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Posted: 3/30/2020 3:19:10 PM EDT
[#1]
That’s what you do when you want to get rid of someone.
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Posted: 3/30/2020 3:19:23 PM EDT
[#2]
I think you have a legal right to the refusal on paper don't you?
I seriously doubt that you did not qualify. Dealership is fucking you over |
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Posted: 3/30/2020 3:19:42 PM EDT
[#3]
Quote HistoryQuoted: So formerly being in the business, I can tell you what most likely happened. You qualified for the 0% but they just didn’t want to give it to you. Little know fact is that dealerships by law can hold up to 2% points as profit on loans. If you went 0%, they couldn’t hold those points and also would be less likely to get you to purchase extended warranties/service contracts. They were probably hoping you were going to go for the 8.9% and then when you go back to the finance department they say “Hey look we have a special deal we can lower your interest rate and include all this warranty coverage and your payment stays the same or only goes up by $5/month!!!” Sounds great right? Wrong. The rate you actually get is called a “buy rate”. So if your “buy rate” is a 2.9% and they can hold the 2 extra points and get you signed at 4.9%, then the difference between the 8.9% and the 4.9% for the “special deal” they got you is just used to buy the extended coverages. It sounds great but it isn’t and really only works on payment buyers or people who have no idea about interest rates or credit. Did anyone know this? Been there, done that with a Nissan finance guy. |
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Posted: 3/30/2020 3:19:59 PM EDT
[#4]
Quote HistoryQuoted: @Subnet Seems like the Altima is the new Sebring/Avenger for poor credit buyers nowadays. Quote HistoryQuoted: Quoted: A cursory glance around town suggests that Chrysler and Nissan are the most engaged in um...outreach...for the uh...underserved in our community. @Subnet Seems like the Altima is the new Sebring/Avenger for poor credit buyers nowadays. Everyone knows it’s the sentra |
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Posted: 3/30/2020 3:20:07 PM EDT
[#5]
Quote HistoryQuoted: Chrysler Dodge Buick Olds Pontiac all the same shit company. Anyone care to know why the business model has been in trouble for so long. Over priced junk on wheels, suffers negative depreciation while sitting on the lot. OP got to some place else that isn't part of the GM line up. Uumm, Chrysler and Dodge are not part of the GM line up. Olds and Pontiac are no longer in business |
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Posted: 3/30/2020 3:20:43 PM EDT
[#6]
Quote HistoryQuoted: I guess it dropped nine points on three hard pulls since Friday. https://i.postimg.cc/qqNQhbx0/IMG-3935.jpg" target="_blank">https://i.postimg.cc/qqNQhbx0/IMG-3935.jpg All the pulls done on a car loan within a month will only count as one pull against your credit score. They know that people shop for a car loan. It is possible that the dealer shopped more than one bank for your loan. |
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Posted: 3/30/2020 3:21:24 PM EDT
[#7]
Are you per chance shopping at Ted Shecklers New and Used Crystler Vehicle and Financing Emporium?
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Posted: 3/30/2020 3:21:35 PM EDT
[#8]
Sounds like you got a bad Finance guy, he either screwed up the application to Chrysler (as in dropped a zero from your income bringing your DTI out of whack) or he doesn’t realize that as long as you got approval at tier 1 or 2 you qualify for the incentivized rate even though the approval listed their standard rate. Either way the choice is either rebates or incentivized rate when it comes to manufacturer banks, which means you have a higher amount to finance with the 0%
Did they review your credit disclosure with you? They should have. Chrysler uses a Transunion auto enhanced scoring model |
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Posted: 3/30/2020 3:21:53 PM EDT
[#9]
Sounds like that particular dealer did you a solid but not taking your money OP.
Quote HistoryQuoted: Dealership must get a better kick back to finance you at 8.9% than the other incentives. Could always beat them down on price, then immediately refi through your credit union at a much lower rate. It'll probably screw them when you pay off the loan a week later. This is exactly right. With FMCC (Ford Credit) or TMCC (Toyota Credit) manufacturer incentivized financing typically paid the dealer a flat fee for each loan written using that program. Call it $300 profit per loan for the sake of argument. For "regular" financing, the profit structure is more like the mortgage business. If the wholesale rate of a loan is 6.5% and the dealer turns around and charges 8.9%, their profit is the 2.4% spread from wholesale to retail. |
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Posted: 3/30/2020 3:22:36 PM EDT
[#10]
The finance guy wanted to sell a high APR loan. He went too big and fucked himself and the sales guy at the same time. The sales guy should find a new dealership to work for (assuming they all don't go under).
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Posted: 3/30/2020 3:23:12 PM EDT
[#11]
Quote HistoryQuoted: Why would anyone buy a vehicle right now anyway? Why would anyone buy a Dodge? |
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Posted: 3/30/2020 3:23:55 PM EDT
[#12]
Why you no 840 OP?
Get your act together. |
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Posted: 3/30/2020 3:24:13 PM EDT
[#13]
Fake news
No one with that high of a credit score and financial security would buy a Chrysler.  |
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Posted: 3/30/2020 3:24:34 PM EDT
[#14]
Quote HistoryQuoted: You have a 100% secure government job which pays six figures? How? You want a Dodge? Why? He works for the gubbermint so yah. |
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Posted: 3/30/2020 3:25:01 PM EDT
[#15]
Quote HistoryQuoted: This did not happen. Quote HistoryQuoted: Quoted: Was told by the dealership's finance guy that my 814 credit score didn't meet the standards for their 0% loan, but they'd finance me at 8.9%. Income at $100k, no mortgage, 20% down. I laughed and walked out. I was the only customer there. Who needs sales when you get a taxpayer bailout. This did not happen. Want to put your money where your mouth is Sport? |
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Posted: 3/30/2020 3:25:16 PM EDT
[#16]
Quote HistoryQuoted: Been there, done that with a Nissan finance guy. Quote HistoryQuoted: Quoted: So formerly being in the business, I can tell you what most likely happened. You qualified for the 0% but they just didn't want to give it to you. Little know fact is that dealerships by law can hold up to 2% points as profit on loans. If you went 0%, they couldn't hold those points and also would be less likely to get you to purchase extended warranties/service contracts. They were probably hoping you were going to go for the 8.9% and then when you go back to the finance department they say "Hey look we have a special deal we can lower your interest rate and include all this warranty coverage and your payment stays the same or only goes up by $5/month!!!" Sounds great right? Wrong. The rate you actually get is called a "buy rate". So if your "buy rate" is a 2.9% and they can hold the 2 extra points and get you signed at 4.9%, then the difference between the 8.9% and the 4.9% for the "special deal" they got you is just used to buy the extended coverages. It sounds great but it isn't and really only works on payment buyers or people who have no idea about interest rates or credit. Did anyone know this? Been there, done that with a Nissan finance guy. Next you're going to tell me you were looking at an Altima, and today you were looking at a Charger. 
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Posted: 3/30/2020 3:25:33 PM EDT
[#17]
Quote HistoryQuoted: Fake news No one with that high of a credit score and financial security would buy a Chrysler.
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Posted: 3/30/2020 3:25:36 PM EDT
[#18]
Quote HistoryQuoted: That said, you're NUTS financing a vehicle right now. I wouldn't touch a loan with the BS that's coming, unless I absolutely had no alternative. Why do you say that - what specifically about loans would make you uneasy? Seems like if OP can borrow at 0%/84mo, the risk is mostly on the bank. Not trying to be a smartass, just curious to learn about your line of thinking. |
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Posted: 3/30/2020 3:25:54 PM EDT
[#19]
Quote HistoryQuoted: Im sorry but this is the biggest load of bullshit ive ever seen. Dealerships will bow at your feet with that cred and money. Trust me I used to do that for a living. Pretty sure youre lying. Lol, no they don't. I've had a similar experience to OP's where one dealer was going for straight rip off doesn't matter your credit or income, dealer in the next town over was great (same car brand). There's a lot of bad dealers out there. I try to stick with luxury dealers anymore, they're typically a breath of fresh air when it comes to car buying. |
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Posted: 3/30/2020 3:26:12 PM EDT
[#20]
Quote HistoryQuoted:  Quote HistoryQuoted: Quoted: Chrysler Dodge Buick Olds Pontiac all the same shit company. Anyone care to know why the business model has been in trouble for so long. Over priced junk on wheels, suffers negative depreciation while sitting on the lot. OP got to some place else that isn't part of the GM line up. Forget it, he's rolling 
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Posted: 3/30/2020 3:26:39 PM EDT
[#21]
That sucks man.
I LOVE the car buying process. I used to have to put up with the BS from the sales department all the time, so when I was the buyer, I LOVED putting salespeople through the ringer. |
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Posted: 3/30/2020 3:27:00 PM EDT
[#22]
Sounds like a variation of the old bait and switch.
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Posted: 3/30/2020 3:28:18 PM EDT
[#23]
Quote HistoryQuoted: THE DEALS. Aren't some dealerships offering like 0% interest for 87 months? Quote HistoryQuoted: Quoted: Why would anyone buy a vehicle right now anyway? Aren't some dealerships offering like 0% interest for 87 months? Yeah, JEEP. |
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Posted: 3/30/2020 3:28:28 PM EDT
[#24]
Quote HistoryQuoted: Has to be something more going on. Hell, I got a 2.9% loan on a USED car, with a 720 score. That said, you're NUTS financing a vehicle right now. I wouldn't touch a loan with the BS that's coming, unless I absolutely had no alternative. I think that probably depends on circumstances and outlook. Deals are going to get better than anything we've seen in a decade, and if rates are low enough, a loan is mostly harmless assuming the borrower is in a good equity position and has secure income. Or, if you think the whole system is going to blow up, it's probably better to be in possession of a newer, better vehicle when the music stops.
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Posted: 3/30/2020 3:28:41 PM EDT
[#25]
Finance Managers at dealerships are the biggest scum bags on the face of the Earth. You think salesmen and the sales manager are bad, they got nothing on the finance guy. They make great money though.
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Posted: 3/30/2020 3:29:01 PM EDT
[#26]
Quote HistoryQuoted: Why do you say that - what specifically about loans would make you uneasy? Seems like if OP can borrow at 0%/84mo, the risk is mostly on the bank. Not trying to be a smartass, just curious to learn about your line of thinking. Quote HistoryQuoted: Quoted: That said, you're NUTS financing a vehicle right now. I wouldn't touch a loan with the BS that's coming, unless I absolutely had no alternative. Why do you say that - what specifically about loans would make you uneasy? Seems like if OP can borrow at 0%/84mo, the risk is mostly on the bank. Not trying to be a smartass, just curious to learn about your line of thinking. Getting one right now is pretty much signaling that you're VERY confident and secure in your future income, which is a sentiment not widely shared by a lot of Americans at the moment. |
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Posted: 3/30/2020 3:29:21 PM EDT
[#27]
Quote HistoryQuoted: Chrysler Dodge Buick Olds Pontiac all the same shit company. Anyone care to know why the business model has been in trouble for so long. Over priced junk on wheels, suffers negative depreciation while sitting on the lot. OP got to some place else that isn't part of the GM line up.  |
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Posted: 3/30/2020 3:29:29 PM EDT
[#28]
Quote HistoryQuoted: Why do you say that - what specifically about loans would make you uneasy? Seems like if OP can borrow at 0%/84mo, the risk is mostly on the bank. Not trying to be a smartass, just curious to learn about your line of thinking. The risk is that there isn't a segment of society that's not tickling the dragon's tail right now with regards to economic outlook and stability. I would not want a dime of my money tied up in debt right now, with what's at stake. I'm not sure I should even need to spell out why, unless no one's read about economic collapse. Will we probably be ok? Yeah, probably. Uncertainty should prompt caution, and hanging on to whatever cashflow and savings you have. Why not wait 6 months and make sure we're not on the wrong end of a good fucking? |
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Posted: 3/30/2020 3:30:53 PM EDT
[#29]
They dont want to give the 0% to you. For most stealerships its nothing more than a marketing ploy. They did the same to me last year when looking to buy a truck. I walked in with a 840-842 credit score and 20k to put down. They took all of 30 seconds to "check my credit" and deny me the 0% deal. I called them out on their BS right away and asked to see "what are the qualifiers for 0%". The balked and didnt want to make a sale or explain their BS so I walked out and went to have lunch. Assholes rang my phone off the hook for a good two hours.
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Posted: 3/30/2020 3:31:53 PM EDT
[#30]
Quote HistoryQuoted: Why would anyone buy a vehicle right now anyway? And buy a brand new one, like EVER? |
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Posted: 3/30/2020 3:32:39 PM EDT
[#31]
Quote HistoryQuoted: All the pulls done on a car loan within a month will only count as one pull against your credit score. They know that people shop for a car loan. It is possible that the dealer shopped more than one bank for your loan. Quote HistoryQuoted: All the pulls done on a car loan within a month will only count as one pull against your credit score. They know that people shop for a car loan. It is possible that the dealer shopped more than one bank for your loan. Thanks, didn't know that. Here's a screen shot of the pulls.  " />Did they review your credit disclosure with you? They should have. Chrysler uses a Transunion auto enhanced scoring model He didn't go over anything. We had a deal at 0% and the price was set. Sit down with the finance guy, he pulls the 8.9 but my local guy can do it for 3.9 BS. I call BS and leave. I didn't want to hear anymore. |
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Posted: 3/30/2020 3:34:15 PM EDT
[#32]
The service you received there is a good indicator of Mopar reliability, the dude did you a favor.
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Posted: 3/30/2020 3:36:15 PM EDT
[#33]
Quote HistoryQuoted: Paying loans back (even at 0% interest) sucks when you suddenly find yourself out of a job. Getting one right now is pretty much signaling that you're VERY confident and secure in your future income, which is a sentiment not widely shared by a lot of Americans at the moment. Quote HistoryQuoted: Paying loans back (even at 0% interest) sucks when you suddenly find yourself out of a job. Getting one right now is pretty much signaling that you're VERY confident and secure in your future income, which is a sentiment not widely shared by a lot of Americans at the moment. Quoted: The risk is that there isn't a segment of society that's not tickling the dragon's tail right now with regards to economic outlook and stability. I would not want a dime of my money tied up in debt right now, with what's at stake. I'm not sure I should even need to spell out why, unless no one's read about economic collapse. Will we probably be ok? Yeah, probably. Uncertainty should prompt caution, and hanging on to whatever cashflow and savings you have. Why not wait 6 months and make sure we're not on the wrong end of a good fucking? Makes sense - thanks fellas. |
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Posted: 3/30/2020 3:39:09 PM EDT
[#34]
Quoted: Was told by the dealership's finance guy that my 814 credit score didn't meet the standards for their 0% loan, but they'd finance me at 8.9%. Income at $100k, no mortgage, 20% down. I laughed and walked out. I was the only customer there. Who needs sales when you get a taxpayer bailout. My wife and Sister in law work for dealerships. Wife says some dealers will do that to get out of giving you the 0% loan as they don't make any money at all on the loan like normal. They tell you that then try and get you into an interest bearing loan, so they still make their nut. I'd wait a bit an call the same dealership and ask to speak to someone in the finance dept, tell them your in the market for a new car and ask them what qualifies or disqualifies you for the 0% loan... Then, I'd call them out on their BS. 814CS, 100K-income, no mortgage and 20% down, doesn't qualify... They can suck it!!!! |
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Posted: 3/30/2020 3:40:10 PM EDT
[#35]
Quote HistoryQuoted: Thanks, didn't know that. Here's a screen shot of the pulls. https://i.postimg.cc/zBWJhPsN/IMG-3936.png" target="_blank">https://i.postimg.cc/zBWJhPsN/IMG-3936.png He didn't go over anything. We had a deal at 0% and the price was set. Sit down with the finance guy, he pulls the 8.9 but my local guy can do it for 3.9 BS. I call BS and leave. I didn't want to hear anymore. What’s that last bank? |
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Posted: 3/30/2020 3:41:11 PM EDT
[#36]
"Things that didn't happen for 500 Alex".
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Posted: 3/30/2020 3:41:14 PM EDT
[#37]
Quote HistoryQuoted: I try to stick with luxury dealers anymore, they're typically a breath of fresh air when it comes to car buying. Best used car buying experience of my life, and it wasn't even close. Absolutely ZERO bullshit. None. Nada. Even the process of signing the paperwork was kinda neat, because the F&I guy's desk was a giant touchscreen. It was pretty slick. No shit, I made a reasonable offer on the truck. Sales guy said "I don't see a problem with it. Sure". After that, I worked on the trade - they offered ~$700 more than I was expecting to get. Perfectly reasonable, as I had a pretty good idea of what it would get at auction (which is where it was immediately headed - there was no way it wold have graced their lot). Cool. Headed into the finance office. Let him know I had my own financing, through my credit union. He said "That's fine. Want to see if we can get a better rate?" I said "Sure". And they did. Neat. After a bit, I said "You're not going to try to sell me an extended warranty or anything like that?" He said "Why, did you want one?" I said "No, it's a $20k used Silverado". He said "Yeah, I didn't think so either". Even the free coffee was delicious. |
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Posted: 3/30/2020 3:41:27 PM EDT
[#38]
If they truly did deny you you’ll get a letter in the mail within the next week or two explaining why.
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Posted: 3/30/2020 3:42:52 PM EDT
[#39]
Quote HistoryQuoted: The finance guy wanted to sell a high APR loan. He went too big and fucked himself and the sales guy at the same time. The sales guy should find a new dealership to work for (assuming they all don't go under). Depending on the slime factor at that dealreship, it could also be that the salesperson blew his wad in negotiating and didn't leave enough of a bump (gross profit) in the deal for the F&I guy to make any money on the back end (sliding in extended warranties, insurance etc). I don't agree with that technique, but that's how it's done in much of the industry. If an F&I manager is a cocksucker he will eat up every bit of front end gross to fatten his own pay plan. The customer will never know the difference but the salesperson gets boned with a $100 minimum commission. F&I Manager: Mr Customer, what if I could extend your factory warranty to 7 years and 120k miles, while only adding 87 cents to your monthly payment? Customer: Hell yes!  BOOM! There goes $2500 of front end gross profit, and the salesman's commission goes from $750 down to a $100 mini 
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Posted: 3/30/2020 3:43:10 PM EDT
[#40]
Quote HistoryQuoted: If they truly did deny you you'll get a letter in the mail within the next week or two explaining why. |
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Posted: 3/30/2020 3:45:55 PM EDT
[#41]
You got no debt and a great credit score and you are looking to buy a vehicle from the worst of the 3 US automakers?
Dude, step up your game. Chrysler, Jeep & Dodge are the K-Mart of auto manufactures. |
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Posted: 3/30/2020 3:51:30 PM EDT
[#42]
Quote HistoryQuoted: You don't need to make the 6 payments. Once you've bought the car, you've bought the car. The deal is done. You own it. Pay the loan off. Whatever fuckery exists between the lender and the dealership is their problem, not yours. Quote HistoryQuoted: Quoted: Slightly different scenario, but when I was planning to pay cash I had a few dealers wheel and deal on the price under the caveat that if I financed with them at a shitty rate, they'd give me a great price. Some shit about having to make at least 6 payments to the loan then pay it off. End up spending about $500-$600 on interest on those 6 payments but more than offset by the price discount. The numbers actually did work out but it still felt sleazy. He is correct - the dealer gets a kickback; once you buy it refinance it as quickly as you want. |
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Posted: 3/30/2020 3:53:12 PM EDT
[#43]
after 10 years it still amazes me how so many people here give bad or wrong advice and have no fucking clue how dealerships work but talk like they are masters of handling them lol
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Posted: 3/30/2020 3:54:56 PM EDT
[#44]
Quote HistoryQuoted: Assuming everything you've told us is true (income, amount down, FICO score) you're being straight up lied to. Full stop. This is not a dealership you want to have anything to do with you unless they get to ream you to the point your butthole looks like Hope Solo roast beef. Don't even try to salvage it. Fixed. Just MHO, finance guy tried to break it off in you to save his monthly. |
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Posted: 3/30/2020 3:55:01 PM EDT
[#45]
One of the worst/most entertaining auto dealer experiences I had was trying to buy a Toyota Corrolla way back in 1981. It was December, 7pm and snowing the main bldg was black no lights. I was in the used car bldg, not sure why. The salesman pretended to call his mgr in the other bldg to discuss the deal. I could see there was no one there, he was pretending to have a conversation with someone. I said look, the invoice is this and I will pay $200 over that, or what do you have to have over invoice to do the deal? The salesman went into vapor lock, he just could not process that. I felt bad for him, I wanted to buy a car, had financing, just needed a number, no joy.
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Posted: 3/30/2020 3:57:31 PM EDT
[#46]
Quote HistoryQuoted: What’s that last bank? It looks like the actual dealership. |
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Posted: 3/30/2020 3:58:00 PM EDT
[#47]
The 0% offer is a scam to get you in the door. It is for 'qualified' buyers, what is that, well it's whatever they want it to be. You could be Warren Buffet and not qualify. Anything over 700 is a great credit score, do you have any idea how many people walk into a dealership with a score of less than 500?
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Posted: 3/30/2020 3:58:37 PM EDT
[#48]
Quote HistoryQuoted: "Things that didn't happen for 500 Alex". Lol. After all I posted. Ok Junior, recess is over. Would you like to wager? |
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Posted: 3/30/2020 3:59:07 PM EDT
[#49]
Quote HistoryQuoted: Lol. After all I posted. Ok Junior, recess is over. Would you like to wager? Quote HistoryQuoted: Quoted: "Things that didn't happen for 500 Alex". Lol. After all I posted. Ok Junior, recess is over. Would you like to wager? |
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Posted: 3/30/2020 4:07:05 PM EDT
[#50]
Quote HistoryQuoted: If that’s what they told you, then they are dumb as fuck. Not sure what that says about you being in a Chrysler dealership in the first place... Tell the Mgr. you were lured into the store to buy a car at 0% and his suck ass salesman tried to pull a bait and switch. Make a counter offer. He gives you the car of your choice and pays you 8.9% to take it home. When he starts laughing tell him that is what you did to his dishonest salesman and you are spreading the word. |
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