Question:
So I made my vehicle purchase 10 days ago. Got everything, every little detail down on a contract and signed by both parties. Today I get a call from the dealership saying something that they cannot honor the APR quoted on the contract as they cannot get a bank to finance me with my credit score. Can they do this? I already put my downpayment and more importantly, We did sign a contract. Something is wrong I think. All advice is appreciated.
Answers:
My husband and I are expecting our first child in September. We would like to purchase an SUV?
What to do if this scam happens to you: If you you got a good price on the car, your best solution is to preserve your deal so get your own instant financing online. If you have a credit score over 650, go online right now to Capital One Auto Finance or E-LOAN and apply online, and get approved within the hour. They will FedEx you a check the next day, you'll take it to the dealer to pay for your car, now you have a car loan, no "financing fell through!" If your score is below 650, then apply through AutoCreditFinders instead. If the dealer refuses your online check, you should try to get out of that deal. File a complaint with the Better Business Bureau at BBB.com, and file a complaint through your state's Attorney General Web site. They are all aware of Spot Delivery Scams.Why do people spend fortunes "modding" up their Corsas and other naff cars ?
from the website:http://www.carbuyingtips.com/
this is one of the top ten dealer scams
How does a trade in work? i have a 04 accord with 75000 miles and in perfect condition.?
i dont no but i have heard this happening to several friends...they let u leavewith the car because they no ull fall n love with it and ull find a way to keep it.. like giving a kid an awesome toy and takin it back.. they have little writing to protect them in the contract..they are goin to tell u get a co-signer
Survey on early 90s small 4x4 pick ups?
Play hardball with them and tell them to make it happen. Tell them if they renege you'll make sure everybody will hear about it (I'm sure your local consumer investigative TV reporter would love to follow this story. Consult an attorney to find out what your options are.When consumers make mistakes they have to pay the price. Car dealers that make mistakes should also lose the money. The dealer has a myriad of options for financing and they have plenty of money. Don't fall for the "poor us" routine.
Can I buy a car from the US, UK ? I live in Israel!?
Good luck to you.
I believe that if you look at the contract, it is contingent upon financing at the quoted rate. If the dealer cannot get a bank to finance at the quoted rate, then you can 1.) accept a higher rate from the dealer; 2.) obtain your own financing from an independent source; 3.) or back out of the deal entirely. The only item in the contract that is in question is the interest rate. If you decode on options 1 or 2 then the sale price, trade-in (if any) and all the other details should remain the same. Hope this helps!
You need to contact the Dealers Division, through the DMV. Unless there is wording in the contract that the deal would be off if financing was not available, the dealer cannot do this. Keep all of your documents, do make that call.
Let me quess what? They want more money down right? This is a scam some dealerships are using today. Pay a lawyer his usual $50-$75 consultation fee and see if in your state they can do this. Next, call the dealership and say I am bringing back the vehicle and I want all monies paid as a down payment by me back to me ,and then do it and say (name a bigger dealership) and say they will sell me the same vehicle for the same deal. Watch them come up with something that allows you to buy that car using another finance co. .Just make sure they don't add a yr or two to the loan.From now on YOU make financial arrangements with your bank or Credit Union before going and buying a car.Also, never trade your car in! You sell it!! Advertise it in your local newspaper and with the money ya get from the sale put it on your principle of your current lan and you can cut down the final balance due. Depending on the amount as much as a yr off your current loan
What are my right, when the bank repossess my truck?
Sounds very fishy..the dealership should have cleared everything on your purchase date. If there was a discrepancy in your credit that would make them unable to finance you, it is most likely due to their error.If you signed all your agreements and drove the car home, then this is not your problem.they are hoping you will get scared and agree to break contract early so they don't have to deal with their own mistake.
What i'm concerned is, if you agreed to everything beforehand, the finance company should have already secured your financing program..this tells me the dealer is up to something shady, or there is a mistake.
Because they are not honoring their originally financial agreement with you, I would try to get my downpayment back and return the car, and go to a more legitimate dealer.
i dont think they can do that once a contract is signed thats the deal and if they repo the car take them to court and sue for the whole price of the car you want plus lawyers fees
Anybody know how much i shud pay for a lower range twist and go moped?
If people would just read the damn contract beforehand. they would see: "SUBJECT TO LENDER'S APPROVAL."How much should i pay for a 2007 honda CRV LX2WD if the invoice is 19,600 and the MSRP is 21,195?
This means that if financing falls through, you MUST RETURN THE VEHICLE OR AGREE TO NEW TERMS (Higher rates, Higher downpayment, etc.).
Cars with rediculously low resale value?
If you do neither, they will report the car as stolen and arrest you on sight.
I have a car and a loan that is in my ex BF's name. How do I get everything in my name?
READ WHAT YOU SIGN PEOPLE!!! THEN YOU WOULDN'T HAVE TO ASK THESE QUESTIONS!!!
Looking for a used vehicle in Southern Illinois?
Dude,Does anybody have any opinions on the Jetta or The Mazda 3 or Both??
Until you are driving the car and the car is registered to you, nothing is set, and even then deals can be unwound depending how aggressive the sales manager is. What I'm reading here is that you put a down payment on a car, but the dealership is having trouble getting you bought by a bank. I'm taking it, you have not taken delivery yet. Here is how it works: you made a deal,
however, I guessing you have less than stellar credit, because most dealerships can roll the car the same day you buy it, assuming you have the proper credentials, valid license, insurance. The dealership is trying to get you bought and is meeting resistance, by saying they can't honor the APR is their way of saying 'your deal is dead'. Could be, their F&I guy is an idiot.
I just bought a used car two weeks ago but the dealer have not given me the car what can i do?
If you really want that car, try this, offer to get a co-signer, pursue other finance avenues: i.e. credit union, outside financial institutions etc. or if they can get you bought at a higher rate take the rate and enjoy your car. The next time you do this though, try to find outside financing before you buy. Saves a lot of hassle and aggravation.
Where can i check vin numbers online for free?
The worst that can happen is you get your down money back, believe me that is the last thing we want to do. Trust me.
Hee-hee....
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