This is what happened...

So we go to the dealership, ready to buy this pretty new 2007 Mustang V6 coupe. We walk in, and they agree to $1000 for the trade in on the Honda. That's great. That's what I figured I would get. Okay, so $1000 trade in, $700 cash downpayment, and after TT&L and other stuff, the grand total is just over $21,000. Great, we sign that we agree to that price. Off to financing. This is where the fun starts.

So they claim the lender is taking a while because there could possibly be nobody at the bank or it's just slow. I find this to be a load of bull**** because it's Saturday... EVERYONE goes car shopping and gets their cars financed on Saturday. I really did not want to be there on Saturday but I had no choice because of my work schedule. Well, anyway, they tell us the three (yes, only three) lenders they checked with all want cosigners. They KNEW we did not want to cosign. Well, obviously they tell us this. BTW, I have a totally clean credit history. Granted, it's not very old (but I can't help that, I'm only almost 20 years old!) but it's clean, no bad marks, looks good, and my FICO score is a 649 through Experian. Anyway...

We try mom's. We try dad's. They say it's not enough. They wanted a 620 score. Then they wanted 700. What happened to 620? Did it vanish? They said the only thing left we could do is "special financing" where they would require a $2500/month income (since when do you have to make $2500 a month for a car note that's significantly less?) and it would be 18% interest. That would top the payments at over $500/month on a BASE MODEL V6 MUSTANG. We call bull****, grab the title, get my key back, and we jet our asses out of there.

We're pissed. Dad's pissed. I'm pissed. Mom's pissed. My brother's pissed. We're all ****ing pissed. So we called Planet Ford. From several sources we're told there's no reason I shouldn't have been financed in the first place, Planet Ford included. **** GULLO FORD.

Planet Ford said they can check their financing in-house AND with THIRTY (yes, I said THIRTY and NOT THREE) lenders for financing. Monday I will be checked on that credit run, and if we're good, they're going to see if we can do a dealer trade with the car and get it transferred over to Planet's inventory. If not, I'm going to try getting my own car loan through Bank of America and have that loan pay for it at Gullo. There's no reason I shouldn't get that. However, if all else fails, Planet said they could order me another car in their system with the same specs. The downside is it will probably take 2 months for the car to come in as all special orders tend to do.

I've been working my *** off for over three years since I've been able to legally work to earn money, and have been working on my credit since I've been able to legally do this. My credit is great, my income is superb for a kid my age, and when I try to reward myself by getting me a nice new car that I've been wanting for years to replace my old worn out Honda Accord, I get ****ed. And then I see these rich kids driving around in Beemers in The Woodlands and it's their car cause their retarded mommies and daddies don't see a problem with it. I saw a kid today delivering Double Dave's pizza in his shiny new Beemer in my friend's neighborhood today. Isn't that some bull****?

Yes I do agree life's not fair and there are many times in life where it's just accepted. I feel like I've been royally butt****ed when I should not have been at this dealer. I've had a ****ty day. Please pardon my extreme vulgarity. I've just had a rough day. My concert tonight helped some. Talking to Lacey today helped me too. Thanks babe!

I'll keep everyone posted on the status as things unfold next week. Ugh...

 

That really is a poor way to get treated. Have faith though, I'm sure if you shop around a bit you'll find someone that treats you like a human being instead of a thief. We ALL get treated like dump by certain dealerships, I have a credit rating of 830, an income that could support a Lambo payment and am 45 years old and got treated like an 8-year-old by one particular dealer that shall remain nameless {cough cough cough TROY AIKMAN FORD IN DALLAS cough } Really for every good dealer there are 10 hideous ones. Give yourselves a week to cool off about it, then try a few more dealers. Then drive your new car back to that dealer and do a burnout in front of the salesman- LOL!

 

Doesn't surprise me any. I was nearly 20, never a day late for a bill, had a credit card or two, cell phone... all the right stuff and still needed a cosinger when I bought my first new car, and it was only a $13,300 loan on a Jeep Wrangler. Didn't get the 18% interest crap though... that's the F&I guy trying to bump up his reserve.

 

Hang in there. I went through something similar after being young was very concerned about being approved for 100% financing.
I went on line on the FORD site and clicked on get pre approved. When it asked me the amount I put in the window sticker price. To my happyness it approved me. I printed it and went in and handed the paper in. I did not even put $500.00 down. (state tax was 6%).
Before I was able to get this I remember going into a dealer and paying 19% on a $10,000 car during the time I was re establishing my credit. Good luck.

 

If this deal doesn't go through with Planet Ford I might try that before getting a loan with my bank.

 

That's what we were told with that 18% interest that the dude was just trying to bump his stuff up!

 

Yeah... I agree with you there... I'll be finding out some new information on this whole purchase tomorrow during my lunch break. I'll be calling Planet Ford to see how they're doing as far as the approval to finance and as far as getting the car dealer traded.

 

I had some friends in a similar situation. Not great credit and in their early 20's. They got jacked with a super high interest rate but they offset that but getting a higher trade in value for their car than it was worth. The dealership must have thought the risk was worth it due to the high interest rate. Then they immediately got a loan through their credit union for about 33% lower rate and went into the dealership and paid the car off. The sales guy was tee'd off but then I say you get what you deserve when you mess with people like that!

 

Yup. That's what I hope to achieve with Gullo if Planet can't trade the car over. I'm going to call them during my lunch break on Monday and hopefully by then they should know if 1) they can finance me (I have no doubts) and 2) if they can dealer trade. If no dealer trade, then I'll make sure my funds are outside of Gullo and I'll still buy the car at Gullo but not finance through them.

 

I find all this a little odd considering how Ford is now offering better financing options through 10/2/06. I guess I was pretty lucky to get 5.59% from my CU...

 

i needed a cosigner for my loam, however that is because my bank requires working the same job for over a year. Well at least for me since i have my first real job out of college right now. So i needed a cosigner. But gettin 4.25% makes up for it. Hopefully this loan will get my credit rock solid.

 

Well what me and mom figured was this...

They're selling me this car at invoice. I ordered the car through fleet. The fleet guy KNOWS that if I back out of the whole deal, the car can be put on the lot, marked up a few grand, and bam! They can make more money off the car. However my goal is to do what it takes to not let them do that. I'm getting a new V6 with all these added options and shiz for $21,000, which for all the crap in it I had ordered, isn't bad for a new V6.

 

Wowza that's not a bad interest rate there.

 

Wish I had been on line over the weekend but I was in Humble, TX and must have driven by Planet Ford 6 times; might have been able to help. I can't believe that they do not have a Mustang in stock or real close to what you want. Looks like they have a pretty good inventory.

 

My FORD dealership couldn't even touch my credit union rate. I recommend trying a bank or CU first. The credit union was offering 5.9% when I got mine. I think the dealership was 8 or 9. I just laughed and handed them the draft from the CU, took my keys and left.

 

Oh don't worry their inventory is GIANT. I asked Bill (the guy I was talking with) about how long their orders take (I usually figure ~2 months for anyone) and he said, "I don't know really. I hardly ever need to order."

EDIT: Oh yeah, since u were in Humble, you were at a different Planet Ford. It's the same dealer, yes, Randall Reed's Planet Ford. There are three dealer locations for that one dealership. There's one there in Humble. I was at the one in Spring/The Woodlands right there on I-45. I'm guessing the Humble one was there near 59.

 

That's what I hope to do.

 

Try to get a loan with a CU first but do not give that first dealership your business at all. Find a similar vehicle at another dealership or have Planet Ford do the dealer trade. I would never step foot in that dealership again.

 

I had the dealership do all the paperwork too. They were so pissed at me I never even got a customer survey (I know they pulled it).
Got the same rate as you, but stretched it to 72 months cuz I only drive about 4 times as much as Taco Bill.
The F&I guys were super PO'ed and asked me how I got a rate below anything they could get on a 6 year. I would have gotten it even without a big downpayment.
The moral is, some people get to stick it to the stealership.

 

They're unable to do the dealer trade...