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Anyone ever hear of a dealership charging for not using their financing?
Posted on 9/19/22 at 7:24 pm
Posted on 9/19/22 at 7:24 pm
This is a first for me. Dealership is in Texas and this would be an out of state purchase.
This post was edited on 9/19/22 at 7:27 pm
14
Posted on 9/19/22 at 7:28 pm to sloopy
Can you finance through them then refinance?
Never heard of that, but have seen where there are incentives/savings to finance through a dealership
Never heard of that, but have seen where there are incentives/savings to finance through a dealership
Posted on 9/19/22 at 7:29 pm to sloopy
I mean they usually get a kick back on these deals.
The obvious answer is to walk away.
The obvious answer is to walk away.
Posted on 9/19/22 at 7:44 pm to sloopy
Some dealers are apparently trying this type of thing right now because the new car market is still really limited.
This is a really big red flag. The dealers doing these shenanigans are full of other nasty tricks to make what deal you had a lot less appealing
If you don't have to buy consider waiting till December or next year. And then shop elsewhere.
If you drive to another state for the car (and they know this) you are really putting yourself at their mercy. And they have no mercy. Your only power is being able to say no.
This is a really big red flag. The dealers doing these shenanigans are full of other nasty tricks to make what deal you had a lot less appealing
If you don't have to buy consider waiting till December or next year. And then shop elsewhere.
If you drive to another state for the car (and they know this) you are really putting yourself at their mercy. And they have no mercy. Your only power is being able to say no.
Posted on 9/19/22 at 8:01 pm to sloopy
quote:
Anyone ever hear of a dealership charging for not using their financing?
Yup, that's why people finance and rack up the discounts and then refinance or payoff when they leave.
The finance guy gets screwed but they are the ones making the deal right.
Posted on 9/19/22 at 8:17 pm to sloopy
My neighbor in Sugar Land, Texas was told the same thing last week... he walked away.
Posted on 9/19/22 at 10:02 pm to sloopy
Tell them to remove the bogus charge. Tell them you are not paying it. If they won't remove this charge, then walk unless you have to get a vehicle and this is the best price you can get even with this charge.
Posted on 9/19/22 at 11:25 pm to UltimaParadox
quote:
I mean they usually get a kick back on these deals.
The obvious answer is to walk away.
This
Posted on 9/20/22 at 7:03 am to UltimaParadox
We’re walking if they don’t remove it.
Posted on 9/20/22 at 9:29 am to sloopy
As others have said, I would take their financing to avoid the charge then immediately refinance with a bank or credit union of your choice just to frick them over for being sleezy. Avoid the charge and screw them out of the loan interest over the term.
This is assuming they don't have an early payoff charge as well. I wouldn't be surprised if they did.
This is assuming they don't have an early payoff charge as well. I wouldn't be surprised if they did.
Posted on 9/20/22 at 9:42 am to sloopy
quote:
We’re walking if they don’t remove it.
Wear comfortable shoes. This is a seller's market. If you walk, the next guy probably won't, but if he does, there is another guy coming in the door.
Posted on 9/20/22 at 9:43 am to sloopy
No, would be a quick exit for me if they tried that.
Posted on 9/20/22 at 10:09 am to kywildcatfanone
You realize you’re not screwing the dealer out of interest on the loan by paying it off early.
The dealer isn’t holding the note, they’re taking a scrape on the deal. Ie they paper the deal at 5% but they’ll sell the note to bank at 101.25 or something like that to get a scrape. Dealers don’t sell the paper at Par to whichever bank ultimately finances the deal
The dealer isn’t holding the note, they’re taking a scrape on the deal. Ie they paper the deal at 5% but they’ll sell the note to bank at 101.25 or something like that to get a scrape. Dealers don’t sell the paper at Par to whichever bank ultimately finances the deal
This post was edited on 9/20/22 at 11:16 am
Posted on 9/20/22 at 10:52 am to sloopy
Dealers will try anything and technically the can add whatever chargers they want. They can also waive whatever they want.
Your call if you want to deal with it.
Your call if you want to deal with it.
Posted on 9/20/22 at 11:00 am to sloopy
I've never been more happy we bought a new van in 18 and an suv in 19 after reading all this. Really hopeful this market evens out in the next 4-7 years.
Posted on 9/20/22 at 1:00 pm to sloopy
At this point, the only reason most dealerships are still around is because a number of states prevent direct to consumer sales.
Even the manufacturers themselves are getting tired of the dealer system.
Even the manufacturers themselves are getting tired of the dealer system.
Posted on 9/20/22 at 2:06 pm to LSUFanHouston
quote:
Even the manufacturers themselves are getting tired of the dealer system.
Really? I haven't heard that but would like to hear more on this.
Posted on 9/20/22 at 2:07 pm to sloopy
Ford offers a rebate for using Ford financing. I simply refinanced the following week through my credit union to get the rebate.
Posted on 9/20/22 at 3:16 pm to Im4datigers
quote:
You realize you’re not screwing the dealer out of interest on the loan by paying it off early.
The dealer isn’t holding the note, they’re taking a scrape on the deal.
Partly true. But they get a charge back fee from the lending institution if the buyer turns around and pays off a loan immediately
So there is a financial reason they really don't want you to do that
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