Ugh ... dealing with banks and dealers can be such a pain in the a$$

[b33g33]

So, I was pre-approved for my 1M loan months ago and after looking at the purchase contract sent over by my dealer (after messing it up 3 times), my loan officer tells me "we're going to have to reduce the loan amount. The true value of your car came back at $43k"

I nearly blew my top. Then calmed down and explained to the nice lady that people are paying 10-20k over sticker for these cars right NOW. I'm sure there is a logical explanation and the dealer sent something over that made them think I was buying a used 128.

I'm going with this particular bank because I have some other business with them (inspite of getting a better offer from another one). Might be time to reconsider loyalties.

Just venting ....

[dfv2]

you chose to be loyal to this bank over a better financial situation with another? Run, don't walk, to the better deal for your wallet.

[Amnizu]

I had a similar situation with my CU, I eventually gave the dealer a crack at the business and they had rate and terms matched, the loan written, approved, and documents shipped within 48 hours. So my advice, fire your bank.

[Sabre89]

Did you ask to see what rate your dealer can get for you? Mine actually found a lender that matched the 2% for 48 mon. I was going to get from a credit union. Made my choice very easy.

[robertm]

Pen Fed 2.5% for 60 months. Cost me $15 to join Voices for American Troops, $5 for the account with Pen Fed and a grand total of 15 minutes start to finish. Had the check in my hands 3 days later. Was ridiculously easy

[tkbr0wn]

Originally Posted by b33g33

So, I was pre-approved for my 1M loan months ago and after looking at the purchase contract sent over by my dealer (after messing it up 3 times), my loan officer tells me "we're going to have to reduce the loan amount. The true value of your car came back at $43k"

I nearly blew my top. Then calmed down and explained to the nice lady that people are paying 10-20k over sticker for these cars right NOW. I'm sure there is a logical explanation and the dealer sent something over that made them think I was buying a used 128.

I'm going with this particular bank because I have some other business with them (inspite of getting a better offer from another one). Might be time to reconsider loyalties.

Just venting ....

They obviously miscalculated. Its not like you are buying a used car. The MSRP is probably over 50 for what you are getting and most any bank will go over 100% of MSRP on financing a new car. They probably looked at a 135 or something similar.

[mrow]

Originally Posted by robertm

Pen Fed 2.5% for 60 months. Cost me $15 to join Voices for American Troops, $5 for the account with Pen Fed and a grand total of 15 minutes start to finish. Had the check in my hands 3 days later. Was ridiculously easy

PenFed for the win. Going with them unless the dealer can get me something matching or better. Hoping to make it easier by going with my dealer and I do have some faith in them as they worked some magic to get me the numbers I'm paying for my 128i and what my girlfriend is paying for her X3, and this was 8 months ago when it was almost as hard to get the new X3s as it is to get a 1M.