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Old 04-02-2008, 02:30 PM   #61
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Quote:
Originally Posted by cashtown View Post
I just don't understand why the contract was drawn up and the buyer signed it BEFORE the interest rate/loan was approved by Honda.

I had an interest rate change on me at the last minute once, but I hadn't signed any papers yet.

Why would you let the customer commit to a contract that specified an interest rate that you didn't have confirmation of?

Isn't it SOP to wait for confirmation from the finance corp. before you sign the papers? Signing the papers should be the last thing you do, after all else has been ironed out

If this had been me, it would have been a lot harder to settle.
+1
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Old 04-02-2008, 02:31 PM   #62
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Quote:
Originally Posted by Runner View Post
This thread just shows that most ppl on here don't have a clue about being in bussiness. Many dealers out ther get contracts signed and then finance companies change the rules it's not the dealers fault, maybe when it was summted they found a problem in the buyers credit app. Bet had the rate when down after the deal nothing would have been posted here at all. Money has gotten very hard to get here in the last 6 months everyone is tighting the rules especially loans for toys (bike,boats,jet skis)
He admitted that this was the SALESPERSONS MISTAKE!!!

As a consumer we have the BIGGEST CLUE about being in business cause our patronage IS the BUSINESS, so our concerns should hold a lot of weight and be addressed APPROPRIATELY in order to stay in business

As a vehicle/bike loan closer myself i know the process is as simple as run your credit, the institution gives the rate based on that credit, and you sign the contract, ur done, there is no we got the paperwork and oh let's change the rules!

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Old 04-02-2008, 02:35 PM   #63
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Quote:
Originally Posted by 1FastGSXR View Post
He admitted that this was the SALESPERSONS MISTAKE!!!

As a consumer we have the BIGGEST CLUE about being in business cause our patronage IS the BUSINESS, so our concerns should hold a lot of weight and be addressed APPROPRIATELY in order to stay in business

As a vehicle/bike loan closer myself i know the process is as simple as run your credit, the institution gives the rate based on that credit, and you sign the contract, ur done, there is no we got the paperwork and oh let's change the rules!

+1 Thats customer satisfaction baby! Without the customer you have no buisiness! A deal is a deal!
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Old 04-02-2008, 02:41 PM   #64
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Quote:
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^ but why would the company let a buyer sign a contract before the credit was approved? Why not wait until it was approved?

+1, THANK YOU
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Old 04-02-2008, 02:44 PM   #65
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and if the credit co. came back w/ a lower rate, would the dealership call back and say " we can get you a lower rate, come back and resign"


DOUBT IT.
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Old 04-02-2008, 02:49 PM   #66
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and if the credit co. came back w/ a lower rate, would the dealership call back and say " we can get you a lower rate, come back and resign"


DOUBT IT.
of course they wouldn't. it is in their best interest to have a higher interest rate. They shouldn't have signed the paperwork until everything had been ironed-out and approved.
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Old 04-02-2008, 02:57 PM   #67
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it I just want to know what he decided. I bet he will pay the 9.9 or what ever to ride.Cant say what I would do once I had the ride.
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Old 04-02-2008, 03:03 PM   #68
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Paperwork is not drawn up until a rate has been established and you and the finance department AGREE to the terms, he had that 4.9% from the jump.

When ur info goes 2 the finance department 2 see what kinda deals u can get, they actually submit your information 2 several institutions for rates and they don't always even give you the lower rate cause of the kick back they get for making the deal at the higher rate!

Example, joe blow wants to finance a car, his sales guy gives his info 2 the finance manager who sends that info 2 several institutions & based on his credit each institution throws back a rate:

Bank 1 - 6%
Bank 2 - %12
Bank 3 - 5%.

The finance manager informs joe that he qualified for the 12% & nothing more! Joe never KNOWS he got the lower rates until he says "too much" & walks away from the table. At that point just 2 get the sale, the finance dude says, "awe well i really want u 2 get this car, so let me c if i can pull some strings", and miraculously he comes back with the 5% joe qualified for all along.

It happens people, all day long!
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Old 04-02-2008, 03:13 PM   #69
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Old 04-02-2008, 03:15 PM   #70
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shesh 4 pages of replies before I ever get to post.. well for the record I never ever said i would agree to 9.9%
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Old 04-02-2008, 03:19 PM   #71
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Also I did not return the bike they gave me 4.9% and everyone is happy.
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