I recently traded my old car for a brand new 08 car. I got to take the car home Friday. It is now Wenesday and turns out I do not even have the paperwork for the vehicle. They could not get me approved with the bank for financing due to me having another vehicle in my name. They are now telling me I am in need of a cosigner and that I am having a hard time finding. My husband cannot be under it since this week is his last week. They keep insisting to put him down that it doesn't effect him but in reality I think it would. I think they have become so desperate that they want to make the sale that badly. I am becoming frustrated and even want to return the car back but I"m just being patient seeing what happens. My insurance payment is already due tomarrow and I have no official paperwork. I don't understand why they would give me the car without approval first. What would you do in my situation?
2007-11-14 10:18:37 · 8 answers · asked by Txgirl23 4 in Cars & Transportation ➔ Buying & Selling
Sorry I meant to say this week is my husband's last week at his current employment.
p.s. I am in love with my car lol..what to do?????
2007-11-14 10:19:43 · update #1
Problem solved!! My grandpa passed as a co-signer and I'm going in to complete the paperwork! :)
2007-11-15 03:25:56 · update #2
Have you checked w/ the bank that your other vehicle is financed through? My husbands car is financed in my name and I was still able to get my car (also financed in my name). My credit is FAR from perfect, or even "good" for that matter, lol. BUT, my husbands car payment is set up on auto draft and is never late so my credit is good with them.
My last car was a 4Runner. We couldn't afford it but the dealership told us we could. I was so in love w/ it that I just went with it. It took them 4 or 5 days to get us financed & we had the vehicle the entire time while that was going on.... and falling even more in love with it! A little over a year later when my husband got out of the army and was unemployed for a few months, we had no choice but to get rid of it.
If I were you, I would take the car back. I would find someone to finance me for what I could afford, decide exactly what I want (including all options and extras), get a pre-approval letter for financing, and then negotiate a price. I had to go through a dozen dealerships for my quote, had to wait for the car to come in from the factory, and had to drive an hour to pick it up but it was soooo worth it. It felt so good to finally be in charge when going to buy a vehicle, rather than letting the salesperson walk all over me.
Good luck in whatever you decide!!! : )
***Congratulations!!!***
2007-11-15 01:12:00 · answer #1 · answered by Nina Lee 7 · 2⤊ 0⤋
You have already asked this question and had several good answers. Take the car back. There is no reason to scurry around and beg someone to co-sign for a car that you are destined not to own. There is a reason you have not been able to secure financing. I know the dealer is really wanting you to do whatever it takes to keep the car. If it comes back, they lose a sale. That is the reason they wanted you to do just as you have by "falling in love " with the car. That is the worst mistake you can make.
2007-11-14 11:05:52 · answer #2 · answered by Otto 7 · 0⤊ 1⤋
You're not being scammed. The dealer was not able to arrange financing for that car, which is obvious by their request for a co-signer. It sounds to me like you might be getting in over your head on this deal. See if they'll take the car back, more than likely they will. Then you go find another car you CAN afford and can get financing based on your income.
2007-11-14 16:10:36 · answer #3 · answered by Anonymous · 1⤊ 0⤋
as a dealer i would love to tell you this is a big misunderstanding however there are dealer that are just not ethical and do things like this all the time, first option should be to try and get financing at your bank or credit union. if that doesn't work try Capitolone .com they can usually finance it for you. if all else fails come to ct see me and i will help you. just kidding, but really if none of those options work call your local department of motor vehicle and tell them what this dealer did to you, you maybe able to sue them for time and money and in inadvertently they will have to give you the car, also note that if they didn't give you a "heat sheet" that's a letter saying your loan is not yet approved, then they are liable to honor the deal and the local department of motor vehicle will make them honor it. this is where they can go into the dealer and shut them down if they don't. so tell them your going to visit the motor vehicle department and tell them the story and watch how fast they get you a loan on the car...
good luck and let me know how you make out.
2007-11-14 11:09:06 · answer #4 · answered by MARIO R 3 · 0⤊ 2⤋
Your right, they sent you out in the car before it was approved, because they wanted you to fall in love with it. You must have some kind of cash flow problem, at least in the eyes of the Banks, that is why they want a cosigner. The only options you have are these, give up the car, keep the car and do what they say to do, put down more cash. re negotiate the deal, get more for your trade and pay less for the car.
2007-11-14 10:31:38 · answer #5 · answered by exodust20 4 · 1⤊ 2⤋
Either you find a lender who will finance you based on your income/credit alone or go back to the dealer's and tell them financing fell through then ask for your trade in back. This is nothing new with car dealers. They will often give you the car without having to be approved first so it is always better to get your own financing before hand.
2007-11-14 10:30:38 · answer #6 · answered by Maricel S 4 · 1⤊ 2⤋
most of the time they both are banks one they use or some kind of loan company and no they are about the same when loaning money...... nothing you can do about insurance til your older only thing you can do is call a few places and find the cheaper one
2016-05-23 04:37:09 · answer #7 · answered by ? 3 · 0⤊ 0⤋
You're being scammed. Go on line and get financing.
refer to this web site. See "top ten dealer scams" They explain this scam.
http://www.carbuyingtips.com/
2007-11-14 10:28:38 · answer #8 · answered by Trump 2020 7 · 0⤊ 3⤋