Credit Application but paying cash and using own credit union

detroadster · 12-25-2010, 12:15 PM

It's quite simple actually. The dealer gets a kickback from the lender. So, it's in the dealer's best interest to get you to finance through one of the banks they deal with. You walked in with your own financing and said "No thanks, I have my own financing lined up already." The dealer stands to lose a couple hundred bucks in kickback if they just say "Oh, OK, never mind on the financing then." What they want to do is pull your credit and see if they can get you a better rate than what you currently have secured. Too bad they didn't just tell you the truth instead of acting all shady.

Every time I buy a car I line up my own financing first and tell the dealer "No thanks I have my own....Unless of course you can beat the X percent I have lined up." I usually throw a number out to them that is 1% lower than what I actually have. I have yet to have them NOT be able to beat it. For example, when I bought my Z I lined up 4.5% through USAA. I told the dealer I had 3.5% and that I would be shocked if they could beat that. Sure enough, they came back with 2.9%. Done deal.

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
The Crisis of Credit Visualized	BanningZ	The Lounge (Off Topic)	0	07-23-2009 06:48 AM
I have no credit...................	whoady4shoady	Nissan 370Z Pricing / Ordering Discussions	16	07-19-2009 04:41 PM
Tax Credit	kannibul	New 370Z Owner	2	06-17-2009 09:41 PM
Credit Question ??	Izzoh	Nissan 370Z Pricing / Ordering Discussions	4	05-26-2009 02:59 PM
Links about credit Score with Auto Industry Option!	Asheth	Nissan 370Z Pricing / Ordering Discussions	7	01-06-2009 03:59 PM

12-25-2010, 12:15 PM	#9 (permalink)
detroadster Base Member Join Date: Apr 2010 Location: Seattle Posts: 24 Drives: 1969 Datsun & 09 370 Rep Power: 15	It's quite simple actually. The dealer gets a kickback from the lender. So, it's in the dealer's best interest to get you to finance through one of the banks they deal with. You walked in with your own financing and said "No thanks, I have my own financing lined up already." The dealer stands to lose a couple hundred bucks in kickback if they just say "Oh, OK, never mind on the financing then." What they want to do is pull your credit and see if they can get you a better rate than what you currently have secured. Too bad they didn't just tell you the truth instead of acting all shady. Every time I buy a car I line up my own financing first and tell the dealer "No thanks I have my own....Unless of course you can beat the X percent I have lined up." I usually throw a number out to them that is 1% lower than what I actually have. I have yet to have them NOT be able to beat it. For example, when I bought my Z I lined up 4.5% through USAA. I told the dealer I had 3.5% and that I would be shocked if they could beat that. Sure enough, they came back with 2.9%. Done deal.