Well I bought my new Cobra a week ago and yesterday my salesman calls me and says, You need to come in and put your wife on the contract also. Your debt to income ratio is too high. :shrug: I'm like, I thought we had a contract. He says nothing is final. Sure enough on the back of contract it explains notice of recesion. And I did sign notice of recesion on the contract. He guarantees the rate I got, 5.9%, and the rebate will not change. Has anybody had anything like this happen? Is he trying to pull something? Why didnt they just turn me down when I was in to buy originally? I don't want to lose my car but if he changes the interest rate or something I am getting out and taking back my trade in 2000 GT. Thanks for any help.
financing problem?
- Thread starter dolphinron
- Start date
I hope your trade is still there. I know of another guy in Nevada who thougt he had closed a deal on a Cobra. He traded in his Bullitt and when the salesman told him his deal didn't in fact go through he demanded his Bullitt back, only to find out that it was already sold. Good luck.:shrug:
I went and sold cars for about 9 months after graduating and what they are doing to you is more normal than you would expect. I would up a customer and get him on a car. Then we pull his/her credit and the front desk will put the numbers together, even if they are out of reach mind you. Once it gets back to Finance they see the "real" picture and know whether or not it is a long shot or not. If it is then they can do a couple of things: (a) cut the "leg" out of the deal and make it good enough for Ford or other finance to buy without question. (b) put you in the car knowing you will love it and do whatever to stay in it. (c) send you out pissed with no deal.
I had many B experiences and when the customer would come back in they would either agree to our terms and walk out happy. They would turn the car back over to us and walk out pissed. OR they would come back in and find that their trade-in was already sold or picked up by some whole sale person and have to agree or switch to a cheaper affordable car and be pissed as all get out! I actually had a lady leave a truck running in a SAMS parking lot all the way across town when I called her back inmto bring a co-signer!!
Since this is the Cobra I am think they are betting you just love it and are goign to do anything to stay in it. I had a couple experiences doig this with the Lightnings.
Anyway, this is just from my first hand experience but not how everyone works I am sure. So take it for what it is worth.
Also if they do not try to up the interest rate on you I would be surprised. You will not know the entire story till you get there, trust me! But if your co-signers credit is golden there should be no problem, unless she does not want that hit on her credit!
I had many B experiences and when the customer would come back in they would either agree to our terms and walk out happy. They would turn the car back over to us and walk out pissed. OR they would come back in and find that their trade-in was already sold or picked up by some whole sale person and have to agree or switch to a cheaper affordable car and be pissed as all get out! I actually had a lady leave a truck running in a SAMS parking lot all the way across town when I called her back inmto bring a co-signer!!
Since this is the Cobra I am think they are betting you just love it and are goign to do anything to stay in it. I had a couple experiences doig this with the Lightnings.
Anyway, this is just from my first hand experience but not how everyone works I am sure. So take it for what it is worth.
Also if they do not try to up the interest rate on you I would be surprised. You will not know the entire story till you get there, trust me! But if your co-signers credit is golden there should be no problem, unless she does not want that hit on her credit!
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My wifes has very good credit. So hopefully this will work. I will get out and give them back their car even if they sold my car. I don't need one right now. I love the Cobra but I will not let a dealer play games with me and screw me.:gt: The payments were already high enough. I will beat the shit out of that car also before I bring it back and put as many miles as I can. Good luck to them trying to sell a used Cobra with 500 miles on it at the price they sold it to me for. Unbelievable the games these salespeople play. Bye the way this is Gaudin Ford and Sam pizzo jr. is the salesman. You might wanna stay away unless you like this type of stuff.
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I don't understand this at all. Maybe the laws are different in different states, but the Ford dealerships never let me take the car until they had the Ford credit Approval.
The following just doesn't make sense to me:
* How can they sell your trade if it's not a done deal
* How they can want the car back if it has hundreds of miles on it
Just my .02
The following just doesn't make sense to me:
* How can they sell your trade if it's not a done deal
* How they can want the car back if it has hundreds of miles on it
Just my .02
If they sold your trade-in then demand that they cut the deal until you can buy it on your own at the rate they quoted you. I don't know what laws there are but once they sell your car it is pretty much a done deal from what I understand.
The first question I would ask is if they still had your trade-in. Tell them that if the deal is to far out of whack you will just have to try later when your debt/income ratio is better. Believe me, they do not want that Cobra back!
The first question I would ask is if they still had your trade-in. Tell them that if the deal is to far out of whack you will just have to try later when your debt/income ratio is better. Believe me, they do not want that Cobra back!
I know but it just happens. It happened to me (my car deals) and it happens every day. Just another reason Dealerships and their salesman/women are right up there with Lawyers and Lobbiest as the worlds most hated people.
Thats what I don't get, why would they want the car back with five hundred miles. Possible Cobra buyers are very particular about other people that have driven it. Won't they take a big loss taking it back? I am totally willing to give it back to them and will not give in on a higher interest rate. I don't think they realize this.
Tell them you are on an out of state trip for a week and will be back next week but will have 1200 miles on the car.
Maybe I should mention I have installed the A/C delete and back seat delete also.
Well you have the right attitude. Don't give in. Don't take a higher rate. Let them know they are getting a used Cobra back. Don't say anythign about the A/C delete since if you end up with the car they can tell the service to mess with your warranty. They are pretty childish when they don't get their way.
Quick03SVT, that's some great "behind the scenes" info. I also would be surprised if they don't try to bump up the interest rate. I think the LEAST trustworthy individual in any dealership isn't the sales manager, it's the finance manager...but that's another story. ;-)
I personally would never finance a car through a dealership... unless it's a guaranteed 0% deal. I always arrange financing ahead of time through my credit union. Then when I walk into a dealership, I let the sales guy know that it will be a "cash deal" with no financing. It lets them know up front that you are a serious buyer, and just eliminates another way you can get screwed.
-Greg
I personally would never finance a car through a dealership... unless it's a guaranteed 0% deal. I always arrange financing ahead of time through my credit union. Then when I walk into a dealership, I let the sales guy know that it will be a "cash deal" with no financing. It lets them know up front that you are a serious buyer, and just eliminates another way you can get screwed.
-Greg
Well where I worked (trying not to blanket all dealerships) I would not put Trustworthy and Anyone working there in the same sentence. They all seem to be in competition for the Least Trustworthy award. I buy my cars there because I know the sh!t they try to pull and no matter how many people come and go the sh!t is always the same.
I buy through Ford Credit since I have always received the best rates through them. The funny thing was when I went in for my Cobra they came down to $31k on the price and then hit me with %15 interest. I almost passed out it was so rediculous. The next day I received a call form the Finance manager (I knew this would happen by the way) and he said he called in a favor and got my 5.9% interest. I went and picked up my car. They even had it washed and filled ready to be driven off the lot before I got there. Anyway, I bought it and next week I will be refinancing through my credit union
I buy through Ford Credit since I have always received the best rates through them. The funny thing was when I went in for my Cobra they came down to $31k on the price and then hit me with %15 interest. I almost passed out it was so rediculous. The next day I received a call form the Finance manager (I knew this would happen by the way) and he said he called in a favor and got my 5.9% interest. I went and picked up my car. They even had it washed and filled ready to be driven off the lot before I got there. Anyway, I bought it and next week I will be refinancing through my credit union
Well the Finance guy did not know unless someoen else had told him. Only the salesperson knew though. Anyway, I have seen them take ignorant people for 5 or 6 points before but 10??? I think he wa trying to set a record!
I was kidding about the delete's, just thought I could use it as a bluff. I read the small print on back of contract for the recession and it states if the deal falls through they have to give me my trade in back. So that's cool at least. I just called my salesman again and asked how long this will take. He said I will be right in and out just so as long as my wife doesnt have any repo's or anything major on her credit. She has very good credit. I am going in tomorrow morning and hopes he sticks to his word. He still guarantees nothing will change.
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Well I don't want to keep going off on dealerships so I will leave it at this....
Your salesman does not know jack about anything. He is calling you because the finance guy told him to get you back in there. The finance guy does not want to deal with you yet. However, I hope he is right for your sake.
Please let us know what happens. I want to be wrong because I know howmuch you will love your Cobra!
Your salesman does not know jack about anything. He is calling you because the finance guy told him to get you back in there. The finance guy does not want to deal with you yet. However, I hope he is right for your sake.
Please let us know what happens. I want to be wrong because I know howmuch you will love your Cobra!
It's not a trick. They usually can't get a final from the bank if you buy the car at night or on a weekend. So they run your credit and guess if you will get approved. The option is you don't get the car you bought for a few days until the bank comes back with an answer. At least you get to drive/beat the car and there is NO charge for anything if the deal doesn't go through. But, you might loose your trade in, however they will have to pay you the cash price you agreed to for the trade. You at least you get cab fare home
Debt to income can usually be overcome. I have some financing responsibilities with a friend of mine that owns 2 car dealerships. I have worked deals that have been approved with a 485 beacon. Also, I have had to pull probably a dozen people out of the car they just purchased too a few days after the paperwork was done. I have about 15 banks I work with. Some of the banks will just about take any deal put in front of them while others won't touch anyone with a beacon lower then 525. If you have had a repo or bankrupcy in the same year you are done for. No bank will finance you. Two repos, time for a schwin.
Credit is everything
If you have some questions, please pm me and I will answer them. I know financing like the back of my hand. I know how the banks think and operate.
Credit is everything
If you have some questions, please pm me and I will answer them. I know financing like the back of my hand. I know how the banks think and operate.
I took my white 03 to Gaudin ford and was not too impressed with a few of their mechanics. The service manager did seem to know what he was doing though.
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