Advice for going after lying car dealership
05-28-2015, 04:56 AM
#1
Advice for going after lying car dealership
I called up the BMW place that I bought the car from. I went straight to the GM. I told him the situation of me being told I got financed at 5.6% on the phone (several places did finance me at 5.9%) and then I get down there and being told I got financed at 7.6% but they did a buy down 2% to make it 5.6%. I told him that I called the bank and they can't find any information about this to be true at all.
His response was that he said the car dealership already lost money on this he believes and he will look into it. I am willing to keep the reisistall package. I was charged $1000 or so when acura was selling for $699. But I don't need the dent guard at all. in 20 years I never had a dent that I can remember. I don't park close to anyone because people don't care what they do to your car.
I believe if I don't get a response in a few days I need to call BMW corporate and file a complaint. Then maybe seek some kind of lawyer or something. I feel that I was "con"d into buying all that extra stuff. I told him I understand that if they did infact do a buy down then selling me the extra things makes a lot of since. But I need proof of the buy down. I don't need some company trying to sell me extra things so they don't lose money on a sale.
When I bought the car I was thinking I was buying it from an individual, not a company. Then he told me a number to contact and that was the dealership.
I let this go earlier because I thought what they told me was the truth. I got my first payment stub and actually contacted the bank. No one can find any proof of a buy down. So I am seeking advice on what to do. I just want the dent guard taken off. I don't think that is much to ask. I can't get it off unless they sign off on it, that is what is on the contract from dent guard.
His response was that he said the car dealership already lost money on this he believes and he will look into it. I am willing to keep the reisistall package. I was charged $1000 or so when acura was selling for $699. But I don't need the dent guard at all. in 20 years I never had a dent that I can remember. I don't park close to anyone because people don't care what they do to your car.
I believe if I don't get a response in a few days I need to call BMW corporate and file a complaint. Then maybe seek some kind of lawyer or something. I feel that I was "con"d into buying all that extra stuff. I told him I understand that if they did infact do a buy down then selling me the extra things makes a lot of since. But I need proof of the buy down. I don't need some company trying to sell me extra things so they don't lose money on a sale.
When I bought the car I was thinking I was buying it from an individual, not a company. Then he told me a number to contact and that was the dealership.
I let this go earlier because I thought what they told me was the truth. I got my first payment stub and actually contacted the bank. No one can find any proof of a buy down. So I am seeking advice on what to do. I just want the dent guard taken off. I don't think that is much to ask. I can't get it off unless they sign off on it, that is what is on the contract from dent guard.
05-28-2015, 07:18 AM
#3
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I didn't read them for the last three cars that I bought. Just looked at highlights like the quoted APR and the bottom line purchase price.
Sometimes even if a dealer is scrupulously honest, he still has to move figures all around on the documentation to get to the bottom line price that you've agreed.
Part of getting to the bottom line with my Sport Hybrid was an evidently ridiculously high trade in value for my first RLX, and the dealer paid the price for that down the road, unfortunately.
But "reading" the documents...ain't nobody got time for that.
You should catch the highlights, however, including the APR equaling what you were told, and the bottom line purchase price (before tax, title, license) equaling what you agreed.
I hate to say it, but they might've seen Krava coming.
In other words, and I know it's a great irony, the prices go up mysteriously and magically in cases where it's very clear that if somebody really wants to buy a car at a particular moment, he mightn't have any choice but do what the dealer says.
(1)The dealer isn't especially inclined to bend over backwards for somebody whom he believes not to have many choices and (2)the dealer mightn't even have the financial provenance to do what he said he'd be able to do after all the facts are in.
They also can't help wearing you down.
They knew Krava really wanted a car, and they knew that he went through a lot of trouble and a lot of travel to get there, and by now they knew his exact financials...so they knew that he was probably not leaving without buying the car, and they knew that the advantage was to them in this case.
They try to wear you down. They just keep you there for hours, and they're not going to go out of the way to balance your blood sugar and keep you bright and alert. It's more to their advantage if you're *not* bright and alert.
In the business and government worlds, you know you're in trouble if you walk into a room for a meeting, and there's coffee and doughnuts. You will have to somehow make contact with your team and tell them to stay away from the coffee and doughnuts.
They do this kind of crap deliberately. They know what they're doing. You'll even notice that the other guys are also not touching the coffee and doughnuts.
Go in there with your metabolism already in balance, and don't allow yourself to be tempted by things that people offer you. They *know* what they're doing.
You have to stay in command. Know your leader's bottom line before you sit down with them...and, likewise, know your finances and capabilities before you sit down with the sales team at an automobile dealer.
In this case, Krava didn't have the broad range of choices that he will have in a couple more years. I'm completely convinced that he did not get the very best deal that there is to be had.
But...he might've got the best deal that *he* could get, at this particular moment in his life when he's on the way back up from wherever it is that dragged him down for a short while.
My advice, honestly, is to know this and remember this, but don't fight about it. Odds are the car's going to last him as long as he needs for it to last him.
Next time, he'll be on his feet better and he'll know more about his full capabilities, and next time, with a FICO score of 850, he'll go in and tell the dealer what he's going to pay, and the dealer's probably just going to have to take his lumps if he wants the sale.
Don't worry.
The worm will turn.
Sometimes even if a dealer is scrupulously honest, he still has to move figures all around on the documentation to get to the bottom line price that you've agreed.
Part of getting to the bottom line with my Sport Hybrid was an evidently ridiculously high trade in value for my first RLX, and the dealer paid the price for that down the road, unfortunately.
But "reading" the documents...ain't nobody got time for that.
You should catch the highlights, however, including the APR equaling what you were told, and the bottom line purchase price (before tax, title, license) equaling what you agreed.
I hate to say it, but they might've seen Krava coming.
In other words, and I know it's a great irony, the prices go up mysteriously and magically in cases where it's very clear that if somebody really wants to buy a car at a particular moment, he mightn't have any choice but do what the dealer says.
(1)The dealer isn't especially inclined to bend over backwards for somebody whom he believes not to have many choices and (2)the dealer mightn't even have the financial provenance to do what he said he'd be able to do after all the facts are in.
They also can't help wearing you down.
They knew Krava really wanted a car, and they knew that he went through a lot of trouble and a lot of travel to get there, and by now they knew his exact financials...so they knew that he was probably not leaving without buying the car, and they knew that the advantage was to them in this case.
They try to wear you down. They just keep you there for hours, and they're not going to go out of the way to balance your blood sugar and keep you bright and alert. It's more to their advantage if you're *not* bright and alert.
In the business and government worlds, you know you're in trouble if you walk into a room for a meeting, and there's coffee and doughnuts. You will have to somehow make contact with your team and tell them to stay away from the coffee and doughnuts.
They do this kind of crap deliberately. They know what they're doing. You'll even notice that the other guys are also not touching the coffee and doughnuts.
Go in there with your metabolism already in balance, and don't allow yourself to be tempted by things that people offer you. They *know* what they're doing.
You have to stay in command. Know your leader's bottom line before you sit down with them...and, likewise, know your finances and capabilities before you sit down with the sales team at an automobile dealer.
In this case, Krava didn't have the broad range of choices that he will have in a couple more years. I'm completely convinced that he did not get the very best deal that there is to be had.
But...he might've got the best deal that *he* could get, at this particular moment in his life when he's on the way back up from wherever it is that dragged him down for a short while.
My advice, honestly, is to know this and remember this, but don't fight about it. Odds are the car's going to last him as long as he needs for it to last him.
Next time, he'll be on his feet better and he'll know more about his full capabilities, and next time, with a FICO score of 850, he'll go in and tell the dealer what he's going to pay, and the dealer's probably just going to have to take his lumps if he wants the sale.
Don't worry.
The worm will turn.
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05-28-2015, 07:21 AM
#5
I called up the BMW place that I bought the car from. I went straight to the GM. I told him the situation of me being told I got financed at 5.6% on the phone (several places did finance me at 5.9%) and then I get down there and being told I got financed at 7.6% but they did a buy down 2% to make it 5.6%. I told him that I called the bank and they can't find any information about this to be true at all.
His response was that he said the car dealership already lost money on this he believes and he will look into it. I am willing to keep the reisistall package. I was charged $1000 or so when acura was selling for $699. But I don't need the dent guard at all. in 20 years I never had a dent that I can remember. I don't park close to anyone because people don't care what they do to your car.
I believe if I don't get a response in a few days I need to call BMW corporate and file a complaint. Then maybe seek some kind of lawyer or something. I feel that I was "con"d into buying all that extra stuff. I told him I understand that if they did infact do a buy down then selling me the extra things makes a lot of since. But I need proof of the buy down. I don't need some company trying to sell me extra things so they don't lose money on a sale.
When I bought the car I was thinking I was buying it from an individual, not a company. Then he told me a number to contact and that was the dealership.
I let this go earlier because I thought what they told me was the truth. I got my first payment stub and actually contacted the bank. No one can find any proof of a buy down. So I am seeking advice on what to do. I just want the dent guard taken off. I don't think that is much to ask. I can't get it off unless they sign off on it, that is what is on the contract from dent guard.
His response was that he said the car dealership already lost money on this he believes and he will look into it. I am willing to keep the reisistall package. I was charged $1000 or so when acura was selling for $699. But I don't need the dent guard at all. in 20 years I never had a dent that I can remember. I don't park close to anyone because people don't care what they do to your car.
I believe if I don't get a response in a few days I need to call BMW corporate and file a complaint. Then maybe seek some kind of lawyer or something. I feel that I was "con"d into buying all that extra stuff. I told him I understand that if they did infact do a buy down then selling me the extra things makes a lot of since. But I need proof of the buy down. I don't need some company trying to sell me extra things so they don't lose money on a sale.
When I bought the car I was thinking I was buying it from an individual, not a company. Then he told me a number to contact and that was the dealership.
I let this go earlier because I thought what they told me was the truth. I got my first payment stub and actually contacted the bank. No one can find any proof of a buy down. So I am seeking advice on what to do. I just want the dent guard taken off. I don't think that is much to ask. I can't get it off unless they sign off on it, that is what is on the contract from dent guard.
05-28-2015, 08:10 AM
#6
Why he has a sign around his neck or something, George ?
Krava
Welcome to the real world. Women lie, car dealers lie, governments lie. In the days of the lowest interest in history and 0% apr, you are paying 5%+. What's the diff if he had 7% and did a buy a down or more likely had a 4% and marked it up
Dealers make money in any way they can
Good luck
Krava
Welcome to the real world. Women lie, car dealers lie, governments lie. In the days of the lowest interest in history and 0% apr, you are paying 5%+. What's the diff if he had 7% and did a buy a down or more likely had a 4% and marked it up
Dealers make money in any way they can
Good luck
05-28-2015, 08:14 AM
#7
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05-28-2015, 08:15 AM
#8
2) my post was an honest question
05-28-2015, 08:16 AM
#9
car loans are typically simple interest. So, pay off the car quickly. That is one of the best way to get out of a loan.
05-28-2015, 08:20 AM
#10
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Yes, of course he had a sign around his neck when he went in there.
Every time you negotiate for financing, you open your soul.
Have you looked at your real FICO score? Have you looked at your credit report?
It's all in there. They know everything about what they can and can't, will or won't do when you sit down.
Every time you negotiate for financing, you open your soul.
Have you looked at your real FICO score? Have you looked at your credit report?
It's all in there. They know everything about what they can and can't, will or won't do when you sit down.
05-28-2015, 08:21 AM
#11
Yup I know my credit score
I know my report in detail
I haven't financed a car in a dealership in 10+ years
If I need financing I go through my credit union and do it before I step into a dealer
I know my report in detail
I haven't financed a car in a dealership in 10+ years
If I need financing I go through my credit union and do it before I step into a dealer
05-28-2015, 08:24 AM
#12
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05-28-2015, 08:26 AM
#13
My credit union has no branches on the west
I apply online
They send a check for 0% rate
I walk with that to dealer walk out with my car
I would like a sign around my neck, seems to be the popular thing these days
I apply online
They send a check for 0% rate
I walk with that to dealer walk out with my car
I would like a sign around my neck, seems to be the popular thing these days
05-28-2015, 08:35 AM
#14
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Comfy (05-29-2015)
05-28-2015, 08:36 AM
#15
Safety Car
I don't set foot into a car dealership (to buy) unless I have all these things:
1) Pre-approved financing in the form of a blank check from the bank.
2) Print outs of the exact car I want, along with well-researched pricing information.
3) A calculator and a notepad.
If I have a trade-in:
4) A printout of Carmax's offer, or offers from other dealerships.
5) Extra set of keys for the old car.
Through the years, I have bought or sat in on at least 12 to 15 car transactions. I've seen all the crazy tricks.
I've also heard the aftermath of dealings, and hear how people have gotten absolutely reamed.
If you walk into the dealership having done the prep work above, you've taken away most of the ways they can screw you, aside from buying a used car in significantly not as described condition.
1) Pre-approved financing in the form of a blank check from the bank.
2) Print outs of the exact car I want, along with well-researched pricing information.
3) A calculator and a notepad.
If I have a trade-in:
4) A printout of Carmax's offer, or offers from other dealerships.
5) Extra set of keys for the old car.
Through the years, I have bought or sat in on at least 12 to 15 car transactions. I've seen all the crazy tricks.
I've also heard the aftermath of dealings, and hear how people have gotten absolutely reamed.
If you walk into the dealership having done the prep work above, you've taken away most of the ways they can screw you, aside from buying a used car in significantly not as described condition.
05-28-2015, 08:44 AM
#16
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I think you guys are making perfect sense for the most part.
I have one remaining question.
Why are you using your personal banks or credit unions instead of Acura's 0.9%-1.9% financing?
I have one remaining question.
Why are you using your personal banks or credit unions instead of Acura's 0.9%-1.9% financing?
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05-28-2015, 08:48 AM
#18
My credit union has been lower than Lexus and Acura rates for the last 5 years
Also even if they matched I prefer using my credit union for simplicity of paying and better customer service and having my only debts all in one place (2 mortgage and one car note)
Also even if they matched I prefer using my credit union for simplicity of paying and better customer service and having my only debts all in one place (2 mortgage and one car note)
05-28-2015, 08:52 AM
#19
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0.9% - 1.9%, Honda/Acura Finance was trying to be the best when they did that, so I think they'd want to know who's beating them.
05-28-2015, 08:53 AM
#20
You think 0% interest through Toyota financial service (that also does Lexus) isn't better than Hondas rates quoted above ?
05-28-2015, 08:54 AM
#21
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When Toyota gives you 0% on a new Honda, they'll think about that.
What credit union is it that you're talking about?
05-28-2015, 08:55 AM
#22
some financial institutions have started charging for having excess cash in accounts....talk about a low interest environment
05-28-2015, 08:57 AM
#23
My friend just bought a Mazda financed through Tfs for 0.4%
05-28-2015, 11:16 AM
#25
Three Wheelin'
Car salesmen are TRAINED and well practiced at getting what they can out of a buyer. George is correct that Krava's long drive and interest in a "rare" car shifted the advantage to the salesman and he/she did what they are trained to do and maximize the $$$ they could get. I don't believe anything sinister or illegal took place and this lesson falls under "Let the buyer beware" caveat.
Krava didn't get sold ocean front property in Phoenix. He got a decent deal on a used RLX. He still paid a LOT less than others paid for the same car by buying new. His lack of sleep from the long drive and eagerness to make a deal made him susceptible to the saleman's upsell tactics, but the resistall package has value and the financing number was not exorbitant considering his credit history.
We have all made decisions in life we regretted, but we learn from those mistakes and move forward. Krava, I don't think that reopening this issue with the dealership will do anything more than reopen the embarrassment you feel for being "beaten" by the salesman at a tricky game he has played many more times than you. You got a good deal on a great car...enjoy it.
Krava didn't get sold ocean front property in Phoenix. He got a decent deal on a used RLX. He still paid a LOT less than others paid for the same car by buying new. His lack of sleep from the long drive and eagerness to make a deal made him susceptible to the saleman's upsell tactics, but the resistall package has value and the financing number was not exorbitant considering his credit history.
We have all made decisions in life we regretted, but we learn from those mistakes and move forward. Krava, I don't think that reopening this issue with the dealership will do anything more than reopen the embarrassment you feel for being "beaten" by the salesman at a tricky game he has played many more times than you. You got a good deal on a great car...enjoy it.
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05-28-2015, 01:20 PM
#26
Senior Moderator
Let's keep the posts on topic. This is my second warning this week. More issues and I will have to start handing out short bans to offenders. I strongly dislike having to do it but to maintain appropriate order in this part of the forum, I will consider such.
George, I appreciate your original reply and endorse it.
I will say, I just bought another car for the wife (
Pilot 
) and I sat there right in the finance manager's office and read everything. Took an extra 30 minutes but that attention to detail has avoided trouble both in purchasing cars, and on my day job.
Krava, do you have this "buy down" in writing?
George, I appreciate your original reply and endorse it.
I will say, I just bought another car for the wife (
Pilot ) and I sat there right in the finance manager's office and read everything. Took an extra 30 minutes but that attention to detail has avoided trouble both in purchasing cars, and on my day job. Krava, do you have this "buy down" in writing?
05-28-2015, 01:31 PM
#27
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05-28-2015, 06:52 PM
#28
I went to the chevy place and they told me to probably file a complaint with the attorney general of the state of Alabama. I will wait a few days see what the GM has to say, if I don't hear anything then I will go all out. As for hondaformore, I completely disagee, I think something illegal did take place. They told me they did something (do a buy down) and infact that never happened. I shouldn't have listened to my worker, if I had my lexus I would have left out and forgotten about the deal. With a rental car I was stuck. Lets take something else for instance. Lets say that you take your car to the dealership to get fixed. They say they put this new part on the car. You pay for it and then you find out they never bought the part and never put the part on the car and can't prove they even bought the new part. This is still legal for people to do?
Lets say you get a price for the car over the phone and you get their and they change the price. Ok They have the right to change the price and you don't have to buy it. If they in fact did a buy down I would be fine with this. From what I have seen it was a total lie and no proof can be found. I thought I signed some kind of buy down agreement but I can't be 100% sure. I did read everything I signed. On the papers it said something about this item isn't bought due to financing on it.
I will just keep you posted if anything happens on this. Like people said even if I don't get this taken care of I still got a good price on it but I don't like being lied to and taken advantage of. There is the BBB, there is the ripoff report online there is the website itself and I will just put negative reviews but make sure I don't do Slander when I write things up.
On financing with acura? I financed the NSX as follows: Sale price $97,500 Sticker price 138,000. I put 40K down financed it at 9.2% interest. Payments were around $1488 for 5 years. After all finacing was done I was $26,000+ in chargers. 2 months before the car was completely paid off I got the thing taken away from me. Honda is still trying to get that $3000 from me but willing to settle for like $300 or something. It is over 10 years old since that happened and I won't give them $1. Greedy bastards already got 23K in finance charges and want the rest no way.
I do share what I know with other people about credit and what you need to be doing since I am learning about it. Before the car I have now, the last car I financed was in 2001 and was that NSX. Every other car I bought was cash. I could have bought this with cash but I needed my credit to go higher. I am going to call my bank loan people and threaten them. Or a nicer way of doing it is trying to "deal" with them. Currently I owe like $26K on the loan. I will offer then another 10K or whatever, drop my % down 2 more percent and make the term 3 years instead of 6 or I will refinance it somewhere else and you can just lose any extra money. I was told that if I put money down on the deal refinancing is a lot easier. The problem is I am not sure where my credit score is at this point in time since I just got approved for this auto loan, but I am never late on any payments of anything.
Lets say you get a price for the car over the phone and you get their and they change the price. Ok They have the right to change the price and you don't have to buy it. If they in fact did a buy down I would be fine with this. From what I have seen it was a total lie and no proof can be found. I thought I signed some kind of buy down agreement but I can't be 100% sure. I did read everything I signed. On the papers it said something about this item isn't bought due to financing on it.
I will just keep you posted if anything happens on this. Like people said even if I don't get this taken care of I still got a good price on it but I don't like being lied to and taken advantage of. There is the BBB, there is the ripoff report online there is the website itself and I will just put negative reviews but make sure I don't do Slander when I write things up.
On financing with acura? I financed the NSX as follows: Sale price $97,500 Sticker price 138,000. I put 40K down financed it at 9.2% interest. Payments were around $1488 for 5 years. After all finacing was done I was $26,000+ in chargers. 2 months before the car was completely paid off I got the thing taken away from me. Honda is still trying to get that $3000 from me but willing to settle for like $300 or something. It is over 10 years old since that happened and I won't give them $1. Greedy bastards already got 23K in finance charges and want the rest no way.
I do share what I know with other people about credit and what you need to be doing since I am learning about it. Before the car I have now, the last car I financed was in 2001 and was that NSX. Every other car I bought was cash. I could have bought this with cash but I needed my credit to go higher. I am going to call my bank loan people and threaten them. Or a nicer way of doing it is trying to "deal" with them. Currently I owe like $26K on the loan. I will offer then another 10K or whatever, drop my % down 2 more percent and make the term 3 years instead of 6 or I will refinance it somewhere else and you can just lose any extra money. I was told that if I put money down on the deal refinancing is a lot easier. The problem is I am not sure where my credit score is at this point in time since I just got approved for this auto loan, but I am never late on any payments of anything.
05-28-2015, 10:20 PM
#29
Chapter Leader (Southern Region)
Krava, that's a pretty steep interest rate. That's good advice you received from the Chevy dealership. File a complaint with your Attorney General's office. The BBB and AG will offer mediation, it's a bumpy road that isn't always fruitful.
Before you go through mediation, see what kind of refinance options you have. Check major banks and local credit unions. Even if you have bad credit, I have to imagine you could do better. It seems to me that you're repairing your credit but make enough money to cover your butt. My BIL went through the same after he went 200k in negative equity during the housing bubble and gave it up. Pay down the car asap. Good luck with your troubles!
Before you go through mediation, see what kind of refinance options you have. Check major banks and local credit unions. Even if you have bad credit, I have to imagine you could do better. It seems to me that you're repairing your credit but make enough money to cover your butt. My BIL went through the same after he went 200k in negative equity during the housing bubble and gave it up. Pay down the car asap. Good luck with your troubles!
05-28-2015, 10:24 PM
#30
Refinancing won't fix the problem with selling me other things that I didn't need, and lying to my face about helping me out with the interest rate. I am fine with the 5.6% because no one else offered me anything better. I only have 8 months of credit. I am not fine with lying to me about buying back 2% of the loan and they didn't. I have nothing at all bad against my credit (except a lot of inquires). This isn't about the % rate, this is saying they actually did something and they didn't.
05-28-2015, 10:37 PM
#31
Chapter Leader (Southern Region)
They're pretty slick but it wasn't my first rodeo. The first visit was to check it out and take a test drive. Second visit was talk business. During the second visit, they wouldn't budge a dime so I left. Two sales associates made the sly remark "too much car for you"
The dealership where I picked her up sell a lot of high hp rides. They know what gets under the skin of their buyers.
Anyways.. trading in the pilot must have been rough. I couldn't trade in the MDX. It's been such a tank on so many levels. Whether it's moving, road trips, off-roading, caravaning 6 drunk adults home.. just can't think of a suitable replacement that could store all those memories. I've moved us twice in it and helped half-dozen friends or so move with it as well. Everyone is shocked regarding how much it can haul.
05-28-2015, 10:45 PM
#32
Chapter Leader (Southern Region)
Refinancing won't fix the problem with selling me other things that I didn't need, and lying to my face about helping me out with the interest rate. I am fine with the 5.6% because no one else offered me anything better. I only have 8 months of credit. I am not fine with lying to me about buying back 2% of the loan and they didn't. I have nothing at all bad against my credit (except a lot of inquires). This isn't about the % rate, this is saying they actually did something and they didn't.
Get it in writing
Read the fine print
Ask questions
Read it again before signing
05-29-2015, 02:20 AM
#33
I was never paying 7.6%. I didn't even hear about 7.6% until I drove over 500 miles one way. 7.6% was a fictitious (spelling maybe) thing the dealership made up. They made that up to lie to me to come down to what I was really financed at to begin with.
05-29-2015, 02:39 AM
#34
Chapter Leader (Southern Region)
My ninja..
Ah.. I see. I thought you were saying the buy down didn't take effect as they stated. In that case, unless they're feeling generous (they're not), you agreed to a service that they provided at a price that you signed off on.
They might have lied to you, but it wasn't a lie about the service they recommended or the price they charged. You got straight suckered.. sucks to suck. Find solace in the services you bought maybe?
Do what you can, but if it doesn't go your way, either enjoy the car or test the dentguard by driving it through the fucking showroom. -Majofo
They might have lied to you, but it wasn't a lie about the service they recommended or the price they charged. You got straight suckered.. sucks to suck. Find solace in the services you bought maybe?
Do what you can, but if it doesn't go your way, either enjoy the car or test the dentguard by driving it through the fucking showroom. -Majofo
05-29-2015, 03:30 PM
#35
I called up the BMW place that I bought the car from. I went straight to the GM. I told him the situation of me being told I got financed at 5.6% on the phone (several places did finance me at 5.9%) and then I get down there and being told I got financed at 7.6% but they did a buy down 2% to make it 5.6%. I told him that I called the bank and they can't find any information about this to be true at all.
If the dealership paid 7.6% for the money they sold you at 5.6%, you got an even better deal. 
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hondamore (05-29-2015)
05-29-2015, 03:58 PM
#36
Austin Telco Federal Credit Union ... 1.59%, assuming you have decent credit. That is cheap in my book. Even though I could have paid fully cash, I like having cash in the bank too and paying $10 a month interest is nothing (for a 30% of the car financed).
05-29-2015, 04:59 PM
#37
Chapter Leader (Southern Region)
OP is upset that he got duped to do extra services at a primo price. His rate is 5.6%. The dealership lied about needing to do a buydown to get his approved apr. They leveraged this lie into guilt tripping him into buying the overpriced extra services.
05-29-2015, 05:05 PM
#38
Colin here is the problem. I didn't need dentguard or Reistall, if they offered it I would have refused it. I went down there was going to pay $36,500 and nothing else. They already got me on the $400 Document fee (so they made money there.) They told me they did a buy down. Lets say they did a buy down. That means that they gave my loan company 2% of what the finance charge would have been. IF figures are correct, it was between $1500-$1800. So It looked like they were trying to help me out by getting the interest rate down so I would be satisfied. In order to do so, they said I have to do something for them and that was to buy this resistal and the dentguard for around $2200. So it came out that I only spent about $400 for those 2 items which I am fine with. The Severe problem is that the "buy down" never was ever done and it was a complete made up lie. (Until I have proof infront of me in the first place).
I don't know if I can be any simpler then that, if not someone please explain to Colin. in one sentence I would state. They made this fabrication of me being financed at wrong incorrect rate, in order to con me into buying extra stuff to pad their bottom line so they wouldn't lose so much on the sale.
I don't know if I can be any simpler then that, if not someone please explain to Colin. in one sentence I would state. They made this fabrication of me being financed at wrong incorrect rate, in order to con me into buying extra stuff to pad their bottom line so they wouldn't lose so much on the sale.
05-29-2015, 06:47 PM
#39
Colin here is the problem. I didn't need dentguard or Reistall, if they offered it I would have refused it. I went down there was going to pay $36,500 and nothing else. They already got me on the $400 Document fee (so they made money there.) They told me they did a buy down. Lets say they did a buy down. That means that they gave my loan company 2% of what the finance charge would have been. IF figures are correct, it was between $1500-$1800. So It looked like they were trying to help me out by getting the interest rate down so I would be satisfied. In order to do so, they said I have to do something for them and that was to buy this resistal and the dentguard for around $2200. So it came out that I only spent about $400 for those 2 items which I am fine with. The Severe problem is that the "buy down" never was ever done and it was a complete made up lie. (Until I have proof infront of me in the first place).
I don't know if I can be any simpler then that, if not someone please explain to Colin. in one sentence I would state. They made this fabrication of me being financed at wrong incorrect rate, in order to con me into buying extra stuff to pad their bottom line so they wouldn't lose so much on the sale.
I don't know if I can be any simpler then that, if not someone please explain to Colin. in one sentence I would state. They made this fabrication of me being financed at wrong incorrect rate, in order to con me into buying extra stuff to pad their bottom line so they wouldn't lose so much on the sale.
05-29-2015, 07:04 PM
#40
Three Wheelin'
Krava, you got the car for $36,500 which is the price you wanted, financed at 5.6% which is the rate you wanted. The only issue is that the salesman talked you into buying the resistall and dentguard for $2200.
The solution to that problem would have been to simply walk away from the deal and not agree to it. Unfortunately, you painted yourself into a corner by renting a car and driving a long distance to get the car and the salesman knew it, thus arming him with ALL the leverage to insist that you buy the resistall and dentguard or you'd be renting a car to make the long trip home. The salesman's actions, while possibly not 100% "fair", are 100% commonplace in the car buying world. He get's paid for selling cars and paid more for upselling customers the high-profit resistall and dentguard. From the salesmans perspective, he was just feeding his family.
The only person to blame is yourself for the manner in which you conducted the negotiation. Had you arrived at the same dealership and told them you were looking at two or three RLX's to purchase and since you were in the area visiting a friend, you thought you'd stop by to see what kind of deal you could get on the RLX that they had in stock. Had you made it 100% clear that you had other options and that you would walk away from any deal that wasn't 100% right for you, then you would have leverage to get your price and your rate WITHOUT any further pressure. Your inexperience gave away that leverage and the salesman used it to get a nice bonus for himself. No malice intended, nothing illegal has transpired.
The buydown that you speak of as if it is a binding legal document is nothing but a paper shuffle for the dealership and is simply part of the back and forth of the negotiation of the deal. You made an offer of $36,500 for the car and 5.6% financing. They rejected that deal and offered $36,500 and 7.6% financing. You insisted on 5.6%, so they changed their offer to $36,500 at 5.6% and $2200 for the resistall and dentguard. You accepted their offer. Offer given and offer accepted is a legal deal. How they shuffle the paper to change the price of the car or the price of the the extras to make it work is irrelevant since you both agreed to a deal that they honored. End of story - enjoy your car.
You're not the first person that has been talked into a last minute extra charge item. One of the first TV's that I bought decades ago, I got talked into the extended warranty which turned out to be a total waste of money. I later found out from a patient of mine that the salesman in that case received 1/2 the cost of the warranty as a bonus for selling the warranty. He played me, made a nice bonus for himself and I learned a valuable lesson that I have used in every purchase negotiation since. I recommend that you do the same.
The solution to that problem would have been to simply walk away from the deal and not agree to it. Unfortunately, you painted yourself into a corner by renting a car and driving a long distance to get the car and the salesman knew it, thus arming him with ALL the leverage to insist that you buy the resistall and dentguard or you'd be renting a car to make the long trip home. The salesman's actions, while possibly not 100% "fair", are 100% commonplace in the car buying world. He get's paid for selling cars and paid more for upselling customers the high-profit resistall and dentguard. From the salesmans perspective, he was just feeding his family.
The only person to blame is yourself for the manner in which you conducted the negotiation. Had you arrived at the same dealership and told them you were looking at two or three RLX's to purchase and since you were in the area visiting a friend, you thought you'd stop by to see what kind of deal you could get on the RLX that they had in stock. Had you made it 100% clear that you had other options and that you would walk away from any deal that wasn't 100% right for you, then you would have leverage to get your price and your rate WITHOUT any further pressure. Your inexperience gave away that leverage and the salesman used it to get a nice bonus for himself. No malice intended, nothing illegal has transpired.
The buydown that you speak of as if it is a binding legal document is nothing but a paper shuffle for the dealership and is simply part of the back and forth of the negotiation of the deal. You made an offer of $36,500 for the car and 5.6% financing. They rejected that deal and offered $36,500 and 7.6% financing. You insisted on 5.6%, so they changed their offer to $36,500 at 5.6% and $2200 for the resistall and dentguard. You accepted their offer. Offer given and offer accepted is a legal deal. How they shuffle the paper to change the price of the car or the price of the the extras to make it work is irrelevant since you both agreed to a deal that they honored. End of story - enjoy your car.
You're not the first person that has been talked into a last minute extra charge item. One of the first TV's that I bought decades ago, I got talked into the extended warranty which turned out to be a total waste of money. I later found out from a patient of mine that the salesman in that case received 1/2 the cost of the warranty as a bonus for selling the warranty. He played me, made a nice bonus for himself and I learned a valuable lesson that I have used in every purchase negotiation since. I recommend that you do the same.
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Comfy (05-29-2015)