Question:
We bought a car through an Auto Wholesale Broker in California. We signed a contract for 48 months @ $302 per month. We are paying a really high interest rate (21%) because of bad credit. This company specializes in financing people with bad credit. We've had the car for about 3 weeks and now they are saying that they can't get us financed and they want to do it "In-house". We bought the car at such a high interest rate so that we could re-build our credit. Now if they do it "in-house" they will not report to the credit bureaus. We told them that we are not agreeable to the in-house financing and we would bring the car back and they could give us our $500 down payment back. They are telling us NO!! They knew that the only reason we bought the car was to re-establish our credit. Who would pay 21% interest and not gain anything from it?? Can we legally bring the car back and get our money back since they didn't get us the financing that they promised? PLEASE HELP SOON !!
Answers:
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http://www.carbuyingtips.com/scams.htm#s...
Do i have time to back out or bargain?
How the scam works: This is the oldest trick in the scam book, increasing in 2005. Lots of people complain about to us about this scam. You buy a new car, the "LieNance" manager says you got a low APR, hands you the keys, and you drive home. (Not all finance managers are LieNance managers, just the ones who lie, so salespeople stop whining to me about this name I made up for the few bad apples). Two weeks and 500 miles later, the dealer calls you saying "Sorry, you didn't qualify for that low interest". This is where "subject to financing" clauses on contracts bite you in the butt. Everyone thinks that you sign papers it's a done deal. The dealer knew exactly what you qualified for before you signed, unless you lied about your income.
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They knew your credit score. If it's above 680, you'll get a low APR. If it's below 680, expect a higher APR. Your credit union will print your credit history and approve you in 10 minutes. I got approved instantly online with Capital One Auto Finance. So why the problems with the dealer's Retail Installment Sales Contract? There usually is no problem, it's a scam. There is a phrase on most sales contracts stating "subject to loan approval". This Jedi mind trick means: "The deal is not final, even though you signed this contract." They'll tell you that you must produce an additional $1000 AND your payments would go up. They pull this scam on people with bad credit, because it's believable. They get the least resistance from this crowd, and figure you'll just pay up somehow.
How to avoid the scam: DON'T FINANCE AT THE DEALER if you have bad credit. Line up your own financing and compare to dealer's financing. Read our chapter on How to finance your car or use online car financing or your credit union instead. By using your own financing, you won't endure monthly payment scams, and the deal will be based on the selling price of the car, not monthly payments. If they start negotiating the car by monthly payment, it's time to leave. If they keep trying to shift your APR up or down depending on whether you buy a warranty or VIN etching, it's time to leave. But if you do finance through a car dealer, leave a deposit on your credit card, and do not take delivery of the car until the loan has been approved in writing a few days later. Then you know the lender has approved your loan. The dealer hands you the keys and say it's all right to drive off right now with the car, but don't do it. For buyers who lease, dealers sometimes call you a week later and claim they "made a mistake and you need to come back and sign a new contract." WRONG. Your lease is a contract, and the dealer cannot make you undo a contract. Just think, if you tried to get out of a lease, they would come after you in court right?
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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.
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The odd thing is, is that it seems the terms of the financing itself won't change-- but there could be hijinks going on that you don't know about.
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And you can be SURE they WILL report to the credit agencies if you don't make the payments on time...
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Another thing it COULD be is that the dealer or salesman will produce new paperwork that lists HIM as the primary purchaser, and you as a cosigner-- and while you'll end up getting the car, his credit score improves as the credit is reported in HIS name (so long as you pay the payments on time.)
How can someone get your name off after you cosign for a car?
i don't know anything about california law, but in texas you have 72 hours to change your mind. it's called right of refusal..i used to sell cars here in houston, and it's something, you don't tell the customers if you want the sale..if you are being finance at any rate they are doing there job to do what the ad says so you cant break the contract but i think if you dont like you have thirty days in which they have to give your down payment back if it is been more then thirty days then you have to pay
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