When financing "falls through"
06-25-2008, 09:22 PM
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When financing "falls through"
I've posted on other non-37 forums, but I thought I'd try here too since there seems to be an active, knowledgeable user base - plus, I was seriously considering the 37, so it must count for something 
I bought a brand new G35 sedan last Saturday. It was contingent on the dealer getting me bought through IFS at the current special APR. Was going for 2.9 over 48 mos., but the dealer told me that since my score was borderline (680 Beacon, 690 FICO) we would write the contract up at 3.9% and then he would use his "connections at IFS" to possibly get it down to 2.9. I was cool with that since 3.9 is better than the 7%+ I would have gotten elsewhere.
Keep in mind, I signed all the paperwork, handed in my trade, and took possession of my new car last Saturday.
Fine. So this past Monday, I went to bring the title of my trade for transfer and to finalize everything else... but when I get there, they tell me that the financing was not approved - at 3.9. The Mgr told me that this is common with borderline cases and that they are working hard to resubmit and push it through. Meanwhile, I was totally given the impression that 3.9 was a dunk-shot, and "maybe a little less if they can". I've since done research on the internet and am now worried that I have been the victim of a spot delivery scam.
Do luxury dealers pull this kinda crap? They've since had to submit all kinds of employment/income verification, address confirmation, etc.... and the Mgr said they should have final word tomorrow. But I'm sitting here, wondering what I should do if they come back and say "sorry...".
What would you do in my situation? Any dealers want to pipe in? Any of you G37 owners experience crap like this? I negotiated a mutually fair deal, but I can't help but think they are trying to bump my APR up (after I told them I would only buy the car if I can get 3.9/2.9) I guess my options would be either return the car and take my trade back, finance through them at a higher rate, or get financing through a 3rd party and not let the dealer/IFS "win". Any thoughts?
I bought a brand new G35 sedan last Saturday. It was contingent on the dealer getting me bought through IFS at the current special APR. Was going for 2.9 over 48 mos., but the dealer told me that since my score was borderline (680 Beacon, 690 FICO) we would write the contract up at 3.9% and then he would use his "connections at IFS" to possibly get it down to 2.9. I was cool with that since 3.9 is better than the 7%+ I would have gotten elsewhere.
Keep in mind, I signed all the paperwork, handed in my trade, and took possession of my new car last Saturday.
Fine. So this past Monday, I went to bring the title of my trade for transfer and to finalize everything else... but when I get there, they tell me that the financing was not approved - at 3.9. The Mgr told me that this is common with borderline cases and that they are working hard to resubmit and push it through. Meanwhile, I was totally given the impression that 3.9 was a dunk-shot, and "maybe a little less if they can". I've since done research on the internet and am now worried that I have been the victim of a spot delivery scam.
Do luxury dealers pull this kinda crap? They've since had to submit all kinds of employment/income verification, address confirmation, etc.... and the Mgr said they should have final word tomorrow. But I'm sitting here, wondering what I should do if they come back and say "sorry...".
What would you do in my situation? Any dealers want to pipe in? Any of you G37 owners experience crap like this? I negotiated a mutually fair deal, but I can't help but think they are trying to bump my APR up (after I told them I would only buy the car if I can get 3.9/2.9) I guess my options would be either return the car and take my trade back, finance through them at a higher rate, or get financing through a 3rd party and not let the dealer/IFS "win". Any thoughts?
06-25-2008, 09:53 PM
#2
Your mistake was to drive out of the dealership with the car with a "maybe" in regards to financing. Lesson learned - never, ever do that again. It is indeed leverage that a dealer, not just Infiniti dealers but ANY dealership, can use to trap you into feeling like you now have to buy the car at a higher interest rate.
What you shold do is give them the car back and say "no thanks" and walk away. They will try to tell you that you can't back out but you can. Tell them to call you when they have their financing straight on their end at the agreed upon interest rate. There is a dealership here in Houston that is notorious for this. I'll try to post a link to a news story if I find it. go elsewhere to make your deal, you deserve better.
Check these out:
http://www.click2houston.com/investi...85/detail.html
http://www.click2houston.com/investi...31/detail.html
What you shold do is give them the car back and say "no thanks" and walk away. They will try to tell you that you can't back out but you can. Tell them to call you when they have their financing straight on their end at the agreed upon interest rate. There is a dealership here in Houston that is notorious for this. I'll try to post a link to a news story if I find it. go elsewhere to make your deal, you deserve better.
Check these out:
http://www.click2houston.com/investi...85/detail.html
http://www.click2houston.com/investi...31/detail.html
Last edited by Black Betty; 06-25-2008 at 10:08 PM. Reason: Added links
06-26-2008, 11:54 AM
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Thanks for the feedback (and those links), Betty. Thing is, it was not positioned to me as "maybe"... it was positioned as "at worst 3.9, but we'll try to get you 2.9". You know how these guys operate during the sale and post-sale.
As for my options, there's no doubt that I can return the car and take my trade back. What I'm fighting now is the emotional pull toward the car (which is how spot delivery works)... get the customer in the car, make em fall in love with it (bait) - call them days or weeks later, telling them financing didnt go through and they need to come in to redo new paperwork at a higher APR (switch)
You dealers know anything about this? Any comments? Beuhler? *crickets*
And no one else in this forum has experienced this kinda BS with their Gs?
It's really too bad for IFS and/or the dealer actually. If they ultimately come back and say "no, sorry" on the special APR, they will lose the entire financing deal.... I like the car enough that I now have no problem paying a premium rate through a different lender.
As for my options, there's no doubt that I can return the car and take my trade back. What I'm fighting now is the emotional pull toward the car (which is how spot delivery works)... get the customer in the car, make em fall in love with it (bait) - call them days or weeks later, telling them financing didnt go through and they need to come in to redo new paperwork at a higher APR (switch)
You dealers know anything about this? Any comments? Beuhler? *crickets*
And no one else in this forum has experienced this kinda BS with their Gs?
It's really too bad for IFS and/or the dealer actually. If they ultimately come back and say "no, sorry" on the special APR, they will lose the entire financing deal.... I like the car enough that I now have no problem paying a premium rate through a different lender.
06-26-2008, 12:06 PM
#4
Thanks for the feedback (and those links), Betty. Thing is, it was not positioned to me as "maybe"... it was positioned as "at worst 3.9, but we'll try to get you 2.9". You know how these guys operate during the sale and post-sale.
As for my options, there's no doubt that I can return the car and take my trade back. What I'm fighting now is the emotional pull toward the car (which is how spot delivery works)... get the customer in the car, make em fall in love with it (bait) - call them days or weeks later, telling them financing didnt go through and they need to come in to redo new paperwork at a higher APR (switch)
You dealers know anything about this? Any comments? Beuhler? *crickets*
And no one else in this forum has experienced this kinda BS with their Gs?
It's really too bad for IFS and/or the dealer actually. If they ultimately come back and say "no, sorry" on the special APR, they will lose the entire financing deal.... I like the car enough that I now have no problem paying a premium rate through a different lender.
As for my options, there's no doubt that I can return the car and take my trade back. What I'm fighting now is the emotional pull toward the car (which is how spot delivery works)... get the customer in the car, make em fall in love with it (bait) - call them days or weeks later, telling them financing didnt go through and they need to come in to redo new paperwork at a higher APR (switch)
You dealers know anything about this? Any comments? Beuhler? *crickets*
And no one else in this forum has experienced this kinda BS with their Gs?
It's really too bad for IFS and/or the dealer actually. If they ultimately come back and say "no, sorry" on the special APR, they will lose the entire financing deal.... I like the car enough that I now have no problem paying a premium rate through a different lender.
There are others - search around and be patient. Good luck!
06-26-2008, 12:07 PM
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If you have a signed contract that does not say the sales is conditional on approval of the financing at 3.9% and implies that you got 3.9%, then too bad for the dealership. If it says the sale is conditional on your approval, then you can return the car as the contract will be null.
Tactics like this are not all too uncommon.
My first lease was a Chrysler Crossfire on a promotional $299/mo deal. Two days after I signed the contract the dealership called me saying there was a mistake on the lease and I'd need to come in and resign it at a higher amount. The lady actually stated this was *my* fault.
I hung up the phone.
She would try calling again, but I would not answer. So they had the finance guy call me and I talked to him, because it was his mistake and he was going to pay for it. He blamed me as well and didn't offer any incentives for me to do this, so I hung up on him as well. After that he started offering me free oil changes, but since he originally blamed me for his mistake (which btw was them stated the wrong cost for miles over the limit) I would have nothing to do with him.
Then the sales manager called.
He told me they needed to fix this problem and couldn't understand why I was being such an ***... how funny. I explained to him that his people blamed me and if I would have paid too much for the car that he would not have called to refund some money. He didn't care for that too much and said if I didn't resign and agree to pay more, they would repo the car.
So this is what I said... I told him to go to the room where everyone signs the contracts and takes delivery. So he did. I said, there is a sign posted on yellow paper, would you please read it to me: "California is a no cooling off state. All sales are final." I hung up the phone.
The sales manager calls back and says that he is going to get the dealerships lawyers involved. I said, go ahead. I signed a valid contract in good faith. Contract law states that both parties must uphold the contract and it is not cause to undo a contract if either party makes a mistake or does not benefit from the contract. Tell your lawyers I'll be happy to see them in court.
A bit later the sales manager calls back, this time with a much friendlier tone. He apologizes and says that the dealership can't sell the lease to Chrysler Financial because of the dealerships mistake. He said, we will give you whatever you want to make this happen. I said I want the 12k mile lease instead of the 10.5k mile lease I signed for the same price. He agreed.
Prior to resigning I had them fax me a copy of the new contract. When I arrived you'd think I owned the place based on how well they treated me. Then they asked me to sign the new contract. I brought the faxed contract and compared each number until I was satisfied that they were not trying to slip something past me.
Contract law can be your friend or your enemy. I'd read your contract and find out of the sale is conditional on the approval of your financing.
Tactics like this are not all too uncommon.
My first lease was a Chrysler Crossfire on a promotional $299/mo deal. Two days after I signed the contract the dealership called me saying there was a mistake on the lease and I'd need to come in and resign it at a higher amount. The lady actually stated this was *my* fault.
I hung up the phone.
She would try calling again, but I would not answer. So they had the finance guy call me and I talked to him, because it was his mistake and he was going to pay for it. He blamed me as well and didn't offer any incentives for me to do this, so I hung up on him as well. After that he started offering me free oil changes, but since he originally blamed me for his mistake (which btw was them stated the wrong cost for miles over the limit) I would have nothing to do with him.
Then the sales manager called.
He told me they needed to fix this problem and couldn't understand why I was being such an ***... how funny. I explained to him that his people blamed me and if I would have paid too much for the car that he would not have called to refund some money. He didn't care for that too much and said if I didn't resign and agree to pay more, they would repo the car.
So this is what I said... I told him to go to the room where everyone signs the contracts and takes delivery. So he did. I said, there is a sign posted on yellow paper, would you please read it to me: "California is a no cooling off state. All sales are final." I hung up the phone.
The sales manager calls back and says that he is going to get the dealerships lawyers involved. I said, go ahead. I signed a valid contract in good faith. Contract law states that both parties must uphold the contract and it is not cause to undo a contract if either party makes a mistake or does not benefit from the contract. Tell your lawyers I'll be happy to see them in court.
A bit later the sales manager calls back, this time with a much friendlier tone. He apologizes and says that the dealership can't sell the lease to Chrysler Financial because of the dealerships mistake. He said, we will give you whatever you want to make this happen. I said I want the 12k mile lease instead of the 10.5k mile lease I signed for the same price. He agreed.
Prior to resigning I had them fax me a copy of the new contract. When I arrived you'd think I owned the place based on how well they treated me. Then they asked me to sign the new contract. I brought the faxed contract and compared each number until I was satisfied that they were not trying to slip something past me.
Contract law can be your friend or your enemy. I'd read your contract and find out of the sale is conditional on the approval of your financing.
06-26-2008, 12:13 PM
#6
Arm flailing tube man
Is there anything in your credit history that may give IFS a reason to pause? The finance manager may have prematurely thought your FICO score was more than enough to get at least 3.9. Than someone at IFS reviewed the credit report and saw something? It seems everyone is clamping down on credit approvals these days. If they cannot get it done through IFS at 3.9, they'll probably come back with 7 or 8 percent. At that point, shop the deal around, go through a credit union etc. If you can come back to them and say, I can get a lesser rate, I guarantee you they will match or beat the rate. Good luck.
06-26-2008, 12:55 PM
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I truly appreciate your responses fellas.
In all fairness, yes, there are 1 or 2 items on my credit report that might give them pause... but these were all discussed in detail with the mgr, in advance of shaking hands and signing papers. These items are being investigated (now by both IFS and Nissan) and I have provided more than ample documentation speaking to these "items of pause".
I did sign off on a "Seller's Right to Cancel" if they can't assign the contract through one of their own financial institutions. Apparently, they have 10 days to notify me should they choose to cancel. Another section of the contract says that the APR may be negotiable with the seller and they may assign the contract, retaining its right to receive a part of the finance charge.
I wonder if that means they would let the sale go entirely rather than sell me the car with my own financing... that would be rich
There are plenty of other cars and plenty of other dealers out there... heck, I may just decide to go with a G37 if this deal goes south!
In all fairness, yes, there are 1 or 2 items on my credit report that might give them pause... but these were all discussed in detail with the mgr, in advance of shaking hands and signing papers. These items are being investigated (now by both IFS and Nissan) and I have provided more than ample documentation speaking to these "items of pause".
I did sign off on a "Seller's Right to Cancel" if they can't assign the contract through one of their own financial institutions. Apparently, they have 10 days to notify me should they choose to cancel. Another section of the contract says that the APR may be negotiable with the seller and they may assign the contract, retaining its right to receive a part of the finance charge.
I wonder if that means they would let the sale go entirely rather than sell me the car with my own financing... that would be rich
There are plenty of other cars and plenty of other dealers out there... heck, I may just decide to go with a G37 if this deal goes south!
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06-26-2008, 04:11 PM
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i say screw them. i hate shadyness. just go elsewhere for the same car and like someone else said, give them the money instead that is if ur orignal 3.9 doesnt work out 
plus.. u can get another car with newer new car smell oh yay
plus.. u can get another car with newer new car smell oh yay
06-26-2008, 06:40 PM
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thanks for the input here, all... it looks like everything worked out for the very best!
Here's a question: i've seen talk about tipping your car salesman... has anyone done this? if so, how much did you give? is there some "rule" for figuring out what's reasonable?
Here's a question: i've seen talk about tipping your car salesman... has anyone done this? if so, how much did you give? is there some "rule" for figuring out what's reasonable?
06-26-2008, 07:09 PM
#12
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sorry to the car salesman on here......I've never tipped my car salesman, if they impressed me i give them as many referals as i can. with the new G37 owners become defacto spokesmen for the car so i just carry a bunch of Nichole De La Cruz cards with me and tell them to call her. Off one referral sale i'm sure they'll get more than what you'd tip them.
06-26-2008, 07:10 PM
#13
You're not serious are you? Tip the salesman??? My salesman sent me and the Mrs. out to a nice steak dinner when we closed the sale. HE should tip YOU! I mean if his service was excellent like mine was, I'll steer customers his way but I wouldn't tip him. Every time I send him a customer that buys he sends us out to a nice dinner. I'm reknown as a great tipper but have never heard of tiping your car salesman.
06-27-2008, 02:27 AM
#14
The problem is that they " rolled you " Its a common term when you try to get someone financed and they cant get you approved.. So basically all you do is have the consumer sign all the paperwork and hope that it sticks and if it doesnt you have a option of paying a higher interest rate or return car due to deal fell through!!!! Happens all the time in car business!!!!!
Last edited by NeverBoneStock; 06-27-2008 at 03:54 AM.
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