O/T: Any of you ever deal with this? Car buying question.
About 3 weeks ago, I bought my DH a car. His is slowly dying and no longer safe to drive, so he needed a newer one, and I also wanted him to have a nice welcome home surprise. Our credit was approved at a pretty good interest rate, I made a down payment, signed all the paperwork, and brought it home. It's been sitting in my garage ever since (i.e. hasn't been driven).
Today, the dealership called me. All of the sudden, DH's credit isn't approved and they want another co-signer for the loan - as thought I were some child and could/would just go ask my daddy or something. /eyeroll I would never - nor would I ask anyone for that matter. Well, he said he'd see what his boss could do, but asked me to "work on that" in the mean time. Ummm, not happening.
So my question is this: the paperwork specifies the rate, the payments, etc. Can the dealership now go back and change their mind (i.e. give is a higher rate or demand a longer payment term)? If we refuse, will they come get the car? If they do, will that be a re-po on our credit?!
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I used to work with student
I used to work with student loans, so I can read an industry credit report. I know exactly what the problem is (house w/ ex-wife still in his hame and in pre-forclosure), and there isn't anything he or I can do about it. HOWEVER, I was upfront with them about this, and they said it wasn't a problem until yesterday.
The car dealership fucked
The car dealership fucked up-----not you. This happened to my parents once..they traded in a car and then called to say that the payment for the new car was actually $120 more a month or they could come back and trade the car back for old. My dad would drive by the lot everyday until he saw the old car get hauled off to an auction and then he went back with the new car and said "OK give me my old car back" and they went out back and---it was gone. LOL.... Needless to say.. I would try to fight it because you have paperwork..and someone did not do their job right..but also ask a professional..someone that knows more about the situation...not sure who that would be though..sorry!
The car dealership fucked
The car dealership fucked up-----not you.
This is pretty well my feeling about the whole issue.
i would say you have a
i would say you have a binding contract, and contracts are binding to BOTH parties, not just the customer. read your paperwork carefully. if i were confident that my contract was water-proof, i would not respond to them at all. let them take me to court.
Go to this site and ask the
Go to this site and ask the question...they are always very helpful and can at least tell you who to call, etc...
http://www.expertlaw.com/forums/forum.php
I used to work for a car
I used to work for a car dealership doing their motor vehicle paperwork and bank contracts. It sounds like (especially given it is the end of the month) they were chomping at the bit to get another car out the door. They quoted you a rate, you signed a purchase agreement. I'm guessing that you have NOT signed an actual bank contract yet and that they sent you home on dealer plates or a temp plate transfer cert?
It sounds like the dealership pulled your credit, quoted you a rate but then when they sent your actual application to the banks that they do business with, that the banks saw something differently than the dealership did. Stick to your guns especially if you signed a dealer/purchase agreement. Make them do the work to fix this!
Food for thought...if you finance through a dealership, they are getting a cut from the bank on your interest rate, so they definitely have room to work with you. So for instance, if the dealership quoted you a rate of 6.5%... if you went directly to the bank yourself, your rate would probably be 4.5%. The dealership is getting the difference in the rate. This is why you should always try to secure financing on your own instead of going through the dealership. Also if they talked you into any type of extended warranty, they are getting a good chunk of change on that as well in mark-up.
^^^^ I agree, our dealership
^^^^ I agree, our dealership tried to screw us on our interest rate, I went straight to my credit union, got a better rate and walked in with a check to purchase the car. They are trying to screw you over and I would pull your credit report and then speak with your bank or credit union about financing the car through them. Good luck!!
I used to call these sorts of
I used to call these sorts of letters (not sure what I'd call the phone calls or other correspondence these days) 'paper tigers'. They can chase you all they want to but there's nothing they can do unless you buckle under the pressure...that is what, in my opinion, they count on. Keep your end up, make the payments and keep the car!
HWGA: Done and done; I'll see
HWGA: Done and done; I'll see what they say.
Thank you, everyone. What you all said is basically what I was thinking anyway. If it had happened say the next day, I wouldn't be finding it *so* strange; I would be annoyed, but would understand. HOWEVER, it's been almost 3 weeks! I have to go on post today for groceries anyway, so I'm going to also take the paperwork in to ACS and/or JAG to see if they have any advice to offer.
I know in California they can
I know in California they can do this. But I don't think it can be done 3 weeks after you purchased car. Lots of dealerships will tell you you are qualified and let you drive the car home immediately. In fact, they put your loan through their banks the following day and then maybe their best bank won't give you the interest rate the dealership told you. I know this used to be legal in CA, don't know if it still is. But 3 weeks later...don't think so.
Well, if you have completed
Well, if you have completed the paper work when you bought the car, you must check the duration of its warranty, as you will be entitled to get it repaired free of cost within that period. Do not spoil your car by storing it in your garage, as you are going to be in trouble if the machinery is not checked for its performance on time. Rest of the credit related things can also be solved with the help of a financial expert. also, take care from the nest time that even if you are going to buy a second hand car, you should never forget to ask for its extended car warranty.
I am planning on buying a car
I am planning on buying a car from this lady who says that there is still money owed to whomever She has the loans from. My question is should I be paying her or the company She is lending from? Regards,
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