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This is about buying a vehicle but a financing question.
I went to buy a used 04 Ford Expedition, have a bankruptcy that has been discharged 20 months, and credit score in 630 range.
Price is 15,575.00 and I have 3000.00 down. I was approved but they want a 3000.00 fee, the bank, plus 3000.00 down. This is a Ford dealership and not a buy here pay here. I was told if I put 6000.00 down I would still have to pay 3000.00 fee which gets tacked back onto loan.
Honda dealer next door charges 2000.00 fee. The dealers say it is the bank doing this but I think the dealer is doing something fuzzy for extra profit since my credit is not perfect.
I am disabled and wife works with a net take home of 2700.00/mo and no debt.
Does anybody know if this sounds right or is this something new because of the lending problems.
Called nearby Tennesse dealer and they never heard of such a fee and said to come on down and buy their car.
My roommate had the same thing happen to him at the local Nissan dealership. They added $2,000 on a $14,000 truck. He also has a bankruptcy that was just over a year old. I had never heard of this before and advised him not to buy the truck. From what I understand, the fee has to do with the bankruptcy, not the credit score.
My roommate had the same thing happen to him at the local Nissan dealership. They added $2,000 on a $14,000 truck. He also has a bankruptcy that was just over a year old. I had never heard of this before and advised him not to buy the truck. From what I understand, the fee has to do with the bankruptcy, not the credit score.
Maybe it's some kind of insurance policy in case you default on the loan.. But I'd back off for now on buying until I looked into it more.
No, that is not it, I asked about it when my friend was in the dealership. The finance manager said basically they have to "sell" the loan to the lender. He explained that lenders really hate bankruptcy's more than anything. In other words, the dealership is bribing the lender and saying, "please take this loan, we will $2,000 cash just for taking it.
I found and bought today a 1996 E150 Conversion van with excellent interior. It was owned buy an older couple and has tv and power bed and many more options. New tires and only 76000 miles.
I bought it for 4300.00 which included tax, tag, and title. No payments and should last for a few years.
No, that is not it, I asked about it when my friend was in the dealership. The finance manager said basically they have to "sell" the loan to the lender. He explained that lenders really hate bankruptcy's more than anything. In other words, the dealership is bribing the lender and saying, "please take this loan, we will $2,000 cash just for taking it.
Thats funny they hate people who file bankruptcy but seem to think it is okay when the automotive companies file it. Double standard if you ask me.
I don't see anyone but the administration rushing to loan the auto companies any money.Certainly have the haircut no one is going to invest money in either chrysler or GM.Blame that double standard on Obama plus his giving the other investors who had money in pension that loss a haircuts. Its called paying back special interest.Then look at all teh specail interest groups that got give money for free in the stimulus.
I bought it for 4300.00 which included tax, tag, and title. No payments and should last for a few years.
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