What is the name of your state?New York
In a nutshell, coming out of bankruptcy.
Need to get a new car. So we went to a local Dodge dealer. found a no frills van.
They found a lender at a lower rate. We talked to their loan manager and was given a list of options to add such as lifetime autowarranty, auto etch, rust proffing, auto protection....didn't sign as they were still 'awaiting approval'
Talked to the sales mgr and asked him what was up with these items? His first look said 'ahh crap' then immediately was the 'well, due to your credit rating when we find someone to loan they charge us X amount and to recoup we and to help you we ask that you buy these items." If we don't?
You have to get financed at the higher rate (10.5% versus 14.+ rate)
So, having worked on 4 previous autos with this man, and we were going forward....we agreed.
to a tune of well, alot...too much..
One item said that financing was contingent upon us purchasing this. (which we didn't read - yea, my bad)
They flat out said that we don't need to sign up for these options but if we don't?...well, we get financed at the higher rate...his calcs said that we would save about 3 grand over the loan life by giving them the items...
My opinion - classic wait them out game, tag team...aaghhh!!!
Ok - did i just get taken for a ride and if so, what are suggested resolutions?
In a nutshell, coming out of bankruptcy.
Need to get a new car. So we went to a local Dodge dealer. found a no frills van.
They found a lender at a lower rate. We talked to their loan manager and was given a list of options to add such as lifetime autowarranty, auto etch, rust proffing, auto protection....didn't sign as they were still 'awaiting approval'
Talked to the sales mgr and asked him what was up with these items? His first look said 'ahh crap' then immediately was the 'well, due to your credit rating when we find someone to loan they charge us X amount and to recoup we and to help you we ask that you buy these items." If we don't?
You have to get financed at the higher rate (10.5% versus 14.+ rate)
So, having worked on 4 previous autos with this man, and we were going forward....we agreed.
to a tune of well, alot...too much..
One item said that financing was contingent upon us purchasing this. (which we didn't read - yea, my bad)
They flat out said that we don't need to sign up for these options but if we don't?...well, we get financed at the higher rate...his calcs said that we would save about 3 grand over the loan life by giving them the items...
My opinion - classic wait them out game, tag team...aaghhh!!!
Ok - did i just get taken for a ride and if so, what are suggested resolutions?