| Vancouver Auto Chat 2016 VAC Community Head Moderator: Raid3n |
 | 
03-07-2016, 11:05 PM
|
#1 | | Rs has made me the woman i am today!
Join Date: Jun 2006 Location: Burnaby
Posts: 4,073
Thanked 6,796 Times in 1,658 Posts
Failed 213 Times in 86 Posts
| New car dealer financing - legit??
Question for anybody with experience:
3.5 years ago I financed a CPO through Honda Financial on a 5 year term, paid it off in full last month. I called HF to confirm the car is mine, and to see if I could get pre-approved for a new car, trading the current one in. They said because I paid off the car more than 6 months in advance, it would have to be done at dealership.
Today, I walked into a Honda dealership. Test drove, sat down, negotiated, shook hands. Salesman takes me into Finance Manager's office, and she is already aware I get -1% interest due to Honda Loyalty thing. She takes my info, income, loan amount, prints out a page, and then immediately says you're approved. It's around 7pm at this point.
She sets up an appointment 2 days later for delivery of car (car was in compound, all the detailers had gone home, etc. and tomorrow is fully booked), and to sign financing papers.
I did nothing except put a $1000 deposit down, and sign credit application.
Am I good to go? The internets is filled with horror stories about people getting called back into dealerships weeks after they were supposedly "pre-approved", resign, etc. Apparently this is illegal in Canada?
So, am I legitimately approved? Or is this a scam-tactic?
FWIW, total cost of car with taxes/fees is 31000. I'll be financing 23000 before interest.
tl;dr - went to buy new car, was approved for financing in minutes, told to come back 2 days later. Safe?
| 
|  | |
03-07-2016, 11:15 PM
|
#2 | | Everyone wants a piece of R S...
Join Date: Oct 2005 Location: Vancouver
Posts: 384
Thanked 93 Times in 49 Posts
Failed 25 Times in 5 Posts
|
it is possible to get preapproved that quick if they have their inhouse finance department.
In another word, you are definitely good to go if it is a inhouse finance department within the dealership.
| |
| | |
03-07-2016, 11:19 PM
|
#3 |
Join Date: Apr 2006 Location: Burnaby
Posts: 3,931
Thanked 3,777 Times in 1,003 Posts
Failed 267 Times in 76 Posts
|
are you getting the -1% on the purchase agreement?
seems pretty normal so far, I would've made them write refundable deposit on the purchase agreement just incase.
__________________ Quote:
Originally Posted by jasonturbo  Too bad it isn't about flipping cars to lose money, I'm really good at that. | Quote:
Originally Posted by SkunkWorks This wouldn't happen if you didn't drive a peasant car like an Audi... | Quote:
[14-05, 14:59] FastAnna You tiny bra wearing, gigantic son of a bitch
[15-05, 10:35] FastAnna Yeah I was dreaming of those big titties in that tiny bra
| Quote:
Originally Posted by westopher I'd probably blow someone for that 911 | | |
| | |
03-07-2016, 11:29 PM
|
#4 | | OMGWTFBBQ is a common word I say everyday
Join Date: Jul 2012 Location: BC
Posts: 5,239
Thanked 4,905 Times in 1,655 Posts
Failed 331 Times in 171 Posts
|
All deposits are refundable. If you don't sign a bill of sale, simply call the VSA- your deposit will be returned promptly.
What makes you think it's a scam tactic? You bought a car, calm down.
__________________
2021 F150 Platinum FX4
2021 Mustang GT PP1 6MT | |
| | |
03-07-2016, 11:36 PM
|
#5 | | Rs has made me the woman i am today!
Join Date: Jun 2006 Location: Burnaby
Posts: 4,073
Thanked 6,796 Times in 1,658 Posts
Failed 213 Times in 86 Posts
|
Yeah, Honda dealership, financing through Honda Financial Services. I'm assuming the lady I sat down with is the "inhouse finance department".
Deposit is refundable indeed.
| |
| | |
03-07-2016, 11:37 PM
|
#6 | | Rs has made me the woman i am today!
Join Date: Jun 2006 Location: Burnaby
Posts: 4,073
Thanked 6,796 Times in 1,658 Posts
Failed 213 Times in 86 Posts
| Quote:
Originally Posted by dared3vil0 All deposits are refundable. If you don't sign a bill of sale, simply call the VSA- your deposit will be returned promptly.
What makes you think it's a scam tactic? You bought a car, calm down. | lol, because again, google is FILLED with "spot deliveries" and "yoyo financing", most of which seem to be prevalent in the US. Was just wondering if anybody has had shit like this.
It's not like Canadian car dealers are saints (richmond subaru, etc.)
I am calm, but also pretty damn excited.
| |
| | |
03-07-2016, 11:50 PM
|
#7 | | OMGWTFBBQ is a common word I say everyday
Join Date: Jul 2012 Location: BC
Posts: 5,239
Thanked 4,905 Times in 1,655 Posts
Failed 331 Times in 171 Posts
| Quote:
Originally Posted by inv4zn lol, because again, google is FILLED with "spot deliveries" and "yoyo financing", most of which seem to be prevalent in the US. Was just wondering if anybody has had shit like this.
It's not like Canadian car dealers are saints (richmond subaru, etc.)
I am calm, but also pretty damn excited. | It's extremely difficult to spot deliver a car in Canada- also, an approval can take between 30 seconds and 3 days with Honda Financial services- basically it can be auto approved by a computer, or require 3 days of work, or not approved at all.
Point being relax! When you go to take delivery read over everything carefully- mostly the interest rate, payment, etc etc and ensure it matches what you signed.
__________________
2021 F150 Platinum FX4
2021 Mustang GT PP1 6MT | |
| | |
03-07-2016, 11:50 PM
|
#8 | | I *heart* Revscene.net very Muchie
Join Date: Oct 2013 Location: The Fruit Loops
Posts: 3,630
Thanked 7,522 Times in 2,039 Posts
Failed 173 Times in 83 Posts
|
I think you'll be fine. Only issue I can think of off the top of my head is the car not being ready in 2 days but that could be due to miscommunication between employees.
They might have sped you through the process because you had your head on your shoulders and / or your credit history is very good. But yeah if you're feeling leery at any point, just back out before signing anything. People have kicked themselves later on by letting excitement cloud their judgement.
__________________ Quote:
Originally Posted by GS8 When I think about ewe, I touch myself | | |
| | |
03-08-2016, 12:13 AM
|
#9 | | WUB WUB WUB WUB WUB
Join Date: Oct 2007 Location: Surrey
Posts: 7,846
Thanked 7,084 Times in 1,922 Posts
Failed 202 Times in 90 Posts
| Quote:
Originally Posted by inv4zn Yeah, Honda dealership, financing through Honda Financial Services. I'm assuming the lady I sat down with is the "inhouse finance department".
Deposit is refundable indeed. | I work at a Honda dealership (not in sales or finance) and nothing out of the ordinary has happened so far.
We've had a customer come in once and he was approved within the hour. Might have helped that he's bought a few cars from our dealership before.
__________________ FEEDBACK (9-0-0)
SPOTTED Quote:
Originally Posted by slowguy fuck you hipster | Quote:
Originally Posted by trollguy then fuck you hipster akinari | Quote: |
[23-05, 11:34] FastAnna suck a dick ygay
| | |
| | |
Posting Rules
| You may not post new threads You may not post replies You may not post attachments You may not edit your posts
HTML code is Off
| | |
All times are GMT -8. The time now is 11:42 AM.
|
You are currently viewing our boards as a guest which gives you limited access to view most discussions and access our other features. By joining our free community you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is fast, simple and absolutely free so please, join our community today!
The banners on the left side and below do not show for registered users!
