Financing??

[BRUTYUT]

Am I just hosed or what?
I went through the Costco (No-Hassle) Auto Program. This led me to a dealership about 80 miles away.
When I talked with the dealer I explained several times that I had been preapproved for $40,K and I wanted to finance my new truck with my credit union at 6.29% ($669 Page Ranking mo) that would take efect on the 14th of April. He said no problem, they would just hold the paper work until the 15th.
When the driver arived at my house he had me fill out a credit app for 9.99% ($740 Page Ranking mo) and explained that this was just to protect the dealer in the event that my deal with the credit union fell through for whatever reason. I thought "Why not? I got this letter from the C U that says I'm good for the $bucks$."
I work for the state of California and get paid once a month. I have my loan payments made through payroll deduction right to my credit union. On payday I noticed that my new truck payment wasn't listed and started calling around and found that I had been handed over to the bank. The finance manager said that the credit union hadn't sent any money so on the 21st they processed my papers through the bank. The lady at the C U said that they hadn't heard anything from the dealership.
Today the 4th I recieved a payment book with the first payment due today the 4th. I went to the bank and as I made my first payment, I asked the teller about my loan and she directed me to customer service. Customer service told me that my loan was booked on the 4th of April!
Question: do I have any recourse or am I just hosed?
PS I still love this truck!


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7.3L PSD Limited Chestnut with medium Parchment Int. Comfort/Convenience Grp 3.73 LSD TT mirrors 6 disk CD changer. No bun warmers or 4X4. Oley

[pmichael]

Dude...

Just refinace the thing...I went through the dealer to get finacing...the gave me some crap about credit ratings and other BS (my credit is spotless)and gave me a rate of 10.5% through a local bank. Well my first call the next morning was to my bank were I keep all accounts and they laughed and said "sure Mr. Michael...no problem..we will refinance to 7.5%" so I did...cut a year off the loan...kept my payments in the same ball park and saved about 4,000 in interest.

Just go back to your C/U and refinance.

Good Luck,
Paul

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'00 Excursion limited, 4x4, PSD,Toredor Red - in the garage 2/12/00 no mods yet. But want to gauge & chip my baby.

[pennyjim]

I've done the refinancing thing several times. I once thought tht dealers liked not having to do the financing paperwork, but I suppose now that they get some renumeration from their finance companies.

So I do the dance, then refinance the next day.

jp

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Jim Penny
white, auto, 4x4 ESOF, CC, dually, 4.10LS, ARE
otra sierra blanca

[KleyP]

There is usually no cost to refinance.

In my experience, the finance guys at dealers are the sleaziest of the lot. I actually had one guy ask me to pay him $50 under the table if he gave a lower rate!

Also, their rates are computerized, all you have to do is ask him to show you all of the available rates, and keep pestering him to go lower. I have always gotten at least 2% lower than the starting point.

[Troutly]

They'll hose you for the highest rates they can, as they get a kickback from the actual finance company for any amount over the base rate they can get. That way they make some money on the sale of the unit, plus on the financing. Pretty sweet deal for them if they can get away with it. Why do you think they don't like cash anymore.

[John Pahl]

Just saw an advertisement on TV this afternoon where Ford is now offering 3.9% financing on Excursions in Texas. I wish they had this two months ago.