Serious? She got the car and now they called her a couple of days later talking about she needs a $3000 down payment or a good co-signer.
She got a 2007 Chevy Equinox with no down payment and we were wondering how. But now we see.
What can we do? Is this legal how they are playing with people emotions?
2007-07-12 03:36:54 · 7 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
Your friend signed a paper that she would return the vehicle if the financing was not approved. She can (a) get a co-signer, (b) pay the $3000 down, or (c) return the vehicle.
Her best choice is to return the car. If she decides to put money down, she should be careful that the new contract does not increase the interest rate, or the length of the loan. She should also make sure that the payment is less than before, because she is borrowing less money!!
2007-07-12 04:02:32 · answer #1 · answered by fire4511 7 · 2⤊ 0⤋
Dealers often will do what they call "spot delivery". This means that they do all of the paperwork and send the customer home in the vehicle when they don't have an approval from the bank yet. What happens then is if they need a co-signer or money down the person is likely to do whatever they have to to get the car so they can avoid the embarresment of having to return the car after they've shown it to everyone they know.
2007-07-12 10:46:42 · answer #2 · answered by RED FIVE O 2 · 4⤊ 0⤋
Turn the car in and buy something in her price range. She is obviously looking at a car (Equinox) she can't afford to drive.
When you get back to the dealer look for a car that fits her loan arrangements. There is no shame in driving a used car. I bet you can find an equal SUV on the used lot that looks as good and drives as good and if it's a Certified Used car it will have as good a warranty as the new car.
This is why I always tell people to know your limits before going into the dealer. Get a pre-approved loan and know the terms upfront. Then pick a car that fits your terms.
2007-07-12 11:26:17 · answer #3 · answered by mccoyblues 7 · 1⤊ 2⤋
I really wish dealers wouldn't let cars leave the lot without financing in place, but this is what happens when people buy cars on weekends or late at night. Either your girlfriend doesn't have the credit she thought she had, or the dealer is trying to do a bait-and-switch on the financing. I think it's the former. If they want it back, she should take it back immediately.
2007-07-12 12:04:00 · answer #4 · answered by Scott H 7 · 3⤊ 0⤋
This happened to my daughter a few years ago; before she was finished, she had bought 3 cars, and had to take 2 of them back. Apparently, dealerships aren't doing their own financing and their salesmen often overestimate what the finance company will accept as credit/collateral. The first car she bought, they put down with a lot of extras, when the finance company contacted her and she told them what the car actually was, it turned out the "car" didn't qualify for the amount of the loan, and yada yada yada. Anyway, it took her 3 tries. So tell your girlfriend next time she talks to a salesman, ask him specifically if the vehicle itself qualifies for the amount of the loan needed.
2007-07-12 11:01:44 · answer #5 · answered by HipHopGrandma 7 · 0⤊ 2⤋
no...she signed an agreement that she could have the deal if her credit checked out.....she didnt get the loan...u have to bring it back...look at your paperwork...sorry thats the way it is...
2007-07-12 10:42:15 · answer #6 · answered by Anonymous · 5⤊ 0⤋
if she sign the contract its in writing so they are scrued but if not its called a test drive
2007-07-12 10:42:03 · answer #7 · answered by Eddy361 3 · 0⤊ 4⤋