Quote:
Originally Posted by 2010SS2SS
If theres an approval through one bank, what would not go through if you have all the stips (i.e. proof of income, proof of residence) and the rate would then not be "estimated" because you give them the rate "approved" in your scenario. If you get a bank to do it for less then you can recontract.
Your post makes NO SENSE! I have done financing in the automotive business for 20 years
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Really, 20 years and you don't know what I am talking about? Must not do much business. Here, Barney style...Bank "A" approves the loan (high rate)...Bank "B" will probably give a better rate, but has not sent back the approval. Finance Manager does paperwork on Bank "B" paper at Bank "A's" rate. If Bank "B" approves the loan...dealer just held points and made money on financing on the back end...If Bank "B" declines the loan, the Customer has to come back and resign the paperwork on Bank "A" paperwork with no change in rate or payment.
I hope I helped you with your financing job. Your dealer will be much happier with you now that you have an idea of how to make extra money for him and it only took you 20 years to find out.