Forums
New posts
Search forums
What's new
New posts
New media
New media comments
Latest activity
Classifieds
Media
New media
New comments
Search media
Log in
Register
What's New?
Search
Search
Search titles only
By:
New posts
Search forums
Menu
Log in
Register
Navigation
Install the app
Install
More Options
Advertise with us
Contact Us
Close Menu
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Forums
The Water Cooler
General Discussion
Car dealer rip off
Search titles only
By:
Reply to Thread
This site may earn a commission from merchant affiliate links, including eBay, Amazon, and others.
Message
<blockquote data-quote="POKE1911" data-source="post: 1841427" data-attributes="member: 24536"><p>+1 for personal accountability. We see gun stores all the time that have 600 glocks 400 lcps, we laugh and go get a good deal at sooner state pawn. You cant blame the dealer here, maybe it is a bit unethical, but it is up to the individual to educate themselves. This had to be a buy here pay here lot. Most banks will only lend 100% nada retail or 120% wholesale. Clean retail on that car is around 8. And that is guessing it is the top of the line spectra.</p><p></p><p> Oklahoma has a 3 day cool down period if you are within that period you can take it back no questions asked. If it is outside of that window you are screwed. You can either have it repoed take a hit on credit. Or finda way to make it work. Either way this will be a life lesson.</p><p></p><p>Advice to you, NEVER EVER consign for her or anyone else for that matter. I used to be a finance guy at a ford store, you would not believe the horror stories that came through that I could not get financed because a deal went bad. A lady consigned a loan for her son who later broke his back could not work so he could not afford the payment. She could not afford to float him so a repo showed on her report. She wasted years of perfect credit on that deal, I got her approved but it was at 13% apr. had it not been for the repo she would have been an 800 credit score. It's called life, things happen, job loss, injury, feuds, and you do not want someone's troubles to mess with your financial security. Another guy came in wanting to buy a car for his wife. He had his truck financed, and he also was a consigner on his sons jeep. His son was making the payments and was in good standing, however, when you consign a loan it shows up on the report as your loan. When you apply for the loan, the loan officer considers your obligations when determining your eligilibility. Cc debt, car payments, mortgage / rent. So when they take into account a $450 truck payment a $400 jeep payment and they are wanting to add a $450 car payment. Even though they were not making the payment their credit was extended as if they were and a majority of the banks declined them or required them to trade in one of the vehicles which of course was not on the table. I found a bank to finance them but it was at a higher rate than what they should have received based off their report... Lend money not credit</p></blockquote><p></p>
[QUOTE="POKE1911, post: 1841427, member: 24536"] +1 for personal accountability. We see gun stores all the time that have 600 glocks 400 lcps, we laugh and go get a good deal at sooner state pawn. You cant blame the dealer here, maybe it is a bit unethical, but it is up to the individual to educate themselves. This had to be a buy here pay here lot. Most banks will only lend 100% nada retail or 120% wholesale. Clean retail on that car is around 8. And that is guessing it is the top of the line spectra. Oklahoma has a 3 day cool down period if you are within that period you can take it back no questions asked. If it is outside of that window you are screwed. You can either have it repoed take a hit on credit. Or finda way to make it work. Either way this will be a life lesson. Advice to you, NEVER EVER consign for her or anyone else for that matter. I used to be a finance guy at a ford store, you would not believe the horror stories that came through that I could not get financed because a deal went bad. A lady consigned a loan for her son who later broke his back could not work so he could not afford the payment. She could not afford to float him so a repo showed on her report. She wasted years of perfect credit on that deal, I got her approved but it was at 13% apr. had it not been for the repo she would have been an 800 credit score. It's called life, things happen, job loss, injury, feuds, and you do not want someone's troubles to mess with your financial security. Another guy came in wanting to buy a car for his wife. He had his truck financed, and he also was a consigner on his sons jeep. His son was making the payments and was in good standing, however, when you consign a loan it shows up on the report as your loan. When you apply for the loan, the loan officer considers your obligations when determining your eligilibility. Cc debt, car payments, mortgage / rent. So when they take into account a $450 truck payment a $400 jeep payment and they are wanting to add a $450 car payment. Even though they were not making the payment their credit was extended as if they were and a majority of the banks declined them or required them to trade in one of the vehicles which of course was not on the table. I found a bank to finance them but it was at a higher rate than what they should have received based off their report... Lend money not credit [/QUOTE]
Insert Quotes…
Verification
Post Reply
Forums
The Water Cooler
General Discussion
Car dealer rip off
Search titles only
By:
Top
Bottom