i was sold a car that was a demo(financed as new)?

Question

The finance man at the car lot gave us ahigh percentage rate even though we have credt of gold. I said "NO WAY" So he said if we buy a replacement warrenty we would get a better intrest rate and so we did. We were in need of a car and had no time to reserch. I called the bank to confirm and they said that is not true and we could cancel with no problems. Now i was looking on my window sticker and things listed are not on the car. This place is making a habit of this and i want to do something about it. What should i do

I did sign a contract. Only because the finance guy said it was the only way to lower our intrest rate.

Is that fraud. I am not looking for a way to get monry but, i want to get them in trouble if they are doing something wrong. I think it is called gap isurance.

I bought the car a year ago

Answer 1

A year has passed? The best you can hope to take from this is experience. Just keep saying to yourself, "Next time. Next time."

Answer 2

im a dealer and a finance director of a dealership. there's a lot of gray area in what you are saying. the rate itself varies quite a bit depending on alot of different factors when your purchasing a car/vehicle. the banks can not and do not give you a lower rate depending on whether or not you purchase gap or extended warranties. but....often it is the dealers discretion to offer you a lower rate if you purchase other options. there is some question of legality in this though. you can cancel the extended warranty or gap coverage at any time it will be prorated back to the loan. it wont change your payment but will reduce what you owe on the vehicle. but you will be losing coverage. personally i WONT purchase a vehicle w/out gap (again im a dealer) both of my cars have gap on them. insurance companies are not paying vehicles off gap is worth its weight in gold. extended warranties can be beneficial depending on how long you are keeping your vehicle and how quickly you will put miles on the car.
as fas as the window sticker vs. the options on the car. the dealer is required to give you the options that are listed on the window sticker of the car (if its new). but.....a year into the contract/loan its going to be hard to prove whether or not those were on there at time of purchase. your probably out of luck on those things.
if your credit is good enough, you can refinance the vehicle at a lower rate, but in doing so you will lose the gap coverage unless you include in your next loan. you will get a refund of the portion of gap you didnt use, but will lose the coverage. again, im a strong believer in gap. certain times in financing the bank themselves wont finance the car unless there is gap on the loan to protect them as well. (when they are financing large loan to value ratio's from negative equity on a trade in usually)
the dealer probably was shady in this whole process, and if you got a lawyer you might get some reimbursement, but your talking years and money, appeals etc... unless there was an arbitration agreement. you can report them to the better business bureau but it doesnt really do much either way. your biggest problem is that its 1 yr later. you've limited yourself alot just by that.

Answer 3

Always make sure you know the answers to all of your questions before signing any contract.

It is always best to check the car loan rates at your bank or credit union before going to a car dealership. Then you have something to compare to.

Demo's are usually a pretty good deal. The dealership managers get to drive them for a few months. They tend to drive the nicer cars and you should get a good discount.

Answer 4

you signed a contract?
put money down?
wow..
what can you do..
got no cancel time here...