Almost got my first new Corvette today, major sponsor dealership here, BIG mistake
05-26-2018, 12:35 PM
#21
Safety Car
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Sounds like they tried hard to make it work even though your credit (for whatever reason) is less than stellar, making their job trying to find you a loan more difficult. The fact is these forum dealers sell at significant discounts rarely matched by local dealers (though sometimes it happens.) So they are looking for easy deals that don't take a significant amount of time to make happen. For example, they don't engage in long negotiations on price. They try to make transactions as simple and quick as possible. Most can be handled by a single phone call and some email from their clerks. You came at them with this story of how your credit was low, but it's not your fault, and you want to put this much down, yadda, yadda, and I can almost see the guy sighing and rolling his eyes. I have a feeling their account of this transaction would be much different than yours. Now it's their fault you didn't buy a car. Everybody but you is at fault. If you make it easy for them, they'll make it easy for you. If you make it difficult for them, you can't expect it to go smoothly. That they "lost a sale" is insignificant to them when the next guy in line took five minutes.
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woodsguy (05-27-2018)
05-26-2018, 12:58 PM
#22
That car will still be there next week. As others have noted, line up financing with a local bank or credit union and they will give you a good rate. That way you don't even have to deal with the finance staff at the dealership and the whole process will be less stressful.
05-26-2018, 01:06 PM
#23
Le Mans Master
I've been financing cars since 1963...... I've lived on five continents, worked and played and lived in 58 countries - there's a Corvette and a Ferrari in my garage......
Robert Heinlein said it best, "Budget the luxuries first."
Old - 76 - and not missing any meals or trips or.......
Last edited by 4thC4at60; 05-26-2018 at 01:07 PM. Reason: Added sentence.....
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05-26-2018, 01:07 PM
#24
Instructor
the biggest thing i learned over the years is this...
Get your financing in order before you even contact any dealership. I financed all my vehicles through my bank or credit union. It's literally 1 hit, and a yes or a no. You do all of it online it so damn easy. The first time i purchased a car and used dealer financing they sent my **** to like 10 different banks. Not happy. Never again.
You walk in, negotiate your price, give them the banks information, (in some cases i had a blank check to write) put your down payment, sign the scroll, and your done. It's really easy.
Your basically a cash buyer at that point. Which means there is little incentive for them to do anything to swindle more money out of you.( except not let the car go for really cheap, cause they won't make money on the back end) make your deal, get your car or just walk away, simple as that.
Get your financing in order before you even contact any dealership. I financed all my vehicles through my bank or credit union. It's literally 1 hit, and a yes or a no. You do all of it online it so damn easy. The first time i purchased a car and used dealer financing they sent my **** to like 10 different banks. Not happy. Never again.
You walk in, negotiate your price, give them the banks information, (in some cases i had a blank check to write) put your down payment, sign the scroll, and your done. It's really easy.
Your basically a cash buyer at that point. Which means there is little incentive for them to do anything to swindle more money out of you.( except not let the car go for really cheap, cause they won't make money on the back end) make your deal, get your car or just walk away, simple as that.
05-26-2018, 04:05 PM
#25
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"...was the second finance guy this weekend to ruin a deal." Whoa, something's amiss.
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woodsguy (05-27-2018)
05-26-2018, 04:14 PM
#27
Le Mans Master
The biggest thing I learned over the years is this...
Get your financing in order before you even contact any dealership. I financed all my vehicles through my bank or credit union. It's literally 1 hit, and a yes or a no. You do all of it online it so damn easy. The first time I purchased a car and used dealer financing they sent my **** to like 10 different banks. Not happy. Never again.
you walk in, negotiate your price, give them the banks information, (in some cases i had a blank check to write) put your down payment, sign the scroll, and your done. It's really easy.
your basically a cash buyer at that point. Which means there is little incentive for them to do anything to swindle more money out of you.( except not let the car go for really cheap, cause they won't make money on the back end) Make your deal, get your car or just walk away, simple as that.
Get your financing in order before you even contact any dealership. I financed all my vehicles through my bank or credit union. It's literally 1 hit, and a yes or a no. You do all of it online it so damn easy. The first time I purchased a car and used dealer financing they sent my **** to like 10 different banks. Not happy. Never again.
you walk in, negotiate your price, give them the banks information, (in some cases i had a blank check to write) put your down payment, sign the scroll, and your done. It's really easy.
your basically a cash buyer at that point. Which means there is little incentive for them to do anything to swindle more money out of you.( except not let the car go for really cheap, cause they won't make money on the back end) Make your deal, get your car or just walk away, simple as that.
Last edited by Michael A; 05-26-2018 at 04:14 PM.
05-26-2018, 06:34 PM
#28
Instructor
Pentagon federal credit union. $40 dollar donation gets you a membership and you don't need to be a military member to qualify. They pull equifax for car loan approvals.
05-26-2018, 06:45 PM
#29
Team Owner
Doesn’t sound like the dealer did anything wrong. Sounds like you were a bit hotheaded and couldn’t wait for them to resolve the concerns with the bank. You’re not a high qualified buyer so you need to have patience while they work through application process; if you can’t be patient then go buy another vette somewhere else with cash like you’ve done in the past.
OP comes in with credit issues, and freaks when process takes longer than he wants.
I'm pretty sure that the $0 down deals all say "for qualified buyers with excellent credit" which the OP surely doesn't have, and that's not the dealers fault.
05-26-2018, 06:46 PM
#30
Lesson learned guys...it is what it is. I moved on. I'll get my last issue resolved on the Experian end, which should be by the end of this month and then work the score for 6 more months. I can be beyond 750's by then across the board. I'll definitely get the pre-approval and shop 2nd next time.
05-26-2018, 06:47 PM
#31
Team Owner
that's ridiculous. Loan rates were between 1.5 and 2.5 % for years for loans up to 72 months, that's like free money. Even if I had the full amount to buy the car in cash I would pocket it and take a loan at those rates without even a second thought .
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woodsguy (05-27-2018)
05-26-2018, 06:48 PM
#32
Team Owner
Lesson learned guys...it is what it is. I moved on. I'll get my last issue resolved on the Experian end, which should be by the end of this month and then work the score for 6 more months. I can be beyond 750's by then across the board. I'll definitely get the pre-approval and shop 2nd next time.
05-26-2018, 06:57 PM
#33
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I disagree. If you can make a higher rate of return on stocks, etc. than the interest rate on the car loan, why not do it? Just depends on the circumstances.
05-26-2018, 11:55 PM
#34
05-27-2018, 12:33 AM
#35
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I xan’t Remember the last time I even let a dealer finance person run a check for a loan. I simply go to my credit union and get a pre-approval, quick and easy and at a rate that banks would have a tough time beating.
05-27-2018, 02:51 AM
#36
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guido7834 (05-27-2018)
05-27-2018, 07:21 AM
#37
Melting Slicks
Eh, I'd totally disagree with that. I'll keep my cash and make the payments. The interest rate is so low, I'm getting more return on the cash in the bank...
05-27-2018, 08:27 AM
#38
Melting Slicks
I could have paid cash for my 18 Grand Sport. I would have had to take the money out of an account that has had a 10% plus return each year for the past 3 years.
Why would I do that when I can get a loan for 2.49%? I am making way more money on my money, than I am paying to use the credit unions money.
I would be financially foolish not to take the loan.
05-27-2018, 08:32 AM
#39
Team Owner
Not sure why you faulting the dealer, your credit is a mess and they were trying to get you financed.
05-27-2018, 09:22 AM
#40
I did the initial contact online, the next morning no response so I contacted again. Shortly thereafter, a guy contacts me. We have a brief conversation, i tell him I am over 700 (almost 750) on 2 bureaus, but I have an issue on Experian that is the result of fraud and is being actively removed but experian still pulls at a 675 ish (FICO 8).
Another hour goes by...finance guy calls...ahhh, yeah, it's no good. I'm gonna run it some more. I'm like..."no good, what does that mean?" I say, "run it to a couple more, I don't want 20 inquiries". He says "ok". You have an issue on Experian but, I feel confident I can get the loan (at zero down).
All the way through dinner...been like 6hrs now at least. I text the salesman and I'm like, "what's the situation, I'm clearly being put aside here". He calls immediately and says...you need a cosigner. I'm like, "I've been approved for 2 other vehicles in the past two days zero down, but you've got a denial altogether!?"
He says " you need a cosigner". I had been talking to my gf (she has a C6 6spd) and we wanted to be co-owners on the car anyway. So, I tell her...this already seems like bs, but it's the car I really want and she was excited about us having 3 Corvettes.
So, I add her info (she is 730's all day, makes over 65k herself annually). My DTI is LOW...like under 20% for sure. Hers would come back like, 40% at best. We are plenty over six figures combined.
We put it in, and wait....and wait...and wait. I text again..."what's the deal man?" He calls..."well, we are about to close and the banks are closed so, we can't really tell you right now. We've been busy with other customers all day....ahh...sorry."
My gf and I discuss briefly. I text the guy and tell him, "keep the car". He responds, we're working on it, we'll let you know tomorrow sometime. I'm like..."nah, just serve your customers in the showroom."
Real sad...so...I'm just out of the deal at this point. No Grand Sport for me...now I've got inquiries and just feel deflated about the whole thing. Hell with it...must be a sign to just stay where I'm at and with the Corvettes we have and be grateful.
Why would you even consider having your girlfriend as co-owner on the car? Was she planning to pay for half of the cost? What would happen if your relationship ended?
If your joint income is "plenty over six figures annually" and hers is 65k of that total, are you sure that you should be buying a $60,000+ car? And do you really need 3 Corvettes between the two of you?
I think that the only mistake that the finance guys made was telling you that they thought they could make a deal work for you. Of course, they were just doing their jobs as they're supposed to.
