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Posted: 3/30/2020 2:32:27 PM EDT
[#1]
It may be your debt to income ratio driving the interest rate up. Debt to income ratio is the debits listed on your credit report and other known monthly payments divided by your monthly income.
If your is above a certain percentage, lenders may not lend to you or increase their percentage rate due to your increased risk of defaulting on the loan. |
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Posted: 3/30/2020 2:33:04 PM EDT
[#2]
Quote HistoryQuoted: I saw the credit report. Quote HistoryQuoted: Quoted: Either your credit score isn't what you think it is, or you just walked out of one of the slimiest dealerships in the country. I saw the credit report. How is it slimy? I’m sure it was all in the paperwork.  a dealer may negotiate a higher interest rate with you than what the lender offers and take the difference as compensation for handling the financing https://www.experian.com/blogs/ask-experian/is-it-better-to-finance-a-car-through-a-bank-or-dealership/ |
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Posted: 3/30/2020 2:33:12 PM EDT
[#3]
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. I am a Vietnam Vet = age = several cars/trucks. So in my whole life I have always been screwed buying a car when it comes to the % finance... your story sounds just like all of mine ( I hope you gave them the finger to as you walked out) |
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Posted: 3/30/2020 2:33:49 PM EDT
[#4]
Quote HistoryQuoted: 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. |
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Posted: 3/30/2020 2:33:57 PM EDT
[#5]
Quote HistoryQuoted: Either your credit score isn't what you think it is, or you just walked out of one of the slimiest dealerships in the country. I had a friend that sold Toyotas for 20+ years. His dealership sold, and the new guys came in. He said the new finance manager would shuffle the papers and people that put down a $1-2000 deposit would have that deposit lost in the shuffle; that cash would go in the dealers pocket. He lasted about 6 weeks there. Never underestimate the slime that a real estate agent or car dealer can secrete. |
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Posted: 3/30/2020 2:34:24 PM EDT
[#6]
Now, a local Dodge dealers TV ad makes sense. The owner bragged about his "Deals" and said to ignore the many dealers promos that you will not qualify for.
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Posted: 3/30/2020 2:34:50 PM EDT
[#7]
Weird. I just qualified for 0% for 84 mo with a 726 through GM Financial.
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Posted: 3/30/2020 2:35:01 PM EDT
[#8]
Quote HistoryQuoted: It may be your debt to income ratio driving the interest rate up. Debt to income ratio is the debits listed on your credit report and other known monthly payments divided by your monthly income. If your is above a certain percentage, lenders may not lend to you or increase their percentage rate due to your increased risk of defaulting on the loan. 
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Posted: 3/30/2020 2:35:29 PM EDT
[#9]
Sounds like a little deceptive advertising going on. "0% for 84 months WAC (well qualified buyers)" to get you in the stealership. When a well qualified buy, like the OP, shows up they change their tune and fall back to their sleazy ways.
Stand your ground OP. They are over a barrel that is getting deeper every day. |
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Posted: 3/30/2020 2:35:50 PM EDT
[#10]
Maybe they’re holding out to see if this bullshit blows over soon. Damn I want a new car too. Too bad the Explorers I want all cost a fortune anyway.
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Posted: 3/30/2020 2:35:58 PM EDT
[#11]
He's dry fucking you in the ass.
Flat out lying. Source? Working IT for 13 years in the automotive industry before moving on to greener pastures. When you get to F&I and they find financing for the deal, you may not be paying the same percentage as the loan was bought for. For example, you have decent credit and they get 2.9% offer from the lender, F&I guy says "Well, you have a few problems here with the credit report and I worked my fingers raw and they finally gave in and get you financed for 8.9%. That means that the dealership gets ALL that six points of pure profit! Ask to see the actual buy rate from the lender. Again, if you are FICO 819 and they are telling you 8.9%, they are flat out lying to you. Period. End of story. Do some reading. Regulation Z. https://www.federalreserve.gov/boarddocs/supmanual/cch/200601/til.pdf ETA: If the salesperson sits down with you, brings out a blank piece of paper, and divides it into quadrants with his pen, that's called a four square. Walk. Just walk out the door and tell him why. Also, do not sign ANYTHING put in front of you until you 100% commit to buying. If they bring out a test drive form "for security purposes", it may well have verbiage that you agree to X, Y, and Z. Most people do not read what they sign. |
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Posted: 3/30/2020 2:37:10 PM EDT
[#12]
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. Why would you ever consider buying Chrysler? You dodged a bullet pal. |
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Posted: 3/30/2020 2:37:15 PM EDT
[#13]
Quote HistoryQuoted: But their local bank would finance me for 3.9. Where are you getting your credit score? Credit score for specific loans like mortgages and cars is calculated based on your history with those specific loans. If you’ve never had a mortgage or car loan, you’re in for a bad time. |
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Posted: 3/30/2020 2:37:16 PM EDT
[#14]
Quote HistoryQuoted: A cursory glance around town suggests that Chrysler and Nissan are the most engaged in um...outreach...for the uh...underserved in our community. Nissan is the Chrysler of Japan. And yes you see Altima’s and Chargers at all the buy here pay here lots in the ghetto. |
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Posted: 3/30/2020 2:37:25 PM EDT
[#15]
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. Ummmmm, Chrysler and Dodge aren’t GM. 
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Posted: 3/30/2020 2:38:29 PM EDT
[#16]
Quote HistoryQuoted: Then you just walked out of one the slimiest dealerships in the country. The only explanation I can come up with, is that most of their customers are clueless financial retards with shit credit, and this bullshit they're pulling works more often than it doesn't. Like...people with your income and credit wouldn't normally set foot in a dealership like this. Quote HistoryQuoted: Quoted: Quoted: Either your credit score isn't what you think it is, or you just walked out of one of the slimiest dealerships in the country. I saw the credit report. Screen cap of my text with the salesman today.  " />
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Posted: 3/30/2020 2:38:51 PM EDT
[#17]
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 2:41:19 PM EDT
[#18]
Quote HistoryQuoted: Screen cap of my text with the salesman today. <a href="<a href="https://i.postimg.cc/fR06hxWP/IMG-1279.png" >[url]https://i.postimg.cc/fR06hxWP/IMG-1279.png">https://i.postimg.cc/fR06hxWP/IMG-1279.png">[url=https://postimg.cc/xXnsvNzG]https://i.postimg.cc/fR06hxWP/IMG-1279.png Quote HistoryQuoted: Quoted: Quoted: Quoted: Either your credit score isn't what you think it is, or you just walked out of one of the slimiest dealerships in the country. I saw the credit report. Screen cap of my text with the salesman today. <a href="<a href="https://i.postimg.cc/fR06hxWP/IMG-1279.png" >[url]https://i.postimg.cc/fR06hxWP/IMG-1279.png">https://i.postimg.cc/fR06hxWP/IMG-1279.png">[url=https://postimg.cc/xXnsvNzG]https://i.postimg.cc/fR06hxWP/IMG-1279.png |
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Posted: 3/30/2020 2:42:38 PM EDT
[#19]
Years ago, I ran as service department in a Chrysler dealership. It was the worst two weeks of my professional career. The baseball bat guy was almost funny, then a bomb scare. Good times...
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Posted: 3/30/2020 2:43:03 PM EDT
[#20]
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 2:44:54 PM EDT
[#21]
Always walk in with pre-approved financing.
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Posted: 3/30/2020 2:46:23 PM EDT
[#22]
LOL
Mercedes gives me 2.4% on my commercial leases. 1.9% if I personally guarantee the loan. |
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Posted: 3/30/2020 2:46:24 PM EDT
[#23]
Quoted: Always walk in with pre-approved financing. But don't say it out loud … The real question here is did you agree on a sales price before you ended up in the finance office. Sales price/trade value (if any) is a pre-req to even talk finance … At which point if you are pre-fi or cash you can just chill through it. If you start talking to them about finance without a *signed* sales statement you are asking for trouble. |
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Posted: 3/30/2020 2:47:21 PM EDT
[#24]
There is something else going on here.
A dealer doesn’t make money off of you walking out the door. If they told everyone that they would never sell a car except to old widows in white gloves, but they aren’t found at dealerships of that, ahem, caliber. So, they either singled you out or there is a reason you were told the stupid high rate. Sure that leading 8 wasn’t a 6? Sign up for Credit Karma and post a screenshot. Their scores aren’t official or exact but they are darn close. |
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Posted: 3/30/2020 2:47:28 PM EDT
[#25]
Quote HistoryQuoted: Going to reply to this since apparently everyone below your post didn't read it. This is the answer you seek OP Quote HistoryQuoted: Quoted: As a multiple-purchase Chrysler buyer, let me remind you that they almost always charge for the 0% interest. What I mean by that is that the vehicle price is $1000 more with 0% interest or $1000 less (let's call it the "nice-guy-rebate") with standard interest rate. It's usually a "buy-down" like mortgage points. They won't tell you this up front. The finance guy explains that to you two hours into the process. $30,000 with 0% interest $30,000-$1,000 with x% interest Going to reply to this since apparently everyone below your post didn't read it. This is the answer you seek OP And that's why you need to understand Net Present Value and how to do the math on your phone on the fly. In some circumstances, paying to get a lower interest rate is the smart move. Kharn |
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Posted: 3/30/2020 2:47:49 PM EDT
[#26]
Quote HistoryQuoted: The credit report was ran on Friday. The deal was 0% at 84 months. We were $1000 apart on the price and I walked. They called me Saturday and said, OK, we'll do your deal, come on in." I went in today and they pulled this shit. Quote HistoryQuoted: Quoted: I would love to see a legit study of mean/median credit scores by automotive brand...  The credit report was ran on Friday. The deal was 0% at 84 months. We were $1000 apart on the price and I walked. They called me Saturday and said, OK, we'll do your deal, come on in." I went in today and they pulled this shit. LoL. You understand that wasting your time is part of their business model? Its the same psychology used by hostage negotiators. They're trying to wear you down. |
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Posted: 3/30/2020 2:48:46 PM EDT
[#27]
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? |
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Posted: 3/30/2020 2:48:57 PM EDT
[#28]
Quote HistoryQuoted: Why would anyone buy a vehicle right now anyway? I'm buying a new truck today. They are doing 30% off MSRP. Dummy good deal. I'm basically getting out of my 2018 w/ 30k miles and into a 2020 with 5 miles for 5k. |
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Posted: 3/30/2020 2:49:39 PM EDT
[#29]
Quote HistoryQuoted: LoL. You understand that wasting your time is part of their business model? Its the same psychology used by hostage negotiators. They're trying to wear you down. ref: TruCoat |
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Posted: 3/30/2020 2:50:03 PM EDT
[#30]
Quote HistoryQuoted: Seems like the Altima is the new Sebring/Avenger for poor credit buyers nowadays. It always has been. |
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Posted: 3/30/2020 2:51:39 PM EDT
[#31]
#Moretothestory
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Posted: 3/30/2020 2:52:01 PM EDT
[#32]
Credit score is too high. Think you need 600 or BELOW to qualify for a Chrysler.
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Posted: 3/30/2020 2:52:28 PM EDT
[#33]
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. Yeah, something fishy... |
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Posted: 3/30/2020 2:52:50 PM EDT
[#34]
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 2:54:16 PM EDT
[#35]
Quote HistoryQuoted: You have a 100% secure government job which pays six figures? How? He's a GS-87. |
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Posted: 3/30/2020 2:54:36 PM EDT
[#36]
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. Maybe the finance guy is dyslexic and read 418, who knows? |
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Posted: 3/30/2020 2:59:40 PM EDT
[#37]
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. OK, pops 
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Posted: 3/30/2020 2:59:51 PM EDT
[#38]
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. |
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Posted: 3/30/2020 3:03:56 PM EDT
[#39]
Quote HistoryQuoted: 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. |
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Posted: 3/30/2020 3:04:28 PM EDT
[#40]
Quote HistoryQuoted: OP get your credit score here for free https://www.experian.com/consumer-products/credit-score.html Then head over to annualcreditreport.com and view all three of your credit reports for free. Look for any accounts you don’t recognize or hard queries that you didn’t request. I guess it dropped nine points on three hard pulls since Friday.  " />
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Posted: 3/30/2020 3:04:39 PM EDT
[#41]
10 years ago I wanted to buy a new Infiniti G37. The dealer also had a Nissan shop as well. They ran my credit and came back saying my score was 612 and that my rate would be 10%. I almost fell out of the chair, since I worked for a large national bank/brokerage and they provided us our credit score for free. When I called BS, the sales guy went and talked to the finance manager and said they "could work a deal where I got the promo rate". Then they presented me the finance paperwork with a $750 deal Admin fee. I said no way, and asked what justisfied me paying for their back office? The scummy finance manager said it was to cover costs like notarizing the docs. I said I wouldn't pay it, and he started yelling at me. It caused such a scene that other salespeople and customers came walking over to see what was up.
I got up and walked out with the puffed up, red faced finance guy following me. I talked shit about that dealer to everyone I knew. |
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Posted: 3/30/2020 3:05:15 PM EDT
[#42]
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. |
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Posted: 3/30/2020 3:05:46 PM EDT
[#43]
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. Did you pull a Karen and ask to see the manager? |
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Posted: 3/30/2020 3:06:39 PM EDT
[#44]
Quote HistoryQuoted: 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. Did this with VW credit when we bought my wife's Tiguan last fall. Salesman told me we had to make 6 payments before we refinanced, but the finance manager said we only had to make 3. It was more rigmarole but we ended up getting the lower price on the car and the lower interest rate from my credit union. |
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Posted: 3/30/2020 3:08:12 PM EDT
[#45]
Quote HistoryQuoted: It may be your debt to income ratio driving the interest rate up. Debt to income ratio is the debits listed on your credit report and other known monthly payments divided by your monthly income. If your is above a certain percentage, lenders may not lend to you or increase their percentage rate due to your increased risk of defaulting on the loan. No mortgage, a $320 car payment for wife's Camry and monthly charges for expenses on the credit card that's paid off every month. No other expenses. |
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Posted: 3/30/2020 3:08:39 PM EDT
[#46]
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. |
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Posted: 3/30/2020 3:09:49 PM EDT
[#47]
LOL. You got bullshitted.
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Posted: 3/30/2020 3:12:59 PM EDT
[#48]
Quote HistoryQuoted: Why would you ever consider buying Chrysler? You dodged a bullet pal. I've had five new Dodges and they were all perfect in performance and mechanical soundness. |
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Posted: 3/30/2020 3:14:53 PM EDT
[#49]
Quote HistoryQuoted: LoL. You understand that wasting your time is part of their business model? Its the same psychology used by hostage negotiators. They're trying to wear you down. Interestingly, I've read the exact opposite. In the power relationship equation, the buyer has almost none at the beginning of the transaction. The more time the seller invests in the buyer, the more painful it is if he walks. It's supposedly the reason you never go into a negotiation rushed, because you're at an automatic disadvantage. Not claiming this as definitive, but it makes sense. |
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Posted: 3/30/2020 3:16:14 PM EDT
[#50]
Op if you are not lying them something is seriously wrong here.
I bought a tacoma in january. Put zero down, had $4k negative equity from trade in. 704 credit score, $75k income. Got 3.9 % 72 months. |
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