I had been looking into buying a Hyundai Santa Fe for a month and when I finally went into our local Hyundai dealership, they were very clever in the way they presented there offer. They showed me a price I couldn't beat but what they didn't tell me is that the price they showed me didnt include the negative equity I would have on my trade in vehicle. Example(car cost $20,000-$1,000 in rebates-$10,000 they are giving me for my trade=$9,000 for a new car). After I agreed and started signing paperwork it looked more like ($9,000 + $12,000 negative equity + $250 window tint + $150 pin stripe + $4,000 tax, title, license=$25,400.) I was like WOAH! I dont know if my bank would allow the price as my bank only finances cars that are within the 110% MSRP. I wasnt looking for a great deal since I know I would have a little negative equity and I was just trying to offset with a great sales price which the dealership said it was not a problem and let me take their vehicle home that day. So of course, my bank said no way. The dealership went on to look for a financing company that would finance the high amount as the dealership is not worried about the costumers but only their bottom line. My credit was being ran every single day for a week and when I called the dealership to check the status every single day all i got was an answering machine. After a week with the dealerships car they call me as if I have been avoiding them and tell me I have to go in and sign paperwork. Me being frustrated, I asked why i havent heard from them and why are they running my credit everyday. There response was, the bank declined me and they were looking for an alternative financing program. Mind you, I was pre approved with my local bank, so I should not have been declined. So I questioned, why did my bank decline me if I am already pre approved and my loan officer hasnt heard from anyone at Hyundai regarding the vehicle I was going to purchase. After I was able to talk to someone at Hyundai, I started to feel as if they were jerking my chain so I went to my bank with the paperwork I filled out the very first day and my bank said the amount was over the allowable 110% MSRP and I would have to make a deal with the dealership if I wanted this vehicle. So here, I go again, contacting anyone and everyone that would talk to me at Hyundai and finally the General Manager called me back and requested I give an additional down payment to cover the overage. At this point, I was ready to give up take the vehicle back. If the dealership doesnt want a sale that is fine. I was willing to go elsewhere. Later in the afternoon the General manager (Steve) called me back and said they could bring the price to a reasonable amount so I went in right after work to sign a new purchase agreement. I simply took the updated purchase agreement to my bank and BAM! took 10 minutes to complete paperwork. It took over two weeks and a lot of stress to get the vehicle that I wanted. If I could have bought a vehicle from the dealership with no sales agent/finance people involved I would have been happy to have gone through so much stress and frustration. In the end, after speaking with the original car salesman that helped me for one day and then disappeared, he was able to tell me why it took so long. And here is why. The dealership knew I wanted a vehicle so had me sign paperwork and give a down payment the day I went in, not knowing if I was approved or not. They then released the vehicle to me hoping I would do anything to buy it. When someone other than my loan officer at my same bank said the price was too high for their vehicle, they started shopping around for a different financing company without my consent. Their goal was to have a different financing company pickup my loan for a higher price vehicle + they wanted a bigger down payment and in turn they would lower my interest rate by .1% Being a women, I feel these car dealerships will try there hardest to rank up their bottom line. So please take your husband if you are looking to buy a new car.
hyundai_buyer
Sep 30, 2014
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