My Dealer Set Me Up

[Lilhoss105]

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.

THIS!

Never walk in without a "check" in hand. They will rake you over the coals if you don't. Contact your CU first, get financing (rates will be better and most have them posted without having to check credit).

Also found out my CU takes Mastercard credit for payments- I am now getting 2% cashback on every payment on our Bronco lol.

KNOW THE SYSTEM and FUCK THE SYSTEM

Also I teach financial literacy in high school. I love finagling money matters.

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[GeoBig]

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 here to defend the OP in regard to financing (since this appears to be the biggest deal to most of you).

In the last 20 years, I have worked with different dealerships to purchase the following cars:

- Two BMWs
- Two Cadillacs
- One GMC
- One Chevy

In each and every one of these interactions I have walked into the dealership WITHOUT any prepared financing. Why? Because why put the work in when the dealer is already equipped to shop rates and get you the best deal. It's a cost-benefit analysis.

However, the Bronco situation is different. Profiteering is rampant, and dealers, by and large, can no longer be trusted to truly want your long-term business.

Like the OP, until just recently I too was planning to simply walk in once my Bronco was delivered, negotiate a rate, and walk out. Times have changed it seems (not including the decline of the West and America's economy right now) -- I am working with several CUs this time around and am not planning to utilize Ford Credit.

Additional perspectives FTW.

 

[Lilhoss105]

Walking into a dealership and buying a new car is a bad move off the bat for some people. I bought my first new car a few years back, and witnessed various antics from customers, who arguably had no business buying a new car in the first place (much less spending tens of thousands additional loading them up with extras). But people got to have their new expensive rides! Glad you are teaching financial literacy, it's sorely needed by many people.

Absolutely correct!

New cars can be such a massive hit to your wallet and future financial success. Wife and I saved up a bunch because of our budget and we weren't driving a status symbol. *I think that's where people get there priorities confused (I want a Benz...Because Benz)... Don't buy $600 rare Jordan's just because, get 2 or 3 pairs of Vans that go with everything and keep it moving.

Anyway-that's the lesson for today, first ones free haha

It was our reward. School loans, cars, and credit cards all paid off.

 

[GI_Jo_Nathan]

Because why put the work in when the dealer is already equipped to shop rates and get you the best deal. It's a cost-benefit analysis.

I see your mistake, the dealer is looking for the best deal for them, not you. Honestly there's no telling how much money you have wasted in that 20 years. Sure you might be fine with it, but
Not everyone is. People don't realize how much money the dealers make in financing kick backs.

 

[ClatrnDZL]

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

please search for my post about Nick Nicholas Ford in Florida. They operate quite the opposite as whoever you dealt with. Might be worth the trip.

 

[UTultimate]

Always have your own financing lined up, if they can beat it great, if not you don't have to fuck around with the games they try to play.

 

[vrtical]

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 kinda did. I did not want any last minute issues even thought I know there wouldn't be any but I played the game anyways. I had pre-approved ready to go at my CU. I did the purchase deal using the dealer, no trade in, just straight finance get possession at a nice dealer 7.0% that started out at 7.5%. I had the refi done within 7 days down to 3.89 with my CU that I locked back in early Dec before those rate changes. Ford cost me the rest on the rate because the lock I could of had moved at least twice since last summer.

 

[GeoBig]

I see your mistake, the dealer is looking for the best deal for them, not you. Honestly there's no telling how much money you have wasted in that 20 years. Sure you might be fine with it, but
Not everyone is. People don't realize how much money the dealers make in financing kick backs.

Would 0.9% and 1.9% rates really gift a dealership "kick backs"? Again, this was before Biden, but remembering the economy and negotiating power I had at these times, I still don't see the problem with what I (and many others, honestly) did.

 

[Rspayde]

When I purchased in November I had my approval and check in hand when I went to pickup the Bronco. Just for shit and giggles when I went in to sign the paperwork before delivery to lock up my loan rate I asked what ford was offering. The dude told me 7% with 800+ score. I locked in a 60 month $0 down at 2.76% in November 2022.

DO NOT WAIT UNTIL YOU BRONCO IS DELIVERED TO SECURE FINANCING!!!!!

Shop around. Most Credit unions will let you open an account for $5 and no minimum balances are required. Most importantly do not finance with your dealer and if you do refinance it immediately.

This is actually financial advice.

 

[Silver-Bolt]

If the dealer is demanding to use their financing try this. Get your loan through your CU minus $100. With the VIN number your CU should be able to process the loan. Take that check to the dealer as your down payment and finance the $100.

Dealerships are complete A-holes where it comes to financing.

 

[Lil Red Broncette]

The dealer arranging financing is nothing more than making it easier to close the sale (less work for you) and at the same time their motivation is speed and to get the dealer more money so rates will be higher. Dealers aren't like someone processing health insurance that act for you with your bank.

Flat out, if you want a good rate, you have to arrange that yourself. There is no reason you couldn't do that. Just talk with your credit union, for the initial arroval you likely just can tell them the purchase price plus taxs and fees, eventually they will want the sales agreement to finalize but should give an initial approval and rate.

 

[coachoates]

This may have been said already, 4 pages of posts, but you could have signed their loan @ MSRP with whatever rate.

Then went to your credit union and refinanced it.

I literally just did this on my Raptor.

My credit union declined my loan request, because it was the third car I bought in ‘22.

So financed the with Ford. The next week called my credit union and told them if they could beat the rate I would refi with them…already had the car.

My credit union had the refi paperwork ready to sign the same day I called.

 

[One who waits long time]

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

Mine came in Friday before Christmas and a local credit union gave me 2.99 for 5 years. They were only requiring a 730 score.

 

[KnappyRedd]

Ok to try and address any questions or comments you guys had, yes maybe I should've gone in there with my own financing but maybe thats my fault being too trustworthy with them. Ive done business with them before and had no issues and they were straightforward with me during this process up until now. Ive bought plenty of cars and made it work in my favor using dealer financing, but times have changed and lesson learned. I wasn't getting the shaft like others were getting on here during my wait but didnt expect a lube job like I got. Some of you said you would of took the 10% rate to close the deal and refinanced later but I wasnt going to do that so the smartest thing for me and mine was to pass and let another sucker cave and im glad I did after finding out what I did. I can order another one somewhere else for MY24 and I will. Found out my neighbor is a senior sales manager at a Ford dealership well after mine was already ordered. Told him what happened and he was even shocked at they're practices. Maybe he was blowing smoke but I will be giving him my business when the order books open in September. But you better believe I'll have my guns loaded for any potential BS. If you get lucky enough to get me once, I guarantee you wont get a second chance. So the advice everyone has given on what I should've done, I will use that and go about it differently. Did it piss me off? Of course, but at the end of the day, its just a car that is massed produced and I will get mine the way I want it. I'll make sure to post a pic on this very thread when it happens.

 

[redvettx2]

Sign a deal for 20K over? You pay the MSRP agreed upon or blow them up on line. Only thing they understand.

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