Portal Forum General General Discussion Simple Pleasures… Reply To: Simple Pleasures…

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Steve MN wrote:

Cowgirl wrote:

I cannot believe how much dealers seem to not want me to buy a vehicle from them. Clearly they hate people who have their own financing.

This is exactly it. The last I looked into this, the companies made way more money on the financing than they did on the sale of the vehicle itself.

It’s interesting, my wife and I bank at WF and it doesn’t look like they do auto loans anymore. Per their website they suggest asking about financing via WF when discussing financing at the dealer. I am guessing a big reason is banks are not interesting in taking back vehicles, they are not equipped to be in the used car business. Heck, a friend from HS started a business exactly around this, he went from repossessing cars to selling them for financial institutions who don’t want to be stuck with a parking lot of repoed autos and toys.

For us if we do decide to finance I’ve found the rates we’ve been able to get via the dealer are just as good or better than we could get through any bank or credit union. Helps that our credit rating is wicked high, we financed about half of my wife’s RDX last year and our rate is 1% for a used car.