Normal dealership procedure?

Charlie_Boy7

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Is it at all common for dealerships to ask for a deposit before they give you your numbers back from the bank? Wife wants a Jeep from a Wisconsin dealer and they are saying they wont tell her her rates without money before we head out tomorrow. I personally have never heard of this. Everyone else has just normally run her credit and gave her definite numbers.
 

Mook

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Sounds like a crock of shit to me.
 

ilikemtb999

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Sounds like some bullshit.


Secure funding from your bank, credit card or credit union. I bet they tell you then.
 

ilikemtb999

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Is continue with your form of funding then if you like the numbers. They can make money off of you 4 ways, the vehicle, a trade in, financing or warranty bullshit.
 

stock-t-bird

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just another ploy to get you to buy from their dealership..the other way was to drive your used/trade in...then they hold the keys until you fold
move on to a new dealer?
 

Blood on Blood

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Is continue with your form of funding then if you like the numbers. They can make money off of you 4 ways, the vehicle, a trade in, financing or warranty bullshit.
GAP ins
Accessories (exterior, interior)
Security items
Maintenance plan
Performance enhancements
 

VenomousDSG

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Sounds like a shady tactic to tie up your money and keep you in their door. Then they will approve you at a high rate...
 

1quick

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nope, If you know roughly what your credit is they can tell you the rates without even running it
 

Outlaw

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Walk. As said it’s not common practice. They’re “trapping” you, since they’ll already have your money. It’s a crock of shit. My last dealership encounter kinda went the same way where they wouldn’t tell me my rates until I signed agreeing to the deal. Best thing to do if you can is secure your own financing, let them think they’ll be financing it, get the price where you want it and then drop your rates on them to compare.
 

torquelover

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I've put down a refundable $100 to hold a specific car while we slept on it. The dealer would pull the car to the side and hang a sold tag off the mirror. That's okay with me.

I usually go into a deal with either my own loan approval letter from my credit union if the manufacturer isn't advertising a lower rate. Last couple cars I've bought the manufacturer was already advertising 0.9 or 0 percent anyway. If you have at least 690-700ish credit you'll more than likely qaulify.

I'd walk on your situation, too shady.

Also be very cautious at the dealer. I had one run credit once after specifically telling them I only wanted to apply for the manufacturer lending, and they ran my credit through like 9 different banks. Dropped my credit score a bit. I was super pissed off.
 

Tight Lines

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If it’s a new Jeep, go to a local dealer and see if they can trade for it.
 
OP
Charlie_Boy7

Charlie_Boy7

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Lol so get this. They called her back today. Said forget the money down, and they got a different lender to get her approved at a MUCH better rate than the pre approval, and they gave her the specifics. Did they cave because we turned away? Does it really have to be that extreme to get a good deal nowadays?

Out of 30 something cars 2 of mine came from a dealer. I'll be sticking to private sellers lol. I told her before she started this dealer shit is overrated even tho all of them aren't as bad
 

Shawn1112

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nope, If you know roughly what your credit is they can tell you the rates without even running it
As soon as they ask to run my credit I tell them to fuck off and literally half the time those are my exact words. I tell them my wife and I both qualify for the best rates you can offer. So with that said lets work on the price of this vehicle.
 

1quick

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As soon as they ask to run my credit I tell them to fuck off and literally half the time those are my exact words. I tell them my wife and I both qualify for the best rates you can offer. So with that said lets work on the price of this vehicle.
I’m the same but I just straight up tell them my credit score, I negotiate the car on the phone, I don’t even test drive cars anymore I’ve already got my mind made up long before I start price shopping, when I bought my truck last spring one dealership was trying hard to get me to come there and test drive an f150, I just told them look I want one it’s new and I’m not that picky I won’t waste my time coming there unless you have the best price, once again rod baker hooked me up deal was done on the phone came in they made me an offer on my excursion I signed papers and drove my new truck home
 

CMNTMXR57

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Lol so get this. They called her back today. Said forget the money down, and they got a different lender to get her approved at a MUCH better rate than the pre approval, and they gave her the specifics. Did they cave because we turned away? Does it really have to be that extreme to get a good deal nowadays?

Out of 30 something cars 2 of mine came from a dealer. I'll be sticking to private sellers lol. I told her before she started this dealer shit is overrated even tho all of them aren't as bad
The problem is, lenders are more and more stipulating that any loan they provide to you, that the car be from a dealership. Even your own bank sometimes will require this. I know Chase won't give you a loan to purchase from a private seller.
 

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