I think I've fallen prey to a Spot Delivery Scam

[IndyPoolPlayer]

Santander renders decision almost instantaneously. Literally as quick as you hit the page refresh button, they present a decision.

That's because it's always "Sure! We'll finance you! at 36.99% interest!!"

[cryix47]

The problem I have with this whole deal is the time frame that it's taking to seal the deal. The LieNance manager that did the deal should have the financing situated. Let's see I took delivery around 8pm on the 29th of Dec, so I'll leave that day out since many banks are probably closed for the day; however like a poster mentioned. Most financing companies have automated decisioning. Then there's the 30th which is a business day and albeit the banks could be short staffed with NYE around the corner, but nonetheless it's a business day. Then there's the 31st once again a day that banks are short staffed and possibly shorter business hours. We're well into the return to normalcy in regard to banks. The dealership had this entire week to secure financing. My loan for the Mazda trade has yet to be paid off. They have the title and all documentation to proceed with getting the deal done. The LieNance manager created a contract with Honda Financial with my apr listed my term and my monthly payment. It's not like I can't afford the payments, so I don't see why financing should be an issue.

[fury1995]

You are correct about the dealership having enough time to determine if they can place your loan with any bank at any terms.

 

Spot deliveries are not always a guarantee of approval.

 

Look though your paperwork. There is most likely a form that is called "Sales Addendum", "MacArthur Agreement" or "Spot Delivery Form". This is a standard form included in all transactions that include financing.

 

What appears to be sketchy to you is the dealership trying to keep the car sale together.

[BRBiz]

The problem I have with this whole deal is the time frame that it's taking to seal the deal. The LieNance manager that did the deal should have the financing situated. Let's see I took delivery around 8pm on the 29th of Dec, so I'll leave that day out since many banks are probably closed for the day; however like a poster mentioned. Most financing companies have automated decisioning. Then there's the 30th which is a business day and albeit the banks could be short staffed with NYE around the corner, but nonetheless it's a business day. Then there's the 31st once again a day that banks are short staffed and possibly shorter business hours. We're well into the return to normalcy in regard to banks. The dealership had this entire week to secure financing. My loan for the Mazda trade has yet to be paid off. They have the title and all documentation to proceed with getting the deal done. The LieNance manager created a contract with Honda Financial with my apr listed my term and my monthly payment. It's not like I can't afford the payments, so I don't see why financing should be an issue.

You have to understand your in a sub prime area so its just not a instant approval and no matter what some one says your not guaranteed a approval with Honda based on having past good loans.

[strengthrehab]

So...subprime means that spot deliveries are acceptable?

 

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[mk_378]

Subprime means there's more chance of a problem. Prime customers take spot delivery all the time but never hear about it because the dealer has no problem getting a finance company to pick up the contract.

[BRBiz]

So...subprime means that spot deliveries are acceptable?

 

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That statement has nothing to do with spot deliveries.. OP seems to think the financing shouldn't be a issue.

 

Also keep in mind only one person makes a spot delivery possible!

[cryix47]

What concerns me is a form that I signed called "Convenience Delivery Agreement"....

 

I, the undersigned in furtherance of the purchase order attached hereto has (xx) applied for the loan described therein ( ) give a check in payment of the balance due thereunder, and understands that I am authorized to possess the vehicle described in said purchase or by leave of the Seller and that such maybe withdrawn without notice or cause at any time prior to the execution and delivery by the Seller of a Certificate of Title to the vehicle, to the lender or to me. I acknowledge that the Seller shall have the right to take any action deemed necessary be it repossess the vehichle, including, without limitation thereto, the right to enter any premises and remove the vehicle or render it unusable.

 

 

This form is worded strangely and I'm having trouble determining if this is the Spot Delivery Agreement. It's written just as the form has the wording.

[cryix47]

 

So...subprime means that spot deliveries are acceptable?

 

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That statement has nothing to do with spot deliveries.. OP seems to think the financing shouldn't be a issue.

 

Also keep in mind only one person makes a spot delivery possible!

 

The financing shouldn't be an issue because the F&I person said it would go through. I've left voicemail's and have not received a return phone call yet. Very Unprofessional

[BRBiz]

 

 

So...subprime means that spot deliveries are acceptable?

 

Sent from my SAMSUNG-SM-G890A using Tapatalk

That statement has nothing to do with spot deliveries.. OP seems to think the financing shouldn't be a issue.

 

Also keep in mind only one person makes a spot delivery possible!

The financing shouldn't be an issue because the F&I person said it would go through. I've left voicemail's and have not received a return phone call yet. Very Unprofessional

Don't get me wrong you should be able to get financed BUT they may be having issues getting that rate you agreed too.

 

As mentioned most dealers don't want to have to take car back.

 

Yes that's a spot delivery form.

[MarvBear]

Well, I'll step out of this thread. I have spent a number of years on this board and in this very forum.

 

If for nothing more, than respect for the advice from myself and others associated with the business, I would have thought one would have used less insulting terms to refer to others in my area of expertise.

[BRBiz]

Marv gave you the best advice earlier, go to the dealership in person and get a answer and put a end to it. And you ever get into a situation like this again and your credit is still less then great don't take delivery till the financing is done if that makes you feel better.

[IndyPoolPlayer]

My loan for the Mazda trade has yet to be paid off. They have the title and all documentation to proceed with getting the deal done. The LieNance manager created a contract with Honda Financial with my apr listed my term and my monthly payment. It's not like I can't afford the payments, so I don't see why financing should be an issue.

 

You admit to have a mid-500's FICO score, you may say you can afford the payments but the analyst sees otherwise. There's something causing that credit score to be so low. That's not the greatest of situations. Your constant phone calls to the dealership are probably annoying the F&I manager, and you'll find yourself in a case where the dealership GM says "Screw this. This customer's isn't worth the hassle. Unwind the deal and send her to DriveTime or JD Byrider." The F&I created a contract, but it may not get accepted.

[BRBiz]

I just had a similar but not so similar issue.. Leased a Vehicle under my business, shopped a few dealers, knew I was approved at B tier with the lender so I told the other dealers this and said work a price based on that. They did and the cheapest came back at $418. That was within $10 of other dealers so said great I will go with them. Go to the dealer sign everything and take the vehicle. Then a few days ago almost a week later I get a call from the finance guy and he says we made a mistake we priced it based on A tier so the payment should be $444 not $418 as agreed and signed on, so he wanted me to re sign at the new higher price! So I laughed a little and said give me a few minutes and I'm going to email you something. I had worked the deal through email with the salesman so everything was right there including the pricing stating B tier. I emailed him that and said" do you still want to change the pricing"? Never heard back.. It wasn't a financing issue at all but either some really did mess up or they just weren't happy with the deal after double checking it. They have no re course at all on this.

[Fawnoaks]

Your car deal sounds like it's special financing. Make sure you have your stips in order for the dealership so they can fax them to Honda. Conditional sale and delivery agreement could be what you have until they secure finance. How upside down in your trade? Banks will cut back on finance if you had to carry to much negative equity over to your new loan. With credit score of 574 that means you can only carry so much percentage on a new car. Be patient and if you don't hear by Tuesday ask to speak to the General Sales manager about your loan.

 

 

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[cryix47]

There's no negative equity on the Mazda trade. There's actually a little equity to put towards the new car. I've given them all the documentation needed. Bank statements etc...

[tiggerlgh]

Just take Marvs advice and go I and speak to them directly and politely what is going on and what can be done to finalize financing.

[cryix47]

I was on the Facebook dealerships profile and found the actual owner of the dealership; however I'm uncertain if I should reach out to him about all the rigmarole that I've gone through.

[tiggerlgh]

No. Go in today and talk to the finance manager in person as recommended a while ago by the expert! All you have posted sounds like they are trying to get you financing. Go talk to them calmly in person.

Edited January 11, 2016 by tiggerlgh

[cryix47]

No. Go in today and talk to the finance manager in person as recommended a while ago by the expert! All you have posted sounds like they are trying to get you financing. Go talk to them calmly in person.

Will do. I'm just concerned with the time frame that this dealership has had to get the deal done. They had all of last week done and now we're into another full business week of January. My Mazda trade hasn't been paid off and I have a payment due on that loan on the 14th

[BRBiz]

 

No. Go in today and talk to the finance manager in person as recommended a while ago by the expert! All you have posted sounds like they are trying to get you financing. Go talk to them calmly in person.

 

Will do. I'm just concerned with the time frame that this dealership has had to get the deal done. They had all of last week done and now we're into another full business week of January. My Mazda trade hasn't been paid off and I have a payment due on that loan on the 14th

No matter what happens at this point you will want to make that payment.

[Fawnoaks]

Back in May when I bought my car my scores were around yours are. I didn't get funded till the first week of June. I did have medical collections that was holding me up even with perfect car payment history. Banks will give approvals on car deals automatically but can come back a few days later with different conditions for the loan. Be patient you still have the car so that is a positive sign for you. Just breathe when you go in today with a smile on your face. They want you to have your car and be a happy customer. I drove my husband crazy for a month over my car deal and bless his heart he was my finance guy at the dealership. Ask for the General Manager or Sales Manager when you go into to the store today. Remind them you love your purchase and would love to be able to give them a good survey. I know being kind when you would rather strangle them is hard but I have faith in you. If you don't get the answers you want ask for your trade back thank them and find a dealership that wants to earn your business.

 

 

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[mrjuggalo9er]

Well, I'll step out of this thread. I have spent a number of years on this board and in this very forum.

 

If for nothing more, than respect for the advice from myself and others associated with the business, I would have thought one would have used less insulting terms to refer to others in my area of expertise.

Marv, you are a credit to your industry but like any industry there are bad apples. I had a dealer do a spot delivery on me in Indiana when I was fresh out of chapter 7 and the deal fell through...I was left with no car and 2 kids. ...the OP is worried about having a vehicle and is getting everything but a certain answer. ..is never racking to say the least

[IndyPoolPlayer]

 

Well, I'll step out of this thread. I have spent a number of years on this board and in this very forum.

 

If for nothing more, than respect for the advice from myself and others associated with the business, I would have thought one would have used less insulting terms to refer to others in my area of expertise.

Marv, you are a credit to your industry but like any industry there are bad apples. I had a dealer do a spot delivery on me in Indiana when I was fresh out of chapter 7 and the deal fell through...I was left with no car and 2 kids. ...the OP is worried about having a vehicle and is getting everything but a certain answer. ..is never racking to say the least

 

OP has a trade she can reclaim. In your case - you lost the car to repo and IIB'd it hence no car?

[chimax83]

Wow, some of you guys have a ton of patience. OP is doing everything BUT following advice in this thread. Looking up the dealership owner on Facebook, really? Sheesh.