So i went car shopping today w the wife she has a 700ish ficos 690-708 but no income. Im around 600 fico. So went to the dear picked out a car around 13k used. Filled out apps stated i will not put down more than 500 cash. Wait on the finance guy for hours, yes it is a Saturday i know not all banks are open. He gets a few yes's back one was for 19% from gm financial w 1000 down the others were ridicously high. They would not let me leave without trying to get me to take that offer. They even said if i dropped of #400 cash and wrote a post dated check they would let me drive home or If i came back monday w the remaining $500 they would still let me drive it home and would make the paper work show that i paid more down and swap some numbers. So my question is im sure this being a gm dealer the finance guy was sure to get some money for the high apr deal? How does that work exactly. I could have easily put more down but the deal just didn't seem worth it to go through with it, our car needs some major work right now and it owuld have been easier to just trade it in.
so went back and asked to see the lenders call back sheet got told im not allowed to see it. its on his computer and its for f and I only. I asked him how much he was trying to jack the interest up and thTat the ford dealer had me approved for a similar deal for 13%. We we went to walk out the gm told me they could re arrange the numbers to 0 down and work on the interest. Funny its almost 10 est on a saturday how are they going to do that when bank is closed. im on the west coast btw. so frm know on im going to do my own pre approvals from a bank and then go shoppn.
you're a member of Navy and you're not applying through them?
Just go back to the Ford store and save all the drama. The APR is already 6% less.
Oh, and btw, the dealer is under no obligation to let you see the lender callback sheet. In my state @ 19% for a late model vehicle, that rate was probably at retention.