Hello.
A finanace person from an unnammed dealership in my area is trying to tell me that they "pay NMAC a fee to obtain a lower interest rate." They are trying to charge me an additional 1k for this. I think this is not true. Has anyone ever heard of this?

 

Refuse to pay it. Obtain financing elsewhere. In the mortgage industry its call a buydown.

 

I would not finance a car through any agency that charges extra for a lower interest rate. If I were you, I would call NMAC to see what the rate is and ask about this "buydown fee". You may have run into a less than honest dealer who is trying to get extra money for the car in this way without adding to the MSRP.

 

edit: nm i thought this was about a mortgage :P ...

 

Go to a credit union if you can...they generally have the lowest rates.

 

Isn't that $1k going to nullify the savings by having a lower interest rate? Shop around. There are a lot of potential lenders out there now a days.

 

Paying extra for lower interest rate? What's the point of the lower interest rate then?

 

Well the reason for this is that I did purchase my z with a "extended warranty". Now I am in my rights to cancel it prorated, but he is trying to tell me that part of my fee was a buydown fee for my low interest rate. Well I called up NMAC and they said that is BS they do not do that. I am very dissappointed that the finance manager would lie to my face like that. They were trying to get me to cancel my extended warranty for less money so they can keep more comission. I am going down there tomorrow again but it seems they are yanking my chain here.

I am very disappointed in their trying to clear out defraud me out of a lot of money. I never complain about anything and I found them to be trustworthy, but this is all about to be ruined if I have to go to court over this. I will let you guys know how it turned out. I got a great interest rate, but they are trying to hose me here. This seems like legalized robbery.

I will not say who it is because even though the guy blatantly tried to rip me off bigtime, I am going to give them another chance tomorrow to make good on this. I do not know how these people sleep at night being such liars and scam artists. I work very hard, and I do not want to have to go to court or keep getting my chain yanked.

 

I smell BS. Go get your money back. Demand it and make them show you on paper if that is the way its suppose to be. I bet they can't.

 

Hang in there.

Don't let 'em wear you down!

 

Look at his location..Long Island NY.....Isnt that where Smithstown Nissan is???