Dealer Cashed Check - Illegal??
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Joined: May 2005
Posts: 58
From: Bay Area
Car Info: 2005 STi
Originally Posted by sleepy22
that sounds kind of shady? you guess someone's credit rating? how do you do that? by how well they're dressed?
you shouldn't guess someone's finance rates when the amount of difference can be 1000s of dollars.
also, banks aren't open on weekends, either, but tons of cars are sold over the weekends, so that doesn't sound right. also, why couldn't you move cars out of the way if even if you're busy?
Isnt' the finance manager is checking your credit? Loan rates are usually predetermined based on credit ratings. last time i checked, a 750 and 751 score still got the same loan rate. at least, the past 6 cars i've purchased/helped purchase for others used that sort of system.
you shouldn't guess someone's finance rates when the amount of difference can be 1000s of dollars.
also, banks aren't open on weekends, either, but tons of cars are sold over the weekends, so that doesn't sound right. also, why couldn't you move cars out of the way if even if you're busy?
Isnt' the finance manager is checking your credit? Loan rates are usually predetermined based on credit ratings. last time i checked, a 750 and 751 score still got the same loan rate. at least, the past 6 cars i've purchased/helped purchase for others used that sort of system.
but when bank do the loans, they dont just go by what your credit score is, they also look at your credit standings, credit history, current loans, incomes, so basically they have their own system. there are times when i've had customer with 780 score getting rejected for the super peferred rate, while getting customer with 580 score getting perferred rate.
usually if the credit is close enough, we actually take money out of our profit and buy down to the rate we gave, but in this case, the car was for invoice, there are no profit to give up to buy down the rate at this point. so to get the loans through, she would need either a cosigner or redo the loan.
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Originally Posted by aywwsd
when its after hours, we go by your credit scores, e.g. 740 score for the super peferred rate, 680 for the perferred rate, and so on.
but when bank do the loans, they dont just go by what your credit score is, they also look at your credit standings, credit history, current loans, incomes, so basically they have their own system. there are times when i've had customer with 780 score getting rejected for the super peferred rate, while getting customer with 580 score getting perferred rate.
usually if the credit is close enough, we actually take money out of our profit and buy down to the rate we gave, but in this case, the car was for invoice, there are no profit to give up to buy down the rate at this point. so to get the loans through, she would need either a cosigner or redo the loan.
but when bank do the loans, they dont just go by what your credit score is, they also look at your credit standings, credit history, current loans, incomes, so basically they have their own system. there are times when i've had customer with 780 score getting rejected for the super peferred rate, while getting customer with 580 score getting perferred rate.
usually if the credit is close enough, we actually take money out of our profit and buy down to the rate we gave, but in this case, the car was for invoice, there are no profit to give up to buy down the rate at this point. so to get the loans through, she would need either a cosigner or redo the loan.
It was $266 over invoice Scott and she was their for about 4 hours. And she didn't want to go through that again. Even check out Mike Harvey's Acura BBB, it doesn't look good
Last edited by gqchynaboy; Feb 7, 2006 at 08:21 PM.
Registered User
Joined: May 2005
Posts: 58
From: Bay Area
Car Info: 2005 STi
Originally Posted by gqchynaboy
It was $266 over invoice Scott and she was their for about 4 hours. And she didn't want to go through that again. Even check out Mike Harvey's Acura BBB, it doesn't look good
but my own customer satisfaction scores were all in the 90-100%
but i'll agree with you, we as a dealership mishandled the deal, we could have done a much better job at communicating with each other.
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