Community Chat

[Kachina624]

Usually the best deals, like no interest loans, are reserved for customers with the highest credit scores. 

[dex]

I just don't get why they wouldn't give him the loan...a deal is a deal and I think car dealers sales are slightly down.We are all baffled by this.My son said he will continue to shop but the price and loan deal were enticing for those who can qualify.

[dex]

@Kachina624 Yes we were sure he could get the loan as he has an excellent credit score but I guess in this case that is a detriment.

[LonestarBabs]

Right now several manufacturers have a "low credit score" discount. I've seen it itemized along with loyalty cash, dealer discount, military discount, etc. It seems counterintuitive, doesn't it? People with stellar credit scores should go elsewhere if a dealer balks at making a deal. I remember a few years ago I went into a dealership and my credit score was so high the finance guy said "you can have whatever you want!" He actually gasped. They treated me well as a result.

[Carmie]

Last year my DH was looking for a small Jeep SUV,  we found what we wanted at a dealer and negotiated a price.  The dealer wanted to talk financing, but we were not interested and told him so,

The next day, we came back and signed all of the papers and gave them a cashiers check for the vehicle,

The following month, I got a " ping" that something had changed in my credit report.  When I checked, I noticed that the dealer had tried to secure financing at two different places for that vehicle.  My DH's credit report showed the same thing.

We both lost a few points because of that dealers search.

you can bet in the future that we will immediately tell any car dealer that under no certain terms are they allowed to run a credit report of do a search for a loan for us.

if we need financing, we will secure it ourselves. Dealers want you to finance though them.  They get kickbacks from the Banks when you do.

[Moonchilde]

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@dex wrote:

I just don't get why they wouldn't give him the loan...a deal is a deal and I think car dealers sales are slightly down.We are all baffled by this.My son said he will continue to shop but the price and loan deal were enticing for those who can qualify.

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Car dealerships, and the individual salespeople, make large commissions when a customer uses their in-house finance company. They always have a vested interest in getting you to use who they want you to use. They'll tell you/claim a lot of things that may or may not be true.  You can bet they're making good money in commission on that kind of "deal."

[Mistreatedbycs]

@dex  What specifically was the "advertised deal"

Ford has 0% interest for 72 months, what mfg was he looking at?

[dex]

@Mistreatedbycs He wants a ram truck 

[sunshine45]

i went looking at rates on chryslercapital.com.

you have to put in your zipcode to find deals on ram trucks.

i saw anywhere from 0% interest up to 2.9% interest.....some also with additional cash back.

[Mistreatedbycs]

@dex  You can look on the dodge ram truck website for your City and see that they have 0% interest for 75 months I believe.

On one of the dealer websites, they are telling me don't worry about the financing options if you have bad credit, we can help, so if he has 

great credit, he's eligible for the 0% interest.

I have never heard of anyone with a low credit rating getting a better deal than someone with a high credit score so that's why I am confused reading this.

When I walked into the Toyota dealership and they ran my credit with an almost perfect score, there wasn't any hesitation in offering me anything.