTTTTTTTTTT!


p.s. keep us updated!! thanks

[el ess A]

Good luck with all that. I agree, call the original bank and make SURE you don't owe them anything.

You know what really seems to be missing in these types of threads? ......

.... current dealer input from salespeople that cruise the forums.

I never gave it much thought until now. If people that worked in "car sales" environment would step up and addressed on how one could counter stupid stuff like this, it'd surely help.

Maybe they don't because they don't want to divulge their strategies/tactics to separate you from your money. Or maybe they don't want to step on "an industry brother/sister's toes". Or they don't want people to think THEY do it, too. I dunno. There are some honest dealers out there, and those are the successful ones. The ones that hurt are the ones that don't look past the last sale and will do anything, above or below board, to make the sale.

In contrast, when we bought our Camaro, we were treated so well by Eric and the staff at Classic Chevy in Grapevine, TX that we sent him a very nice gift once we returned home. Probably the reason they're #1 in sales.

Most dealerships I've been to, the sales and finance folks work arm in arm and it'd be hard to believe someone in sales couldn't learn the "tricks of the trade" from the finance folks by osmosis at least. It'd be nice to get an honest someone who actually could give the inside dirt on the shady tricks dealers use.

A few years ago, I saw one of those 20/20 shows where a guy went undercover with a hideaway camera at a dealership...wow! They exposed the dealership as a bunch of crooks. They got a good business model and totally did the opposite of what you should be doing. One particularly upsetting deal was how they scammed an old lady.

After I retire, I might go into new car sales and learn those tricks, then post them up as a PSA... Someone needs to do it.