Kent did tell me from the start that his deal includes dealer financing. I haven't ever asked what he can do for me without it because they use Ally Bank a lot and that's who I would use anyway. Hope you get it all sorted out.
I think if you choose to NOT use dealer financing, it's 1% difference on the pricing (i.e. 1% less discount).
Thanks Mike. Yes I chose not to and made it clear that I chose not to. Then was told (potentially by mistake) that our deal was partly based on me using dealer financing. Hopefully they are getting me confused with someone else. Otherwise I'm getting bullied into something I never even agreed to!
Ask Kent. Look on your deal sheet and see if it says/mentions dealer financing on it. For instance, mine says "with TL & conventional financing". Not sure if "conventional financing" means "dealer financing" or "non-dealer financing", but I will sort out when my LE shows up in August. If I have to use their financing, I'll just put a large down payment or first payment, then refi after the minimum loan hold time anyway.
He is the one that told me all of this "news". Mine also says conventional but I assume that is non-dealer because that is what I asked for and was told I was getting quoted on.
Is "conventional financing" some term they use to confuse people? I didn't ask for that so if that was put on there specifically after I said don't (in writing) and had it confirmed (in writing) , I call that being shady.
Exactly why I said no thanks.... And I live here. Be honest completely upfront. I asked the same thing and he kept insisting I use him.. for one, they will run multiple credit checks on you no matter what bank you use or what your credit score is.
I work in auto finance. Unless they're using weird terminology, conventional financing means you obtain financing through the dealer. It's kind of an industry term though so it's understandable that you wouldn't have caught it before signing. Sounds like a mistake rather than shadiness. Given the number of orders they took, I'm not surprised. I went over my order twice before the OK just to be sure. Not that you should be expected to know what conventional financing is. I'm sure if you explain the situation they'll try to work with you on it. We're talking about a rather small difference in price if it's just a 1% change though. You're probably talking about a difference of less than $600 to go from 7% to 6%, depending on how loaded your build is. Up to you whether that's worth a fuss.
Multiple credit checks do not impact your credit any more than 1 check does as long as they are all done within 30 days of the first pull. FICO assumes that you are loan shopping and is built to allow you to have multiple pulls. The same is true when mortgage shopping.
Yeah, I was thinking of just canceling my order and staying local. When he told me it was an automatic $2,000 more.... no thanks. He has more Launch Editions for sale. I'm looking forward to an 1,800 mile road trip to bring my baby home!
