i went into a used car dealership. Mind you, this is a big name dealer with a good reputation. They ran my credit and told me okay we found a bank that will approve you for $14,000. I said great! went out into the lot, found a car i LOVE and said thats the one. The salesman and finance manager drew up papers as to how much it would cost etc... but they didnt give me the loan papers right then and there because supposedly the bank was now closed and ill have to go back monday to sign the loan docs and find out what my payments would be. In the meantime he had me sign off on other docs just from the dealer, not the lender and said if i can provide proof of insurance i can drive it off today. I did just that and Saturday evening, i drove home in my new car!
Well today during my lunch hour i went back to sign the rest of the docs and they tell me...oops, sorry the bank is now only approving you for 8000 so youll have to come up with an extra 5 grand if not, i have to give the car back!
2007-08-20 11:30:13 · 10 answers · asked by Anonymous in Business & Finance ➔ Credit
im wondering if theyre legally responsible in anyway because they made a deal with me and let me drive the car home after telling me i was approved. Shouldnt they have waited until they knew for sure?! I never would have driven off with the damn car!
2007-08-20 11:31:29 · update #1
Yeah well they are idiots thats true, but they only care about making the sale so they will say anything to make you get excited about spending cash there. They have no legal responsibility - I am sure its kinda embarrassing to you now, and I'd be pissed off too. I really don't think you can sue people for stupidity though... Just bad mouth the hell out of them.
2007-08-20 11:38:15 · answer #1 · answered by VL 4 · 0⤊ 0⤋
This is pretty typical. You should never take a car off the lot until you have firm financing.
The car salesman just want to sell the car. They let you take the car and of course the loan company won't do the deal. So you have to come up with additional cash and sign a new deal -- ususally at a higher interest rate.
Oh don't be surprised when you take the car back, that you have to pay for the milage -- it's all in the fine print of the paperwork you signed.
Frankly, I can't believe they ran your credit first and told you how much you could afford. Then you went and found a car for that price. Do you have SUCKER stamped on your forehead?
Before you buy a car, you should do a lot of research, starting with what can you actually afford -- not how much credit you qualify for. Then decide exactly what type car you want. Then you go price shopping at several different dealers.
The fun part is making the dealers cut prices to beat the deal at another dealer.
2007-08-20 11:50:57 · answer #2 · answered by bdancer222 7 · 1⤊ 0⤋
unfortunately, even if you signed the loan docs there is a thing on the contract called sellers right to cancel. it allows dealers to contract buisness when banks are closed then allows 10 buisness days to sell the contract to a financial institution or bank. if they can not place your contract with a bank they have the right to rescind(cancel) the contract. the must either notify you in writing or person. once they notify you, you must return the car. they must return any or all monies received on the transaction. so, make sure you get all your money back. you say the have a great reputation, and im sure they didn't do the transaction on purpose otherwise they wouldn't have a good reputation. dealers are at the discretion of the banks they sell cars based on bank guidelines and previous experience with similar deals. sometimes the credit report dealers run do not have as much or more derogatory credit reporting. dont give up go to another car lot. sometimes the bigger dealers don't work as hard on deals that are tough to finance. they get the majority of the traffic anyhow so they don't have time to beat up a bank on a deal like that. good luck!!!!!!!!!!!!!!
2007-08-20 11:48:15 · answer #3 · answered by sjvaly,ca 2 · 0⤊ 0⤋
They can do that. That happened to us. We got approved for a certain car then a couple days later we had to go back and they said we didn't as much as a loan as we thought. Then they said we could get a different car that was cheaper. We liked the second choice car but we had to pay an extra $200 for our down payment .Tell them to find you a cheaper car or you will take your business elsewhere or just go somewhere else anyways.
2007-08-20 12:43:52 · answer #4 · answered by Crystal M 2 · 0⤊ 0⤋
If they signed the papers as well as you, it's a legal contract as long as your not a minor.
A legal contract is offer and acceptance, and that means you and the dealership made a contract. Unless one of you defaults on the terms of the contract they have no legal recourse to break the contract.
The fact that they jumped the gun is their problem, not yours.
However, if they did not also sign the contract you may want to contact a lawyer to fight it. In the meantime be careful they don't re-possess the car and make sure you make all the payments on time.
Read the contract very carefully that you signed and make sure you didn't sign anything that states, if the credit is not approved the contract becomes Null and Void. If it does say that and you signed it, then you have to give the car back.
Hope this helps.
2007-08-20 11:51:18 · answer #5 · answered by unknown friend 7 · 1⤊ 1⤋
I sold cars with a large dealership in Phoenix. This is a sales ploy to get you to come up with some money. Give their car back - they are betting you won't.
I'm the owner of www.1-800BadCredit.com and if you go to our site I'm sure we can help you. The page link is below. Good Luck.
2007-08-20 11:51:10 · answer #6 · answered by Dewey K 2 · 0⤊ 0⤋
me and my ex went through this a whole summer. they kept calling us back and we had to keep returning cars. they were finally tried to get us to their "economy car" lot (a whooooole bunch of hoopdes). we had to return a total of 3 cars that summer. we ended up going somewhere else that specializes in bad credit (hers was horrible!), and got us a pretty good car at a good deal. nothing you can do about it, just get your money back, drop off their car and go elsewhere. technically you dont own the car, and they can come after you for it.
2007-08-20 11:42:04 · answer #7 · answered by Anonymous · 0⤊ 0⤋
The broking isn't obligated to bare your credit, and you're no longer entitled to get it from the broking. in case you like your credit, there are all kinds of centers which will supply it to you loose or for a small value. have not you considered those stupid loose credit record advertisements? Use them to get your credit.
2016-12-12 07:58:39 · answer #8 · answered by ? 4 · 0⤊ 0⤋
On the bright side of things... at least they didn't make you pay for the miles you put on the car while you had it. A lot of dealerships will.
2007-08-20 11:43:29 · answer #9 · answered by Ryan 2 · 0⤊ 0⤋
um, it sounds like a scam be carefull
2007-08-20 11:39:05 · answer #10 · answered by Unbiased Laker's Fan 4 · 0⤊ 0⤋