So Infiniti advertises a super low interest rate on certified used cars..I head to the nearest ( probably biggest in the region ) dealership , find a G that I like , complete the deal . I get assurance from the dealer that I am 99% approved for the low rate (Im a recent grad, its been a year since I graduated and my previous car was co financed) .
So even after reading tons of articles about "spot delivery scams" and yo yo financing , I happily walk out of the dealership with keys in hand ..damn the G- factor..I was left helpless after the test drive ..happens to the best of us I guess.
I even get my first monthly statement in the mail from IFS with the expected charges..but after a couple days..damnation itself arrives..a letter from the finance company saying I was not approved nor could they offer me any other acceptable rate !
The dealer hasnt called me yet , but I solicit help from forum members..I guess my options are
1) return the car , get the deposit and my trade in back ( if the dealer agrees)
2) get financing from elsewhere with a higher rate

Any suggestions ? I am personally inclined towards #2 because Im afraid I will lose my hefty down payment if I return he car.
REally in a spot of bother here..

 

I'll start by saying that sucks. I had a similar situation happen to me years ago when I was 19.

Look over the paperwork you signed and verify exactly what it is you agreed to. If in your contract you were approved and signed off on your low-rate, and then the dealer was unable to provide it, I wouldn't hesitate to take the car right back and demand your money and trade in back. Remember, they need your business a Hell of a lot more than you need them. If they refuse, threaten to report them to the Better Business Bureau and let them know that they can expect a call from your attorney.

Even with limited credit history (assuming it's all good, just short) and no money to put down you should be able to get financing at no more than 9% by yourself on a used vehicle from any number of reputable dealers. You may have to drive a little further than you want, but when the bug hits you do what you got to do to get the car you want.

Good luck man.

 

Thanks man..Ill try to get this sorted out . What surprised me was I even received a monthly statement before receiving this other reject letter.
Do you guys knw if this is possible > or is it some kind of mistake

 

This seems odd to me. Anytime I've ever financed a car I typically get my first bill 4-6 weeks after I made the purchase. There is no reason that I can think of where it would take a finance company that long to determine what your rate is.

 

called the finance company and they're saying its a mistake
I need to see what the dealer has to say to this..and to confirm that the terms still hold good.

 

1. Return the car
2. Get your money back
3. Drop trou and lay nine steaming coils in their showroom

 

Honestly, it sounds to me like the dealer you visited is f**king dumb. Either that, or really desperate. As solid as your score may have been, your previous car was co-financed and I'm guess you haven't had any major purchases before. At least not one as big as the G you were looking to finance. I leased my G when I was 22 without any problems. I had 770 credit at the time and was fresh out of college, but I guarantee if I tried to lease my car now, I'd get declined for insufficient credit history. The biggest loans I had were 12k total for 4 years worth of student loans as the rest of my tuition was always covered by grants and scholarships. I'm glad I got my car when I did as it'll really help when I go to get my next one when my lease ends next year.

In all honesty, it really sounds to me like the dealership was praying you'd get bought (financed) without any hiccups. They were probably going with a "sell first, worry about F&I later" type of attitude and now it's bit them in the a*s. As others have said, check your paperwork. If you signed a backup contract, then you're pretty much SOL but it sounds like you didn't judging by the fact that you claim you must now seek financing elsewhere. If you can swing a low rate at a credit union and are comfortable doing so, then do it. If not, the dealership AFAIK is obligated to give you ALL of your money back INCLUDING your down and hand you back the keys to your trade. This is based on what I know having worked at an Infiniti store myself for a year and a half.

 

+1

I got my 1st G no issues, but I can pretty much guarentee that I wouldn't be able to get another G right now without a pretty hefty down payment.

The 1st G was with no down.

 

Other explanation could be this… Dealership usually send out credit apps to bunch different lending companies trying to get you the best rate, chances are the reject letter that you received? Are just that, you were rejected from one of the lending companies that dealer sended the credit app to. What is the lending company that approved you and received monthly statement from?, is it the same one that rejected you?

Edit, I see in your other thread that some already mention it.

 

this happened to me too. When i was buying the car, the dealer first tried in the regular program where i was denied to insufficient length of credit history. But the Sales person was really cool and was working hard to get me in the car. She then got me in the Recent grad program where i was approved. i did get a letter from IFS saying that my loan was denied. (This letter pertained to the regular program).

 

exactly my situation. Its all good now .

 

So what is considered a decent finance rate. I ask b/c I received prime plus 1% from my credit union.