Financing Mix Up

[Russell James]

spot deliveries and a recontact later to change the deal..... the signs of a shady as hell operation.

I'd ask and expect some clear answers.

What is the tracking number on the return package I sent you?

What are the exact terms of the first deal? Price, trade allowance, down, %, months... Why did it not get approved.

What are the exact terms of the second deal?

A quality dealer handles everything before you drive off. Financing approved, final contracts signed.... done deal.

Shady as hell dealers do spot deliveries and then put you through all the hassles of changing things after the fact. $30 a month cheaper sounds nice, but I wonder what the rest of the story is. Are all the terms exactly the same and just a lower rate?

[Livestrg05]

Looks as though I was able to find some info based upon some dirt digging with UPS. Found the tracking number that shows they received it, only problem is that according to UPS they only received it today?!? This could end up being UPS's fault but the hell is still continuing as new papers have already been drawn up so even if the package received today was the second paperwork, it may not be valid any longer if that approval was already voided/cancelled/expired... *head explodes* Waiting on another call back.

[Mdun6]

I cannot tell you enough how carefully you should read this loan cantract before you sign it. Dealers can really screw you hard and some will without hesitation. I would really do some checking on this dealer to see if they have had issue's in the past. This sounds like the old bait and switch to me.

[el ess A]

Originally Posted by zirotti

Alright, here is what most likely happened...

Finance Mgr tells you your payment will be $600 a month, 4.99% at 60 months. You sign, drive off, all is well. Well, what probably happened was that he sold you on a higher rate than he should have. The bank may have had a maximum rate at say, 3.99%. He was hoping to bump you on the reserve (the money made from the back end of the deal) but then the lender kicked it back saying that the rate was more then they were willing to pay, hence him calling you back and telling you that he "got you a better rate".

So, if it's the same lender & term, but the rate/payement went down, this is probably what happened.

Thanks for explaining things like this. There are some people that have no clue about the kickbacks. Personally, as a buyer, I don't care as long as I feel I'm getting great terms.

I'm also feeling so fortunate to use the GM employee price when I buy vehicles. I already know the price going in, and the ONLY thing that needs to be tweaked is the finance rate. It pays to check the numbers too so as to ensure the "TIL" statement is actually true as to the total amount you're paying.