Car dealership messing me around?

motorguy

Memamem wrote: »

Hi,

I recently went to well known car dealership to look at a car I had seen on their website. While I was there, I spoke to the sales guy and decided that I wanted the car and would be applying for finance. Went through all the paper work, took the car for a test drive etc...was told when I was leaving the dealership (on a Saturday evening), that they will phone me on the Monday to tell me if I had been successful in getting finance and confirming that I could pick the car up on the Tuesday evening. The sales guy never went through any problems that could arise and I was surprised when I called the branch for an update (on the Tuesday because nobody bothered to call me on Monday, they then lied and said they didn't receive word about the fiance until 8pm, when I found out it was midday Monday), to be told that I have bad credit (I don't!) and the finance had gone through, but with a sub prime loan company and I wouldn't be able to get the car until the finance company pay them for the car.

I went down to the branch and spoke to a different sales guy as the initial sales guy was now on holiday, and learnt that the warranty that I had agreed to purchase was not a 2 year warranty, but a 10 month warranty. I then decided that I didn't want to pay nearly £500 for a 10 month warranty and wanted this changing on the finance agreement. I was told by the sales guy and his manager that this couldn't be honoured and I would have to resubmit the application for finance and I would almost definitely not get accepted and should just stick with the warranty. I proceeded with resubmitting the application and was accepted. I then went back the following evening to sign the finance papers and was told by the sales guy that I would receive a call from him the following day to update me and give me a timescale of when the company would pay me the finance, and when I would then be able to collect the car. I haven't received any call and it is now nearly Monday. I am planning to call tomorrow and ask them what is going on, but was wondering whether anyone has had an experience like this before? I don't have ALOT of credit history and this is why it has gone to subprime, not because I have bad credit, but is it usual for the dealer not to let the car go until the finance company pay them, or am I being had off? With all that has happened, I'm ready to walk away and lose my deposit.

Sorry that this is so long!

I would say you've been turned down by the original lender simply because you dont have much credit history. In terms of credit rating, more credit is better as they can check with more sources that you have an ability and a desire to repay loans.

They may well be using a lender they dont normally use, and as such dont have a mechanism in place to receive an instant payment, or a history with them to give them assurance its all going through ok.

Check the interest rate carefully. It could be at 1% more - which would probably be ok - but it could be at 10% or more more which would make it all very painful.