bought used camaro ss

[hazzard623]

So I bought a used 2011 2ss rs and traded in my v6 camaro which left me upside down a little. It was on memorial day so I got spot delivered the car until the banks opened. I noticed about 11 inquires on my credit during the last 2 days and it seems they are still looking for lender.

The camaro had clear coat damage on left side panel and I am supposed to take it in today to get it fixed. The painter said it will take 2-3 days, so I will have it back by Friday. If it turns out I am not able to get financed will I be liable for the paint fix? How long does a dealership have to find financing and are they able to sell my trade in before finding me financing?

[TPAJETSKI]

Read your paperwork. We represent dealerships and usually the deal is contingent on obtaining financing and if you can't get financing the dealership undoes the deal and can charge you for mileage on the car while it is in your possession. (but in my experience they seldom do unless you've put a schit ton of mileage on it in two days. In all likelihood the dealership will get you financed, however, the rate may be really bad. Good luck.

[hazzard623]

The rate I signed for was 8%. If they try to negotiate the contract I will most likely say no. I am not attached to the car.

[Evergreen6]

Did you call the dealer and ask about the status of your financing? It's been two days, they should have everything lined up by now.

Lesson learned, always show up with your own financing lined up. That way you know you've personally qualified for the best rate and terms based on your own research, and sometimes dealerships will try to get you a better deal if they have a relationship with a specific bank.

[el ess A]

By all means try to line up financing before you walk in if possible, then ask the dealer can you beat THIS deal on financing. Put the ball in their court. If they can beat the terms, then go with what works for you. I prequalified every time before buying a truck or car, and then tossed the deal over to the dealer. They were only able to beat it once, by about 1/2 a point.

Which proves dealer financing isn't always your best option. But may be your only option because they can usually get you financed when you can't by yourself.

[Camarolover85]

ok, well generally unless you have fantastic credit and are approved through the auto-maker it tends to take a few days. In this case, GM financing doesn't exist anymore, so I don't believe they have a go to lender, they may but they didn't tell me about this when I bought mine. What dealers do is they generally take your credit score and are able to give you an idea of what your payment should be. They'll then take all that info and send it to multiple banks and see who accepts and declines. If you're worried about the inquiries, don't be, it will show up as a single inquiry because it's in a 30 day span.

Buying cars over holidays tends to be tricky because you can't be approved on the spot and then they're usually backed up when they come back. I would just call and tell them you need an answer by a specific time or you will return the vehicle, they'll move quickly just watch, they're just dragging their feet most likely.

In my case they ran a general credit score and said my payment would be $690 at 15%, I said hell no that's impossible. I told them they they needed to pull my credit and run it through a bank and bring me back an offer no more than $400 a month. I finally accepted terms for $480 at $7% because I REALLY wanted the car, don't be desperate like me lol. In the end they approved me at 2.9% for 72 months at $450 after warranty and gap coverage.

long post sorry! Basically hound them! They may even get you a better deal, it does happen!

[TPAJETSKI]

I haven't been car shopping in a few years but I'm thinking 8% is pretty high of a rate. Unless your credit is bad or you are financing more than the car is worth, you should be able to find a better rate. Call the dealer and see what's going on.

[PalmerGA]

Originally Posted by el ess A

By all means try to line up financing before you walk in if possible...

Agreed. It gives you one up on them and they know you're a serious buyer from the start. I am fortunate enough to be in a position where I have paid cash for my last three vehicles. I know what I'm willing to give them and they know I can walk across the street to another dealer if they don't meet my price. It's worked well, so far.

[hazzard623]

Yeah, i'm financing more then the car is worth that's why it is so high. I called the finance manager earlier today and she said they have been working on it yesterday and today. I will call tomorrow and give them a specific date I will return the car.

I was supposed to drop the car off to get repainted but the sales guy didn't work today and they just say they would call back when so and so comes in to help me out, which was supposed to be an hour ago. I go to work in 3 hours so.. I'm thinking they don't want to do any work on it until I get financed and they are beating around the bush.

[PalmerGA]

Originally Posted by hazzard623

Yeah, i'm financing more then the car is worth that's why it is so high.

I've been upside-down on a car loan before and I can tell you, it's no fun. Sometimes... you just have to do it though. My advice, is you pay additional principle on each payment until you are "right side up" on this car. It may hurt a little for a while, but you'll be glad you did when you trade in on your next car. Trust me - you can't keep going backwards. It will eat you alive and is SUCH a waste of money.

[Silverlsinva]

Hmmn sounds like a shady dealer and why did get the car if it had clear coat damage? I would never buy a car that has any kind of damage or defect even if it was used and the deal was fantastic. Many used SS Camaro's out there for sale for good prices and not damaged.

[Baba]

Originally Posted by hazzard623

The rate I signed for was 8%. If they try to negotiate the contract I will most likely say no. I am not attached to the car.

God Almighty! Why? 8% when you're already upside down or puts you "a little upside down" isn't wise.

Go to your own bank or credit union and line your financing up BEFORE you make the deal (unless you're absolutely certain your bank / cu will finance your car even if you don't apply for a loan from them beforehand). Then, you won't have the uncertainty of whether you'll be financed at a decent rate nor have 11+ credit inquiries on your credit report.

[Silverlsinva]

Originally Posted by Baba

God Almighty! Why? 8% when you're already upside down or puts you "a little upside down" isn't wise.

Go to your own bank or credit union and line your financing up BEFORE you make the deal (unless you're absolutely certain your bank / cu will finance your car even if you don't apply for a loan from them beforehand). Then, you won't have the uncertainty of whether you'll be financed at a decent rate nor have 11+ credit inquiries on your credit report.

I know my Credit union with only finance 100% of the car price so if u are upside down they wont qualify you unless you take out a personal loan for the part u are upside down on and that isn't a great idea.

[hazzard623]

Couldn't see the clear coat damage until after it was detailed and after contract was signed. It was dusty cause of Arizona and it was a black car.