KnightDriveTV

Today I thought, it's finally the day. I've owned 8 Corvettes to date, never a new one, usually 4-7 yrs old, always paid cash to private owner. Thursday I find a Grand Sport that is...everything I wanted and the price on memorial day weekend...I was like, I gotta do it.

I came on here and chose one of the major dealers...it came down to two for me, both not far apart and within about 500 miles of me. I chose and decided how to best approach what I wanted. I have up to 25k cash to put down, but I'd rather keep that and see what they'd give on a big sale weekend.

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).

I ask what bureaus they pull...the guy says ahhhh...Transworld, Experience and ahhhh, ahhhh...Equifax (sighhh...). I am like, well, listen run it, tell me what your guy can do. We settle on a good number...I'm not really aiming to take long or be picky...let's just be done...I relay this feeling.

I put the app in, done deal...he says you'll hear from the finance guy in a couple minutes. 2hrs passes...I get a call. "Ahhh, your social security number is flagged. You've got problems." Meanwhile my credit monitoring is lighting up like a christmas tree with inquiries. I tell them, I'm getting inquiries so, maybe because you're shot-gunning my sh*T. He reads back my number...last four digits aren't even right. I correct him, he says ok. Doesn't even make sense because I'm getting inquiries.

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."

I'm not going to name the dealer, but it's one of the biggest on here and it's a damn disappointment. I've never even had a denial on anything. I am in the Experian window of 14 days to shop loan rates, and even still I'm under 8 inquiries. This was mishandled and was the second finance guy this weekend to ruin a deal.

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.

tcinla

Credit unions give better rates but that requires some planning and lead time before hitting a dealer up.

WelderGuy

Taking out a loan to buy a sports car isn't a very good idea, so you should send those guys a thank you note. I know being young and poor sucks, but being older and poorer really, really sucks.

SilverGhost

Sorry to hear of another stupidity of dealer/credit scores. you are s8ite in this credit score world if you payoff your credit cards, paid off your homes, and keep your nose clean. a real credit loser. my first dealer in march wanted to push me to their favorite finance - ally, when i specifically stated that I wanted the $1500 rebate GM was giving on their financing, and ran that Ally credit check without ever contacting GM credit. Much too busy to send me a contract for the Z06 they had priced online for $3k less than anyone in the us. And while they were getting my credit approved (no signed contract) the General Manager noticed their Z06 underpricing (with a sucker on the line), and after returning from the mens room after cleaning his pants, proceeded to raise the price of the Z06 by $3k online. Credit approved (without the $1500 rebate) and no signed contract on a two model year old 2017 which magically increased in price $3k overnight.

You just have to walk away from idiots.

There will be other Vettes, stick to your guns on what you require, and, like me, you will find a prince of a dealership, which offers the financing YOU want, honors all the rebates and advertised price on their website, and makes you happy to find an honest man and dealership in the enormous swamp of sub-human creatures lurking in shiny new car showrooms.

KnightDriveTV

I have to disagree actually. I have paid cash for every car along my path, and and I'm at about 130+ cars in 20 yrs of adulthood, no lie. I've been a car junkie...I often hold for 6 months or less. In a few Corvettes cases though, I sit on them for a good while. I think over the years, pulling all the cash out of my pocket and giving it away has cost me more than it saved me. Maintaining liquidity allows me to do deals on the side that far outpace 4-6% interest in loss. In addition, I would split duty as a daily on the car, so to me it's just a "beater" in that sense.

Corvettes are plastic...simple...I see no need to treat it as a trophy piece...I drive all mine hard, in rain, snow...I do whatever, but I also take very good care of them, more maintenance than many. I replace bushings and ends before they need it, flush brake fluid annually or sooner, clean the chassis underneath on my lift, etc.

That said though...I mean, you're right in the end...the guy saved me a bill each month, and he lost the sale...I'm good with it.

NmtMev

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.

JerriVette

Sounds messed up. Just a sign you should continue your practice of buying preowned.

Never use the finance department in a dealer after an experience such as this.

When we hear stories such as this we tend to think it’s malicious while often times it’s just incompetence ..

Don’t be angry...as they did you a favor....if they keep calling or emailing you can just tell them to sweeten the deal a little bit.

See if they will since you don’t really care if you get the vehicle or not.

I hear the finance guys are often the real crooks..,

Seems from your experience that is the case.

Take care

Dave80C3

I have had similar happen one two many times with dealer Finance, many years ago. I now never let the dealer finance do anything.

I come in with a pre-apporved loan. Or work the deal and then call my Credit Union.

PatternDayTrader

When I was younger I used to think the game of life should be called "who is indebted to whom", now I think its "who can out crook who".
If you are getting jacked around then go elsewhere. Vote with your feet. Every single time.

bigblock427

Get pre-approved somewhere else before speaking with a dealer. It is easier to negotiate the sale and many times faster.

zergi06

CptCvMan

Try your local credit union. Big forum vendor told me, with an 815 credit score and low debt to income ratio, I would need to have 30K down because I have never had a loan for a car this much before. Then proceeded to tell me my interest rate would be above 6%.

Bought the car from them as it was ordered, but financed at the credit union.

Globeman

I got the loan and rate approved by my credit union before ordering the car from MacMulkin. When I got the call saying that the car had come in, Mark asked if he could try for a better rate. "Of course, give it a shot!" He called back a few hours later with .5% better rate than the credit union. The entire purchase experience was simple, quick & easy, all arranged on-line and over the phone. About 45 minutes at the dealer and I was on my way home with a new C7.

I paid exactly what we had agreed on when I placed the order. No hidden fees or other BS.

C82LT

Maybe they were a little aggressive in trying to find you a loan, but your credit is so so, not stellar. I don’t think you’d get the best rate anyway.

But as far as whether to take a loan out or not, it really depends on the terms. If you can get a loan for less than the inflation rate, it can generally make sense to get a loan since a future dollar is typically always worth less than a current dollar. However in order to get rates like that, you usually need to have an 800+ credit score.

bjones7131

Agree, doors of opportunity open and close for a reason or at least I think so. Be grateful as You say and happy Memorial Day to all.

direct007

The magic fico score is over 750. If you have up to $25k to tie up in a down payment on a Vette, I would suggest paying down your debt so it's well under 20% of total lines available. This will raise your score if you are almost at 750. A seasoned finance manager will know which credit bureaus each bank will pull and knowing you have an issue with Experian, won't even place your application with any bank that pulls Experian. I would also suggest freezing your Experian report so it's not even a possibility that it could be pulled in the event an inept finance manager decides to pull it anyway.

Jackie Chan

700 beacon and Im spotting that deal. I know Im getting the deal done if you can prove you can pay without question. You should be paying in the 3 to 4% range for a loan.

Jackie Chan

People say this all the time. I have customers with perfect credit get payment packed at their CU(which I can use) for 2 to 3 hours when I take 10 minutes to pull credit and quote a rate.

You can sign up at any dealer once you've agreed on bottom line price and refi with your CU whenever you want. No need to take hours to get a draft if you don't need it.

KnightDriveTV

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.

jimmbbo

Sounds like a frustrating day you won't get back...
Similar to other posters, I obtained approval from USAA at a very good rate, and after haggling to settle on the car's price, I was able to use that to leverage an even lower rate from the dealer.