Used car lot woes

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Prowler

Super Moderator
I recently bought a project car from a large Nissan dealership in town. I told them my terms. No money down, $180 a month, which would be $2000 off their asking price. They would have to find the financing. They agreed. We signed papers. I drove off the lot. (total price, with interest, is $9720)

A few days later, I get a phone call from the finance person, saying I need a co-sign for my loan to go through. Which pisses me off, the car lot already had me sign a contract that listed my loan terms with a specific bank at a 6.9%. But I fold and have my father, who is out of town, agree to co-sign. The car lot says they'll FedEx the papers to him immediately. That was early last week.

Today, I get a call from the car sales person. He says "Great news, I can save you thousands of dollars because I found a lower interest loan for you." Now that sounds fishy.... Then comes the catch. "You just need to put down $500 tonight. But your payments will be $40 less a month" I tell them to call me back, I need to work out the math.

When they call back, and after asking them how they got their new numbers, they say they can't finance me at the agreed upon terms with my co-signer (with my father, who's a veterinarian with 30 years perfect credit) . They say, if I don't put money down now, they can only finance me for 10.9% interest. Total price: ($220/month) $11,300. We had agreed on an original final price of $9720. I'm not paying $1,500 more, after already signing and agreeing on a MUCH lower price.

Then the finance guy says "we'll actually need $600 down, tonight!" Screw that, I'm busy. So they ask for me to come in tomorrow, with cash in hand. I tell them I am traveling out of town for work the next two days (I really am). They say they don't care, I have to come in tonight or tomorrow morning. They don't explain why, they just say I have to.

Then they procede to tell me they never sent any paperwork to my father to co-sign, and haven't even processed my titlework yet. On top of that, they get irritated with me because they haven't finalized their sale 10 days after the paperwork was originally signed. They blame me for that, even though they just called tonight needing more money.

I'm fed up with this bait and switch. I told the dealership I would only be interested in the car if I put no money down since I am getting a new apartment this month and money is short. They agree, give me the car for a week, and now say "mmm... sorry we need more money or else your payments will be $40 HIGHER than what you signed for." Remember that the sales person actually said on the phone that I would SAVE $40 a month if I paid a downpayment right now.

So I shouldn't have any issues with throwing the keys back at them and ripping up the contract, right? I put no money down, and the contract I signed with their lending bank they've already said they can't honor. Any possible recourse the dealership can do? They firmly believe I would never give the car back because I 'love it so much', so that's why they're pressuing either higher payments or cash in their hand now. Little do they know that I rather lose a nice car under principle than cave in under pressure for selfish wants.

Any reason to be concerned? Can the car lot hold me to the car, even though their financing couldn't deliver what they promised?
 
first of all, how the hell did you register a car without a title???

If it were me, i'd drop insurance if you have it on it, and drive it into a lake.
technically, you don't own it. its their ass. lol

ok, seriously though, i guess it really depends on what you actually signed.

was it a PREAPPROVAL or was it an actual loan agreement?

When i bought the sti, i was given the terms and rates and such...
agreered.
went to lunch
came back, and they had a bank that would honor them.

so, technically, what you did with the dealership is not a loan, unless they are GM and have GMAC or whatever... but i doubt a small dealership is.

also, check your pm
 
pissedoffsol @ Jan 23 2006 said:
Quoted post[/post]]
first of all, how the hell did you register a car without a title???
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Didn't register it yet, just got insurance and a temp tag/plate.
If it were me, i'd drop insurance if you have it on it, and drive it into a lake.
technically, you don't own it. its their ass. lol
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I did a really nasty powerbrake tonight. I'll just return the car with rubber caked on the rear bumper.
ok, seriously though, i guess it really depends on what you actually signed.

was it a PREAPPROVAL or was it an actual loan agreement?

When i bought the sti, i was given the terms and rates and such...
agreered.
went to lunch
came back, and they had a bank that would honor them.

so, technically, what you did with the dealership is not a loan, unless they are GM and have GMAC or whatever... but i doubt a small dealership is.

also, check your pm
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I signed a Retail Installment Contract and Security Agreement, which outlines APR, Finance Charges, Payments, the lending bank, etc. All through a local Credit Union. Nothing is stated at all about a Pre-Approval. It was completely drafted up with beginning payment date, sale price, # of payments, etc.

Since they went back on this contact and won't honor for whatever reason, then I have no liability towards it then?

And thanks for the PM, althought it was slightly disappointing, as I signed with the condition of absolutely no bad history with the vehicle.
 
Just tell them you'll be by in the AM to drop the car off. Tell them you agreed to the said terms and if they want to change them based on something after the fact then thats fine you can have the car back.


Chances are they will say no no no its fine just leave it be it will be ok.

they're just trying to rape you even more on the deal.
 
you should be fine. They never got you an actual loan so all you need to do is return it. You never had a loan so they can't get you with that "Cooling-off Period" shit. Similar thing hapened with my friend at Honda. He has sub-par credit and they worked some #'s. He put down $1500, took the car and a few days later he recieved a call saying that he needs a co-signer for the loan to fully go through. he said he couldn't so he had to take the car back. Within the week he had it, he tached on 1600 miles and they were pissed because they can't/couldn't do a damn thing about it.
 
Call Nader's consumer protection group.

I parked my NX2000 across the street from the dealer during business hours with a huge sign on it that read "I bought this lemon from Nissan of Keene"


Guess who called me with everything I requested.
 
^^^ WORD. Bad publicity is something they will do almost ANYTHING to minimalize. Just do something similar, and they will fold. Or just give em the car back.
 
same sort of shit happened to me.

i bought a 2000 integra gs. with my gf mom as a co signer.

she already had 2 other cars on her credit. but, the dealer ok'd the sale. i drove off the lot w/a 00 gs integra w/lojack and my payments were 450/mo w/only $500 down. then, i get a call back about a week later saying i needed to either bring hte car back or bring in $2k down and have my payments at $375.

so, needless to say, i took the car back.

sorry about your luck. when i saw youre post about getting the f body for the price and all that shit, i figured i'd see a post like this.

did you give your down payment, in arizona you have 45 days to give insurance and downpayment. you do niether you didnt meet the terms so you are not required to pay for the vehicle. so, i wasnt in a lease/agreement with them.

good luck, I hope youre not fucked on this.
 
Celerity @ Jan 24 2006 said:
Quoted post[/post]]
Call Nader's consumer protection group.

I parked my NX2000 across the street from the dealer during business hours with a huge sign on it that read "I bought this lemon from Nissan of Keene"


Guess who called me with everything I requested.
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haha, my friends dad did that with his chrysler van. he would go to all the big parking lot sales that the local dealership had and drive around with signs all over the vehicle. they couldn't do shit about it.
 
i'd drop the keys on the floor and call them "fucking amatuers" then tear up the contract. (or wipe your ass with it airheads style if you've got huge balls).
 
Like I said just give them back the car and say here you go.

What they're doing might not have anything at all to do with your credit. Sounds like they're tying to get more money out of you. There was a great write up about how car dealerships worked and this was one of there "things" that they did to get stupid people to sign up for a loan other then what they agreed on in the end costing them more.


put down $400 now to save $50 every month.... yeah whatever.

Take the car back and walk away. I bet they try to talk you back into it.
 
ok here is the deal with dealerships they buy thir cars at 2k under wholesale price at most then they take it to their repair shop and hope its ok for safety and smog after all that is done they mark it up to blue book or a couple of hundreds less around 4-500 less and when the person is buying it they might discount 2k or more and the people think they get a good deal dont get me wrong some do get a good deal but the dealership always make money no matter what. after they have agreed they type it in their computer and send the deal to the bank some times is automatic and sometimes the bank looks it over and the payment might be higher or it could be lower than what originalcontract was. reason for this is that they might of gave the person a higher or lower interest rate but the dealer has no control over that its all based on your credit score to figure out the intrest rate the banks are giving. there is times that they might ask for money from you because they couldnt get you financed what they did was lower the price to get it finaced and ask you for some of that cash. normally for every $1000 is about $20 in your payment give or take.

no dont drive the car of a lake because it is under your isurace policy. i hope this cleared up things a lil bit. i work for ford dealership. its the same principal.

DONT JUST GO TO A DEALER AND PAY STICKER FO SOMETHING CAUSE YOU WILL GET FKD W/NO VASELINE!

also since the dealer broke the contract you could give the car back with no penalties its their fault they released the car without getting it financed.
 
also since the dealer broke the contract you could give the car back with no penalties its their fault they released the car without getting it financed.
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Thats the point id be trying to make. Definitely take it back, but id cause them as much pain as you can without actually breaking the law (Or the car). Id go slide around in that car as much as possible before you give it back..."The tires were like that when i got it"
 
you have 30 days from the day you sign to return the car in most states. I wish i could do the same try this on i buy a durango have it for a day then it is in the shop for a week and a half, talk to the owner of the dealership and he says he will pay my first payment which is due on jan 14. well guess what jan 14 rolls around and no payment, go down to talk to him and he basically tells me to fuck off he aint payin it. well we will see how he thinks about this after my lawyer gets through with him. but seriously bring the car back throw the keys on the table and say thanks but no thanks, if they have nothin signed from a cosigner that they said you needed then they have nothin on you and cannot hold you under law to purchase that car.
 
I had full intentions to return it. I burned the tires bad on Monday night, and bottomed it out and power braked a looong time Tuesday morning before taking it back.

I went in yesterday, demanded to talk to the finance officer who originally approved the loan. He was with another customer, so I went to the receptionist and said I was on company time, had an appointment, and didn't have any time to waste (which was all true). I intererupted the finance officer while the receptionist ran to get a sales manager. In the meantime, the finance officer asks for the check. I tell him, "I don't have a penny and refuse to pay $40 more a month to keep the original terms". He says, 'just wait a few minutes and we'll work things out.' I told him No, that won't work, I'm too busy to wait. So the finance directs me to the sales manager.
I tell him the whole story of the run-around I've been through. The sales manager was really nice, but kept saying "I can't do that original loan agreement, but if you put even $200 down now, I can get you shorter payments." I tell him No, I have no money and will not pay any more than originally agreed for. Then for some reason, without evening pushing the issue (because I was seconds from giving him the keys back), he says "Ok I'll override the loan." My original terms were $183x54 months, $0 down. The sales manager says he can't get a bank to do that term, but does have a bank that will do a loan at $173x48 months if I put $600 down. Then the sales manager says he'll pay the $600 down to secure the loan.

So I walk out of the car dealership, with a $10 less a month payment, and six months shorter loan, than I originally had agreed to when first signing papers.

Which equals out that I got the car for $0 down, 5.9% interest, and $28xx off the asking price. In the end I pay $1638 less than the original deal I had signed for.

Good news for me. Bad news since I roasted the tires badly.
 
Prowler @ Jan 25 2006 said:
Quoted post[/post]]


Which equals out that I got the car for $0 down, 5.9% interest, and $28xx off the asking price. In the end I pay $1638 less than the original deal I had signed for.

Good news for me. Bad news since I roasted the tires badly.
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I told you to just take it back, dealerships pull that shit all the time. its a way to get more money out of you.

take it back and hand them the keys then they say oh wait well.....

bottom line if you signed a thing letting them pull your credit rating and you showed them a pay stub then they have everything they need to give you a loan, afte rthat if they try any of this bull shit then its nothing more then just that bullshit.
 
The Sales manager didn't pay one penny to do that. I would still tell them to stick it. He knew that he could get you to come around by showing you a dollar. Classic, he turned your public disgust (that was making customers nervous) and then unleashed his little "deal" in front of them and came out smelling like a rose.
 
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