Quote:
Originally Posted by David70
I am highly skeptical of massive collusion between banks and dealers to push loans through dealers and showing an example of a bank offering different rates doesn't prove anything. There's a ton of banks and credit unions that don't have the dealer channels and not sure how you would get them to raise their rates and you would have to get everyone involved to make it work. Seeing that Lightstream has different rates for dealer or private party rates doesn't mean there is mass collusion and they also list a wide range or rates for both and I can't tell what you would actually walk away with.
I think one issue with banks and private vs. dealer rates is the paperwork and risk is likely higher with a private party sale. Private party seller has a much easier time of disappearing with the money.
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It seems pretty common at all banks right now.
I have bought over 30 used cars most of them from private parties. The current situation isnt the status quo.
Maybe it isnt massive collusion but for whatever reason they dont want to lend money on PP cars.
Im buying a car cash right now because of the poor rates.