Doesn’t seem fair that a dealership would force a customer to use their financing!
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That's how it usually works, but dealers don't have to accept financing from anywhere else.I don't think that would fly in Maryland. How can they not let you shop around for financing? When I purchased mine in February from Chapman Ford, they quoted me a rate but my credit union was lower and they matched it.
There are so many feeling your pain. I was ready to get rid of every F'n Ford I own and forget the whole thing and that was just during my initial phone negotiations for the BRaptor. I'm not anywhere close to feeling confident I'll seal the deal yet until I have the keys in my hand.I don’t disagree. It felt like that from the get-go.
I’m just blown away by the arrogance. I spent 5 hours in intense negotiations and I lost significant ground.
I’ve never felt this level of upset. We’ll see how I feel tomorrow. Right now, it’s in the garage and I couldn’t give less of a damn to fawn over it…
It's bad enough when they force you to accept their deal, but to not even get in the same universe as your prequalified rate is a deliberate insult. They wanted you to walk away bad.I didn’t mean I would refinance for a higher rate (6.84 - assholes) than what they gave me, but a higher rate (2.49) then what I was approved for on March 20th.
If you refinance to pay it off you will likely pay taxes AGAIN when you have to re-register the vehicle. Be careful about the taxes.I got that feeling, too. Basically, I got $1220 ADM, cloaked in $700 Interest and the dealership’s $520 kickback.
then I get to refinance 3-months from now for a different (higher) rate.
Like the previous poster I really feel for you. Dealers are pros at this game, they're in it to make money many are viewing the Bronco situation as a "strike while the iron is hot" opportunity. I hope your enthusiasm is renewed, you switch your financing, and really enjoy your rig!I don’t disagree. It felt like that from the get-go.
I’m just blown away by the arrogance. I spent 5 hours in intense negotiations and I lost significant ground.
I’ve never felt this level of upset. We’ll see how I feel tomorrow. Right now, it’s in the garage and I couldn’t give less of a damn to fawn over it…
I found it fascinating how the Sales Manager was so arrogant throughout the whole process, while simultaneously admitted how screwed up the whole thing was.It's bad enough when they force you to accept their deal, but to not even get in the same universe as your prequalified rate is a deliberate insult. They wanted you to walk away bad.
Got any attorney friends? If not, you might try sending an email to Steve Lehto with your story. Check Youtube for details.In my case, I can’t put down a down payment, nor can I go with the Credit Union, where I already have approved financing.
according to them, I MUST go with their financing for whatever rate they deem appropriate for me to buy my Bronco
I will firmly admit that I was blindsided by such a tactic.Op my heart sank reading this. Surprised by a lot of misinformation on this thread. It is 100 percent legal to pay cash on a new car purchase. You just can’t walk in with 50k in a suitcase. A certified bank check provides a paper trail for Uncle Sam and it’s done every day.
a dealer has no right demanding you finance with them- it’s extortion.Your statement is accurate- it’s an extra ADM you’re paying. This dealership needs to be called out for their shady practices so future consumers can stay away.
my advice? The only thing that would Make me feel better is transferring the loan asap. That would give me satisfaction knowing they didn’t extort as much out of me as they would have otherwise.
scumbags. What should be an amazing and happy experience for you ends up being a shitshow. Nothing worse than realizing you are being taken advantage of. This dealer sucks, plain and simple
That’s the funny thing… my spider-senses were tingling back on March 17th when I reached out to the sales person about financing. I even tried to ask quotes for stuff like wraps & tint that I knew they’d love to stick their little talons in for additional mark-up to hedge my bets… but they were so incompetent and disorganized that I got an immediate sense that I needed to come prepared with my own financing.Like the previous poster I really feel for you. Dealers are pros at this game, they're in it to make money many are viewing the Bronco situation as a "strike while the iron is hot" opportunity. I hope your enthusiasm is renewed, you switch your financing, and really enjoy your rig!
I'm still in pricing negotiations and hoping I don't get to this level of dissonance, but I could see it happening. Frustrating all the way around...
Bullshit! If you want any semblance of accountability, CRUSH them in the ratings and ROAST them in the comments.One final note that struck me as odd was the last comment made to me before I left. Naturally, I had to deal with their Finance Manager, who was easily the most genuine person I dealt with. He made a comment about the survey and how I should consider not crushing them in the ratings, but in the comments, because those ratings would impact my completely incompetent and assigned salesperson.
Like I said, there isn't a law that prevents you from paying cash. The government just makes it a pain in the ass. I'm a retired banker......I'm very familiar with anti money laundering rules.yea, actually there are anti-money-laundering laws in pretty much every state. In my state you can't drop more than $10,000 without their being a hold period of between 5-10 days and where the bank must transmit the money directly after submitting a few forms to the state DOR.
On top of that, the dealer is then subject to a whole mess of annoying forms and disclosures to the IRS.
Many dealerships will simply say "NO" to all-cash deals as it's not worth the hassle. On top of that, if the customer walks on a Bronco, they will make an extra $10K, why bother???????
https://www.irs.gov/businesses/smal...rade-or-business-motor-vehicle-dealership-qas