Comments on: Car Dealer Financing Scams

By: Jim

Jim — Fri, 03 Dec 2010 01:51:41 +0000

You could have your wife apply on her own to get a better rate and term. If you are traveling to buy a car that requires financing it would be a good idea to secure a loan from a local bank or credit union first.

By: Gene

Gene — Thu, 02 Dec 2010 07:43:55 +0000

Jim,

I am planing on buying a used car out of state. I live in Idaho and am thinking of buying a vehicle in Utah because there are some better deals down there than there are up here. This informative article gave some advice as to “wait 2-3 days” to get my loan approved. However I would like to complete the transaction and get my vehicle the same day if not the next. What would your advice be in this situation?

Also my wife and I are planing to apply for the loan together. We are looking at a cars for the price of $6000 with a $2000 down but my credit score is between bad and fair (560-600 range) and she has a better credit score between fair-good. And does it matter if she just applies for the loan or do we both have to? Because in theory her better credit score would get her a better ARP and better chance on getting a loan. Right?

Also would it be better to apply for a loan at a local credit union/bank where we live and then go to Utah and get a car? Or go down and get a loan from the dealer?

I just have many questions. Hopefully this makes sense. If you could give some feedback that would be appreciative. Thank you.

By: TOSHA BERRY

TOSHA BERRY — Sat, 24 Jul 2010 19:27:44 +0000

THANX JIM

By: Jim

Jim — Fri, 23 Jul 2010 11:42:34 +0000

Hi Tosha,

Yes, they can do that.
It is a fee to get you financed. From what you have told me I can only assume that you have less than perfect credit and if that is the case that is why they charge for getting financed.

They can only charge that if you sign and accept those terms. You are the buyer and you are in control.

By: TOSHA BERRY

TOSHA BERRY — Fri, 23 Jul 2010 02:11:12 +0000

HELLO, I WOULD APPRECIATE IF YOU COULD ANSWER SOME QUESTIONS FOR ME BECAUSE I THINK THAT I HAVE BEEN A VICTIM OF A CAR SCAM AND IF SO WHERE WHAT CAN I DO? THIS IS MY SITUATION AS FOLLOWS…….

HELLO, I JUST A BOUGHT USED CAR FROM A DEALER AND THE NUMBERS ON MY CONTRACT DID NOT ADD UP TO WHAT IT WAS SUPPOSED TO BE. THE CAR WAS ADVERTISED FOR $5995.00 AND OF COURSE THERE IS THE LIC.,REG.,($63.50) AND THE TAGS & DOC. FEE ($86.50) AND I ALSO HAVE AN EXTENDED WARRANTY WHICH IS $1095.00. AND THE TAXES CAME TO $669.42 NOW MY TOTAL IS $7272.28 WITH $1800.00 DOWN.

I SPOKE TO THE CAR DEALER AND HE STATED THAT THE BANK CHARGE ME ABOUT $1200.00 BECAUSE OF MY BANKRUPTCY ON MY CREDIT.
MY QUESTION WOULD BE CAN THE BANK AND THE DEALER DO THAT? THE EXTRA CHARGE IS INCLUDED IN THE SELLING OR CASH PRICE OF THE CAR. PLEASE HELP!!!!!!