When I was looking for my Niro EX HEV with Advanced Tech Package, I went through TrueCar and received some “TrueCar” quotes back from the participating dealers. I sent those dealers and a few others my lower offer and only one dealer came back with a counter offer that was close to mine. I accepted the offer and went to the dealer to complete the sale. I had already lined up a pre-approved loan with by a Credit Union at 3.49%. Boy, interest rates sure have jumped up!
When I got there, I even had them knock the price down a couple hundred dollars more. Then it went to the dreaded “Financing” which took forever. I suspect that they make you wait so that you are exhausted and vulnerable by the time you get to Finance.
Finally, we went in and he tells us he lined up a loan with Bank of America for 2% more than my Credit Union. Naturally, we protested (plus my wife did not want to deal with BoA due to their shady business practices) and the guy tells us that we have to finance through them to get all the discounts they added to get to the final price. I told him that no one told me this at any point during our negotiations. My CU was on their list of banks, but they had us waiting so long, the CU was closed for the day. So finance guy left and the MANAGER came in to play the bad cop. He said he was losing money because they still had to pay TrueCar and we had to go with the BoA loan. Plus we could go with the original loan and then wait one week... no, two weeks...no, maybe a month and then refinance it with the CU. I’m glad we didn’t do that and find that we had to make 5 payments. We held our ground and gave the impression we were ready to walk. At this point, I was willing to walk away.
So Manager leaves and the BDC(?) who emailed the offer in the first place comes in and told me that he got the loan with my CU with the rate that I was expecting. What an ordeal!
Last edited by Nouseformonkeys; 10-02-2018 at 08:45 PM.