These guys lied to me financing multiple times.
Here is how it played out: I was approved for a loan, but the rate was too high. I walked out and told them to keep "shopping." Three days later they call me back and tell me they have me at another rate. It was a good rate and so I agreed to come in and do the deal.
I asked who the lender was and they said "Capital One". I then asked if that was contingent on a trade as I knew that was often what Capital One asks for when approving someone. They said "No." GREAT!
I left work early that afternoon to make the 70 mile trip (2 hours at rush hour) to the dealer with wife, son, and sick daughter.
Upon arrival, I was introduced to the "Sales Manager" who then tells me the rate was contingent on a trade and a down payment. I was furious. He offered me financing from an alternative lender at a rate that was higher.
I stared him down and asked what his "Buy Rate" was. He didn't answer.
I asked him again without breaking my gaze..."What is the buy rate?" and the staring contest continued. Finally he answers "It's a little less."
I told him, you have me drive here for two hours with my sick kid and you had better be prepared to give me the rate that made me drive today... He left to his cube to "see what he could do."
A Minute later the salesperson comes back and says he will honor the rate that was originally offered.
She then sets a paper in front of me to sign. It had wrong numbers on it and a stamp that said "subject to lenders approval." I would not sign. Fix the numbers and remove the stamp and PROVE that I am approved I said.
The revised paper was set in front of me that I was willing to sign and I signed it.
They began the process of delivering the vehicle and drawing up the paper work.
Then there was another "problem."
The amount we quoted on the loan application was "X" dollars per month. That was the question asked of us when we filled out the application... How much do you make a month?
My wife received a promotion about 4 months ago and so her pay has increased. The dealer said that this does not match the "year to date" on the stub so there is a problem.
The sales manager then tries to get a hold of the bank to verify this issue would not be a problem. An hour we wait.
No one answers. During this time the sales manager shows me I can just do the deal through another lender for a rate that is 4 points higher.
Are you kidding me? I have more stamina than that and a short wait won't have me give in.
The dealership closes with no resolution and we go home.
140 miles and 5 hours later we have nothing but a tired family and a frazzled and aggravated dad.
The next morning I call the lender to ask them if this scenario the dealer presented me with made sense. They told me there was no way the dealership was correct in what they did. The lender even suggested I return to the dealership with an attorney as they did not provide me with copies of the documents I have already signed. He said the dealership was obviously making one more attempt to pad the deal.
Capitol Honda in McMinnville Oregon should be ashamed for the tactics they use to cheat people.
0 comments