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Car loan, or why we hate bankers - A Shout Out to My Pepys [entries|archive|friends|userinfo]
The American Caliban

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Car loan, or why we hate bankers [Sep. 25th, 2010|04:26 pm]
The American Caliban
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I bought a Ford Fiesta from Robins Ford in Costa Mesa on Friday, July 30. It's a great car. The price was good. The salesman was helpful and intelligent and didn't do car salesman B.S.

I had a preapproved loan from my credit union for 6.1%.

The finance guy worked me a bit for upselling on warranties and insurance products, but wasn't very pushy. He then wanted to get the loan business. He told me he could get me 6% or better. He was going to work on this over the weekend.

On Saturday he called me and said "I got you 6%."

A couple of weeks passed. I got a number of loan rejection letters in the mail from various banks. I got no approvals. I called him and asked if there was something I needed to sign additionally, and he said no, they would mail me.

A couple more weeks passed. I called him asking what loan I had, and when I should get the mail. I got voicemail and the call was not returned. Repeat twice.

I called Ford Motor Credit. They had no loan for my car or anything in my name.

I received mail from Chase Bank announcing that my loan had been approved and they'd given me a lower rate because I qualified for same. My rate: 8.39%.

I called Robins Ford and was told that my credit guy no longer worked there. I talked to a new guy. He was polite and professional. He said "look at your contract; whatever is on there is your rate." He agreed that the whole thing was upsetting. He also said that it was possible to get the credit union to loan me at a lower rate and pay off this worse loan immediately, which was a good thought.

My contract (here's the part that's my fault) said 10%. Credit manager guy had literally waved his hand over this as if it was a formality, or some kind of placeholder. Burned.

I applied to the credit union for a loan to repay this one; it was declined due to excessive debt. Doh.

Meanwhile, it was time for me to make my first payment. I already had a Chase account paid by bank transfer, so I set this up for the auto loan also. The system rejected my information at first. I assumed I had made a typo, and tried again. Another failure. Looking carefully at my bank's site, I saw that they now had a separate transfer number for electronic payments of this kind. I re-entered my bank info and now it was accepted. I paid the current bill and set up automated payments.

On the 22nd of September I got a late payment phone call from Chase. Looking at my account online, I saw that it said the following: next payment due date: 9/13. last payment made: 9/13. Account late. Amount due: my monthly plus a processing charge and a returned check charge.

I called Chase and a comedy ensued. The rep was very pleasant and professional. Together, we took a journey through madness and finance. It was clear that I had paid on the 13th, that the transaction was bollixed, and that a week later the computer decided that the transaction had not gone through and they were considering it a bad check. There was no late fee yet. I mentioned twice that this was during the time when Chase had an exceptionally bad I.T. disaster involving their loan systems, but he was silent about this.

I made my one-time payment with the rep on the phone, and he said he would get the bounced check charge remove.

Today, I looked at my Chase account. The account was now listed as overdue with a late charge. The last payment still said the 13th. And my new payment was listed as "in process."

The bankers have mentioned recently that their feeling are hurt, that they feel bruises, that they are being unfairly vilified by the media and public servants. Why do we attack their large salaries? Why do we resent their guaranteed bonuses? Why are we insisting that the regulators regulate instead of sipping the bankers' Scotch? Why do we fly into tantrums when their bold, risk-taking, disruptive innovations in finance blow up and kick shrapnel in our faces?

IT'S BECAUSE EVERY SINGLE DEAL WITH THEM IS A DRUG DEAL GONE SOUR AND WE GET OUR ASSES GRIFTED BUT GOOD, AND THE PEOPLE IN CHARGE OF THE GRIFT ARE WEIGHTLESS UNTOUCHABLE ARISTOCRATS WHO LIVE ON PLANET VEUVE-CLICQUOT AND WILL NEVER, EVER BE PUNISHED FOR THEIR CRIMES OR EVEN STOPPED FROM CONTINUING THEM.

But it's a snappy little car.
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Comments:
[User Picture]From: anaisdjuna
2010-09-25 11:40 pm (UTC)

That whole story blows!!!! BLOWS HARD!!!!

The suck, burns.

Good luck rockin' your snappy new ride.
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[User Picture]From: springheel_jack
2010-09-25 11:55 pm (UTC)
It's getting so the proper response to "would you like to buy some girl scout cookies" is "let me run that by my lawyer and get back to you."
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[User Picture]From: springheel_jack
2010-09-25 11:59 pm (UTC)
I can never see this enough:

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[User Picture]From: salome_st_john
2010-09-26 01:07 am (UTC)
Is Planet Veuve-Clicquot near Planet Zinfandel? And also near Planet Oxycontin, where the insurance barons live?

It's the happiest solar system in the galaxyyyyyyyy.
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[User Picture]From: substitute
2010-09-26 05:40 am (UTC)
Why am I here on Planet Warm Flat Mountain Dew???
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[User Picture]From: createdestiny
2010-09-26 03:17 am (UTC)
Epic.
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[User Picture]From: pingback_bot
2010-09-26 03:50 am (UTC)

Why We Hate Bankers

User dr_strych9 referenced to your post from Why We Hate Bankers saying: [...] My old friend has cracked off an epic rant at the end of an all-too-typical tale of woe [...]
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[User Picture]From: mallorys_camera
2010-09-26 11:36 am (UTC)
Credit Union all the way, bay-bee. (Sorry this happened to you.)
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[User Picture]From: tuliphead
2010-09-27 01:27 am (UTC)
I recently took my personal banking from Chase to a CU because of too many infuriating bank shenanigans. If you have the chance to move your loan ever, take it: Chase sucks cocks in hell.

FWIW, when I bought my Miata back in 2004-ish, I got swindled into a 5-year loan instead of the 4-year I insisted upon. It's amazing how that can happen even when you KNOW to read the fine print and double-check the paperwork.

400anvils is the most appropriate tag for this post.
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[User Picture]From: sooz
2010-09-27 05:46 pm (UTC)
wow your car loans are going like my medical insurance. maybe they know each other.
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