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re: Did I just get a free truck?
Posted on 9/16/14 at 1:44 pm to mouton
Posted on 9/16/14 at 1:44 pm to mouton
quote:
The finance manager is shopping around through other banks and doesn't have the deal approved at the original terms yet. That is why he is not calling back.
is this common? everytime I have financed I signed the papers with the interest rates and all.
Why would they do this? What about insurance on the vehicle?
2
Posted on 9/16/14 at 1:51 pm to Topwater Trout
quote:
is this common? everytime I have financed I signed the papers with the interest rates and all.
Yes it's common. Especially when the first loan falls through.
quote:
Why would they do this? What about insurance on the vehicle?
Bc the original lender didn't do the deal for whatever reason. Verification of employment revealed that the borrower actually doesn't make as much as they claimed for example.
As for insurance, the dealer has insurance for every unit they own. Once it's actually sold then insurance is the responsibility of the "owner".
Posted on 9/16/14 at 1:51 pm to Topwater Trout
quote:
is this common? everytime I have financed I signed the papers with the interest rates and all.
Why would they do this?
A rate you sign with the dealer and the rate the bank is getting is not always the same thing. A bank might offer an interest rate of 5%, but the dealer might present it to you at 7%. They keep the difference themselves. This another reason why you might be able to negotiate interest.
The same can be done in a different order. I.e. the dealer knows your credit score and can predict what a bank might offer you in interest. They will then add on top of this and present it to you on a spot delivery. If the bank rate comes in lower, they win the extra amount they presented and you signed. If the bank comes in higher, they tell you to come back and agree to the new higher rate.
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