I got approved through Roadloans what now?

[jdiggs]

My mom is in need of a new car and I just happened to see if I would get approved on my credit. As her BK is more recent then mine. Well I got approval for $18,400 MAX. I know she wants a Mini cooper that she can eventually give to my sister in college in a year or two. Anyway I got the paperwork (pdf download) and the check says some random Chevy dealers name but I don't really want to go to the Chevy dealer I want to just go to Carmax as they have plenty of mini's that meet the criteria. I can do that right I dont really have to buy from that chevy dealer. Also Can I negotiate the prices with carmax or do they not negotiate? I want to do this for them since I got approved and it will help with my credit rebuild. But the only thing is the rate is ridiculous at 21.49 %!! I expected a high rate between 15-18% but that rate is borderline retarded and I'm not sure if I should have them except it. On the other hand I should be able to have them refinance in about 12 months correct?

All your input would be appreciated. Thanks.

P.S I also sent an app for Capital One and Prestige I'm waiting for their response and hopefully much better terms.

[Meh]

My mom is in need of a new car and I just happened to see if I would get approved on my credit. As her BK is more recent then mine. Well I got approval for $18,400 MAX. I know she wants a Mini cooper that she can eventually give to my sister in college in a year or two. Anyway I got the paperwork (pdf download) and the check says some random Chevy dealers name but I don't really want to go to the Chevy dealer I want to just go to Carmax as they have plenty of mini's that meet the criteria. I can do that right I dont really have to buy from that chevy dealer. Also Can I negotiate the prices with carmax or do they not negotiate? I want to do this for them since I got approved and it will help with my credit rebuild. But the only thing is the rate is ridiculous at 21.49 %!! I expected a high rate between 15-18% but that rate is borderline retarded and I'm not sure if I should have them except it. On the other hand I should be able to have them refinance in about 12 months correct?

All your input would be appreciated. Thanks.

P.S I also sent an app for Capital One and Prestige I'm waiting for their response and hopefully much better terms.

IIRC Roadloans works through a network of dealerships, im not sure if you can tell them where you want to buy from but it can't hurt to ask. I do know that Carmax will not negotiate with you on the price of the car. They have the mindset that you pay what is on the window. For the most part, I think their prices are fairly middle of the road.

[rex444]

You can change dealerships to another that Roadloans uses. When I was approved through them a few months ago it was with one Carmax and I had them move it to another. Just call them tomorrow and it will not be a problem. As far as your other questions, I never actually used the loan so I don't know how the negotiating process works. But one thing to keep in mind is Roadloans charges a few to the dealership of $1500 or so and guess who is going to pay that in the end? It's not the dealership :-(