South Coast Mitsu...wont take E-loans or Capital one loan
Jun 2, 2006, 11:24 AM
#1
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South Coast Mitsu...wont take E-loans or Capital one loan
i just talked to Mack from South Coast, and he explained that the dealership doesnt take any loans fromt he above mentioned companies....e-loans and Capital One...
what is the deal with this?
has anyone else had any problems?
what would be the reason?
he also told me that they bay be able to beat the 6.8 percent intrest\
anyone have any input?
what is the deal with this?
has anyone else had any problems?
what would be the reason?
he also told me that they bay be able to beat the 6.8 percent intrest\
anyone have any input?
Jun 2, 2006, 11:28 AM
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ask for an option contract. then bring a check from the ppl you are financing from.
I did this through a credit union and had no problems.
I highly recommend that you go to a credit union first as the have good terms and great intrest rates
I did this through a credit union and had no problems.
I highly recommend that you go to a credit union first as the have good terms and great intrest rates
Jun 2, 2006, 11:32 AM
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Originally Posted by evo1337
ask for an option contract. then bring a check from the ppl you are financing from.
I did this through a credit union and had no problems.
I highly recommend that you go to a credit union first as the have good terms and great intrest rates
I did this through a credit union and had no problems.
I highly recommend that you go to a credit union first as the have good terms and great intrest rates
what exactly is an option contract, wat benefits? does it matter that im from NY?
they gave me some story that they dont take them from out of state
Jun 2, 2006, 11:54 AM
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An option contract is basically saying you will bring in your own financing within a given time(usually 7 days) buy the car at thier rate and then bring them a check for the amount financed. but go get pre approved from a credit union first for a dollar amount then go shopping. for an example : went to credit union first and the stated i could spend 31000 max on an evo(used) then i went shopping and found the one I wanted. negotiated for 9 hrs on price and walked out the door for 23000 With a option contract. then went to credit union and the looked at the car and wrote me a check. went back to the dealer and gave them the check.so the dealer basically voided the contract as paid in full.(but if i didnt return with the check within 7 days my payments would have been at the terms of the contract from the dealer) It does help bringing in outside financing when buying so you dont get suckered into all the dealership stress and bs
Jun 2, 2006, 12:11 PM
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Originally Posted by FartMuffler
i just talked to Mack from South Coast, and he explained that the dealership doesnt take any loans fromt he above mentioned companies....e-loans and Capital One...
what is the deal with this?
has anyone else had any problems?
what would be the reason?
he also told me that they bay be able to beat the 6.8 percent intrest\
anyone have any input?
what is the deal with this?
has anyone else had any problems?
what would be the reason?
he also told me that they bay be able to beat the 6.8 percent intrest\
anyone have any input?
BTW - I bought the A4 with my credit union. I went in to the CU and they approved me for a 30k loan on a used car and and I went car shopping the same day. I ended up getting the car for 21,500 OTD
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Jun 2, 2006, 12:15 PM
#8
Originally Posted by nrcooled
This is a scam to get you to use their financing. Go somewhere else and get a good deal on an evo and don't support ****ty dealers like this.
BTW - I bought the A4 with my credit union. I went in to the CU and they approved me for a 30k loan on a used car and and I went car shopping the same day. I ended up getting the car for 21,500 OTD
BTW - I bought the A4 with my credit union. I went in to the CU and they approved me for a 30k loan on a used car and and I went car shopping the same day. I ended up getting the car for 21,500 OTD
++++1
Jun 2, 2006, 12:19 PM
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Go to Credit Union and get a 5.75%-6% rate approved loan. Go to SC get an option contract with enough time so you can get your loaners to pay SC before you are stuck with their ****ty rates. Also make sure they put how many days you got on the option contract.
SC gave me 2 business days and wouldn't budge because "they would be losing too much money" or w/e if they didn't meet their May quota.
On my contract I found out they put N/A for the amount of days...
SC gave me 2 business days and wouldn't budge because "they would be losing too much money" or w/e if they didn't meet their May quota.
On my contract I found out they put N/A for the amount of days...
Jun 2, 2006, 12:44 PM
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Tell them to put it in writing!!! Then tell everybody you know that South Coast will not take pre-approved Bank checks. Go to another dealership. Contact the FTC. File a complaint online. check out http://www.carbuyingtips.com/car1.htm
RE-post this fact on socalevo.net
RE-post this fact on socalevo.net
Jun 2, 2006, 01:33 PM
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Its a dealer scam
What they are doing is actually trying to SCAM you into buying their own financing since it is usually a lot worse and they get more money off it.
I got this from the top 10 scam list on carbuyingtips.com
Anyways, Good Luck, and whatever you do dont get the dealership financing cause that is how they want to steal your money, there is nothing wrong with online lenders.
I got this from the top 10 scam list on carbuyingtips.com
How the scam works: The dealer sees your bank draft from a credit union, or online car finance sites such as Capital One Auto Finance, E-LOAN or 
Lending Tree. Not wanting to lose the extra gravy of selling you the car dealer's RISC financing, they refuse your bank draft, lying to you that "online lenders bounce checks." They will say "their checks always bounce, so we don't take them". But gee, the dealer is willing to provide you financing, at higher APR. CapitalOne and E-LOAN are household names and many car buyers already doubt the salesperson's lies. So they may also tell you "well, they take too long to pay us".
Some salespeople stop at nothing. If your lender was bouncing checks, we'd hear about it via federal investigations. I get daily emails from people who financed with E-LOAN and Capital One Auto Finance with no problem. I used CapitalOne to finance my new 2004 Lexus GX470 SUV. Lexus had no problems accepting my CapitalOne check. My friend financed 2 used cars with Capital One Auto Finance. There's nothing wrong with dealer financing if they can beat your best APR. If not, use your online financing. Unless you qualify for a manufacturer's 2.9% financing, online banks will beat the local banks used by dealers most of the time, and online lenders often beat credit union rates. If a dealer spews out this scam and refuses your online financing, you the customer need to retain control and refuse to buy from that unethical and slanderous dealer. There are plenty of ethical dealers who eagerly accept online loans without the lies.
How To Avoid The Scam: Tell the finance manager you're onto their scam, online lenders have been in business for years and fund loans without bouncing checks. Then get up to leave. You should also file a complaint with your state Attorney General's Office, because we need to make this scam illegal for dealers who force you into higher APR financing. I get emails on this scam often, and if the state attorneys do not know this is going on, they can't help us consumers. The federal government should wrap this into the Truth In Lending Act. Here's our link to all 50 Attorney General's Offices.
Some salespeople stop at nothing. If your lender was bouncing checks, we'd hear about it via federal investigations. I get daily emails from people who financed with E-LOAN and Capital One Auto Finance with no problem. I used CapitalOne to finance my new 2004 Lexus GX470 SUV. Lexus had no problems accepting my CapitalOne check. My friend financed 2 used cars with Capital One Auto Finance. There's nothing wrong with dealer financing if they can beat your best APR. If not, use your online financing. Unless you qualify for a manufacturer's 2.9% financing, online banks will beat the local banks used by dealers most of the time, and online lenders often beat credit union rates. If a dealer spews out this scam and refuses your online financing, you the customer need to retain control and refuse to buy from that unethical and slanderous dealer. There are plenty of ethical dealers who eagerly accept online loans without the lies.
How To Avoid The Scam: Tell the finance manager you're onto their scam, online lenders have been in business for years and fund loans without bouncing checks. Then get up to leave. You should also file a complaint with your state Attorney General's Office, because we need to make this scam illegal for dealers who force you into higher APR financing. I get emails on this scam often, and if the state attorneys do not know this is going on, they can't help us consumers. The federal government should wrap this into the Truth In Lending Act. Here's our link to all 50 Attorney General's Offices.
Jun 2, 2006, 01:57 PM
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hopefully i can help out as the person above me stated the dealership is basically saying u cant use that check(1) if its not a certifed bank check(2) if its a draft check(3) otherwise there giving a good deal on the car and not making any money on the car and they want you to get there finacing so in which they can bump the rate and make money off the rate(aka BUY RATE) usually they will get a conformation from the bank saying ok we can offer him 4.99 but then ofcourse the dealer is going to be like listen we got great news we got you 6.99 2 point difference..I work at a dealership and trust me thats alil more money in the salesman pocket
Jun 2, 2006, 03:58 PM
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South Coast didn't have any problems when I told them I was financing through my credit union back when I ordered the car during their March Madness sale. In fact, when Mark asked me what rate I was getting - 4.99% - he said right off that there was no way they could beat it.
It was simply a matter of having them overnight the paperwork out to me, brought it to the credit union, picked up the check an hour or so later, and then overnighted it back to them the same day. Extremely simple and straightforward.
I dunno... as I said, I didn't have any problems and I had told them up front I would be doing my own financing.
Anyway, South Coast was very easy to deal with, and I would recommend them to anyone looking for a great price on an Evo.
Only thing I would do differently is use someone other than DAS for shipping... but that's another story!
It was simply a matter of having them overnight the paperwork out to me, brought it to the credit union, picked up the check an hour or so later, and then overnighted it back to them the same day. Extremely simple and straightforward.
I dunno... as I said, I didn't have any problems and I had told them up front I would be doing my own financing.
Anyway, South Coast was very easy to deal with, and I would recommend them to anyone looking for a great price on an Evo.
Only thing I would do differently is use someone other than DAS for shipping... but that's another story!
Jun 2, 2006, 03:59 PM
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I don't blame S. Coast for trying to streamline the loan app process by doing it locally. I'm sure they get something for originating a loan, but the point is, if your credit is OK, you should have no problem moving the loan to your credit union within a couple of months, at a far better rate. You're only out a month or two interest at the less favorable rate.
Cripes, how much can it cost 100 bucks? You're saving thousands on the car deal. When I bought from S. Coast I asked Mark what was the easiest and least problem-prone way to pay for the car and he said to submit an on-line app and let them run it. They FedEx the papers, you sign, and you own the car. Ship it, pick it up, title it, and give the title time to make it back to whatever lender made the loan, then pay the sucker off with cheaper money.
No brainer and worked beautifully here. I like S. Coast and think they're getting a bad rap - who else offers those prices, guys?
Cripes, how much can it cost 100 bucks? You're saving thousands on the car deal. When I bought from S. Coast I asked Mark what was the easiest and least problem-prone way to pay for the car and he said to submit an on-line app and let them run it. They FedEx the papers, you sign, and you own the car. Ship it, pick it up, title it, and give the title time to make it back to whatever lender made the loan, then pay the sucker off with cheaper money.
No brainer and worked beautifully here. I like S. Coast and think they're getting a bad rap - who else offers those prices, guys?