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mongo1271 02-08-2011 12:26 AM

Financing Question
 
Finally set down with the dealer today after a few weeks of email haggling. We agreed on a price, then I went to speak with the financing office. There I was informed that they couldn't do the agreed upon price at the 1.9% rate for 60 months because the financing company took too much of a slice of it. They offered me the negotiated price +$1,000 to do the deal at 1.9%. They also offered me 4.9% through Bank of America at the negotiated price. Either way, this conveniently adds about $1,000 to my price. I feel like I'm getting the run around here. Is there a reason other than trying to get more profit out of the financing that would necessitate raising the negotiated price?

Nbtstatic 02-08-2011 12:41 AM

Re: Financing Question
 
Check the Bofa auto loan rates yourself, should be 2.99 for 60 if you have good credit, they are probably trying to pocket the other 2%.

Thats what it is here in TX anyway.

pbm317 02-08-2011 12:50 AM

Re: Financing Question
 
Move on to the next dealer.

MOBB 02-08-2011 12:53 AM

Quote:

Originally Posted by pbm317 (Post 350651)
Move on to the next dealer.

+1

suprand 02-08-2011 12:55 AM

Re: Financing Question
 
I would NOT give my business to that dealer, they def dont deserve it. What they said sounds like straight B.S.

SvenskaJeepGuy 02-08-2011 01:02 AM

Re: Financing Question
 
move on to another dealer, once you threaten to walk they may change their tune. sell if they are willing to lose a sale over $1k (likely less than that to them) do not buy at the higher rate or at another price.

joebinotto 02-08-2011 01:44 AM

Re: Financing Question
 
Your dealer is scumbag. Find another (unless he clearly explained when he gave you a price that it was contingent upon financing with them at some outrageous rate).

lweisenb 02-08-2011 06:09 AM

Re: Financing Question
 
I got 1.9 through ally on 2/5, find another dealer (at the very least threaten to walk).

2011RitterGC 02-08-2011 07:59 AM

Re: Financing Question
 
Quote:

Originally Posted by lweisenb (Post 350680)
I got 1.9 through ally on 2/5, find another dealer (at the very least threaten to walk).


So did I but at the EP (10.3% off list) pirce.

Move on but let them know so they have a chance to make good.

mjw930 02-08-2011 07:59 AM

Re: Financing Question
 
Go online to Ally and apply directly then take that approval, with the associated rate to another dealer or to the one you were just at and demand the deal. Captive finance companies don't take money out of the dealer's pocket, they put money in it! If the rate is subsidized it's subsidized directly from Chrysler, not the dealer.

https://online-application.ally.com/...application.do

Just be aware that auto financing uses a completely different scoring than conventional financing so the "score" you get from online sites could be wildly different. To get the top tier rates your auto weighted score needs to be 720 or higher. Doing the online thing or walking onto a local bank and filling out an application will let you know what your position is. Relegate the "finance manager" to a clerk and do the legwork yourself.

mongo1271 02-08-2011 08:19 AM

Re: Financing Question
 
Thanks for all of the replies. This all jives with what I had been thinking, I'm calling back today to break the news to him.

Hollywood 02-08-2011 08:32 AM

Re: Financing Question
 
Bank of America offered me 4.16% for 72 months yesterday! I want to go 72 months, because I have the Lifetime Maxcare and am not really nervous about having a car payment that long, since I won't have to pay for repairs, and it will significantly decrease my monthly "nut".

Not going with BOA though, because I'm sure I can do better than 4.16% for 72 months.


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