06-26-2014, 12:46 AM | #29 |
Drives: '04 Z06, '14BMW M235i, '15 SS/1LE Join Date: Feb 2014
Location: San Diego/Los Angeles
Posts: 845
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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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06-26-2014, 01:04 AM | #30 |
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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06-26-2014, 01:38 AM | #31 |
Drives: 2023 Camaro 1SS Join Date: Apr 2014
Location: United States
Posts: 1,423
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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... |
06-26-2014, 05:18 AM | #32 |
Drives: 2011 Black SS M6 Join Date: Oct 2010
Location: Harpers Ferry, WV
Posts: 1,116
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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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06-26-2014, 05:36 AM | #33 |
Drives: 2010 Camaro 2SS/RS LS3 Join Date: Oct 2013
Location: Kernersville, NC
Posts: 931
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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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06-26-2014, 05:40 AM | #34 |
Drives: Black 14 2SS/1LE/RS 14 Tundra Join Date: Dec 2013
Location: Plymouth, Ma
Posts: 2,414
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or you just pay the way Randy Moss does!
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06-26-2014, 05:43 AM | #35 |
Can't slow down
Drives: 2013 SS Dusk Edition (Insain Bolt) Join Date: Apr 2012
Location: Oklahoma
Posts: 326
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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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06-26-2014, 06:19 AM | #36 | |
BOHIC
Drives: 2010 Camaro SS "Enola" Join Date: Jun 2014
Location: Winter Springs, FL
Posts: 562
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Quote:
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What else can I do to my Camaro?
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06-26-2014, 06:21 AM | #37 |
BOHIC
Drives: 2010 Camaro SS "Enola" Join Date: Jun 2014
Location: Winter Springs, FL
Posts: 562
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Oh I know this dealer does not represent them all and am currently talking to another local Chevy dealer.
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What else can I do to my Camaro?
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06-26-2014, 06:22 AM | #38 | |
BOHIC
Drives: 2010 Camaro SS "Enola" Join Date: Jun 2014
Location: Winter Springs, FL
Posts: 562
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Quote:
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What else can I do to my Camaro?
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06-26-2014, 07:54 AM | #39 | |
Drives: 2011 Camaro 2SS/RS Convertible and: Join Date: May 2014
Location: Central Texas
Posts: 1,863
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Quote:
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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06-26-2014, 08:11 AM | #40 | |
Let's go Rangers!
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Quote:
Here is an article about spot delivery: http://www.edmunds.com/car-loan/dont...financing.html |
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06-26-2014, 08:22 AM | #41 |
Drives: 2014 2SS/RS 1LE Join Date: May 2013
Location: Charlotte NC
Posts: 977
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06-26-2014, 09:02 AM | #42 |
BOHIC
Drives: 2010 Camaro SS "Enola" Join Date: Jun 2014
Location: Winter Springs, FL
Posts: 562
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