a week ago (saturday) i bought a new car, signed the papers and everything, drove home. when i got home i noticed there were bubbles in the window tinting so i called this past monday and they said bring it in. the very next day they called to say that there is now an issue with the amount of the payment vs. my income and that i need a co signer EVEN THOUGH EVERYTHING WAS FINE WHEN I SIGNED THE PAPERS. can they legally do that since we already made the deal, already signed the papers and i have had the car in my posession for this long?
2006-09-22 16:21:25 · 16 answers · asked by shedilbry 2 in Cars & Transportation ➔ Buying & Selling
I live in oklahoma. I have not been able to find any laws regarding this type of thing so far.
2006-09-22 16:25:14 · update #1
i'd like to thank everyone who helped me out on this. i went today. looked over the papers with my dad and the finance director (whose wife happens to be a good friend of mine) and yes, it was an income issue... i ended up getting cheaper payments, a better interest rate and they are redoing the tint. i was ready to walk if things went bad but i felt comfortable about everything. hopefully this won't happen again.
2006-09-23 16:31:35 · update #2
I was an automotive sales person and the answer would be no. At least in NY. When you filled out the credit app, the bank either approved you or they gave you stipulations. If you sighned a bank contract at the time of purchase, it should have shown your monthly pmt, your interest rate and the total of the interest you will pay over the time of the loan, etc. If you signed one of these you should be safe. The bank can not just all of a sudden say, oops sorry we changed our minds now! The dealership is jerking you around. Tell them if they continue they can either have their vehicle back and you will tell everyone you know about how they do business, or tell them to call their lawyers.
2006-09-22 17:55:16 · answer #1 · answered by jbmiller06 3 · 0⤊ 0⤋
Here is the problem your payment can only be 19% of your total gross income...if you can not prove the income that was put on the application then yes they will need a co-x...now if your credit is less than perfect then with a co-x, you should renegotiate your payment if they have "perfect" credit (being 720 or higher) sounds like all they really need is the income of the co-x. It is common, and yes they will take the car back because on the bottom of the contract it says on approved credit (O.A.C.) every time these other people are idiots...you don't have a deal until the bank says they will take it. (approved and funded) You can take it back and tell them you can't get one if it is a problem...but as long as they aren't changing any terms then do what you have to...or step down to a payment that is within your means. Now your first step is to call the finance director and ask him to call in a favor to the bank and do what it takes to get the deal done or you will roll it back.
2006-09-22 16:44:12 · answer #2 · answered by Skinny 4 · 0⤊ 0⤋
Be careful here. If the deal is done then you're good to go. However, they might try to repossess it for some made-up reason so make extra sure you have it secured in such a manner that they cannot take it from you since they still have the keys until your last payment.
On the other hand, if you do not like the car for some reason, you might be able to work out a deal that ends up costing you nothing for one week use of a car.
Just make sure they don't drive off with it, they can be very crafty about repossessing it.
2006-09-22 16:25:33 · answer #3 · answered by waplambadoobatawhopbamboo 5 · 0⤊ 0⤋
how are you able to in all probability get screwed paying in user-friendly terms $800 for a automobile that runs. It feels like the motor vehicle has been properly cared for. The mileage is extremely low. Take it on your mechanic for an entire inspection earlier making your determination. do no longer anticipate the motor vehicle to be appropriate or on your funds yet any automobile is well worth $800 if it runs. An old automobile will grant you respectable transportation in spite of if it is going to fee you in upkeep and upkeep. Any old automobile will require an incredible type of provider to maintain it working and in stable shape. you in addition to could could desire to video exhibit that this old automobile won't have any of the trendy protection constructive components stumbled on interior the autos of today. go into this purchase with the strategies-set which you're making an investment in a classic automobile. no longer in user-friendly terms a automobile yet an vintage automobile which will require specific interest as a manner to serve you properly.
2016-10-15 07:53:39 · answer #4 · answered by corridoni 4 · 0⤊ 0⤋
They did a credit check on you.
told you your loan was approved
let you take delivery of the car and now they are telling you
that you need a co signer???
No they can;t do that
tell them give you back all the original paperwork and you will return the car to them
be extremely careful SIGN NOTHING ELSE unless you fully understand what you are signing.
2006-09-22 16:32:47 · answer #5 · answered by gerilynn35 4 · 0⤊ 0⤋
My understanding is that when you fill out the application it still has to be sent to a credit agency (Bank) to verify your egilibility to buy the car, all your information is then checked against what you say you earn and your credit score versus what they need you at to attain the funding for you to buy the car. so a bunch of factors could be why you need a co signer.
sorry it's messed up but that's the way our great economy works. hope it works out for ya.
2006-09-22 16:29:18 · answer #6 · answered by jedd_dean 1 · 0⤊ 0⤋
It sounds like you already had a done deal. Stick to your guns on it, especially if you have copies of the signed paperwork. They will have a hard time trying to change something that is already in writing.
2006-09-22 16:31:07 · answer #7 · answered by Just a guy 2 · 0⤊ 0⤋
If it went down as you said it did and there was not an issue at the signing of the deal ,they are trying to screw you big time and do not let your guard down ,not for once,or they will ruin your credit for a long time to come,you should contact an attorney asap or check your local library for references on this matter.good luck delmy d
2006-09-22 16:42:34 · answer #8 · answered by delmy d 3 · 0⤊ 1⤋
Tell then " No Thanks" We had a deal. If now we don't, there are too many other car dealers. Honestly, if they tried that with me I would call the police and make a complaint.
Cars are everywhere! Get another one
2006-09-22 16:27:49 · answer #9 · answered by Anonymous · 0⤊ 0⤋
not legally no,,they cant do it,,it was there job to check all that out before they sold it to you,,by right,s its your car as long as you can pay for it,,they cant take it back,,if they do,you have a good foundation for a law suit,and they know it,,you need to make them aware that you know your rights as a buyer,,as well as they know there,s as a seller,and see what they say,,if they do take it back,,they,ll owe you some money back on it ,,plus time lost from work or what ever you decide you need from it good luck,,i wish you well with this,i hope this help,s.
2006-09-22 16:30:22 · answer #10 · answered by dodge man 7 · 0⤊ 1⤋