When you feel like a sucker…. ( A loan story)

[miden851]

The dealer only uses your rate to know what car to put you in.
You NEVER want to show or drive someone in a loaded Mercedes’ when they can only buy a Ford Taurus. If you do they’ll spend the next six weeks trying to get the Mercedes Never come back
In the end the dealer isn’t giving you the loan
He’s just trying to make as much on the loan as humanly possible
In an annual report one of the big public auto companies reported making 1600 average per car in finance alone
Considering tough educated customers and cash customers they make zero to average 1600 they make 3,000 on others

btw, I shop for a car and for a loan; I don't care what a dealership thinks or says; its my money, whether I want to blow it on a Mercedes or a $2K beater, my money my business

 

[Stinger63]

btw, I shop for a car and for a loan; I don't care what a dealership thinks or says; its my money, whether I want to blow it on a Mercedes or a $2K beater, my money my business

I once came in trying to close a deal on a 60,000 mile Ford Taurus
Women had her last 3 loans repossessed (she argued that the mobile home shouldn’t count as a car loan)
Looking over the papers she said when I pay this off it’s 18,000!!!
I said don’t worry you haven’t paid one off yet.
It’s amazing she could even get financed and she’s trying to dictate terms
You see it all

 

[Wolf359]

The dealer only uses your rate to know what car to put you in.
You NEVER want to show or drive someone in a loaded Mercedes’ when they can only buy a Ford Taurus. If you do they’ll spend the next six weeks trying to get the Mercedes Never come back
In the end the dealer isn’t giving you the loan
He’s just trying to make as much on the loan as humanly possible
In an annual report one of the big public auto companies reported making 1600 average per car in finance alone
Considering tough educated customers and cash customers they make zero to average 1600 they make 3,000 on others

Oh yeah, I was driving a Ford Taurus when I bought my first used Mercedes that was loaded. They didn't really ask too many questions about financing. Just told them I could pay cash and negotiated the price. Came back later that day with a bank check. The car was 18.5k at the time I remember the finance department trying to sell me 10k worth of add ons, but I declined it all, I think some of it was warranty, about 2k for a tire/rim warranty etc. I think they were hoping that I wouldn't show up with the check, they wouldn't take a deposit and the only paperwork I had was the total for the check. Got all the paperwork after dropping off the check.

 

[clinebarger]

I've been with Wells Fargo for decades & they've financed anything & everything I've ever needed without a single issue.

My father is going through some major BS right now with BBVA switching over to PNC.....If WF ever sold out, I'd bail right away!!!

 

[Skippy722]

I’ll make you feel better…. I was barely 18 when I bought my first car. I “just went to look” which ended up in me calling my parents asking them to come get their minivan lol… Carmax approved me through Wells Fargo at 24.9% interest and 60 months because I had precisely 0 credit history at the time. It was almost $500 a month for a $15,000 car! Figured I’d pay on that for a year then refinance at at a more reasonable rate.

Parents flipped out and took me to refinance it with them as a co-signer at a much more reasonable 3% and 36 months. Ended up only keeping the car for a year anyway, in hindsight I wish I would have kept it but it would be wildly impractical now.

 

[Stinger63]

Oh yeah, I was driving a Ford Taurus when I bought my first used Mercedes that was loaded. They didn't really ask too many questions about financing. Just told them I could pay cash and negotiated the price. Came back later that day with a bank check. The car was 18.5k at the time I remember the finance department trying to sell me 10k worth of add ons, but I declined it all, I think some of it was warranty, about 2k for a tire/rim warranty etc. I think they were hoping that I wouldn't show up with the check, they wouldn't take a deposit and the only paperwork I had was the total for the check. Got all the paperwork after dropping off the check.

They probably offered you that great deal because they knew you’re an alumni of Danvers State.

 

[eljefino]

I wouldn't leave my money with Wells Fargo, but you're leaving your debt with them. You have the upper hand, LOL.

FWIW Toyota Financial didn't sent me the title to my Prius for four months after I paid it off, so I filed a complaint with the Consumer Finance Protection Bureau. Toyota fedexed me my title overnight and sent me a $100 gift card as an apology.

 

[fisher83]

I wouldn't worry about it too much. Most of the banks suck. I don't even care much for the one I work for!

 

[ryster]

There are a couple of banks that I would flat out refuse to allow to hold my loan (Santander and BB&T/Truist). Otherwise, if the rate is equal to or better than what I bring to the deal myself I will let the dealer arrange the loan. Keeps them happy, and lets them make a little more on the deal after I have refused all of their add-on garbage.

As soon as they tell me they have secured financing, my first question is "what bank/with who and what is the rate?" If I don't like the bank or the rate I will give them a chance to find another option. Otherwise, I let them know I have my own financing and what the terms are. Usually they "suddenly" come up with another option shortly after that. Last car I bought, my bank was 1.49%. The dealer got me 1.19% through BoA.

 

[super20dan]

the real mistake was buying an equinox

 

[PolarisX]

Just refinance.

Sometimes you can get a better deal because they are getting something from the financing end, and then you just refi when you get home. Big whoop, screw them. Most people don't even have a clue that it's an option.

 

[Quantico]

When my Subaru (financed through Chase) was paid off in one lump sum, Chase applied the balance to someone else' account. Then issued a big GFY when I called and tried to get it sorted out (after making two additional payments).

Carvana was very helpful in getting it paid off - obviously since Chase wouldn't do the lien release until it was paid off.

However, Chase was fighting it tooth and nail. Carvana provided the check information, confirmation that Chase cashed it and documentation that they paid off the correct account and Chase was just not having any of it. Eventually it did get sorted and I was refunded the correct amount.

G f y ?? No idea

 

[odie]

Had a major car dealer switch the rate agreed upon to over double . Signed the papers before noticing . Was young and trusting . Live and learn .

 

[tyman]

G f y ?? No idea

(go f yourself) is GFY

Chase told Miller to go f himself

 

[SwampSurvivor]

(go f yourself) is GFY

Chase told Miller to go f himself

Yup! That is correct.