Dealer Scam

[EdP]

I refinanced my lease buyout through a credit union. There is more than one path to the solution, and going to a dealer is not usually the best one.

Correct and the OP said he was going to do similar. If Genesis Finance wants to use dealers as their agent, that is their choice.

Dealer financing has three benefits.
Convenience, if the rate is competitive
Promotions, in the past with as low as 0%. Your credit union probably won't match that.
There there are people with poor credit ratings and the dealer will probably get you the loan. Though it may be 29%.

Just as you went to the credit union, you probably talked to a loan specialist, not the teller. The OP went to the teller, not the agent.

 

[Chad86tsi]

Genesis Financial and they said I must go through the dealership for any lease buyout financing.

Just as you went to the credit union, you probably talked to a loan specialist, not the teller. The OP went to the teller, not the agent.

Sounds more like he went to the teller, and the teller told him "our dealer is your only option". The teller is wrong. In which case it's probably best to stop talking to the "teller", and read your lease contract, and use your own lender/options. Don't use the dealer, and don't ask Genesis for options, they have only offered one self serving option with a dealer agent when given the opportunity to help.

 

[EdP]

Sounds more like he went to the teller, and the teller told him "our dealer is your only option".

Maybe. We don't know exactly what was said. The dealer being the only option to do the paperwork is fine, but you can bring your own money.
It is the smart way to handle it. Dealer, not the finance company does the groundwork and getting you into the showroom opens other opportunities.

 

[Chad86tsi]

Maybe. We don't know exactly what was said. The dealer being the only option to do the paperwork is fine, but you can bring your own money.
It is the smart way to handle it. Dealer, not the finance company does the groundwork and getting you into the showroom opens other opportunities.

The dealer is the only option if you want genesis financing. They have an exclusive deal. I wouldn't expect to go to a Ford dealer and ask for GM financing either, but you can buy any car with your own.

Buying out a lease is a transaction between two lenders. No dealer needed.

Why even go to a dealer for a buyout? If you don't have a good banking relationship an they are your only lending option, they may be fine, but then there is this:

I just got off the phone with Genesis Financial and they said I must go through the dealership for any lease buyout financing.

I refuse to do so which means I'll get the loan elsewhere.