Question:
I bought a car from a major car dealer ship one week ago. I got a call telling me to bring the vehicle back because they were "unable to find a lendor" for me. I had traded in a car, and the car was sold off to auction. They gave me "trade-in" value for my car ... now I'm without a vehicle completely and could have sold it for twice the amount I was given. Since my vehicle was sold, they can not get it back. HELP!
Answers:
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They had no business selling your old car or even letting you take the new one until your financing was in place and approved. I think you should consult an attorney. At the very least they should give you retail value for your car since they sold it while in their possesion. How could they have even had a clear title to sell it? First, check out the true value of your old car. This is usually listed 3 ways which are retail value, trade-in value, and loan value. The highest value would be the retail value. Then go talk to the dealership and tell them they should pay you at least retail value for your car since they can't give your car back to you. It is possible that if you talk to a manager or the owner of the dealership they will work with you to resolve this under the circumstances. If they will not work with you let them know that your attorney will be in touch with them. Of course if there isnt much difference in the retail and trade-in value you may just want to file this in lesson learned as attorneys are expensive.contact a lawyer
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Did you already give them the car back? I would contact a lawyer, you got screwed. Sorry about your luck. Tell us what dealership so nobody else goes there and gets ripped off.Do you think I could find a running vintage Muscle car at junk yard?
You can try to do a search on the dealership. If you need help I am a wiz at getting info off the web.
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Tell them you already sold their car, since they already sold yours.Stay calm, this could work out for you. They should be able to get your car back. If they cannot get your car back and you are not happy with the money they are offering then don't accept what they give you. Ask to speak to the owner or General manager tell him/her what will make you happy if you cannot come to terms then contact a lawyer or your local tv station. The dealer will more than likely offer you more to make you go away.
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They should not have auctioned off your trade in until you obtained financing. I'm suprised they let you drive out with the car under those circumstances. They should have been able to find a lender for you, but maybe not at the rate quoted on your sales agreement.You lost all leverage to negotiate when you returned the new car.
First I would look at the fine print of your sales agreement, and see if they violated any of the terms. You can check car prices on line for your previous car value, but if you agreed to the value when you traded in, you could be legally stuck with what they offered you.
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Basically you are f!#**d. If this was unintentional and they are honest, they could give you the difference up to the kbb value, or sell you another used car trade in of equal value. If their actions were intentional and they don't make it right, I would treat them the same. Don't most dealers have showrooms with large plate glass windows? Be careful and good luck.
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If you could have sold it for twice the amount, why did you trade it in the first place???? If getting the low value was OK then why isn't it OK now????You screwed yourself by not obtaining financing before and not selling it private.
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Hope you learned your lesson.
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ok, first let me clarify. the FORD dealer is an individual dealer, not necessarily representative of FORD as an entity.second, the fact that your car was taken to auction before your deal was bought was an oversight. CALMLY deal with the general manager, as screaming and yelling will not help anyone feel sorry for you, nor will it get you any help.
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the dealer should be able to do something to help. perhaps getting your car back, finding a comparable unit, etc.
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where you got 'screwed' as you put it, is when you stopped paying your bills, or got in a medical situation, or whatever circumstance it was that damaged your credit. please do not blame the dealership for your past mistakes.
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if dealing with the GM gets you nowhere, then ask for the owner. if it is a conglomerate (no owner available) then go to your local 'we are on your side' tv station. you can get results without having to pay an attorney.
lastly, NOT ALL CAR SALESMEN/LOTS ARE THIEVES. we work hard, often for very little compensation, and for very long hours. mistakes can happen, and, unfortunately, in this case, the mistake had to happen to you. would you be up in arms if you had been undercharged a few thousand dollars? i bet not. if you deal with your dealership in a reasonable fashion, you may be able to get the deal approved,. perhaps at a higher interest rate or a different payment, or maybe with a lesser vehicle. in any case, be reasonable. you may have them over a barrel, but how you handle yourself here will be critical. maybe you can even get the owner to guarantee your note. bottom line... treat the dealer with respect and you will be treated the same, i promise you that you are important to him/her and their business.
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to answer your original question, though, i can't say that you are ENTITLED to anything at all. the dealership didn't deny your loan, they just screwed up the whole thing when they sold your trade too fast.
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