Dealer taking car back!!

[DCPTCON]

Originally Posted by steveo9043

I do not blame you for not wanting to spend more. Is there any chance of a co signer?

I dont know your credit history or anything but my score is around 660 and with 1500 down I got 5.5% financing on 72 months. Being 23 with not a long credit history I thought that was great.

There is simply no way your credit score is 660 and you qualified for 5.5% financing with no prior installment loan history. Not at all.... my credit score was 697 at the time and they tried to give me a 10% rate.

[AnnaBear@SpartaChevy]

We do 'spot deliveries' all the time, but only AFTER we have financing APPROVAL from a financial institution.

This is ridiculous that this goes on!

[Caswell239]

Leyuyccoeoj

[67 Convertible]

How do you get a new car registered with no approved financing?

In Massachusetts, you have to list the lien holder on the title and the insurance policy.
No lien holder, no title, no insurance, no car, no deal and you can't take posession or drive out of the dealership.

[Earthshaker6]

Originally Posted by DCPTCON

There is simply no way your credit score is 660 and you qualified for 5.5% financing with no prior installment loan history. Not at all.... my credit score was 697 at the time and they tried to give me a 10% rate.

Sorry to hear about your financing...the dealer (or your bank) saw you coming. 668 credit score here and 4.99% for 72 mths. If I were you, I would be looking for a refi. 10% is crazy this day and age.

[destroyerofu2]

I had 730cs and financed from the dealer at 4.00% for 72mths back in april of 2010
just refinanced this june at 740cs for 3.25% for 60 mths.

[2010SS2SS]

They have no recourse if you signed a contract. I have been a sales manager for 10 years.......trust me

In Michigan that is right but it doesn't cover ALL states!

We do 'spot deliveries' all the time, but only AFTER we have financing APPROVAL from a financial institution

Hmmmmmmmmmm....Hope thats a joke because then it wouldn't be a SPOT delivery!!

[Earthshaker6]

Originally Posted by 2010SS2SS

In Michigan that is right but it doesn't cover ALL states!



Hmmmmmmmmmm....Hope thats a joke because then it wouldn't be a SPOT delivery!!

She is talking about spot delivery on an estimated rate after at least one bank has approved the loan. Dealers do this because they know they have the deal approved...but they expect a better rate from another lender. They will "spot deliver" the vehicle on that lender's paper and may have to call the customer back in if that does not go through.

[2010SS2SS]

They will "spot deliver" the vehicle on that lender's paper and may have to call the customer back in if that does not go through

one bank has approved the loan

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

[Earthshaker6]

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

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.

[DCPTCON]

Originally Posted by Earthshaker6

Sorry to hear about your financing...the dealer (or your bank) saw you coming. 668 credit score here and 4.99% for 72 mths. If I were you, I would be looking for a refi. 10% is crazy this day and age.

That seems pretty backwards. I ended up with a 2.75% so I'm not doing too bad

[ffrcobra_65]

Originally Posted by Earthshaker6

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.

this cracked me up, I dunno why but I find it hilarious!

[buzzy56]

Now where else can you get entertainment like this !

[steveo9043]

Originally Posted by cheech4235

I have done a little more research. The scam is called spot delivery. Anyone looking to buy a new car should google it. They take advantage of people with bad credit by letting them drive off thinking they own the car and then try to get you to pay more in financing or more of a down payment after telling you they want the car back.

They said they misplaced the second key and had to order a new one and it hasn't come in yet. That should have been my first clue.

My girlfriend already got rid of her car so she will be without a car if I give it back.

I havent mentioned the dealer yet, but I will once I give the car back and the original deal has fallen through.

Best bet is to read reviews, I almost dealt with the same dealer like I told you in the PM. Will never do business there.

Originally Posted by DCPTCON

There is simply no way your credit score is 660 and you qualified for 5.5% financing with no prior installment loan history. Not at all.... my credit score was 697 at the time and they tried to give me a 10% rate.

Who said I had no prior installment loans? I said I have a short credit history. My 01 GTP I got 14.4%, My 08 Pontiac G8 I got 11%, My Camaro I got 5.5. It was originally 6.5 but I bought some extended warranty that was like 2500 and that had the APR drop 1%.

Originally Posted by Earthshaker6

Sorry to hear about your financing...the dealer (or your bank) saw you coming. 668 credit score here and 4.99% for 72 mths. If I were you, I would be looking for a refi. 10% is crazy this day and age.

Originally Posted by DCPTCON

That seems pretty backwards. I ended up with a 2.75% so I'm not doing too bad

I had perma grin from the car and the financing I got.