Dealership Rant

[solidhadriel]

I've had my boat for a couple months now, and it's been great. When I was purchasing my boat, I went with dealership financing. At the time, they came back with 3 offers, 2 of which basically said they wouldn't finance my boat without a sizable down payment on my part. The third offer was 'ok' but not great in regards to the loan terms. I had the finance person negotiate with the bank to get slightly better terms and I accepted them.

Well a couple months later, I get a letter in the mail from my boat's loan company asking me to verify my loan information. On the paper, I see the dealership put my bi-weekly income as my monthly income. Which is a few thousand $ difference in monthly income. This explains why I had to haggle so much when loan shopping through the dealership.

Lesson learned...Always verify important information when making large purchases.

There's nothing I can do about it now as I have the boat and my loan (which is still on good terms, just not the best I could have gotten.)

[teecro]

Why did you give out or put down a bi-weekly income? When asked for this type of info I will ask monthly or yearly and respond accordingly...

[solidhadriel]

Probably my fault too, then. I guess. I had my paycheck stub and didn't want to guess my gross figure, so I put down my bi-weekly amount (I get paid bi-weekly). I wanted to be 'exact' but I guess that backfired on me...

[Drifter]

Why don't you start shopping around and refinance? nothing wrong with finding a better deal.

[solidhadriel]

I didn't get a bad deal, I'm just more irritated than anything knowing I could have done better now. Live and learn...

I did find a good place to refi recently, but they won't refi until the loan has been at least a year old and I don't want my FICO score taking too many credit inquiries.

[willy13]

I feel your pain.

My dealership screwed up the paper work when I bought my new Yamaha outboard, and I am still fight for my 5 year warranty.

[BoatCop]

I always get my financing first. Walk in with a certificate from my Credit Union for the max I'm approved for. I do this for my cars, as well as boats.

Only once could the dealer get me better terms.

[teecro]

I always get my financing first. Walk in with a certificate from my Credit Union for the max I'm approved for. I do this for my cars, as well as boats.

Only once could the dealer get me better terms.

At the time our credit union offered me 0.9 % so I all but got a hard on for the loan officer.... Thankfully she was a girl!

[solidhadriel]

Whelp, I have to eat my words. Disclaimer: I was pretty upset about the notice.

It was the banks fault. The dealership was kind enough to look up my file and send it to me, the exact copy they produced for the banks. On it, they had accurately selected the correct information. I apologized to the dealer, and they understood. The finance lady said she would feel the same way.

I will be following up with the bank to let them know of their mistake.