It was fun

[TPAJETSKI]

We represent car dealers so I have a little insight. Although I've never heard of a dealer taking 2-3 weeks to look for financing, I guess it's possible. Spot delivery is very common especially since most people are not buying a car at noon on a Tuesday but usually during the evening or weekends. While the car is in possession of the potential buyer, the car will have dealer tags, dealer registration, and dealer insurance. The buyer's insurance may not cover damage to the car but should cover the buyer's medical if the car is in an accident. At least in Florida.

[Angrybird 12]

Originally Posted by ticowarbird

Do people REALLY lack a life and post ridiculous things on here that often?

Yes they do. Unfortunately some just want to stir up the forum throwing out some ridiculous post and sit back and see how many fish he catches...(AKA trolling)

Good luck, pre approval with your bank or credit union is always the way to go. That way you know your price range and maximum payment to expect.

[nyrfan]

Originally Posted by ticowarbird

10 and didn't even hear the new one, left after they said higher. NFCU approved me for 30000@7ish

Wow 7ish. You must have some credit issues for NFCU to go that high on the rate. The good thing is after a few on rime payment you'll be able to refi into a lower rate.

[Evergreen6]

Originally Posted by ticowarbird

I now know not to go in blindly, got it, lesson learned. As mentioned before, NOT A TROLL. No money issues at all and now have said preapproval letter from my credit union to use at a different dealership. Why does everyone think I'm a troll? Is it really that difficult of a situation to understand? Or has no one heard of it before and think I'm trying to blow smoke ? Do people REALLY lack a life and post ridiculous things on here that often?

I think people don't understand what a "troll" is. Trolls post inflammatory bullshit. You, you are just describing an unfortunate situation in dealing with a typical car dealership.

Originally Posted by ticowarbird

refused to sign on new terms, big time.

The interest rates you quoted are indicative of less than excellent credit or someone brand new to credit, and may have played into the rejection of the loan on the original terms. Best rates are right around 1.99% right now depending on the term but usually not higher than 3% even on an extended term (48mo+) for people with excellent credit.

It should be as simple as signing the check from your credit union or having them electronically set up the payment with the credit union for the purchase. The terms are set between you and your CU and not you and the car dealership. They just accept the payment for the car in full from the CU at that point.

I think that's where people are calling "BS". There's a piece of the story missing--why, even though you are approved with your own CU, you still don't have the car lined up if you really intended to buy it, or are capable of getting financing for it?

[ticowarbird]

Originally Posted by nyrfan

Wow 7ish. You must have some credit issues for NFCU to go that high on the rate. The good thing is after a few on rime payment you'll be able to refi into a lower rate.

That's the plan. I'm not sure if the fact I'm still financing my Motorcycle has anything to do with it. There's not much else on there besides 2 paid off cars and that I traded in an unpaid bike for said financed bike.

[xnuyokr]

Originally Posted by ticowarbird

The bank approval came after they tried all the other banks. They said they tried every bank possible and Couldn't get anywhere. I called my bank and they wrote the check right there for me to use at any dealership. Doesn't sound like they tried every bank.

And why didn't you take THIS check and pay for the car?

[nyrfan]

Originally Posted by ticowarbird

That's the plan. I'm not sure if the fact I'm still financing my Motorcycle has anything to do with it. There's not much else on there besides 2 paid off cars and that I traded in an unpaid bike for said financed bike.

That is part of your problem, you really have no credit file. You need to start building your file up with other credit lines. Having no credit is just as bad if not worse then having bad credit.

[nyrfan]

Originally Posted by xnuyokr

And why didn't you take THIS check and pay for the car?

My guess would be the car totaled more the 30K or the situation left a bad taste in the OP's mouth. With a Credit Union they approve you for an amount, in the OP's case 30K and give you a blank check. This check is then filled in by the dealer for any amount up to the approval amount, again in this case 30K.

[ticowarbird]

Car was less than 30k but did leave a bad taste. Car was great, no problem with the salesperson and wasn't like he twisted my arm or anything. Was a last minute deal that I thought would go through but didn't and now I have more options (preapproval in my pocket) and a little more sense to take my time and find something rather than jump straight into a car and calling it a day.

[robotfighter]

This almost happened to me. Basically, the dealership gave me the car based on my credit and income, but couldn't get the car financed until they checked with my bank. I believe this was because I had a short sale due to a divorce the year prior (yes, the Camaro was a divorce gift to myself).

[TPAJETSKI]

Originally Posted by nyrfan

My guess would be the car totaled more the 30K or the situation left a bad taste in the OP's mouth. With a Credit Union they approve you for an amount, in the OP's case 30K and give you a blank check. This check is then filled in by the dealer for any amount up to the approval amount, again in this case 30K.

I think it still has to meet loan to value parameters. If he's financing 30K on a car that is only worth 25 he could still get rejected. I'm sure you know this but I just wanted to clarify

OP, at 7% I'd wait until my credit got better before I financed a car.

[nyrfan]

Originally Posted by TPAJETSKI

I think it still has to meet loan to value parameters. If he's financing 30K on a car that is only worth 25 he could still get rejected. I'm sure you know this but I just wanted to clarify

OP, at 7% I'd wait until my credit got better before I financed a car.

Correct. I guess I was just thinking in terms of a "new" car and even then it "could" happen with some dealer markups.

[TommyTheCat]

This is pretty common actually. My parents bought a "brand new" pontiac back in the late 90's with 500 miles on it. Supposedly it was just used to test drive a lot, but once they started the paperwork they tried getting them to sign something stating they were buying a USED car, because in CA any car driven off the lot after paperwork is considered used.

Someone had taken it to buy it, and then the bank did not finance them like the dealer had hoped. Couldn't find a finance team so they had to return the car and the dealer then loses a new car and gets a used one in return.

It kinda has to be that way, or else we'd all go to dealerships and wait a week to actually get the car.

[nyrfan]

Originally Posted by TommyTheCat

This is pretty common actually. My parents bought a "brand new" pontiac back in the late 90's with 500 miles on it. Supposedly it was just used to test drive a lot, but once they started the paperwork they tried getting them to sign something stating they were buying a USED car, because in CA any car driven off the lot after paperwork is considered used.

Someone had taken it to buy it, and then the bank did not finance them like the dealer had hoped. Couldn't find a finance team so they had to return the car and the dealer then loses a new car and gets a used one in return.

It kinda has to be that way, or else we'd all go to dealerships and wait a week to actually get the car.

No it doesn't. The smart move and people in-the-know (who need financing) line it up well before ever stepping into a dealer. Even when it comes to 0% offers by the dealer, unless you know your auto enhanced credit score going into it, I'd still suggest outside financing as 0% qualifications are usually pretty high. The OP did more damage then good to his credit report as there are probably 15-20 credit pulls on it now (as the application was farmed out) and he did even get the loan.

My biggest suggestion to people is join a local Credit Union for ALL your banking needs. CU are soooo much better than the big commercial banks and want to really help you with your needs. I personally belong to 11 CU's (most I've never taken a step into). I have my money and relationships well diversified for any financial needs that may arise.

Any wether you are with a CU or a big commercial bank, never have just one relationship. ALWAYS have at least 2 banking relationships.