Five star sales, 1 star financing
December 3, 2018
First the 5 star part. We chose Vic Bailey because of positive past experience with the General Sales Manager. We bought two Mazda's from Brandon Price when he was a sales associate with a different dealer. This time we dealt with Steven Darchiville, and the process was painless. All dealings were over the net, and Steven was very good. When I balked at the trade-in evaluation, Brandon stepped in an upped the trade-in evaluation to a number we found acceptable. At that point we made an appointment to pick up and pay for the vehicle.
Now for the 1 star part. We filed credit applications on line to minimize the amount of time it would take to complete the deal. When we arrived we found our credit approved. I will take some responsibility for not specifying our desire to use a specific lender. I assumed, wrongly, that our loan would be placed with Mazda Capital Services, a place where we've had two paid off loans already. When we went to the finance office, one of the first things the finance person mentioned was our credit scores, both in mid 800s. When I asked about Mazda financing, he stated the rates were very high and that the rate he was offering through a local bank was lower. The amount financed was only $7.5k for 36 months and the rate was 5.24%. When I asked about two lenders that I was familiar with, USAA and Penfed, the finance person stated that he had checked their rates and that they were higher that what we were being offered. Given our credit scores, I thought the rate was too high, but not having done my homework by looking at current rates at other lenders, we signed. I mentioned that re-financing the note was an option. When I arrived home, I did check both USAA and Penfed. USAA was then at 2.99% and Penfed at 2.49%. Does that look higher than 5.24%? We'll refinance and save about $300 in interest, but unfortunately the finance person will have already collected their finders fee, probably 1% to 2% of the total loan amount.
I would not hesitate to buy another car from Vic Bailey, but I would not go there again without having secured my own financing, Obviously the finance person cannot be trusted.