stewlevine

Got my 8 from El Dorado Mazda in McKinney TX over the weekend, finance people were incredibly difficult to work with - refused to take financing from Capital One Auto Financing, which was 6 tenths of a point below their best rate.

Anyone else heard of issues? Can they do that? They claimed Capital One delayed payments for 180 days.

Elara

That's a bunch of crap, they just wanted you to use their financing. Capital One isn't some piddly-*** company that won't pay up, which is what I assume they told you was the reason they couldn't take it. And yes, I believe they can refuse whatever they feel like, even if it is a stupid reason.

Texas 8

Well that kinda sucks. I also am recieving the "blank check" from capital one and ElDorado was one of the dealers I was looking at. By the way, how was the process of getting the check thru capital one?? Was is fairly smooth? Oh and as far as whether they can decline it or not... I think they can do pretty much whatever the hell they want, unfortunately. They can limit all their sales to cash only if they desired. Them not accepting the Capital one check diminishes their prospective buyers... That 180 day thing?? sounds like BS in my book.

8_wannabe

Do a search of this forum. I heard similar comments back in July when the first batch of RX-8's were arriving. I think somehow the impasse was resolved.

RX-jimenez

remember the last word is yours, i bet if you told them is ok don't worry i go some where else and left, they will be calling you right now, or better, you problaly will get better deals some where else.. i really love the people in Austin Dealers, they are working hard with me....

stewlevine

Well shame on me. El Dorado was the only dealer in the Metroplex with a gray MT with the grand touring package and nothing else on the exterior. Since I didn't have financing lined up before I went to the dealer; they gave me the song and dance after we agreed on options. Rather than wait for another one from the factory through another dealer I caved and accepted their financing - will cost me about $100 a year.

jerzeydevil

Check out my similiar experience here: https://www.rx8club.com/purchasing-financing-insurance-56/horrible-sales-experience-8516/

The way I got around it was working with Capital One to refinance the dealer financing before I ever made payment #1 to the dealer financing company. It's not to much of a hassle, Capital One charges you $40 I think for admin fee or something.

Good Luck....

Rx-Appreci-8

This is a typical ploy used by the dealership's F & I person to convert you to using the dealer's more profitable financing sources.

Just walk out! Many car buyers think the "negotiation" ends with the salesman and feel the F & I person is just a friendly clerk who processes the order. In fact, the F & I person is usually one of the highest paid salespeople in the stealership. They handle the really high profit items (warrantees, leasing, credit life insurance, etc.). By the time you get to the F & I person, they know you are ready to drive your car home so they often use your excitement to improve the deal for the dealership. I'm sure your F & I person was honest but the scenario you described is common and well documented.

If you come in with your own financing the dealership should treat you as a CASH customer. The lending institution will cut them a check for the FULL amount. I believe your financing source can expedite the money if they feel they will lose the sale otherwise.

All you have to say is that you are willing to wait until your finance company's check has cleared the stealership's bank before taking possession of the car and leave. Don't worry, the F & I person won't risk losing their job by letting a sale walk out over something this trivial.

The sales force at your dealership has gone through extensive sales training so we should too. For forum members who have not yet purchased, here are some great resources for additional information.

1 - Read all 7 chapters of the free online article at http://www.carbuyingtips.com starting with
http://www.carbuyingtips.com/carintro.html

Book: "What Car Dealers Don't Want You to Know" by Mark Eskeldson

Book: "Don't Get Taken Every Time" by Remar Sutton
http://www.dontgettakeneverytime.com


Armed with Consumer Report dealer cost info I used the "FAX/Email Attack" method with 5 dealerships and was very satisfied with my final deal. I didn't like my F & I guy (and he especially didn't like me) but I ended up on very friendly terms with the fleet salesman / sales manager.

Vampyr

I used my Blank Check and they were ready to take it. In fact I got a 4.5% 5 year rate (not bad but maybe not great) and when the Finance person saw that she beat it by getting me a 3.7% rate from Bank One.

As for the person who asked about it, the process was pretty straightforward. However they did contact me several times right after I applied with some income-verification questions that were easily resolved. This delayed things about 2-3 days. I got the check sent the standard mail route so I'd say it got there about 4-5 biz days after I was approved. The whole thing took almost 2 weeks start to finish.

Texas 8

Thanx vampyr.

carnut

I never thought about offering to wait until the check clears before taking delivery. Good hint, Rx-Appreci-8!

Texas 8

I agree. I might have to use this tactic if they have problems with the capital one check...

Rx-Appreci-8

Hi Bobm -

I was just relaying advice from one of those reference books I mentioned. Both the dealer and the finance company desperately want the buyer to sign those contracts AND drive the car off the lot, so they will get any minor paperwork issue resolved PDQ. One of the authors suggested that if you walk out at this point in the process "all hell breaks loose" within the dealership and the issue will almost certainly get resolved within hours or perhaps seconds as you walk all the way to your car ;=)

Also at http://www.dontgettakeneverytime.com/
Remar Sutton recommends that you refuse to sign the Mandatory Binding Arbitration Agreement and gives some nightmare scenarios why.

stewlevine

Well - Capital One will honor their rate as a refi; I will just need to pay Texas its $33 to re-title. Next time I will walk out.

RX8-TX

I had that problem, and that's why I walked away from them. Besides, the sales guy was a little kiddo'; he tried to stretch the delivery information until I threatened to walk way (I did anyways for a different reason)

Only good thing about them: they were the only dealer, relatively near my area, that accepted to let me test drive.

lisajc

I had a blank check from Capital One, but I ended up with financing through Hiley Mazda with a better interest rate.

lisajc

I had a blank check from Capital One, but I ended up with financing through Hiley Mazda with a better interest rate.

greenline

I have used capital once and had no problems. I just bought an RX8 and I wrote a personal check for it , and the dealer did not have a problem with that. My bank just put the loan money in my checking account. They took us to the F I person also but we just told her no extras and she was more then friendly. I have walked out of more then one dealer while buying new cars, kind of fun .

ers

shevenstone

I got the Capital One Blank Check and began attempting to use it. I utilized the Dealer Locator - I live in South Florida. I was told the same thing by each dealer (5 of which I attempted to use) - there are MAJOR problems with it and the blank check is not a "true approval". They actually contacted Capital One and went to do financing (not sure why when I had the blank check). Capital One, instead of letting the dealer know that I had already procured financing and for them to utilize the blank check, gave a denial for credit approval for me. This gave the dealer the message that I was not approved. I ended up losing out on a vehicle I really wanted. When I contacted the Capital One customer service I was given no answer, and when I spoke with a Supervisor the answer was convoluted. I have recently written a letter to the Better Business Bureau of complaint about them and sent a copy to Capital One. All 5 of the dealers I went to told me point blank that Capital One does not pay the dealer right away, even though they say they do. After my negative situation I spoke with several other people who had received the "Blank Check" from Capital One and each had a similar experience to mine. The other issue is that Capital One noted my credit score as low (which I knew it was), however when I finally went to the 5th dealer they pulled my score and it was almost 100 points higher than what Capital One noted. They got financing for me through Regency Acceptance which is a division of BB&T, and it was a much lower APR. So I got my car, however it was embarrassing for me to go into dealers that were on the Capital One dealer list and being told that the check is useless (that is the word all 5 dealers I went to used). I even called 4 more of the dealers on the list instead of going in for another embarrassing situation and was told the same thing. I would never recommend Capital One for Auto Financing after this situation. I have their Credit Cards (two of them) and am very happy with their Credit Card Department, however do not be surprised with the checks not working.

cornholio135

iTrader: (2)

Capitol One sux ***.... and way to bump an 8 year old thread...lol

SubliminalPollution

Now this is a Zombie of a thread.