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Old 06-26-2014, 12:46 AM   #29
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Times are tough to sell cars I guess. I feel bad for the OP for not being approved, Real bummer, but if the dealer was able to approve him with 15% interest or even more they wouldn't hesitate a minute. In a way, good for them, the OP got a free camaro rental.

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Old 06-26-2014, 01:04 AM   #30
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That sucks but keep in mind that dealership does not represent all GM I got to take mine home early to but all I needed was to bring in my new DL and insurance card everything else was finalized
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Old 06-26-2014, 01:38 AM   #31
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This happens in legitimate cases, and as a scam as well. In the legitimate case, usually the dealer gets a soft approval or instant approval based on credit score during an evening or weekend, holiday, when the bank is closed, but when the loan actually goes through underwriting at the bank and credit history is reviewed, the loan can be rejected, or the amount financed can be rejected and the buyer is only approved for a lower credit limit.

This is also done as a scam too, in attempt to get the buyer to re-sign the contract at a much higher rate.

This is the risk of not arriving at the dealer and paying cash OR having your own financing lined up in advance, and staying within a budget.

It's usually in the best interest of the dealership and the bank to get the buyer approved. End result...if the buyer doesn't end up with a new car it generally means the buyer isn't credit-worthy or has refused to re-sign on different terms...
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Old 06-26-2014, 05:18 AM   #32
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You were signed by a dealer who uses a risky and aggressive financing model. If this was a spot scam, they would have come back to you with a higher interest rate and tell you that you had to sign. If this was a soft approval situation, which is legal, they ask for the asset to be returned if the underwriter rejects the loan.
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Old 06-26-2014, 05:36 AM   #33
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Just plain stupid on the OP. Sounds like he has money issues but mostly likely is a troll. Never go into a dealership without being approved and have a letter in hand from your bank show it to the dealership, the dealership will try and get you to finance the car through them because they will make money on the transaction. I always tell them I'm preapproved and give them an outrageous interest rate and see how they respond.
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Old 06-26-2014, 05:40 AM   #34
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Old 06-26-2014, 05:43 AM   #35
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Agreed on him having money/credit issues but when I go in to buy another car I don't need an approval letter and I will get a very nice % as always. I wonder how many people end up taking the higher interest rate deal? I'm surprised I have never heard of this happening before. Hope this practice becomes illegal someday.
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Old 06-26-2014, 06:19 AM   #36
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Quote:
Originally Posted by Bulldog3071 View Post
Just plain stupid on the OP. Sounds like he has money issues but mostly likely is a troll. Never go into a dealership without being approved and have a letter in hand from your bank show it to the dealership, the dealership will try and get you to finance the car through them because they will make money on the transaction. I always tell them I'm preapproved and give them an outrageous interest rate and see how they respond.
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?
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Old 06-26-2014, 06:21 AM   #37
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Quote:
Originally Posted by Da2ss View Post
That sucks but keep in mind that dealership does not represent all GM I got to take mine home early to but all I needed was to bring in my new DL and insurance card everything else was finalized
Oh I know this dealer does not represent them all and am currently talking to another local Chevy dealer.
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Old 06-26-2014, 06:22 AM   #38
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Quote:
Originally Posted by Evergreen6 View Post
This happens in legitimate cases, and as a scam as well. In the legitimate case, usually the dealer gets a soft approval or instant approval based on credit score during an evening or weekend, holiday, when the bank is closed, but when the loan actually goes through underwriting at the bank and credit history is reviewed, the loan can be rejected, or the amount financed can be rejected and the buyer is only approved for a lower credit limit.

This is also done as a scam too, in attempt to get the buyer to re-sign the contract at a much higher rate.

This is the risk of not arriving at the dealer and paying cash OR having your own financing lined up in advance, and staying within a budget.

It's usually in the best interest of the dealership and the bank to get the buyer approved. End result...if the buyer doesn't end up with a new car it generally means the buyer isn't credit-worthy or has refused to re-sign on different terms...
refused to sign on new terms, big time.
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Old 06-26-2014, 07:54 AM   #39
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I guess because i've never heard of it. Ive only ever financed one car out of 9 that ive owned. So I dont have much experience with financing a car through a dealer.

Yes, I've done that too... but not for 2-3 weeks. I'm curious about things such as REGISTRATION and INSURANCE. How were these things executed during that 2-3 week period?

It does not add up.
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Old 06-26-2014, 08:11 AM   #40
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How can that even be legal? I'd definitely mention the dealer name. They can't do anything just because of that. I don't get what they gain though? Now the idiots have a car back with I bet 1k miles on it that was new? They lost a few thousand for sure.

How many miles did you put on it? I hope a lot. lol
Unfortunately it's perfectly legal, it's called spot delivery. It's laid out in all the P/W you sign at the time of purchase. And the dealer won't lose much if anything at all because the car will still be sold as new since it was never registered.

Here is an article about spot delivery:

http://www.edmunds.com/car-loan/dont...financing.html
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Old 06-26-2014, 08:22 AM   #41
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refused to sign on new terms, big time.
Out of curiosity what was the interest rate they first quoted you and what did they come back at you with when they wanted you to resign?
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Old 06-26-2014, 09:02 AM   #42
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Out of curiosity what was the interest rate they first quoted you and what did they come back at you with when they wanted you to resign?
10 and didn't even hear the new one, left after they said higher. NFCU approved me for 30000@7ish
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