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OMG Listen to this new pile of BS im getting from a car dealership.....

jcovercash

Diamond Member
If you read my other thread about me being screwed over on financing a car you will know what I have been through lately although I didnt update it with 2 other dealerships that screwed me over this past weekend but this takes the cake here.

I went to a local chevy dealership this saturday, I gave up on getting the mustang although I know I can make the payments I just need to prove I can and then I can get what I want. I wanted to get something cheap and good on gas but something that looked ok to me.

I found a chevy cavilier. I test drove it and worked out pricing and started filling out paper work.

I ended up getting it financed in my name, or so I thought.

I got the car for a little over 14000, (Its a fully loaded cavilier LS 4 door with a few extras.), My interest rate was 13.5%, which wasent bad considering it was my first loan of this magnitude.

I filled out all the paper work for the finance manager, he told me what my monthly payments where going etc... I signed papers stating this #'s and everything, I must have signed 10 papers. They made me a 30 Day tag, and gave me the keys and told me that I would get my tag in 30 days and I should get a bill for my first payment withen 2 weeks, and told me the date it was due.

Well I drove my car around got used to it and decided that I was happy with my purchase, although its not the mustang its a start 😛.


This morning I got a call from the dealership, They told me, "Mr. Overcash We have a little problem, It doesnt seem like we are going to be able to get the car financed for you. You may have to return it to us." I was like WTF........

I signed all the paper work and everything, if I wasent approved where did they get the terms, such as interest rate, and stuff like that. I took delivery of the car its mine now, It would be different if I told them I didnt want it after I took delivery they wouldnt want it/take it back.

I shouldn't have to give it back should I? I shouldnt have to pay a higher interest rate/price or anything either if I get to keep it since I signed the paperwork? If the dealership can't get it financed they just have to bite the cost of the car because its not my problem right????

Im really aggervated because after I finnaly get something they try to take it away! Bad thing is I bought a set of Wheels $700, and I asked if they where going to reimbuse me for them and they said no. I also am supposed to get my windows tinted tommrow, guess I gotta hold of on that just in case.


Thanks for any input.

Josh
 
Troubleshooter Tom Martino just talked about it. Im not sure what you can do about it. But the best way is to not finance trough the Dealership and to shop around at a bank or something.
 
Originally posted by: Joker81
Troubleshooter Tom Martino just talked about it. Im not sure what you can do about it. But the best way is to not finance trough the Dealership and to shop around at a bank or something.

Well I mean I took delivery of it and was lead to belive, there was no doubt actually, that I was financed.

I tried to get financed through somewhere other than the dealership and couldn't.
 
Originally posted by: hypersonic5
Cliff notes.

Got a car.
Signed paperwork.
Took delivery of it
Dealership calls 3 days later saying couldnt get it financed, after I had already been lead to belive that I was.
Probally going to have to give car back. Going to loose $700 I put in wheels, and $130 in tinting if I get it done.

The End.


Please don't be lazy though and read the stuff 😛
 
Originally posted by: AMDman12GHz
Originally posted by: hypersonic5
Cliff notes.

Got a car.
Signed paperwork.
Took delivery of it
Dealership calls 3 days later saying couldnt get it financed, after I had already been lead to belive that I was.
Probally going to have to give car back. Going to loose $700 I put in wheels, and $130 in tinting if I get it done.

The End.


Please don't be lazy though and read the stuff 😛

can't ya swap your wheels back?, and skip the tint and be g2g?

I should start loaning money 13.5 for a 14k loan😀😀
 
13.5%??!?!?!? Did you shop around for a loan at all?

Edit: Guess you did, but still, that's nuts. You should've bought a nice used car that you could've paid in full right away, unless you were strapped and needed something now. But if you're spending a grand on tint and wheels, something tells me that's not the case.
 
It is not the dealerships fault. A lot of times the bank will buy the paper and when they get the deal packet they kick it back. Usually it is because something doesn't verify ie. checkstubs, references, time at employer. Sometimes it is the dealers fault because every once in a while they will fudge your time at employer or pay to get you bought. Sometimes the banks catch it sometimes they don't. I have had a few deals kicked back when I was selling.
 
Geeze dude - you gto ripped a new one - first you look at purchasing a new freggin' cavalier (a car that will depreciate by 50%+ in less than 2 hours of driving it off of the lot), then you try and get financed at 13%?!?!?! :Q Maybe it's a good thing you're returning the car, this time maybe you'll learn to make some more financially sound vehicle purchasing decisions............................
 
Originally posted by: Fiveohhh
Originally posted by: AMDman12GHz
Originally posted by: hypersonic5
Cliff notes.

Got a car.
Signed paperwork.
Took delivery of it
Dealership calls 3 days later saying couldnt get it financed, after I had already been lead to belive that I was.
Probally going to have to give car back. Going to loose $700 I put in wheels, and $130 in tinting if I get it done.

The End.


Please don't be lazy though and read the stuff 😛

can't ya swap your wheels back?, and skip the tint and be g2g?

I should start loaning money 13.5 for a 14k loan😀😀


Yea I can do that, but I singed that paperwork thats my beef, I took delivery of the vehicle its mine, its their problem to find someone to finance it for me now, they should have ahd that all worked out before they gave me the car.

Josh
 
Originally posted by: rbloedow
Geeze dude - you gto ripped a new one - first you look at purchasing a new freggin' cavalier (a car that will depreciate by 50%+ in less than 2 hours of driving it off of the lot), then you try and get financed at 13%?!?!?! :Q Maybe it's a good thing you're returning the car, this time maybe you'll learn to make some more financially sound vehicle purchasing decisions............................

Again 13% is not uncommon.
 
Originally posted by: KingNothing
13.5%??!?!?!? Did you shop around for a loan at all?

Edit: Guess you did, but still, that's nuts. You should've bought a nice used car that you could've paid in full right away, unless you were strapped and needed something now. But if you're spending a grand on tint and wheels, something tells me that's not the case.

Im not strapped for cash. I make decent money. Im 19 years old and the only form of credit I have had so far is a $500 loan. I had to take the higher interest rate to start out with, I can always get it refinanced in a year. I also wanted to build credit, I needed/wanted a new car, needed more than wanted, so I figured I would kill 2 birds with 1 stone.

Josh
 
Originally posted by: rbloedow
Geeze dude - you gto ripped a new one - first you look at purchasing a new freggin' cavalier (a car that will depreciate by 50%+ in less than 2 hours of driving it off of the lot), then you try and get financed at 13%?!?!?! :Q Maybe it's a good thing you're returning the car, this time maybe you'll learn to make some more financially sound vehicle purchasing decisions............................
That's the most ironic comment I've seen yet...
 
Originally posted by: fredtam
Originally posted by: KingNothing
13.5%??!?!?!? Did you shop around for a loan at all?

That isn't uncommon for someone with new or mediocre credit.

That doesn't negate the fact that it's an insane interest rate to pay on something that depreciates so quickly.
 
Originally posted by: fredtam
Originally posted by: rbloedow
Geeze dude - you gto ripped a new one - first you look at purchasing a new freggin' cavalier (a car that will depreciate by 50%+ in less than 2 hours of driving it off of the lot), then you try and get financed at 13%?!?!?! :Q Maybe it's a good thing you're returning the car, this time maybe you'll learn to make some more financially sound vehicle purchasing decisions............................

Again 13% is not uncommon.

Thank you, I did what I had to do, after I pay this off I will be able to finance a vehicle with a lower interest rate. And It basically came down to this being one of the few cars that I liked that I could get financed. Its hard starting out getting loans/financing on your own. I was happy for 13% I was figuring it was gonna be closer to 20%, I wouldnt have taken that though.
 
Originally posted by: AMDman12GHz
Originally posted by: Fiveohhh
Originally posted by: AMDman12GHz
Originally posted by: hypersonic5
Cliff notes.

Got a car.
Signed paperwork.
Took delivery of it
Dealership calls 3 days later saying couldnt get it financed, after I had already been lead to belive that I was.
Probally going to have to give car back. Going to loose $700 I put in wheels, and $130 in tinting if I get it done.

The End.


Please don't be lazy though and read the stuff 😛

can't ya swap your wheels back?, and skip the tint and be g2g?

I should start loaning money 13.5 for a 14k loan😀😀


Yea I can do that, but I singed that paperwork thats my beef, I took delivery of the vehicle its mine, its their problem to find someone to finance it for me now, they should have ahd that all worked out before they gave me the car.

Josh

I'm sure you signed a "spot" form thatlets you take delivery of the vehicle pending financing. The bank has a certain amount of time to kick back the loan. One thing that may of happened is the paper buyers were backed up so the F&I manager didn't get an actual callback. You may have met the general criteria for that bank which is why they spotted you the car. Upon examination by a buyer you didn't meet the criteria. It happens all the time.
 
Originally posted by: KingNothing
Originally posted by: fredtam
Originally posted by: KingNothing
13.5%??!?!?!? Did you shop around for a loan at all?

That isn't uncommon for someone with new or mediocre credit.

That doesn't negate the fact that it's an insane interest rate to pay on something that depreciates so quickly.

Let me guess It would have been ok if I would have gotton an Neon SRT right... I hate those ugly POSes.....
I got what I got because I liked it..... Not for what everyone else cares, I am asking for advice in the situation, not your opinion on my financial decisions.....
 
It's called an unwind. Believe me the dealership does NOT want the car back, now that you have driven it around, they have no options. They can not get a bank to buy your loan. This happens alot of times to more reputable dealers that don't have the nasty secondary finance companies that will drive a towtruck to your house when your payment is late.

They have no choice, and neither do you. You have to return it. Go to a buy here pay here lot, they finance their own money and will get you done but the rate will be higher.
 
Originally posted by: fredtam
Originally posted by: AMDman12GHz
Originally posted by: Fiveohhh
Originally posted by: AMDman12GHz
Originally posted by: hypersonic5
Cliff notes.

Got a car.
Signed paperwork.
Took delivery of it
Dealership calls 3 days later saying couldnt get it financed, after I had already been lead to belive that I was.
Probally going to have to give car back. Going to loose $700 I put in wheels, and $130 in tinting if I get it done.

The End.


Please don't be lazy though and read the stuff 😛

can't ya swap your wheels back?, and skip the tint and be g2g?

I should start loaning money 13.5 for a 14k loan😀😀


Yea I can do that, but I singed that paperwork thats my beef, I took delivery of the vehicle its mine, its their problem to find someone to finance it for me now, they should have ahd that all worked out before they gave me the car.

Josh

I'm sure you signed a "spot" form thatlets you take delivery of the vehicle pending financing. The bank has a certain amount of time to kick back the loan. One thing that may of happened is the paper buyers were backed up so the F&I manager didn't get an actual callback. You may have met the general criteria for that bank which is why they spotted you the car. Upon examination by a buyer you didn't meet the criteria. It happens all the time.

There isnt some legal matter that I can pursue in this? I have never heard of this before.
 
Originally posted by: AMDman12GHz
Originally posted by: KingNothing
13.5%??!?!?!? Did you shop around for a loan at all?

Edit: Guess you did, but still, that's nuts. You should've bought a nice used car that you could've paid in full right away, unless you were strapped and needed something now. But if you're spending a grand on tint and wheels, something tells me that's not the case.

Im not strapped for cash. I make decent money. Im 19 years old and the only form of credit I have had so far is a $500 loan. I had to take the higher interest rate to start out with, I can always get it refinanced in a year. I also wanted to build credit, I needed/wanted a new car, needed more than wanted, so I figured I would kill 2 birds with 1 stone.

Josh

1) Most of your payments in the first year will be interest.
2) Student loans would be a better way to build credit if you're concerned about that. 13% on a car is crazy-go-nuts high.

I'm building credit by having two credit cards and paying the bill every month. You do NOT need to pay crazy interests rates to build good credit.
 
Originally posted by: KingNothing
Originally posted by: fredtam
Originally posted by: KingNothing
13.5%??!?!?!? Did you shop around for a loan at all?

That isn't uncommon for someone with new or mediocre credit.

That doesn't negate the fact that it's an insane interest rate to pay on something that depreciates so quickly.


I agree. To build credit, I went to my credit union and applied for a secured Visa with a 500 dollar limit. Used it for EVERY purchase I made for a year, and paid it off nearly every week via online banking. After one year, I had a FICA score of 695 and was able to purchase a $16k car with a $5k down payment and financing at 3.9%.
 
Originally posted by: Luke1
It's called an unwind. Believe me the dealership does NOT want the car back, now that you have driven it around, they have no options. They can not get a bank to buy your loan. This happens alot of times to more reputable dealers that don't have the nasty secondary finance companies that will drive a towtruck to your house when your payment is late.

They have no choice, and neither do you. You have to return it. Go to a buy here pay here lot, they finance their own money and will get you done but the rate will be higher.

Buy here, pay here lots do not report to the credit bueru unless you are late on your payments, so that does me no good.

Josh
 
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