The situation, I went to a car dealership (#1). I did not like the deal. So I went to another dealership (#2), I was not able to get the car because the dealership (#1) deals with the same bank as dealership(#2). Dealership (#1) put a hold on my name meaning I can not buy a car from a dealership that work with the same bank. What can I do? Thanks for you help.
2006-10-31 03:33:18 · 9 answers · asked by mitch 1 in Cars & Transportation ➔ Buying & Selling
Contact the bank directly, they will release the hold placed by Dealership #1 when you let them know the deal has fallen through.
Or simply get your loan from another bank or credit union. Typically dealership banks offer the worst rates anyways. Go to your local credit union and ask if you can join and what their loan rates are and the process to go about getting pre-approved. (Meaning they guarantee they are willing to loan you a specific amount of money) If they pre-approve you for $20K, then you can borrow up to $20K on a car at ANY DEALERSHIP of your choice.
You'll have a different interest rate if you purchase new or used too, so let them know and they will typically get you a better interest rate.
2006-10-31 03:41:25 · answer #1 · answered by hsueh010 7 · 0⤊ 0⤋
This doesn't sound right b/c all you are doing is doing your due diligence (shopping around). I would make sure (#1) knows that u are not interested in their deal if you feel (#2) can do u better. Tell them bluntly that u are not interested and to shread your info, go there if necessary. I recommend you tell the salesperson that you are not interested in their vehicle. If you didn't tell them to submit the deal for financing then they are in the wrong b/c your credit is being run w/o your permission. Another question, is this the same dealership with different locations? If it is your problem could be with who gets the commission from the sale - finance people and sales people both get commissions depending on what they can sell to u - extended warranties, after-market items etc...
2006-10-31 12:03:03 · answer #2 · answered by Big Rob 2 · 0⤊ 0⤋
Unless you signed a purchase agreement, no dealership can insist that you buy a car from them, regardless of the circumstances. Call the manager of the dealership and tell him you will report him to the state Attorney General and the Better Business Bureau if he doesn't have that hold removed IMMEDIATELY.
2006-10-31 11:43:41 · answer #3 · answered by sarge927 7 · 0⤊ 0⤋
Dealers usually have dozens of banks they work with so I don't understand why this is such a big deal.... unless they're trying to stick you with the highest rate like the first dealer tried to do.
Better way to finance is to do it before walking in the dealership. You can do it online with Capitalone, E-loan or HSBC.
2006-10-31 12:44:28 · answer #4 · answered by Anonymous · 0⤊ 0⤋
That is the biggest balogny I have ever heard. Banks do not care who sells the vehicle, they just have to give the same interest rate for both places. You cvan buy from whichever place you want and if Dealer # 1 says you cant, their trying to scare you into buying from them. Dont go back to a place that will treat you like that
2006-10-31 11:36:52 · answer #5 · answered by scottb03gt 4 · 0⤊ 0⤋
Goto the bank, get your own money, then go shopping.
Somebody is feeding a pile of dog poo, and for some reason, you're buying it.
2006-10-31 14:12:03 · answer #6 · answered by Manny 6 · 0⤊ 0⤋
It does not sound legal, but car dealers and bank can get away with anything.
2006-10-31 11:49:09 · answer #7 · answered by Thomas S 6 · 0⤊ 0⤋
thats BS... threaten to sue.
2006-10-31 11:40:19 · answer #8 · answered by Anonymous · 0⤊ 0⤋
they're full of ****
2006-10-31 12:46:59 · answer #9 · answered by Clayton B 3 · 0⤊ 0⤋