Buying a new vehicle should be an exciting experience, and we're here to make it as easy as possible for you. However, there's an emerging trend where dealerships refuse outside financing, even when you have a pre-approved auto loan from Advanz. Continuing below, we will explore this issue, provide helpful tips, and highlight how Advanz looks out for your best interests during the vehicle purchasing process.
The Emergence of Dealership Financing Denials:
Advanz Credit Union, with over 50 years of experience, has an impeccable track record of honoring letters of credit. We understand the importance of timely titling and registration, and a letter of credit incentivizes auto dealerships to fulfill these requirements promptly. Despite our longstanding commitment, we have noticed some dealerships rejecting letters of credit and cash payments from our pre-approved members.
Asked about this new practice, one loan officer stated, 'We are equally as frustrated as our members, and it’s sad to see new hurdles in the process.'"
Advanz Strives to Make Auto Buying Easy:
At Advanz, we strive to make the auto buying process as easy as possible. We believe in fostering a strong partnership with our members, ensuring they have a seamless and stress-free experience. We understand that encountering obstacles when seeking financing options aligned with your preferences can be disheartening. Rest assured, we are here to support you.
Looking Out for Our Members' Best Interests:
When you purchase a vehicle, Advanz Credit Union is dedicated to looking out for your best interests. We value the deep trust and strong relationship we have developed with our members. We believe that every member deserves fair and transparent financing options that align with their preferences. If you face challenges with dealership financing, we are here to find innovative solutions for you.
"Over the past several years, things have changed in the way dealerships accept payment. In today’s market, car dealers have been known to refuse cash payments from buyers. Dealers have transitioned towards pushing buyers to finance through their preferred lenders in order to get monetary kickbacks," explains one Advanz loan officer. "The lending team with Advanz sees this on a daily basis and constantly negotiates with these dealers to get them to accept a Letter of Credit as the 'tried and true' form of payment. If it isn’t broken, why fix it?"
Taking Action: What You Can Do:
While dealerships currently hold a strong position in rejecting outside auto loans, there are steps you can take to ensure you secure the financing you desire.
Advanz: Your Comprehensive Financial Partner:
As a member of Advanz, we are here to assist you with all of your financial services and needs. Our dedication extends beyond vehicle financing. Whether you need assistance with savings accounts, mortgages, personal loans, or any other financial matter, we have a comprehensive range of services to support you.
Navigating dealership financing can be a challenging process, but our team is here to guide you every step of the way. We strive to make auto buying as easy as possible, and we are committed to looking out for our members' best interests. Despite the motivations behind dealership financing denials, we provide solutions, including refinancing options, to ensure you secure the financing you desire. Advanz Credit Union is your trusted financial partner, ready to support you beyond vehicle financing.