02-23-2015, 01:47 PM | #23 | |
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02-23-2015, 01:54 PM | #24 | |
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This has everything to do with the dealerships being considered a type financial institutions and having to follow all the regulations required by it. They may tell you it's due to backup financing, but that's just an excuse.
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02-23-2015, 02:30 PM | #25 | |
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02-23-2015, 02:46 PM | #26 | |
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02-23-2015, 04:55 PM | #27 | |
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So i think running a soft credit check, maybe... but running a hard credit check for a secondary loan, with APR and monthly payment figures in the sales paperwork for me to sign, is very odd and a little shady, especially after my credit union has confirmed to them that the loan check I brought in was as good as cash. I think this nonsense might be based on some quota from management or some non-customer centric metric, and less so on fraud prevention. Unfortunately now I'm having to worry about this 'backup loan' dropping off correctly in a few days after my credit union pays off the balance. I have excellent credit so the impact is minimal, but this was unnecessary. I wonder if it's a mandate from BMW NA or just specific to my dealer. The SA is now nervous that I'll give them a negative mark on the post-sales survey... Still considering it. |
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02-23-2015, 05:09 PM | #28 | |
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I bought a 30 k harley with a personal chq some years ago and call to the bank for the dealer to confirm funds was all they needed, rare but it happens.. Id bitch at them |
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02-23-2015, 06:42 PM | #29 |
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I don't think that my dealer ran a hard check, but since I had applied for a loan at the credit union within 30 days of the purchase, it wouldn't have hurt my credit score any anyway. Multiples within a short period don't hurt more than 1, since the assumption is that you are comparing offers, and not buying several cars.
My loan was for 1.49% over 5 years, and my money was available in a tax free muni bond fund that has averaged 4% over the previous 3 years, I figured it was worth the flexibility to take the loan, and still have the money if something else came up. If I ever decide to change my mind, I can sell the mutual fund, pay the capital gains taxes, and pay off the car. A pure stock fund could average much higher, but it can also go down much more. |
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02-23-2015, 06:52 PM | #30 |
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On many accounts, at least here in Canada, theres a reasonable limit for daily withdraws and transfers, i even set mine lower than necessary because i don't need or use large transfers and its just another safety on my account, if it gets compromised its limited risk..
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02-23-2015, 08:51 PM | #31 | |
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I was just pointing out what would happen if you don't follow through with your end of the deal. I personally also try to honor the contracts I sign! However, in reality you CAN pretty much back out of any contract, but you will be responsible for damages. |
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02-24-2015, 10:03 AM | #32 | |
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02-24-2015, 10:53 AM | #33 |
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Do not think this will apply to OP's problem - but may be worth reading:
http://cars.about.com/od/buyingadvic...ing-Scam_2.htm |
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