Car Dealer/ Personal opinion: input.

Zarken

Zarken

Club Member
Just looking for people's opinions or professional input.

last Friday, went to dealer to buy a car. They wrote it up, I did a trade in that was upside down. Payment was good, I signed the papers, and I get a call today and they say financing didn't go through. Said my payment will increase 100 per month and now they need $1500 down.

main reason I went this route was the payment was a hefty reduction and zero down. I wouldn't have taken the deal initially if it went this way.

now tomorrow when I go in, am I obligated to take this deal? Or can I just get my trade in back and give them their car back and call it a day? I mean with the increased payment plus down payment, I am back where I was with my old car. At least with the old car I only had 16 payments left versus 72.

your thoughts on the info above? Am I obligated for anything?

as a side question. I can get my trade in back right? If they already sold it, how does that work with it being upside down? Are they on the hook for that? I am pretty sure they haven't sold it though. Just want to cover my bases.
 
How did it take a week for them to figure out financing didn't go through? Usually that stuff is handled while you sign papers.
 
They probably want to get you in asap to sign something. I'd read over the fine print and see if you are legally entitled to forcing them to hold their contract
 
Walk away. It's a bait and switch. They are also going to try to get you to pay for the mileage on the 'new' car.
 
I would get in touch with either Matt Stanford at Varsity Ford or Francis J at Golling CJDRF. That sounds very shady to me. As some one else pointed out all of that should have been figured out before you left with a car.
 
DeFormula said:
I would get in touch with either Matt Stanford at Varsity Ford or Francis J at Golling CJDRF. That sounds very shady to me. As some one else pointed out all of that should have been figured out before you left with a car.
Click to expand...

x2

Bait and switched.
 
x349588596886968849

Bait and switch all they way. Its their problem that they let you take the vehicle before financing. Legally you are not obligated to any changes in the contract after you sign it.
 
I think pretty much anyone would want/need to know their payment even before you sign, not when you sign...
Maybe you were approved with the initial deal, but not when it was changed, or maybe just don't agree with the changes.
Regardless of that...How did you even get to leave with the new car before you were approved for the financing?
 
First can we assume this is a used car? This practice is pretty common in the shady dealers, bait and switch like the others said.
 
I would love to see the fine print on that contact! It sounds pretty illegal, though. There are tons of laws on how cars are sold just to prevent this kind of scam. If you can walk away, I would in a second. I think the reason they waited so long is that there is a 3-day rule where you can back out of a car deal. So they waited until you passed that for sure.

-Geoff
 
I would start parking that in a locked garage too - if you don't take the deal they will probably send Bubba over to repo it. I would complain to the state, there is a bureau that licenses the car dealerships. That is who has the authority over them.

-Geoff
 
mustangjoe87 said:
First can we assume this is a used car? This practice is pretty common in the shady dealers, bait and switch like the others said.
Click to expand...

It's a new car. 2017 Focus - 5 speed SE model.

But based on the inputs so far, What I was feeling sounds like what you guys are saying. Something just didn't seem right for them to come back so long after the initial signing.

I will be reading the paper work again on lunch, I may even copy it all just for record keeping. But yeah, I signed and they sent me on my way Friday night. The 3 day thing wasn't even a thought as I was pleased with the total financed (even with negative equity), interest rate(1.9%), and payment. Now with 12-14% looming over the same financed amount and wanting $1500 down, It's not really a good deal any more.

As for the mileage, I will cross that bridge when I get to it.
 
If you signed a contract that shows your interest rate at 1.9%, tell them to pound sand. It's legally binding. Call them out on it. I had a somewhat similar experience when I bought my house. I put in my bid, myself and the seller both signed the purchase agreement, they said people could still bid on it, and I called bullshit and got my house for my lowball offer.
 
The only thing that stands out on any of the documents at this time is line 15 on additional terms for the sale price document.

"Buyer Acknowledges that any credit purchase is subject to final bank approval and if rejected at any time, the vehicle must be returned to Dealer on Demand (that parts was in bold) in the same condition as when accepted by buyer and the vehicle is subject to repossession. "

There is another line about refusal or failure to complete the purchase. While I would gladly purchase at the original terms, the new terms don't work for me.
 
Yikes... sounds like a mess! Hope you get it sorted out in your favor...

No offence to the ones who work at a dealership, but this is just another reason why I hate dealerships in general!
 
I am not sure anything underhanded was done. The people there were actually quite friendly. But this is just one of those rare things I guess. I looked on line for reports on the dealer to see if anyone has had issues. I saw nothing. Everything looked good. So in this case, It's just unfortunate luck.

I will update as I will be heading to the dealer tonight to resolve.
 
Zarken, I wouldn't talk, or sign anything further with that
dealership until I had an Attorney review my contract / paper
work.

You don't know the legalities involved or your rights.
 
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