I posted this in the other section but hoping to get more replies here
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..

 

Return the car. You can't let yourself be scammed.

Best case scenario is the dealer figures out a way to get you the interest rate you want to pay, but don't settle for a bad rate.

Worst case scenario is you will be buying another car. There are lots of dealers and lots of banks, so find a loan at a good rate. I got a line of credit for $50,000 at a really low rate. I didn't need all $50,000 (or close to it), but the more money you get the lower the rate is and you only pay interest on the amount you actually spend.

 

You may have more trouble than that. Check your financing paperwork and determine whether there's any clause that says after the sale that you are responsible for the financing portion of the deal. If so, the dealer can enforce the sale, keep your deposit and begin proceedings to repo the car if payment hasn't been made.

I'd be checking with my local credit union to obtain financing ASAP. Also curious since I'm in the Denver area as well- which dealership did you purchase from and what kind of deal (model/options/price) did you get on your G?

 

called the finance company today and they're saying its a mistake
I need to see what the dealer has to say to that..and whether the original terms still hold true..

Dkmura : Its the biggest dealership in aurora you cant miss Got an 06 x with premium , certified used with 19k miles for a shade over 20 grand )

 

They're saying which part is a mistake? The not being approved or getting the car? I'm confused too now.

 

shady

 

Return the car.

 

That sounds fishy...

Make sure to check which bank the letter you recieved saying you weren't approved was from. Usually, especially on used cars, dealers will send the deal to multiple banks to try to get the most advantageous rates, terms and conditions for the loan. Maybe you got a letter from a bank other than the one you ended up financing your new car from saying you were declined. That would make sense. Hope that helps.

 

Who buys a car without knowing exactly what they are paying and for how long and at what interest rate? This thread makes baby Jesus sad.

 

Remember that the dealer would be out a sale as well. Like someone else said, they would probably try to help you find something PDQ as well. I had an approval letter from my local credit union when I went to buy mine. But, since it was out of state, it would take a while for the paper work to go back and forth. I told the dealer if he could find the same terms (or better) from one of his finance places, that I'd take delivery that day. He was able to find a better rate, even though he had to pay the bank a buy down fee on the loan out of his end of the deal since we'd already negotiated the values. He was willing to pay the fee to get me the rate to get the paperwork done then (Bird in the hand type you know). If he hadn't, I would have kept looking around and might have found something before it was all said and done.

Of course, they probably won't be able to find you anything like the super low manufacturer's rates, but they might be able to help find something you're willing to live with to keep the sale.

Truth is, the're cars. They (usually) aren't one of a kind and you can find another that will make you happy. (at least happier than a loan that you don't want)

 

edit : turns out I got rejected in the normal program but go thru the IFS new grad program ..thnx for all the input .this community is numero uno

 

well.. by law, they have 10 days to consumate a deal with you otherwise the contract is void. go to your local credit union and they will almost always finance you since its non profit. the same thing happened to me this month..

oh, and since the infiniti did not approve you, the contract that you signed is void. and you get full reimbursement of you downpayment