When I do things, I don't just kinda-sorta do them. I create spreadsheets and check the facts, I call and confirm, and I ask lots of questions. I have plans A, B, C and a backup plan D just in case. I can be seriously anal. So when I tell you my experience was horrible, it's usually not for lack of planning or thought. But in this case, I would say I am ignorant and it has not been blissful.
Sigh...
I've been talking about trading in the Civic for something a little more Tahoe-worthy for probably a year now. Last month I finally pulled the trigger. I applied for a loan, got pre-approved for twice what I really needed, and went to work on finding a car I liked.
I finally settled on a '99 Subaru Forester from a mom and pop place called Shillers. It's a great car with all of the important stuff: tires, an engine, headlights, and all-wheel drive. (oooh..) The dealer seems like a really nice guy, he has a really good reputation, and he's been doing it for years.
I take my bank draft from Navy Federal and drive the four hours to Santa Rosa. I test drive the car and love it, and then I discover they can't accept bank drafts. I'm sorry, what?? I'm such a retard. This whole problem could easily have been solved if I had just called and confirmed, "you accept bank drafts right?" I am obviously not a banker.
I proceed to spend an hour or so on the phone with the Credit Union and finally come to the conclusion I will not be driving this car home. Damnit. But in another few days the check should be mailed and everything will be peachy. The dealer graciously agrees to hold the car for me and I'll be back in two weeks to pick it up.
I sulk my way home and I wait. No check. And wait some more. No check. I call. We need more info. I give them the info and I wait. I call back. Still waiting. I call back again. Still waiting. I call back again. Denied due to insufficient collateral. Seriously? It's not my credit or my income, all that is great. The car is not worth what the dealer is asking. But I have the blue book printout in my hand. I did it myself. Sorry, no can do. (WTF?!) But if you can re-negotiate for a lower rate, perhaps they would approve the loan. Sigh....
So I wait five minutes and call back. Hey! I was able to negotiate a lower price!!! (Amazing isn't it?) I'm sorry you'll have to fill out another application. Can't you take the information from the old application? I'm sorry ma'am we can't. Okay, let's fill it out. We'll need the VIN. (Silent cursing). I don't have the VIN (it's on the application), I'll have to call you back.
At this point I give up and go to Bank of America. I'm sorry, we only do auto loans on line. Thanks. I go back home and I apply for a loan online. Accepted! Call this number to speak with an associate. Hi, Thank you for calling Bank of America. You have reached us outside of our normal business hours. Please call back between 8 and 5 Monday through Friday. It is now 8pm on Friday.
Back to Navy Federal. They're open pretty much 24/7. I finally get in touch with someone who understands my issue, modifies the old application (I didn't have to fill out a new one) and sends it in. Please call us back in 24 hours and we should have an answer for you.
So now if I don't get the loan from Navy Federal, I should probably hear back from Bank of America and then finally get my car. But this has honestly been one of the worst experiences I've had in a really long time. I'm not sure I've really learned anything except that I wasn't anal enough. This has taken absolutely all of the fun out of car buying.
With as much fun as I've had so far, I am not looking forward to selling the Civic.
Update: 11/18/08
I can't get a loan from Navy Federal or Bank of America. But I bet they'd jump on the chance to loan me $30,000 for a brand new car that is only worth $20,000 the second I drive it off the lot. So I'm borrowing the money from my parents. I feel like an enormous loser.
