Bought “new” (450 miles on it) with a 1k discount and fully applying my 1k gm rewards. it was the right car and color and the trade in value was way higher than Carvana and the such.
Terms were 7.8% Apr at 84 through local CU deal went through with finance manager on 10/2, I was happy, so I got gap, paint and tire warranty from the guy. 5 days later I speak with CU loan officer and she confirms my loan, the APR and monthly payment amount and date of my monthly payment.
Now Finance manager is calling saying finance did not got through and they need to rerun my credit to get new financing. My response, is no thank you let me talk to the loan officer she told me all was good.
FM also tells me he did not charge my card with down payment, as it cannot be done for “regulations” or something. I tell him, nah you are lying, you just don’t want to eat the CC processing fees, he admits, I tell him I’ll swing by tomorrow with check, I’ll accommodate I like my new Caddy.
Question, if the FM wants to scrap the 7.8% 84 deal. Can I tell him to take a hike? I put a bunch on miles on the car already, but I like my terms are the ones on the sale contract I signed.
Well I like my deal better with 84 than 72 as it was the same APR. I got the gap because it’s an expensive car and honestly I know FM get money on the back end on those products the addons were like 2.5 k. They gave me great value for my trade in so was happy with the FM.
I have not read the contract fully, there would not be a need to repossess tue car as I was approved with other lenders and I would give the car back if the financing doesn’t fall through.
I want to know if I can give the car back if the terms are not what I wanted.
I know I can cancel the FM addons and refinance the car. I just think they are plying games and want to make more money getting financing from a different lender.
It doesn’t matter if you were approved by other lenders. If the deal doesn’t fund and you don’t return the car, you are effectively in possession of stolen property.
I mean 2k off a Escalade. At 84 months at 8 percent almost is a dirty way to go out lol for a whatever car that is mainily used to pick people up from the airport.
Say you got short body Escalades platinum. 120k
That’s 38k plus the 3k you added in back end. They ain’t making much of the rate. That’s about what it is right now on a finance
So you drove away with a new vehicle and the dealer didn’t run your card while finalizing everything…? Did you find it odd that you didn’t receive a receipt? Very strange.
Why don’t you call the CU and see what is going on. If the deal isn’t funded, it isn’t funded and you may need to explore other avenues.
Your finance guy seems like a real tool. I don’t care how much you like the new caddy.
I feel like your Caddy dealership is doing you a favor by potentially unwinding this transaction. 84 months term at 7.8% is brutal.
I don’t know how much % of the purchase you financed, but if you got GAP insurance it seems the LTV is too high as well as the interest rate/term being too high for a prudent financial decision.
With something that expensive, with that small a discount and product, my guess is you’re either over the advance for this car, or over their cap for an 84 month loan. It didn’t get noticed by the credit union until everything was packaged and sent over, and they saw that there was an extra boat payment for themselves in there.
And yes after 5 days they can’t use the callback from when you were sitting there. Another hard inquiry won’t affect your credit beyond what the first one did.
GAP for a financed vehicle is much, much, much cheaper from a car insurance provider. And you almost certainly dodged a bullet on the other products.
I truly appreciate all of you responses. FM called me today that my loan is all good! I’m keeping my caddy, he called me so early I never got a chance to speak to the loan officer again. The FM did tell me that I needed to come back to the dealership as I needed to sign the paper ( power of attorney?) giving “title” of my trade in as we had not done it before.
I do remember signing that document, though. Would it have to do with the fact that the automatic payment on my trade in came out of my account and was posted today changing the payoff amount?
