My Dealer Set Me Up

[KnappyRedd]

Whats up guys!!!! So its been almlost 2 months after I passed up on my Bronco after a 2 year wait. My bronco arrived about 3 days after Christmas and was super excited until I went to pick it up. Went to do the paperwork to finance the bronco, provided everything they wanted, proof of income, good credit score etc. They come back to tell me that the lowest rates they're getting is 7.99% for a 800 score, which I found outrageous. My score was 100 points lower and they told me that they're were going to try and get me that rate. They come back with I got financed with Ford and I had to put down a minimum of $4000 down. The kicker was that the interest rate was 10%. Immediately refused. The sales manager tells me thats the best your going to get. Now I requested for them to go with my credit union, which they didn't check at least while I was there. Now I'll say they did honor MSRP and my Price Protection. That's until I found out what they really were up to. I left it there and contacted my Credit Union myself. Not only did they only check 3 lenders and stop at Ford with such a high rate, they told me the object of the game was to go with who bites first and not the best rate. So the first 2 denied me. I contacted the sales manager back and told them my credit union is requesting the purchase order to proceed with the loan. They said they can send it to them and call me back with their decision, I said ok. All within the same day. They call me back and tell me they flat out said no. Im still baffled by this. I go up there and request my credit report that they pulled and see my Bronco now on the showroom floor with a $12k ADM attached. I laughed because at that point I knew they were with the games from jump. The set up that I just found out when I finally opened the letter from my bank was that when they reached out to my credit union on my behalf to send the purchase order, they requested over $87,000 when my Bronco was priced at $66,000 with everything I picked. That told me that they were trying to get an ADM out of me on the back end or put a price that would get me denied forcing my hand. Fuled my anger all over again when I thought they were a legit dealer when I bought from them before. Now I plan to order a MY24 come September with another dealer and same spec. Dont buy from Citrus Ford!!!!

Sorry had to vent lol

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[Area51BS]

99% can’t be trusted. The other 1% ok at times. It’s a shady business period. Don’t even get me going on the finance dept. They tried that high rate with me and I pulled a up a loan on my phone for my daughters car bought less than 30 days earlier and said rates doubled in 3 weeks. Don’t think so. He was lost for words.

 

[Layman]

That is really shady, but kinda par for the course.

You need to walk in with your financing already in place. The dealer is not your friend as you found out. Anything they do, they are not doing for you, they are doing for themselves. I can almost guarantee 10% was not the "buy rate" that Ford offered on the loan. It was the "sell rate" the dealer offered to you. This means Ford probably agreed to finance you at 7 or 8 percent, and the dealer tacked on extra percentage points that go right into their pocket. Look at us, were good guys and not charging you ADM. Yeah right. Shady, but that is the way the world works. Next time go to your credit union yourself. I guarantee the result will be much more satisfactory.

 

[HBTFD]

^^^ +1. Always walk into the dealer with a check ready, whether it’s your money or a bank’s money.

 

[Felix808]

Always have a pre-approval for financing, that way you know where you are going to be & see if they can beat it. Dealerships make the biggest margins from the financing office.
$.02

 

[broncobase1]

Whats up guys!!!! So its been almlost 2 months after I passed up on my Bronco after a 2 year wait. My bronco arrived about 3 days after Christmas and was super excited until I went to pick it up. Went to do the paperwork to finance the bronco, provided everything they wanted, proof of income, good credit score etc. They come back to tell me that the lowest rates they're getting is 7.99% for a 800 score, which I found outrageous. My score was 100 points lower and they told me that they're were going to try and get me that rate. They come back with I got financed with Ford and I had to put down a minimum of $4000 down. The kicker was that the interest rate was 10%. Immediately refused. The sales manager tells me thats the best your going to get. Now I requested for them to go with my credit union, which they didn't check at least while I was there. Now I'll say they did honor MSRP and my Price Protection. That's until I found out what they really were up to. I left it there and contacted my Credit Union myself. Not only did they only check 3 lenders and stop at Ford with such a high rate, they told me the object of the game was to go with who bites first and not the best rate. So the first 2 denied me. I contacted the sales manager back and told them my credit union is requesting the purchase order to proceed with the loan. They said they can send it to them and call me back with their decision, I said ok. All within the same day. They call me back and tell me they flat out said no. Im still baffled by this. I go up there and request my credit report that they pulled and see my Bronco now on the showroom floor with a $12k ADM attached. I laughed because at that point I knew they were with the games from jump. The set up that I just found out when I finally opened the letter from my bank was that when they reached out to my credit union on my behalf to send the purchase order, they requested over $87,000 when my Bronco was priced at $66,000 with everything I picked. That told me that they were trying to get an ADM out of me on the back end or put a price that would get me denied forcing my hand. Fuled my anger all over again when I thought they were a legit dealer when I bought from them before. Now I plan to order a MY24 come September with another dealer and same spec. Dont buy from Citrus Ford!!!!

Sorry had to vent lol

I'm not defending the dealer, but it sounds like you weren't well prepared. You should have researched finance options before meeting with the dealer, and you can get preapproved.

 

[AZ_Liberty]

Trying to figure out what type of person goes to by a $66k car and does not have his financing set up in advance...

Worst case, you take their garbage financing, wait a week, and go down to your credit union and refinance in person on the spot.

Dealer looses their sweet 2% plus they will get their kickback pulled from the lender.

 

[Bullitt]

Your story is why everyone should get pre-approved financing before you go into the dealer. Makes the deal so much simpler and quicker...and minimizes the risk in a dealer taking advantage of you. Let this be a lesson learned for everyone...do your financing BEFORE your purchase.

 

[Karl_in_Chicago]

I just can't imagine going to a dealer without having already arranged for financing on my own. I'll allow the dealer the chance to give me a better deal (they give me their best and then I decide if it's better, I don't give them a rate to beat). Sadly, even with good credit, auto loan rates are HIGH these days but that's simply all the more reason one needs to do their own credit shopping well in advance of the closing.

 

[350vudu]

Not sure why you would let them send the purchase agreement to your credit union. Should have just asked for a printout of the agreement then take it to your credit union yourself. Something tells me though you weren’t going to walk out of that dealer without paying some ADM.

 

[yabsquatch]

Trying to figure out what type of person goes to by a $66k car and does not have his financing set up in advance...

Worst case, you take their garbage financing, wait a week, and go down to your credit union and refinance in person on the spot.

Dealer looses their sweet 2% plus they will get their kickback pulled from the lender.

This is what I did with my last vehicle purchase. Got them to go lower on out the door price by agreeing to use their financing. Then I refinanced as soon as the lender paperwork got mailed to me and saved thousands on a lower interest rate.

 

[Valhalla]

You should have called Bronco customer service; my dealer tried some shady $#!t I called them, and they had the dealer straightened out in less than 1 day.

 

[1975U15]

^^^ +1. Always walk into the dealer with a check ready, whether it’s your money or a bank’s money.

Yes yes!! And double space between each point to make posts easier to read

Like taking a breathe while talking

 

[swooshdave]

As soon as they knew you didn't have your financing in order they could take advantage of you.

I highly recommend that you leave very bad reviews on Google and Yelp.

 

[cdcsf]

Like others have said, you should arrive with your own financing already lined up...not a pre-qualification but an actual loan approval. Then, if you're feeling nice, give the dealer/finance manager the opportunity to beat the terms. By this point you typically will have a purchae contract drawn up. By law, you are not required to use the dealer's financing and you can use your own.

If the dealer can't match the loan terms you walked in with, the next best course of action is to ask them if they will do an option contract where you will complete the loan transaction (your own loan) within a certain amount time (e.g., 1 week). If it doesn't complete, then the dealer-provided financing kicks in at whatever terms they provided (and documented) to you.

Worst case, use their loan then immediately refinance it (make sure that there are no pre-payment penalties). You'll still get loan terms for a new car purchase.

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