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Went today (with a mechanic) to a franchised dealership to see a 2006 Camry LE with 30k miles.
Car is in great condition. We negotiated on a price of 14.5K. Everything was as smooth as could be at this point.
All paper worked out, but when I gave them my blank Check (CapitalOne, and UptoDrive--I have both) everything went South. They would not accept the blank check, yet over the phone they had no problem with it.
Finally the Manager comes out to assuage me. But I wouldn't budge--I know how they rip you off in the financing. It was like Hell for 30 minutes with the Manager, "What are you crazy we can offer you a better APR", "These checks take 2-3 days to clear". Basically they said everything in the book to run my crredit, but I refused.
The deal was fair. I offered them a legitimate payment source. The reason I went independent is because I know the customer gets screwed on the financing contract. I am not smart, but I have done my research.
Any thoughts?
ps: I wish I had a bullet proof vest walking out of the dealership.
There's more than one Toyota dealership in your area, isn't there?
Apparently this one didn't really want your business. No dealership "in their right mind" lets a ready, capable buyer walk out the door on their used cars, which is where the "real" profits are in the franchised dealership.
There will be other cars to check out and deal on. Just gotta' keep on looking.
I don't understand...
you made a deal you were happy with on a car you liked...
The dealer didn't like your payment method...
you took a hike, with your check in your pocket.
You haven't lost anything, except for a little time...
what's the problem?
go find another vehicle, where they will take your check.
I know it doesn't seem like it right now, but this was a blessing in disguise. The 2006 Camry was as terrible car you would have regretted purchasing so I feel this was a way God was looking out for you. Read here....
When I bought my Lincoln a few months ago, I went through my local bank for financing because I knew I could get a much better deal.
On the first trip to the dealership, I went solely to test drive and look at the car. They tried to get me to talk financing and numbers, but I flatly told them I had no intention to make any decisions that day and that I would be weighing my options for financing. Like you, I had my financing all lined up before I returned to the dealership. That puts the heat on them, because the minute you walk out the door they have just lost out and will not get you back. It's all about knowing how to play the game.
Obviously your salesman and the management were not very bright. They let you walk when you were ready to buy. It's nobody's loss but their own.
Most dealers won't take a check from CapOne. It's not a legitimate payment source, since the dealer has to work for a long time to get their money. It's not worth the hassle.
If they got you a better APR for the same term, why not take their financing? Letting them run your credit won't really negatively impact it, and if you know what kind of rate you can get through CapOne (assuming you can find a dealer dumb enough to take the check), why not see what they can do? CapOne is usually kind of high anyway.
Most dealers won't take a check from CapOne. It's not a legitimate payment source, since the dealer has to work for a long time to get their money. It's not worth the hassle.
If they got you a better APR for the same term, why not take their financing? Letting them run your credit won't really negatively impact it, and if you know what kind of rate you can get through CapOne (assuming you can find a dealer dumb enough to take the check), why not see what they can do? CapOne is usually kind of high anyway.
I think you are mistaken. They won't let you take the vehicle until the check is cleared (1-3) days.
These are legitimate independent financing companies and the dealers know it.
I think you are mistaken. They won't let you take the vehicle until the check is cleared (1-3) days.
These are legitimate independent financing companies and the dealers know it.
I remember reading earlier somewhere else this week that Capitol One is not a real bank. I do not know if this is true or not, but I do remember reading that dealers do not accept their loans for the most part.
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