Quote:
Originally Posted by jimbethesda
I’m was only suggesting the lawyer card as a last resort and only as a bluff.
Here’s what I think you should do now. Email your salesperson and say….”I don’t think my car will be ready by the time my rate lock ends. In hindsight, I really don’t know why you asked me to apply for financing so early. In any event, how can I extend the rate lock? I see that the current rates are good until Oct 31st plus a 90-day lock which brings it to Jan 31, 2022. Can you guarantee my rate will be the same once my car is ready? If not, I’m going to shop around for other financing now”
He’ll probably help you extend the lock. You are not threatening to not buy the car, just not finance through BMWFS, which the dealership will get a cut.
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That's what i'm going to find out. I didn't ask him about the extra 30 day extension yet. I just asked him if they really have to run my credit again once the 90 days are up at the end of the month. Basically indirectly letting him know i'm well aware of the 90 day lock in case they secretly tried to run my credit without me knowing. Which has been done by some dealer as posted in another thread here.
I'm NOT concerned about any 5-10 point drop because of a hard pull. Or whatever points i'll lose because of a hard inquiry. I am more against ANOTHER pull on my credit at all. I have great credit. I know i'll instantly get approved again.
What concerns me is the possibility of another credit pull just so they can probably create some story about a different rate, can't sell the car at MSRP anymore because of high demand and all that shit.
I was ok with my monthly, i was ok with waiting, the car is almost done so i don't need/want another roadblock just because my 90 days are up.
Like how would i even dispute them running my credit in the first place just to order the car? I don't have anything to show for it. I can't say oh you said this, or you said that. I placed my deposit, filled out the credit app and then found out there was more to it after the fact. The salesman just said, "you'll get the car in about a month or so". This was before i filled out the credit app. That's why i did it.
I didn't know i had a fake allocation and now knowing i have a RAM stop sale. I didn't know any of this.
Quote:
Originally Posted by mahmoodster
Although technically they can do that, I think it's unlikely, unless they're notorious for doing that (other complaints or reviews, etc. of that dealership). Typically, a respected dealership wouldn't do that.
Like you, I've bought most of my cars from the lot (whether new or used), but I've ordered before, and dealers have kept their word on what was negotiated. As a matter of fact, my last purchase was an order in February 2020. Negotiated the car down (good old days), and I thought "this is good, but I'll negotiate it a little bit more when the far is delivered." Car arrived in May 2020, and the world was a different place by then, as you know, and they could have come up with an excuse to sell me the car above our agreed price, let alone above MSRP, but they didn't, and we had no official documents signed before delivery. Obviously I didn't dare to ask for a lower price than what was already negotiated lol.
Just telling you this long story to let you know that, although not always the case, there are still those out there that value relationships, so it'll likely be the case for you. The only issue is the 90-day thing, which they could say "the rate has to be higher, blah blah blah", but you could tell them you'll get financing elsewhere.
So, technically the ball is in their court, but the most-likely scenario is that they'll keep their word on the agreed price. The biggest difference between ordering and buying off the lot is the time between the handshake and signing the paperwork.
Just my opinion, and I really hope I'm right and all goes well. Keep us posted!
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Most of what i typed above can be a reply to your post as well. However i do want to add that they're one of the big major dealers in NJ. So i don't really worry too too much however i know they could find any buyer within days of me cancelling, and they'll make 20k+ on top of MSRP because it's a brand new comp, in a hot color combo spec people would want. So i just hope the dealer hasn't thought about that already and maybe choose me that's still waiting for the car just to think, "yeah we can make more money on that car, let's just tell him his rate is a lot more so he'll cancel".
lol idk
I do appreciate all the replies though.