I went into this dealership with my own financing & terms and since they were an accepted dealership on this lenders list of dealers. I negotiated the price, was given incentives on this 2005 model and all of this was suppose to be based on my lenders approval and terms which I was already aware of. There was suppose to be NO MONEY DOWN or max $ 74 since they are home of $74 down. My lender had given me the terms and conditions ahead of time and even after I left this dealership these terms stayed the same.
My lender only required me to trade in my current vehicle and and I already knew what my interest rate was, maximum months available to finance the vehicle, etc.
The dealership (SOUTH CHICAGO NISSAN) received the information and APPROVAL but when they appraised my vehicle the amount they wanted to give me for it was over $11,000 less than Blue Book Value or NADA value.
1ST reason given by Larry (salesperson) for the low price was that not alot of finance companies want to finance my make & model of vehicle. After I explained to them that other finance companies had offered to finance this vehicle when I bought it I find that hard to believe.
2ND reason was they have been in the business a longtime and it just won't sell for more than what they were offering. I explained I just bought the vehicle and the only reason I was looking for another is the price of gas and wanted a more fuel efficient vehcicle.
After then explaining to the Sales Manager (John) that if the price of the appraisal does not equal to the price I paid for it I will take my business elsewhere along with those that I know. Keep in mind the dealership during this time was telling my business all over the dealrship. They are talking across the dealership to each other so there goes my privacy. They are discussing my vehicle, my credit, my terms of the approval (this let me know they received the same terms as myself) and how they didn't like customers like me. The Manager researched the price in the Black Book/Blue Book and etc and not coming up with a valid reason for not meeting my demands - it was agreed that the trade-in value will be what I owe and nothing more. I agreed since at this point I was ready to be done with these people.
The salesperson (Larry) came back to let me know they had set a deal for me that they were going GIVE me the new car with $4500 down and told me what the payments would be. I explained that I wasn't putting any money down and wanted to know what my payments would be. The salesperson went back then came back with a higher interest rate than b4 and higher payment with $3500 down. I explained they can increase the interest rate to whatever they wanted and I will still be able to afford it and don't worry about my payment either. I just wanted that car at that price with that appraisal with NO Money Down.
They finally admitted that the lender didn't require a down payment but they didn't want to give me the car NOW with NO money down since they were going to pay off the existing vehicle.
So now only wre they changing the interest rate & terms - they were not going to give me the car based on our negotiations. When I stated what the terms were - John stated they were NEVER going to give me the amount I was asking for my existing vehicle and they had changed the negotiated price of the car by $7000
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