notdeankane

the "catfish" in the dealerships.

(by catfish I mean the bottom dwelling, scumsuckers in the "finance department)

Premises: -yes, I was willing to pay a little more than 'well qualified interest'
yes, I was willing to accept a lowball $ for my trade in.
yes, I had a bankruptcy due to a failed business..8 years ago.
(nothing but good history since)

So, I buy my HHR 2LT ....origninally went to buy an SS, but the >$7K price difference from what was advertised to the final number just wasn't gonna work.

Anyway...we make the deal on my 2LT...I go sign the sales agreement, at a rate that was higher than expected, but tolerable enough for me to move forward. I drive home in my new HHR, happy as a clam at high tide.

Five days later, I get a call from the dealer's finance department. They say that "the financing fell thru...can I bring a cosigner in?"

I asked WTF?????? I was preapproved with GMAC..so ???

They said they will check into it some more. So did I.

The new pressure tactic is called "Spot Delivery" They let you take delivery of the car, then after you get comfortable, and show all your friends and family, they hit you with the "financing fell thru", hoping that you will sign a new contract at a higher rate.

Three different people from the dealership have called me over 14 days pressuring me to bring a cosigner in. Each time I tell them a cosigner is not an option. If I can't buy the vehicle on my own, then I shouldn't be buying it at all.

I also tell them that if there is an issue with financing, why the heck did you let me drive off the lot in the car with a signed contract (with a specific payment and interest rate) in hand?

They pointed out the addendum I signed which states that the sale is subject to "dealer financing".

I end these conversations with "what is a good time to bring the car back...have my trade in front to be returned to me"

At which point they balk and say that they can check a few more options....

The fine print in the sales addendum also states the following:
-If I surrender the car, I am liable for $35 a day usage fee. ($490 so far)
-I am liable for $1 per mile over 25 miles per day (about $100)
-Restoration/cleaning fees to be determined

The only saving grace, is that if my trade in has been sent to auction, I am entitled to the price they got for it, which is certain to be higher than they allowed for the trade.....although I would still need to get a vehicle in this case.

Worse still, is that my credit report is now peppered with hard inquiries as they are shopping the finance market (10 inquiries so far)....I have seen a 10 point drop on my fico from this...so getting financed will be even more difficult if I have to buy another car!

urbexHHR

Uh, I'd go to the better business bureau. Doesn't sound legit.

Nor-Cal HHR Club

This has happened to me back home... they asked me to bring it back. after I hung up, I called the BBB (filled out their online form) and dropped the Sub off at the dealer, handed them the keys and told them I contacted the BBB (I handed them the print-out), and left the dealership. I went to another GM dealership and I got a better deal on the same Suburban.

If it wasn't for the fear of my long-passed father rolling over in his grave for not sticking with GM, I would have walked into a Ford dealership and bought a Marauder.

solman98

Another reason I never finance with the dealership. I walk in preapproved from my Federal Credit Union. I don't even allow them to do a credit check on me.

urbexHHR

Same thing that I did.

Putter

Ditto for me, too. Had my paperwork in hand from the credit union. And they could not TOUCH the interest rate and term.

Old Lar

Some of my friends were buying a new car (Toyota) trading in their five year old Solaria. The deal went like this $3000 for their car (low by $3000) and an interest rate of 12%, best rate available. They balked at this great deal. They came back with a 9% car loan an $5000 for a trade in. We walked out as the dealer was closng..a good excuse as any. They went to their credit union and got pre-approved for a 4% loan. They went back to the dealer and the finance people were upset and were told that you said that their loan was the best they could do and we were able to find a better rate.

They ended up getting the car they wanted at the price they wanted, but you have to be willing to walk out.

Most all dealers do this scam. When I bought my HHR, they wanted me to finance through the dealer, but I found what I wanted on the lot and just wrote a check, but did get less for my trade in than I should have. They get kickbacks from the lending agencies boosting their profit.

notdeankane

So I get a call last night. They want the car back.

The dealer could not get me financed...not sure why...I have (had) a FICO of 650 and good history for eight years...mortgage, revolving credit, etc...although my cc balances are a little high.

I told them I already put over 500 miles on it...they said that "was their problem now".

So after work I will take my HHR back and get my old battlewagon suburban back...provided it is still at the dealership. If not, the game needs to change...

It was fun for two weeks...never got a chance to mod it, but maybe I'll try to get a used SS a little farther down the road.

Nice to meet you all...nice forum....I may be back?>

DonK

solman98

If they try to redeal, give them the keys and just walk away.

notdeankane

no doubt about that!

Heck, they need to be on the hook to cover the retransfer of my tag back to my old ride...