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Message
Car Loan. That's a New One for Me
Posted on 8/13/21 at 11:30 am
Posted on 8/13/21 at 11:30 am
Daughter (no pics) is getting her first new car. Picked one out at some little used car place here in town. Get a quote. Go to the bank and cosign on a loan with her for the car. Bank calls the dealer and the dealer says they won't take outside financing. So, the only way they will sell you a car is either cash or finance it through them? I had always thought that a cashiers check from the bank was cash, but I guess not anymore.
Anyway, seems shady as frick to me. Guess we will have to go find another car.
Anyway, seems shady as frick to me. Guess we will have to go find another car.
12
Posted on 8/13/21 at 11:39 am to Aubie Spr96
yeah I would definitely walk away
Posted on 8/13/21 at 11:45 am to Aubie Spr96
quote:
Bank calls the dealer and the dealer says they won't take outside financing.
I would call the dealer back next week and show them where I bought a more expensive at a different dealership. frick that shadiness
Posted on 8/13/21 at 12:14 pm to jchamil
On our way to Hoover Toyota right now to spend $20K with them. Oh well.
Posted on 8/13/21 at 12:21 pm to Aubie Spr96
This is pure bs. Take your business elsewhere.
Posted on 8/13/21 at 12:23 pm to Aubie Spr96
Those predatory dealerships only survive because of those 60 mo 8.99% financing.
Posted on 8/13/21 at 12:56 pm to Aubie Spr96
It isn't shadiness.
It's a maximization of profit with limited inventory.
They are a business after all.
It's a maximization of profit with limited inventory.
They are a business after all.
This post was edited on 8/13/21 at 1:19 pm
Posted on 8/13/21 at 1:13 pm to X123F45
quote:
It isn't shadiness.
It's a macimization of profit with limit inventory.
They are a business after all
Profit on sale of car without the financing > profit of not selling a car and not financing it
Posted on 8/13/21 at 1:18 pm to Mingo Was His NameO
Ah, one of those instant gratification types.
They'll still sell the vehicle.
On their terms.
Likely already have.
They'll still sell the vehicle.
On their terms.
Likely already have.
Posted on 8/13/21 at 1:28 pm to X123F45
quote:
It isn't shadiness.
It's a maximization of profit with limited inventory.
They are a business after all.
I've been a controller/cfo for a company that owns dealerships, I'm not unfamiliar with the business. That is shady
Posted on 8/13/21 at 1:38 pm to Aubie Spr96
I bought my car from a place like that. The overall price was much lower than anyone else.
I financed with them and then immediately refinanced with USAA. What's the issue with that?
I financed with them and then immediately refinanced with USAA. What's the issue with that?
Posted on 8/13/21 at 1:39 pm to jchamil
Happening at probably 80% of dealers currently.
Why would they willingly give up Finance Reserve to sell a vehicle that they are more than capable of selling in the next few days where they will get it?
Why would they willingly give up the opportunity to make an additional eight to 20% on the vehicle with back-end product just to sell the vehicle?
I have a large amount of friends in the business, it is still 100% a seller's market.
Why would they willingly give up Finance Reserve to sell a vehicle that they are more than capable of selling in the next few days where they will get it?
Why would they willingly give up the opportunity to make an additional eight to 20% on the vehicle with back-end product just to sell the vehicle?
I have a large amount of friends in the business, it is still 100% a seller's market.
Posted on 8/13/21 at 2:12 pm to nobigdeal69
quote:
I financed with them and then immediately refinanced with USAA. What's the issue with that?
Nothing, as long as they don't have a penalty for paying off the loan early.
Posted on 8/13/21 at 2:14 pm to X123F45
I believe you're right in this case, Rando, but only because it is currently a seller's market. In "normal" times, they likely would just price the vehicle higher, expecting the possibility that they won't be the ones financing it.
This post was edited on 8/13/21 at 2:15 pm
Posted on 8/13/21 at 2:17 pm to X123F45
quote:
Why would they willingly give up Finance Reserve to sell a vehicle that they are more than capable of selling in the next few days where they will get it?
If they are upfront about it and advertise as such, I don't have an issue. But if go and look at the car, test drive it, and all but plan on buying it without them mentioning it...that's shady IMO.
The other option that's additionally NOT shady, is for them to do the "with internal financing price" and without. I'm not sure the legalities of that, but if they simply mentioned the payment options ahead of time as well as the prices no one would have an issue with it.
ETA: Althouth Rando you would be wrong if they are willing to sell you the car cash and internal financing for the same rate. That's shady AF. Why? They aren't making more on cash, all they are doing is pushing you to their financing. The cash rate and external financing should be X and the Internal financing X-Y.
This post was edited on 8/13/21 at 2:19 pm
Posted on 8/13/21 at 2:17 pm to Aubie Spr96
Don’t shop at buy here pay here lots unless you have bad credit and it is your only option. Even then, it’s a cycle that is hard to break.
This post was edited on 8/13/21 at 2:18 pm
Posted on 8/13/21 at 2:21 pm to WDE24
I meant to add, I've seen this when I tried to buy used in another state. I bought a used truck in Alabama and they would only sell me cash or in house loan. Something about prosecution across state lines for bad checks, even if it was directly from a bank. Which seems absurd.
Posted on 8/13/21 at 2:31 pm to baldona
quote:
I meant to add, I've seen this when I tried to buy used in another state. I bought a used truck in Alabama and they would only sell me cash or in house loan. Something about prosecution across state lines for bad checks, even if it was directly from a bank. Which seems absurd.
Also, fairly common. A lot of dealerships do not want to run the risk of releasing the vehicle before funds clear.
I've bought all but one vehicle in TX or MS. All were cash or finance with them.
Does no one ever read the Conditional Delivery document you sign at time of purchase?
Posted on 8/13/21 at 2:32 pm to baldona
quote:
If they are upfront about it and advertise as such, I don't have an issue. But if go and look at the car, test drive it, and all but plan on buying it without them mentioning it...that's shady IMO.
This is exactly what happened. Wife even put $500 down on the car to make sure they didn’t sell it. Then, pulled this shite when the bank called for VIN #s. Everyone I’ve talked to has said it was fricked up.
Posted on 8/13/21 at 2:59 pm to Aubie Spr96
I'm sorry that you only talked to underinformed people.
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