Question:
Last Mon went to car dealership and they let me drive home a new 06 maxima. Credit not established so they gave me 20 days to come up w/ 3k. Now...he calls and says "we need 5k" in order for financing to go through! I called him several times yesterday...and he still has not returned my calls. Large dealership...Nissan/kia/dodge. I pay the extra 2k or tell him I will bring him keys? I love the car.but I don't know if it is just easier to pay the extra $. Anyone have any advice or experience in this?
Answers:
Can a used car dealership change financing on a contract?
I do not know all the details but I do know the more you put down the lower your payments will be. Your credit rating and how long you have the loan for effects your interest rates. Did you have a certain monthly payment that you wanted to pay? You could go elsewhere but I do not think what they did was bait and switch. To me they advertise a car at a really cheap price. When you get there the car was supposing sold just before you arrived. They have another car almost like it but for some reason the price has doubled. That would be bait and switch. Did the price of the car stay the same and they want a bigger down-payment. Actually I never heard of car dealerships letting you just drive off in a brand new car with out them checking your credit and giving you 20 days to come up with the money. Tell me what dealer so I can go thereTell him to take a flying leap. There are plenty of car dealerships out there. You had an agreement. If he changes the terms you are fully in your right to walk away. Flat out laugh at him. Tell him it's 3k or you walk away. Remember he needs you. You don't need him. He needs to make the sale. You can buy a car anywhere.
Wow I rhymed alot and I didn't mean to.
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Take the car back.If you have a Car Max near you, it is worth the drive. I recently bought a vehicle from them after shopping at close to 15 regular dealerships. It is a total night and day difference. I was treated respectfully and the salesperson helped to get me into the vehicle I wanted, not the one he wanted to put me in.
Car Max sales associates are paid a flat rate for every car they sell, it doesn't matter if it is a $500 junker or a $60,000 truck.
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Look at the paperwork he received from the bank that approved your financing. Then, go to your bank and see if you can get financed through them. I always prequalify before purchasing a new vehicle. I let the dealer run his numbers and go with the cheaper rate.It is not odd for a bank to want more of a downpayment to put your monthly payments into their "realm of reasoning". Without the extra 2k your payments may be a little higher than you can afford.
Regardless, I would take the vehicle back today. Don't fall in love with it. It's a car that gets you where you need to be.
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I would also shop several other dealerships. You may be able to find a comparable vehicle from another dealership, Car Max, rental companies or Driver's World. My friend found her dream car from Enterprise Rent a Car for 5k less than she was willing to pay!
Good luck in your endeavor with the dealership.
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yup, Flying Leap! Go to another car dealer, that one you where at should be closed down for praxtices like that.It's the biggest "High Pressure Sales Scam" going!!! You should have had everything in writing and if you did not----- Hopefully you learn by your mistakes!
I would tell him a deal's a deal and if you don't hold up to your end, here's the keys! I'm sure they'll see it your way!!!!
The dealers are using this scam to get you into the car and suckered into a "full price" purchase! They won't even bring up money unless you do!! PROFESSIONAL CON ARTIST!!
Coolin-Off period for Used Cars?
Do you have the agreement in writing? if so, don't pay the extra 2k, bring up the the agreement and hold him to it. If he doesn't want to uphold his end of the deal then throw him the keys and go somewhere else.Best Car For Cheap Car Insurance?
My advise would be to take the keys back to the dealership! Then I would go to another Nissan dealership and tell them if they don't make you an a better offer than the last place you are going back there to buy! The fact about financing is, that every financee asks for different down payment. The dealership you are working with may not have a financee that the other dealseship may have! Which could mean they may ask for no down payment because the financee that they use doesn't require it!I used to sell cars and dealerships love taking buisness from there nearest "rival"!
Run...DO NOT WALK back with your contract or written agreement, and hand him the keys. A single party cannot change a written agreement. (IT TAKES BOTH OF YOU).
What? Nothing in writing...(which I doubt) Take it back and toss him the keys.
If the contract is broken it is NOT valid.
Can someone tell me what make and model car this is?
Every financing contract states: "SUBJECT TO CREDIT APPROVAL..." meaning that the contract is null and void if the dealer can not get you financed or not at the terms listed.Why are there so many Pruises still on the lots at the dealerships?
The dealer is NOT trying to scam you. they are simply saying the lender requires more downpayment to finance you since your credit isn't too great. This is normal.
Exactly how can you and what do you need to buy a car and pay it off with monthly payments?
But they are scamming if they are raising the overall cost of the vehicle by $2k.
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If you like the car, then you will have to come up with $5k.. or return it and be thankful for getting to drive a new car for couple of weeks for free.
Apply for financing at capitalone.com or eloan.com. they usually don't require a downpayment.
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