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post #11 of 19 (permalink) Old 07-24-2008, 10:25 AM
 
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nonuro - I'm picking up my car on Saturday and am planning on using Capitol One. Did Loeber give you a better rate?
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post #12 of 19 (permalink) Old 07-25-2008, 07:29 AM
 
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They are not blank checks they are site drafts, big difference.

The problem with Capital One's site drafts is that Capital One comes back after issuing the draft with stipulations to the loan. For example, they have asked for proof of income after the fact. If it doesnt match what the you as their customer put down on your application to the dollar they will cancel the loan. They ask for proof of residency after the fact, if it doesn't match what the customer puts down, they will cancel the loan. They will ask for time at current job, if it doesn't verify with your employer exactly what you put down, they will cancel the loan. Customers do not know these things and may estimate on their application. How would you like to take delivery of a vehicle only to have to bring it back or get a loan somewhere else?? It is certainly not a position I will let a bank put my customers in or the dealership in. When something like that happens it is always assumed to be the bad dealers fault. Not the case. It has nothing to do with being lazy or not wanting to do the paperwork. Not unlike any consumer, if you get burned by any company once you would not want to do business with them again.
Smart Center-Lake Bluff refuses to take Capital One Blank Checks(tm)
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post #13 of 19 (permalink) Old 07-25-2008, 01:47 PM
 
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Hi Tony,
Its good to finally hear a reason for the policy. Perhaps if this information was listed on your page, (company website? smart website?) otherwise well-informed customers wouldnt be stuck standing there on the phone with your finance manager the day before taking delivery of their car, Capital One loan check in hand with a 5.5% interest rate - being told your dealership will not take the check and on top of that, the best rate the dealership can provide is almost 8%. In this case, no explanation was given and other loan companies I spoke with were dumbfounded by the policy as well.

Of course the customer could wait a few days and -if they're lucky- get a similar low rate from another external bank who is willing to issue a cashier's check/deposit funds to their bank account, but nobody with financing lined up likes to be surprised by a dealer essentially telling them that if they want the car today, they'll have to pay 3% (a few thousand) more. :eek:...

It sounds like a portion of the blame lies with Capital One for having strict policies regarding dealer payment, but the dealer should be very open with giving customers the information. The average Joe has never heard of a "Sight Draft," and repeating it over and over doesnt add up to comprehension of a dealer policy. No explanation = irate customers.

Anyway, thanks for letting us know what the deal is.


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post #14 of 19 (permalink) Old 07-25-2008, 06:33 PM
 
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One would wonder if there is a resistance to any form of outside finance other than a cashiers check. I was told the same thing by Loeber this morning almost verbatim. I have friends that used the 'blank check' to purchase other brands of cars without a hitch. It doesn't matter if I use Capitol One or not, as long as I get a decent interest rate. I've waited along time for the car but won't tolerate being screwed with on the interest rate. I can also afford a Mercedes or Porsche and will be happy to buy from someone else if they make me unhappy this time.
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post #15 of 19 (permalink) Old 07-26-2008, 01:10 PM
 
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We could go back and forth forever about what dealers should do and what they shouldn't do. At this point I will wish you the best with your new car. The most important thing to me is that you like your car. If I can be of any assistance to you in the future please don't hesitate to give me a call or email. Have fun with your new smart.
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post #16 of 19 (permalink) Old 10-22-2008, 07:04 PM
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Garage
Orphans?

I visited the Lake Bluff Center a couple months ago and a nice sales rep was telling me about obtaining an orphan, I forgot everything that he said. does anyone know how it works at Lake Bluff?

I plan to have a Down Payment of around $2000.

I hate aftermarket parts. Exterior colors doesn't matter. Looking for comfort pack, tach & clock, fogs, radio 10 w/ subs.

ON SMART'S CAR CONFIG:

Price

Base price:
$ 13,990.00

Packages/options:
$ 1,765.00

Destination charge:
$ 645.00

Total price[*]:
$ 16,400.00

P.S. I'm looking for an Orphan to get around May - June 09', JUST PREPARING EARLY!

Last edited by Miss Mercedes; 10-22-2008 at 07:09 PM.
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post #17 of 19 (permalink) Old 10-22-2008, 07:26 PM
 
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It's easy at smart center Lake Bluff

Contact Alan Janka, he is the brand specialist you spoke with. [email protected]. We require a $100 refundable deposit. May or June seems about right based on our current cancelation rate. After you get on the waiting list we will contact you when you are at the top of the list for an orphan.
Thanks,
Tony Balter
Brand Manager
smart center Lake Bluff
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post #18 of 19 (permalink) Old 10-22-2008, 08:04 PM
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Garage
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Originally Posted by smarttony View Post
Contact Alan Janka, he is the brand specialist you spoke with. [email protected]. We require a $100 refundable deposit. May or June seems about right based on our current cancelation rate. After you get on the waiting list we will contact you when you are at the top of the list for an orphan.
Thanks,
Tony Balter
Brand Manager
smart center Lake Bluff
Thanks, also, do I tell them what I would prefer to be on it?

My parents will have to take care of financing etc. because I'm only 16.

P.S. Alan Janka was the one, gave me the 08' ForTwo booklet, nice guy.
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post #19 of 19 (permalink) Old 10-23-2008, 08:59 AM
 
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Yes, just tell him what color and options you would prefer and he will let you know when one becomes available. Give him a shout at 847-283-8211 or [email protected].
Thanks,
Tony
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