My Dealer Is Bull Spit!
06-01-2010, 08:34 PM
#17
BlkHR37S's example is spot financing, but the OP is only describing the need for a cosigner. Spot financing takes advantage of people with crap credit by bringing them back in and beating them up for more money after they get attached to the car.
If they are only requiring a cosigner, then that's a bank approval that fell through. You can be sure that the dealer was just as unhappy making that call as you were receiving it. They sold the car, and they want their $$ from the bank. This potentially screws the deal for them as well as you.
The F&I guy at the dealership should have taken a close look at your credit score and history and figured out whether you would need a cosigner. That said, banks are VERY picky these days, and they are requiring much more than they have in the past.
If they are only requiring a cosigner, then that's a bank approval that fell through. You can be sure that the dealer was just as unhappy making that call as you were receiving it. They sold the car, and they want their $$ from the bank. This potentially screws the deal for them as well as you.
The F&I guy at the dealership should have taken a close look at your credit score and history and figured out whether you would need a cosigner. That said, banks are VERY picky these days, and they are requiring much more than they have in the past.
06-01-2010, 09:12 PM
#18
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Highly recommend to get your own finacning then go get the car...that way you don't have to deal with this kind of BS. Turn the keys in and let them deal with it...they are full of crap that they can't get you financed...any manager there that has half a brain and has been in the business for more than about an hour would know when you pulled off the lot if they could get you financed or not.
Only finance through the dealer if:
-You have perfect credit
-Manufacturer is offering a really good financing deal like 0-1% for 36+ months
06-02-2010, 12:25 AM
#19
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Thanks for all the comments guys. And yes all they are requiring is a co-signer, but screw them. Although I do have a co-signer to take, it got to the point where I want to just say F**K YOU to the dealer, take your car back, and give me my money. I will be heading to the dealer tomorrow and just saying goodbye to the G. It just sucks that I don't have previous auto history. My first new car is under my parents name, so I have no history on my record. Plus, why the hell would I want to get a used car under my name when my other car is an 07. They tried to get me into a used car but hell no. Financially, I am way more than capable of paying what I am for the G.
06-02-2010, 05:26 PM
#23
Thanks for all the comments guys. And yes all they are requiring is a co-signer, but screw them. Although I do have a co-signer to take, it got to the point where I want to just say F**K YOU to the dealer, take your car back, and give me my money. I will be heading to the dealer tomorrow and just saying goodbye to the G. It just sucks that I don't have previous auto history. My first new car is under my parents name, so I have no history on my record. Plus, why the hell would I want to get a used car under my name when my other car is an 07. They tried to get me into a used car but hell no. Financially, I am way more than capable of paying what I am for the G.
06-03-2010, 05:38 PM
#26
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Why do people get upset, this is probably more common than you think. They checked credit scores and they didn't check credit length. It's hard for me to think that somebody is going to walk in and get a car loan on a 40K car without credit history.
Take it back and stop complaining you didn't get the car. Either get the co-sign or tell them you won't do it. Simple. Then see if you'll get a car somewhere else.
ALWAYS use the house financing. It's 99% lower rate and you'll get a better deal. Just know what the rates are...which are posted just about everywhere.
Take it back and stop complaining you didn't get the car. Either get the co-sign or tell them you won't do it. Simple. Then see if you'll get a car somewhere else.
ALWAYS use the house financing. It's 99% lower rate and you'll get a better deal. Just know what the rates are...which are posted just about everywhere.
06-06-2010, 06:00 PM
#28
I'm guessing the car was returned, because there should have been a follow up by now.
Bummer for all involved - the bank didn't get to do the loan, the dealer lost a sale and mileage on a new car, and the OP has to deal with an embarrassing situation.
Bummer for all involved - the bank didn't get to do the loan, the dealer lost a sale and mileage on a new car, and the OP has to deal with an embarrassing situation.
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