I found this company on Cars.com. It's Santander Bank dba Roadloans.com and they lend money to purchase cars for individuals who have bad credit. I was approved for a loan up to 21,737.11 at 16% for 6 years with a $600 down payment.
I negotiated a price with the dealer and received a written quote. Test drove the car and wanted to purchase it. The dealer told me they could not do the deal because Roadloans was charging them a $2300 dealer fee, and the only way they would do the deal was for me to pay the fee upfront. I told them the loan stated only $600 upfront. They refused to sell me the vehicle at the quoted price.
I contacted Roadloans and told them what happened, they told me the dealer was not supposed to disclose the fee to me and that the fee could not be rolled into the loan. I asked them how I was supposed to cover the fee with only $600 down without rolling it into the loan. They told me to try another dealership.
I negotiated a good price on this car, the dealer will lose money on the deal if they cover the fee, the only way the dealer can cover the fee is to roll it into the loan or collect it from the customer upfront. Which means this is not the loan I was approved for.
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