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Car dealer screwed up my interest rate...
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xgsound
Golden Member
If they are serious and your original signed deal is now being represented as meaningless, I say take them at thier current word, and there is no deal. Take the car back and don't deal with them at all for anything. There is no point making a deal with someone who won't honor a signed, countersigned, and notorized contract. This sounds like it will only be the beginning if you try to deal with them.
They should have be embarassed to let you know they made such an error, and if they're not, they're used to it.
Jim
They should have be embarassed to let you know they made such an error, and if they're not, they're used to it.
Jim
usually factory finance specials are either financing or the rebate, not both.
anyway, they're most likely lying, in which case i would call the cops and have some gun n' badge roll up.
since when do you have to go to the dealer you bought your car at to get service?
Regs
Lifer
It will likely be a win-win for them.
I went at the end of the month and got them to go from 24000 to 19000. They needed to make the sales qouto of 8 more cars for the end of month for bonuses and perks from Mazda.
So they likely met their qouto and if they get their car back they could sell it to someone at 22000+ next month and still keep their bonus.
If I go back and re-sign with my bank I can keep the 1,000 rebate and get a 3.9 from my credit union. Though that will mean they could likely pull more stunts if I re-opened terms and another contract.
I can keep the car at 3.9 plus the - 1,000 rebate from Mazda with added hastle or give the car back and start from square one. Though I'm sure they'll still try to make a sale no matter what.
I went at the end of the month and got them to go from 24000 to 19000. They needed to make the sales qouto of 8 more cars for the end of month for bonuses and perks from Mazda.
So they likely met their qouto and if they get their car back they could sell it to someone at 22000+ next month and still keep their bonus.
If I go back and re-sign with my bank I can keep the 1,000 rebate and get a 3.9 from my credit union. Though that will mean they could likely pull more stunts if I re-opened terms and another contract.
I can keep the car at 3.9 plus the - 1,000 rebate from Mazda with added hastle or give the car back and start from square one. Though I'm sure they'll still try to make a sale no matter what.
OP, you have the choice whether to sign a new contract or not. If you refuse, they have two options, let you out of the deal, or make the original deal good. It may very well be, that either the sales manager, or the finance person, misunderstood the program, giving you both the special interest rate, as well as the rebate.
The problem, is, if this is factory financing, and there was infact a mistake, the lender is not gonna fund that deal. What I mean, is the dealer is not going to get paid, making it a deal breaker, unless you re-sign. Looks to me like you are out of the deal, if you want to be.
That said, now you have a decision to make, rewrite at their terms, or return the vehicle. Their out, is in the fine print. All car deals are subject to lender's approval, regardless of whether both you, as well as the dealer have signed the contract. If a deal cannot be approved at the special interest rate and rebate, they can back out.
The funding department will catch a non qualifying rebate and reject the contract back to the dealer. Here is something else you might need to know. If your credit union will match that rate, all you need to do is go to the dealership with a check in hand from the credit union, and tell them you wish to pay off your balance. They must accept this.
The problem, is, if this is factory financing, and there was infact a mistake, the lender is not gonna fund that deal. What I mean, is the dealer is not going to get paid, making it a deal breaker, unless you re-sign. Looks to me like you are out of the deal, if you want to be.
That said, now you have a decision to make, rewrite at their terms, or return the vehicle. Their out, is in the fine print. All car deals are subject to lender's approval, regardless of whether both you, as well as the dealer have signed the contract. If a deal cannot be approved at the special interest rate and rebate, they can back out.
The funding department will catch a non qualifying rebate and reject the contract back to the dealer. Here is something else you might need to know. If your credit union will match that rate, all you need to do is go to the dealership with a check in hand from the credit union, and tell them you wish to pay off your balance. They must accept this.
www.carbuyingtips.com
I've read that manufactures rebates/ discounts are incentives from the Company to get the cars to sell. It is up to the dealer to handle it.
You should give it a look
I've read that manufactures rebates/ discounts are incentives from the Company to get the cars to sell. It is up to the dealer to handle it.
You should give it a look
theeedude
Lifer
Why do you need to bother with this at all? They signed a contract, you signed it. If they made a mistake, tough sh!t for them. Do you think if you made a mistake and they hosed you, they'd let you come back and change your mind? Just tell them to pound sand. You are keeping the car and paying what you agreed to pay in the contract. Plus tell them further contact on this matter will be considered harrassment.
Regs
Lifer
I see why they gave you elite status. I got on the phone again with him (the finance manager is 24) and they said that their bank or lien holder wouldn't honor the contract so it would be a deal breaker. In legal terms this creates unnecessary hardship on them because they won't get their money for their car.Now if I couldn't pay the loan due to bad credit I could also get out of the deal thanks to NJ state law so it would work both ways.
New terms it is then.
GuitarDaddy
Lifer
If you really want to keep the car I would first try and see if your CU will match the rate, if so take the check to the dealership and as another poster stated they are obligated to take it. If your CU won't match the rate, then go to the dealership(after a long joy ride)and remind them this was their mistake and tell them your willing to forego the rebate if they will split it with you and come off the price of the car another $500. If they get snitty, let them keep the car.
Remember that you have the leverage at this point, and don't feel bad about putting the screws to them. They make a living off of doing it to other people🙂
Remember that you have the leverage at this point, and don't feel bad about putting the screws to them. They make a living off of doing it to other people🙂
herbiehancock
Senior member
This is the #1 scam on Car Buying Tips.com.......quoted for your reading pleasure:
Quote taken from here. LOTS of good info here on car buying.
Quote taken from here. LOTS of good info here on car buying.
Gooberlx2
Lifer
Like others have said, use your leverage. If you're unable to get the same rate through your CU or other lender, then I would offer the dealership that you'll take the financing offer if they drop the extra $1000 from the sales price of the car (thus cancelling out the rebate on your end...the dealership actually takes a small hit from financing a lower amount). Do this all over the phone, so this way if they refuse you can load up on some miles before you turn it in. Also make sure they haven't already sold or otherwise gotten rid of your trade-in.
I had a car dealer do this to me. The bottom line is you have a signed and valid contract. It's not your fault if they made a mistake. This is often done to get you a higher payment as they will claim you can't get both the rebate and the low rate, which they knew up front. Of course you can't return the car cause your trade in is gone, etc.
You have a legal contract. Read the terms of your contract so you are familiar with them. On my contract it said, "California is a no cooling off state." Meaning that all sales are final. So I refused to resign my lease until the terms were more favorable for me.
Simplest thing to do at this point is to not return their calls.
You have a legal contract. Read the terms of your contract so you are familiar with them. On my contract it said, "California is a no cooling off state." Meaning that all sales are final. So I refused to resign my lease until the terms were more favorable for me.
Simplest thing to do at this point is to not return their calls.
Vic
Elite Member
This is a bait-and-switch tactic known in the car sales industry as "rolling," they got you to "roll" the car off the lot. The customer assumes the deal is complete, then the dealer calls the customer up with a "problem" with the paperwork, and the customer is told that he has to re-sign at less desirable terms.
You are under no compulsion to do so. You can (1) tell the dealership to shove it, where they could either fix the problem or ask for the car back (which they can do, but at absolutely zero cost to you), or (2) you could acquire your own financing for the vehicle.
You should definitely return their calls and resolve the situation. The problem is with the financing, not the sale itself. From the legal perspective, the dealer has not been paid. Think of it as being akin to writing a check for the car, driving the car off the lot, and then the check bounced. Obviously there is a problem. Yeah yeah the dealer wrote out the check for you and told you they'd handle it, which does saddle them with some liability beyond the bounced-check analogy, but they still have a valid legal claim.
Quick note as well: THERE ARE NO "COOLING OFF" STATES. The 3 day right to cancel or rescind contracts ONLY applies to unsolicited in-home sales (think door-to-door vacuum and encyclopedia sales) and residential mortgage refinances on owner-occupied properties. NEVER for car sales. If there was a 3 day right to cancel on car sales, then you would see me at the dealership every Friday picking up some sports car to race at the track all weekend and then return on Monday.
You are under no compulsion to do so. You can (1) tell the dealership to shove it, where they could either fix the problem or ask for the car back (which they can do, but at absolutely zero cost to you), or (2) you could acquire your own financing for the vehicle.
You should definitely return their calls and resolve the situation. The problem is with the financing, not the sale itself. From the legal perspective, the dealer has not been paid. Think of it as being akin to writing a check for the car, driving the car off the lot, and then the check bounced. Obviously there is a problem. Yeah yeah the dealer wrote out the check for you and told you they'd handle it, which does saddle them with some liability beyond the bounced-check analogy, but they still have a valid legal claim.
Quick note as well: THERE ARE NO "COOLING OFF" STATES. The 3 day right to cancel or rescind contracts ONLY applies to unsolicited in-home sales (think door-to-door vacuum and encyclopedia sales) and residential mortgage refinances on owner-occupied properties. NEVER for car sales. If there was a 3 day right to cancel on car sales, then you would see me at the dealership every Friday picking up some sports car to race at the track all weekend and then return on Monday.
I don't know where he lives. If a person lives in a smaller area, often times the distance to the next dealer for that make may be prohibitively far away. It then becomes impractical or a pain in the ass to have to drive 45+ minutes to get your car serviced.
This counts more for foreign makes like his Mazda. Ford and Gm dealers are in every small town in America.
It's not win-win for them, it's win-win for you. Either you spend a few minutes at your credit union and get 3.9% through them (and screw the sleazy dealership in the process), or you spend the next week ("I'm sorry, I won't be able to drop the car off until next Friday, due to my work schedule") putting crazy miles on the car and driving through mud and crap ensuring that they can't re-sell it as a new car. Personally, I'd forget matching the terms and just go with the latter...but I really hate most car dealers.
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