I got ripped off!! Help! - Page 2 - G35Driver - Infiniti G35 & G37 Forum Discussion

Mar 17, 2008 | 08:20 PM

#16

GNEU

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From: New York

wish me luck, if they don't give me the money back iam gonna bring the car back and be like i don't want it. anyone think that would work?

Mar 17, 2008 | 08:21 PM

#17

Callaway

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From: Northern Virginia

put a stop payment on your check. call them up and say you don't have the money for the downpayment and need to return the car.

Mar 17, 2008 | 08:23 PM

#18

kvangil

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From: Aurora, IL

You got preapproved at a better rate and you went with the dealer's financing? Why?

Should have completed the loan process with BOA and cap one... If you can't return the car, you might try refinancing it immediately with BOA or Cap One...

Mar 17, 2008 | 08:24 PM

#19

MyocyteX

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From: R-Town, Nevada

Get a financial calculator (40 bucks) and be an educated buyer.

You ripped yourself off by making a hasty purchase and not being prepared.

:-/

Mar 17, 2008 | 08:50 PM

#20

GNEU

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From: New York

thanks that ws helpful.

Mar 17, 2008 | 08:52 PM

#21

GNEU

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From: New York

Quote:

Originally Posted by kvangil

You got preapproved at a better rate and you went with the dealer's financing? Why?

Should have completed the loan process with BOA and cap one... If you can't return the car, you might try refinancing it immediately with BOA or Cap One...

I was working on refinancing with BOA and Cap one when i found out the rate for M&T was fixed @ 12% so i was like wait a minute. I think they screwed my over.

Mar 17, 2008 | 08:57 PM

#22

Offtrac

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Im not trying to pass judement here, but why would you buy down when you had a bettter rate with BOA?

Persoanly, I always get my own financing before going to a dealer, and I bring the paper work to prove it. I then tell them that if they can beat my rate, Ill go with their bank. Normally when you do this, they will beat it and somtimes this allows for more negotioiating power on the "front end" money because they know by you using their lender, they are going to make some "back end" money

Mar 17, 2008 | 08:58 PM

#23

mIKE

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From: Orange County, CA

Rates can have a HUGE variance by banks.

You now own the car; there is no way you can return the car if you're in california. Other states may be different.

As for buying down rates, they are usually well worth doing. Did you buy down the rate on your home? Same reason. The savings on interest if you dont pay extra, is totally worth it.

Mar 17, 2008 | 09:28 PM

#24

GNEU

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From: New York

Quote:

Originally Posted by kvangil

Unless you asked the bank about your specific loan (e.g. you gave them your loan number and everything...), that 8% might not have applied to you. Dealers often mark up interest rates so they profit from the financing. It's legal... Hence, have your own financing when you walk in....

the thing is the fixed rate for M&T for a used car auto loan is 8%, the dealer told me 12% and if i want i can buy down the rate to 7.9 % ....so i spent $1500 to buy it down to 7.9 %. I am thinking I shouldn't have to buy down the rate because its already at 8% and that the dealer lied to get more money out of me.