They said they haven't "processed our application" yet, but that they need 1.5k down (on a 13k Hyundai Accent). I told them in the beginning I could do 1k, the owner said "go ahead and pick out a car and drive it home". Today he said "I thought you said 2k.. we can only do it at 1.5k".
Is he benefiting from this? Or does it have nothing to do w/them and they just want to get me financed?
2007-05-12 13:05:23 · 13 answers · asked by PlasticTrees 2 in Cars & Transportation ➔ Other - Cars & Transportation
Never ever put down a deposit or drive away a vehicle until it is yours and all paperwork has been signed. This is just a trick from the dealer.
They tell you one thing, tell you to take the car home, it hasn't been approved yet, but it shouldn't be a problem. Then they call you back and say something has changed...bigger deposit, higher rate, etc. because they know you will pretty much go along with it since you don't want to give back the car.
Take the car back now and walk away! If you traded in a vehicle get it back now before they say they already got rid of it, or sold it, or whatever to say that you can't change your mind.
If you haven't signed the paperwork the car isn't yours and they will try to make more money anyway they can. It's very likely that you will give them the additional deposit and they won't change how much you have to pay. (Like if you were financing 4,000 with a 1,000 deposit and then you give them a 1,500 dollar deposit, but they still turn in the financing paperwork for 4,000) Of course it benefits them.
They work out all the paperwork with you ahead of time (where you agree to selling price, financing, deposit, etc.), then they wait on the approval. But most people don't check the paperwork again after the approval, they just sign it without realizing that the dealer changed something in the paperwork, to their benefit of course.
2007-05-12 13:12:14 · answer #1 · answered by starwings20 5 · 0⤊ 0⤋
No, I am unemployed also. No one will give us the time of day without some form of regular income coming in. Unemployment is for a limited time and no one will consider it as income. You could see what would happen since you do receive child support but again if the unemployment is stopped, you will NOT be able to afford a car payment. You should just deal with the current car you have until your situation changes. I had to get another car using ONLY unemployment benefits but all I could get was a 10 year old used car!!! ALL used cars need some form of work done to them. Only the new ones would be maintenance free for a couple of years. Keep the car you already have.
2016-05-17 03:43:57 · answer #2 · answered by ? 3 · 0⤊ 0⤋
It may make it easier on them to sell the loan, if you have more equity in the car. It gives the bank a little more security, and the dealer may get a little extra when they sell the loan to a finance company.
Tell you what to do, tell them you can't come up with the money, and to forget the deal. See what they say now. If they try and jack up the interest rate, again tell them no thanks, that's not what we agreed upon.
See if they change their tune and let you go with the 1K down. Good luck
2007-05-12 13:41:31 · answer #3 · answered by Fordman 7 · 0⤊ 0⤋
it does affect the dealer, because as soon as you drive it off the lot the value is going down. And judging by such a small downpayment, you probably are spreading the payments over at least 4 years. So you will be upside down on your loan in about 18mo. (upside down-car is worth less than what you owe) So, they want as much as possible to insure they don't have to do a repo.
My suggestion. use your 1000 to buy a car in that price range. put away what ever your payment was going to be each month and save till you can purchase a better car and so on. You will thank me when you are debt free and have no payments. believe me.
2007-05-12 13:15:50 · answer #4 · answered by Greg L 5 · 0⤊ 0⤋
I fell for that from a Kia Dealership myself, all they are trying to do is sucker you into driving away with a vehicle (pre-approved) and then in a few days call you and say they need more money or the car back, or file charges against you for fraud. After this fiasco I no longer deal with car dealerships for loans, I always go through my bank.
And for a great reference, never Buy a Kia, they're pieces of crap, and every one of their employees are crooked.
2007-05-12 13:28:27 · answer #5 · answered by Bill S 6 · 0⤊ 0⤋
they do not benefit on the down payment this is a requirement of the finance company.if you cannot afford this car return it. if you did say at time of sale you could only pay 1k then it's a breach of contract on there part. consult a lawyer in your state for more info
2007-05-12 13:12:26 · answer #6 · answered by Anonymous · 0⤊ 0⤋
no to insure you will continue making payments they need proof you have stake in the car and the loan to be process it's like a sign of faith that your not going just drive away without paying.
2007-05-12 13:09:37 · answer #7 · answered by Peter F 2 · 0⤊ 1⤋
No, it may be that is what their lender requires. Go to the bank and get your own financing. Don't hesitate to shop a loan, you'll never go wrong,.
2007-05-12 13:13:50 · answer #8 · answered by Anonymous · 0⤊ 0⤋
it doesn't benefit them, but call their bluff. say you will bring it back because you just don't have the 1.5k. I bet they find a way.
2007-05-12 13:08:52 · answer #9 · answered by Anonymous · 0⤊ 0⤋
sounds like they are just trying to get money out of you now so the balance looks less to the bank...go to a new dealership
2007-05-12 13:08:30 · answer #10 · answered by Do I know you? ya right LoL 4 · 1⤊ 0⤋