I am trying to buy a car at a dealer and willing to pay the advertised price as it is very good price. It is out of town maybe 200 miles from me and I was talking to a salesman telling I would be there in the morning. His manager asked me about financing and I told him I had my own, Capital One auto finance. He told me the advertised price is only for those who will use their financing. I went nuts on the guy. I am waiting for the general manager to call me and the owner so I can ask them if this is their common procedure. It states nothing of this farce in the online ad in any shape or form. Has anyone ever heard of anything like this
If the dealer is giving you a hard time I'd just move on. There are plenty of decent folks to work with out there and it's not like you're looking for a unicorn.
I would ask if the terms are identical I.e. Interest rate and months financed. Most likely it is not. Just ask him what's the big deal you would like your own financing. Dealers are very difficult to work with. If I find one that is a no haggle dealership they get repeat business and many accolades
Ashb, its the principle of the situation. I've been buying cars for 50 years and I have never been told I had to use a dealers in house financing to buy their vehicle at an advertised price. But in the end they have matched Capital One and will get it tomorrow. 15000 for a 2013 Corolla S with sunroof and navigation and 16, 000 is a pretty good price.
Just be careful. If they are using a outside bank for example Chase or Bank of America or the local Credit Union your golden. If the dealer is just lending you money and you have to make payments to the dealership walk away
Often, lenders will charge dealers a percentage in fees for using that particular financing company. It's like points on a mortgage. If the "ad" car or sale car hasn't got enough profit in it to pay YOUR choice of lender their points, the dealership can say NO to your lender. I know this is done in CA for certain, probably the same in TX too.
