Financing messed up at the dealer. - Diesel Forum

Vernman · 06-08-2005, 02:01 AM

Hey eveyone

I need some advice please. I bought my 05 in May from a dealership. They financed me for 4.8% at a bank across the river in Washington State. No problem there even though I live in Portland. So I go down to the bank today to deposit my first payment and the bank has no record of my loan. Oh ya yesterday I get a statement from some bank in CALIFORNIA saying I need to send them my first payment. I go to the dealership and they say oops, looks like you'll be sending money down to the California bank. Someone here made a mistake. I said no I want to keep my banking local. Finance lady said she'll call me tomorrow after she figures out where the mess up took place.

So. When she calls tomorow saying she can't find 4.8% here in Oregon do I.....

A. Say ok but I want compensation like X amount of dollars to spend in the parts department.

OR

B. Cut my losses and get a refinance loan at my local credit union for 4.99% to 5.4%?

Thanks in advance.

Vern

aussiekeeper · 06-08-2005, 09:36 AM

Vern, sounds like they shopped for your loan AFTER you signed the papers and found a cheaper buy rate so they could make a few more bucks. If you got the low interest rate, why bother to switch banks? If you shop for a loan AFTER the sale, it will be considered a used vehicle loan and a much higher rate. I got a 3.9 rate and it wasn't anywhere near my state, who cares? Seen one bank, you've seen 'em all.

Ron

Vernman · 06-08-2005, 11:10 AM

I agree with you there Ron. After sleeping on it, I'll just stay with the current bank down in California.

Vern

FatDog · 06-10-2005, 10:45 AM

[ QUOTE ]
... Cut my losses and get a refinance loan at my local credit union for 4.99% to 5.4%?

[/ QUOTE ]
Vernman
Hang on now. Don't be so quick to 'let them off the hook'.
This is a good way to make your point.
You have a loan for 4.8% but you'll re-fi it locally for 5.4%. ?
THis will show them!!!
The dealership shouldn't be saving people money by acting contrary to their client's ethics.
If enough people start re-fi'ing their perfectly good loans at higher interest rates, Ford WILL start listening. [img]/ubbthreads/images/graemlins/shrug.gif[/img]

POS · 06-14-2005, 10:52 PM

This is a common scam here in Texas - the AG has been on these local dealers for this for awhile.

They finance the truck, close the deal, then call a few days later and say "sorry, we didn't get approved for the low, low rate we promised you, you need to come in and resign the papers for a higher rate". Many customers did just that, then complained to the local BBB.

The dealers did it on purpose.

creeper · 06-15-2005, 03:07 AM

Why do you care where you send a check. It's not your money anymore. [img]/ubbthreads/images/graemlins/smile.gif[/img]

As soon as it hits the mail , it's gone forever.

Shawn · 06-15-2005, 07:25 AM

I would agree with the above posters (all of them...). You got a rate with the terms you wanted sans the location of the bank. Now if in your documentation they said they were going to get you a loan at X location and there are no other clauses stating they can go whereever to meet the rate and terms of the loan you want, you might have a case.

Personally, I would write a letter to the GM of the dealership and FoMoCo that you are unhappy with what was conveyed and required to close the deal (in your eyes) and what actually happened. I would end the letter line: What are you going to do to resolve this situation? I look forward to hearing from you.

One, this puts the ball in their court and lets them think of many different ways they can resolve this (or gives them paper to file in the round bin). Two, it asks for a response back.

If nothing happens, you can at least say you tried and that you will not be shopping at that dealer again. Let your friends know. I know a few dealers that have lost quite a bit of business to bad word of mouth advertising.

SP