spubar

I put my deposit down on Thursday and the dealer calls me on Tuesday and tells me the bank rose the interest rates on them. He said they usually give him 15 days notice but this time they didn't. It sounds like complete bull**** to me and I think he's just trying to make more money off the deal.


Whats your recommendation? If anyone can verify his information the name of the bank is DCFS Trust and is located in Ronoake Texas. If they raise the price on me what are my options, can I complain to the manager? Can anything be done?

rarenaro

Interests rates can rise betweent the time of quote and time of purchase (depending on how long). But most dealers would let you know - if they were on top of things. Also, if your doing a smart buy (baloon payment), the baloon could absolutely fluctuate between time of order and time of pruchase (plus or minus). You can opt to provide your own financing by going to a bank.....just to verify things.

spubar

This is on a lease, only 4 days passed between my deposit and this interest rate going up. I think he's bull****ting.

Nevada Jack

Cancel the deal and get your deposit back. You don't appear happy with this deal reading the threads so why make yourself misserable...just say good bye to the deal.

JimPurdy

Your description of DCFS Trust sounds like Mercedes Credit on Roanoke Road - that is the only bank actually located in Roanoke, TX - the others are only branches of other banks.

bmms8

i agree with nevada jack, i dont even know why your buying the car? you said that you didnt want that color, you should cancel it, and now you have a good excuse if you dont want to hurt thier feelings....

spubar

No I do want the car, the thing with the E class is none of the colors really stand out.

bmms8

i see, what color is your car purchased under? if you dont like any of them, i believe the 2005 will get a couple new ones. GL...btw, whats your favorite color?

Ducman

If you really want the car, get outside financing(which you should have done before shopping).And assuming you had negotiated the buy price before everything is said and done.

gl

spubar

The car is silver and its a lease so there is no outside financing. at least not in NY.

PUZZ1

FWIW, I had put down a deposit last Thursday as well on a car and my salesman told me on Saturday that I needed to sign all the paper work this past Monday but it had an effective date of June 5th because he said the rates went up this week. Perhaps your guy can back date the paper work?? My guy did know however on Saturday that the rates were going up this week.

spubar

I think he tried to back date the paperwork but the insurance info would have to be backdated too. damn i might not be able to get the car now.

tntmcj

SPUBAR, DO AS THE DEALER HAS ASKED BACK DATE INSURANCE HE CAN THEN GET RATE QUOTED TO YOU PRIOR TO RATE CHANGE EFFECTIVE JUNE 5TH BY MB. LEASES, RATES AND RESIDUALS CHANGE QUARTERLY, JUNE IS THE THIRD QUARTER. THESE GUYS ARE NOT TRYING TO RIP YOU OFF THEY ARE TRYING TO HELP YOU I KNOW IT IS HARD TO BELIEVE, BUT TRUST ME, I HAVE NOT LET YOU DOWN YET. DO NOT WORRY THEY ARE TRYING TO HELP, TAKE CARE OF THESE GUYS.

spubar

I tried to have the insurance company back date the policy but they wouldn't let me. I dont know what else can be done.

BoxsterS

How much more $ per mo are you talking about?

spubar

About $16 per month.

tntmcj

spubar tell the dealer to take care of it for you, give them a copy of the policy and tell them to do what they have to, to get it done, i am sure they will figure something out. thats all they have to do is attatch a copy of the policy to the contract, key word here is copy.

spubar

What policy?

tntmcj

you said they could do it if insurance info was backdated? give them a copy of what they need and tell them to make it happen.

spubar

I spoke to the insurance company and they will not back date the policy. If u think about it something like that could be illegal and its understandable. Imagine someone had no car insurance today so they total their car and are assed out. So they call the insurance company next week, buy a policy and have it backdated to the day of the accident so they can be covered.


So I understand why they dont do things like this.

Barry45RPM

Go to 1 other dealer, fill out a credit ap, pretend you will buy & ask him what you were approved at. Of fill it out on line, have the results sent to a dealer you specify & ask. MB credit like all car loans are secondary loans. That means that the rate you are "approved" at is what the credit grantor will buy the note from the dealer for after he sell you the car. The dealer can charge you whatever he wants in interest. The approval means you are credit worthy at THAT per cent. The difference between what the dealer ultimately charges you & what he is guaranteed by the bank is pure additional profit. That is why, even though YOU are applying for the loan, YOU never see the approval information. ONLY the dealer sees it, because he is technically "fronting" the money for the car for you and then he will be selling the promosory note to MB finance in exchange for the FULL AMOUNT FINANCED.

In order for you to negotiate, you MUST find out what interest rate you were aproved at.

If you were planning to buy the extended warranty, you can tell him you will buy it from him, but he's got to get the interest rate back wher is was +/- a little. When he says ok, if you can afford it, dont add the warranty onto the finance contract, charge it & pay it off in 30 days, or pay cash for it.

But 1st, find out what u were aproved at!!!

zam2000

This is one of the case where I think dealer honestly toldl you what erally happened.

Bond price have some of the biggest drop (percentage) lately for the last two weeks , both short and long term rate obviously jump significantly.

Fed rate stay unchanged, but interest rate you're paying is not really tied to fed rate, it's rather tie to the direction at which fed rate will go (bond yield). That's why you see first mortgage rate, and now car loan rate, jump quite a bit in the last month, and especially last week.

Unless you have your rate locked on paper, your rate will be adjusted accordinly (up ).

rusnakmb

Hi,

How is your credit? If you have good credit then it shouldn't be the problem since MB is offering special rates now.

What are the rate dealer quote you now? If you believe the rate is too high, then get your own financing from your own bank. Most of times, dealership has better rate than your bank. Unless you have your own creidt union.

Let us know.

spubar

Can any dealers tell me if there are any cars available on the east coast with appearance package and pano? I can probably keep my original price if I drop the heated seats.

tntmcj

16 dollar difference equates to roughly 560 more have dealer make a concession, if that is not possible, call mb credit in texas and explain the circumstances, and that you are not going to pay any more, and if the do not honor rate as quoted it will force you to buy the bmw. as i have said before if you want help doing this you know how to get me