Capital one pays the dealership a better commission than chrysler on the financing... That's why they go there

 

I am a sales man as well and i have had this happen with a guy who said he had a job signed the paperwork the next day he got fired the loan company called and he had no job so we had to repo but that was his only approval if capital one approved you then you should have more than one approval if they try to hit you with a higher rate just walk they will call you if they want the sale and if you signed a contract it is binding.

 

Well, I personally don't trust the finance department at any dealership. I like to go directly to the bank. My credit is in the crapper thanks to some shady student loan company, and a case of identity theft, both of which I'm still trying to get sorted out. However I was still able to get my truck loan at 7.25% at a local bank with 0 down. Just signed and bam, there's the check, all they needed was my last check stub, and driver's license. Anyway, I hope everything works out for you. I would be checking around at local banks to see if you can get a loan through them.

 

Thanks guys for all the support, means a lot! I will keep you guys posted on whats going to happen next week. The finance guy is trying to get me approved but a lot of the banks keep denying me. Hes going to keep trying on Monday.

 

Sounds to me like you can not afford the truck. Why would banks deny you if you have you have a good credit score and enough income. Why not take the 0% loan or what ever chrysler is offering if your preapproved? Might be a scam on the dealers side. They get money for selling loans to banks they have agreements with but.... why would other banks deny you? Really sounds like you cannot afford the truck. Give the truck back before you end up in a financial mess and end up another statistic. Finish school, get a good job, then buy the truck.

 

We are self employed and as a result of hassles with the IRS our credit isn't what it use to be. If we had gone with what the finance guy at the dealership worked out we'd have been paying something in the neighborhood of 15 or 16%. We said no thanks, went to our banker, explained the situation and she got us in at 7.25%. Be careful about what you agree to, double digit interest will dig you a hole thats hard to get out of.

 

Walk away, if you put money down get it back. F that deaalership.

 

Does anyone know what the laws are regarding my situtation? I read somewhere that if the dealership doesn't notifiy me within 10 days that they need the truck back because of no financing they cant take it back and it becomes their problem. I have 2 days untill the 10 day goes up. I traded in my car as well plus $3000 down payment. Thanks again guys.

 

I'm not sure on the rules there but that is pretty dirty ont heir behalf. I'm 18 with no Credit history except for 2 months with a credit card and the dealership here approved me with a co-signer... and I had only had my job for two months at the time and that was for a 17000 loan... so... I'd say walk and go to a different dealer.

 

I kinda had the same story well not really they didnt take threatin to take my truck but they told me my payments where gonna be around 350. When my wife went in to sign the papers they changed the payments to 600 over 72 months with a outragous interest rate well she didnt know what they had orginally said so she signed now i am stuck with this huge *** payment for a 19grand truck?? how does this work i dont know but its through chrysler finacial great huh. I am sorry about your luck but yeah i would go with a different dealership dont get bent over like me.