I went to trade in my 2004 vehicle for a 2005 vehicle. We had finally come to an agreement on price and we moved on to financing.
I currently have a 5.5% interest rate through chrysler financial and i told the dealership that i expected the same low rate on my new purchase.
After a long wait they came back with an offer of 10.64% through chrysler financial. I asked why such a high rate and he replied things have just changed and interest rates have climbed.
I proceeded to tell him there was no way i was going from a 5.5% to a 10.64. He claimed it was chrysler financial best deal.
When i returned home i called crysler financial and talked to Linda Jacob who then told me chrysler financial had nothing to do with it.
She told me to contact the dealer and ask was there something on my credit report that required such a high rate. She thought they were out of line.
My husband then contacted the dealership and asked him about my credit report. The dealer responed by saying we were upside down in our trade and that required a higher interest rate.
My credit is very good but he would never reply to that question. But what does owing more on my car have to do with my interest rate?!
The next dealership down the road also a dodge dealership thought it was the craziest thing they had heard. They wouldn't even do a dealer trade with stan mcnabb so that tells you the low opinion that other car dealerships have of stan mcnabb of tullahoma.
They were trying to make the money off of my interest rate that chrysler had given away on rebates. Again my major complaint is there is nothing wrong with my credit. I should get the same interest rate as i have now through the same company.
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