Dealer is screwing me over!!!

veejay · 04-27-2004, 03:31 PM

Well I bought my Titan last week. Negotiated w/ dealer and they got me 6.5% financing. Signed the contract, drove the truck home and I was a happy customer!!

I get a call today and they say they cannot offer the original APR they offered, but it will be around 10%. They said to call my credit union and apply through them. Worst case scenario they will take the truck back and give me back my trade in if I cannot get the loan through my credit union or cannot work it out with the dealer management.

What should I do? I already applied through my credit union, but honestly don't think they will approve. I don't have the best credit in the world. I will find out in about 24 hours.

If they do approve my app then I am going to a different dealer! "Here's the truck back... I got approved, but I'm not getting the truck from here!"

Salesman said it was "slim to none" that they would take the car back if they didn't approve the loan. That was when I was signing the contract. Pissin me off can't wait to get the survey!!!!

Anybody experience anything like this? What was done? What could be done? How did it turn out? btw, I paid about 1000 over invoice for XE KC4x2 in SoCal

bvstone1 · 04-27-2004, 03:39 PM

Classic crooked salesmanship, and a little oversight on your part.

Never EVER take delivery or sign papers until the rate is locked in.

How many months was this loan for anyhow?

veejay · 04-27-2004, 03:41 PM

Quote:

Originally Posted by bvstone1

Classic crooked salesmanship, and a little oversight on your part.

Never EVER take delivery or sign papers until the rate is locked in.

How many months was this loan for anyhow?

i know

loan is for 72 months

bvstone1 · 04-27-2004, 03:44 PM

Dude, 72 months? *shudder*

My rule is, if it can't be paid for in 3 years, you can't afford it. That's my rule, though.

Take it or leave it.

If you can't get financing below 10% for 72 months, then something is up. If it were me, I'd take the truck back, get the trade, and drive it for a couple more years.

veejay · 04-27-2004, 03:47 PM

appreciate the advice. we'll see what happens.

LI Titan · 04-27-2004, 04:15 PM

Quote:

Originally Posted by veejay

Well I bought my Titan last week. Negotiated w/ dealer and they got me 6.5% financing. Signed the contract, drove the truck home and I was a happy customer!!

I get a call today and they say they cannot offer the original APR they offered, but it will be around 10%. They said to call my credit union and apply through them. Worst case scenario they will take the truck back and give me back my trade in if I cannot get the loan through my credit union or cannot work it out with the dealer management.

What should I do? I already applied through my credit union, but honestly don't think they will approve. I don't have the best credit in the world. I will find out in about 24 hours.

If they do approve my app then I am going to a different dealer! "Here's the truck back... I got approved, but I'm not getting the truck from here!"

Salesman said it was "slim to none" that they would take the car back if they didn't approve the loan. That was when I was signing the contract. Pissin me off can't wait to get the survey!!!!

Anybody experience anything like this? What was done? What could be done? How did it turn out? btw, I paid about 1000 over invoice for XE KC4x2 in SoCal

Did you sign contract with 6.5% rate, If you did I would see a attorney. They will have to give you that rate. Check out capital one. They gave me 3.85%. If you have no success I would tell them they can have there truck back.

PHOEBISIS · 04-27-2004, 04:26 PM

veejay,I feel for you.You get a great truck,you are happy,and bam-they suddenly want ~$60/month more(I am guessing on the $60).I would be really tempted to just say screw it,and return their truck.Hey,it is used,they might just figure a way to keep the note at 6.5% . They are going to have to sell the truck again- and now it has a few hundred miles on it.
I am truck hunting,and trying to restrain myself.I would love to have a power seat,and power mirrors,Big Tow etc,but I am staying on the bottom rung and my only debate is XE KC vs CC (how CS is that,no power mirrors on a $24000 vehicle-my dinky Chevy Prizm has them).
Good luck,this is an old dealer trick,and they write the contract in their favor.Still,it won't be so easy to sell a base model that now has several hundred miles on it.Dealers use low advertised prices on the XE's to pull customers in,so many dealers have them advertised at near invoice.They might decide they don't want your truck back-especially if you put maybe a couple grand down in trade or cash.Charlie

Slick50 · 04-27-2004, 04:40 PM

Veejay--I know you feel bad enough so I will be concise and constructive. I am not an attorney (thank goodness), but I do contracts every day, and know the essentials.

When buying a car/truck you enter into a Contract Agreement. Like any Contract, specific terms and conditions apply. If you and the dealer signed a Contract (assuming you did since you took possession of the truck)--was the loan rate you agreed to specified in the Contract? If it was, and they let you take the truck "before" confirming your credit worthiness--then they made the mistake. You must return the truck--but you do not have any further obligation to the dealer. The transaction was in part predicated upon your receiving the specified loan rate, and since if was subsequently discovered that you do not qualify, and since the dealer made the "choice" to lend you the truck pending approval of your loan--the dealer only gets his truck back. Nothing else. You should be under no further obligation regarding this transaction since it could not be consummated as per the initial terms and conditions. If in doubt, or if the dealer gives you any trouble--see an attorney.

Good luck!
slick50

**CaliforniaTitan** · 04-27-2004, 04:44 PM

VeeJay,

Slick is right. Unfortunately you may have to give up the truck if your C.U. doesn't get you through (And, dependent upon how they see you, you could beat that rate).

But, think of it this way a little...the dealer can't sell that truck as NEW anymore....Its now called a 'unwind' vehicle so they will probably end up taking a loss on it or get some other guy in it for what they had with you that just qualifies.

Chris

ChuhBaca · 04-27-2004, 06:03 PM

That's BS! I've heard of this before. The dealer manipulates the numbers so that they look reasonable to you. This doesn't mean the financing has been approved. They just want you to leave with the vehicle, show all your friends and get attached. Then they call you with the real interest rate and sometimes even ask for more money down. I say take the truck back. Also, go to www.troubleshooter.com. This is Tom Martino's website, who is a consumer advocate. I listen to his show pretty regularly and he has resolved that exact situation many times before on the air. I do suggest getting the phone number from the website and calling. That will get you a better response than trying to e-mail.

veejay · 04-27-2004, 07:08 PM

thanks for the encouragment guys

Yes the contract does state the APR and signed by both parties. I guess they couldn't find anyone to take the loan off their hands. I am anxiously waiting what my CU has to say.

You're right I can't really lose (except being teased w/ having a titan for a week)

I only have 200 miles on the truck, so if I know for sure I will have to give it up I will be driving just for the heck of it.

I was going to walk out and not buy the truck, but they lowered the APR and gave me more for my trade in to satisfy what I wanted as a monthly. I have emailed the salesperson but they have yet to respond.

Like I said... I hope my credit union helps me out.

Do you think it is wise to return the truck and go to a different dealer if they do approve me? Will I have to compensate them for the gas the full tank that I used up!?!?? Although this situation sucks, I'm sure theres something positive that can come of it! I love the truck... just have different feelings about the salesman/dealer.

**CaliforniaTitan** · 04-27-2004, 07:30 PM

I would not let them know if your CU approves you unless of course they do at the same or lower rate and you want to keep that specific truck. Otherwise, I would try a different dealer if you are approved armed with knowing what you are approved for.

Chris

lizardking · 04-27-2004, 07:39 PM

Quote:

Originally Posted by veejay

thanks for the encouragment guys

Yes the contract does state the APR and signed by both parties. I guess they couldn't find anyone to take the loan off their hands. I am anxiously waiting what my CU has to say.

You're right I can't really lose (except being teased w/ having a titan for a week)

I only have 200 miles on the truck, so if I know for sure I will have to give it up I will be driving just for the heck of it.

I was going to walk out and not buy the truck, but they lowered the APR and gave me more for my trade in to satisfy what I wanted as a monthly. I have emailed the salesperson but they have yet to respond.

Like I said... I hope my credit union helps me out.

Do you think it is wise to return the truck and go to a different dealer if they do approve me? Will I have to compensate them for the gas the full tank that I used up!?!?? Although this situation sucks, I'm sure theres something positive that can come of it! I love the truck... just have different feelings about the salesman/dealer.

Try Capitalone.com for a auto loan...They usually approve everyone..

geece1 · 04-27-2004, 07:51 PM

I hate hearing about the yo-yo or spot delivery as it sometimes called.

dude I hope your credit union can help you, but since you already know your credit is not the best, then you should know that 10 percent APR is the likely outcome.

I think you will find due to the terms of the contract (conditional or rescission clauses) it may be hard to simply "unwind" this deal and get your trade back.

On the upside you'll be aware of it in the future, and your not alone, this is the number one trigger of fraud lawsuits against dealers.

Yet they still pull it on those with less than perfect credit, hoping to jack the loan based on emotion. good luck

ZubbyZu · 04-27-2004, 07:51 PM

Quote:

Originally Posted by CaliforniaTitan

I would not let them know if your CU approves you unless of course they do at the same or lower rate and you want to keep that specific truck. Otherwise, I would try a different dealer if you are approved armed with knowing what you are approved for.

Chris

I second that. One other problem you may have if the dealer is actively looking for financing on your behalf is "excessive inquiry" on you credit profile. This puts you in a worser shape.