I bought a car this tuesday, yesterday 11/13/07. I had no money down and my trade a 2003 Audi A4. They gave me a trade of $10500 for it and after everything was said and done the total price was $27581.85. I bought the car traded in the old audi car to the dealership, went through finance and signed all the paper work, took delivery on the car, and I had my 3rd party bank wire transfer the car company the full $27581.85. So now I make payments direct to my bank. The problem I am having here is I get a call today and after re reviewing my trade the 2003 audi a4 they only want to give me $7000 for it. That would actually bring the whole thing up to $30000+ making my payments go up. My question is this even legal since the deal was already made I took delivery, signed all the papers and my bank even paid the dealership? I love the car but they are saying this deal may end up falling through can they even legally do that since the dealership is paid off already through my bank?
2007-11-14 17:52:19 · 7 answers · asked by Anonymous in Business & Finance ➔ Credit
Here was their reason for giving me less then what they agreed on. I went into the dealership and the new car sales manager personally inspected the car and I stated the A/C does not work and the lower front grille is missing because I hit a rubber tire on the road. He said fine I can offer you $10500 for the car. I said fine. The deal was done and on paper and paid for by my bank. The reason they gave me to give me $3000 less was the Director of Used cars was not there to detirmine the true trade value of the car thus we could not give you an accurate trade value. Follow up with me on this statement I just made. I love the new car and refuse to take back my lemon of a car. It is a clar title but has nothing but problems and all my stress is gone when driving my new car with warranty. PLEASE HELP ME!
2007-11-14 20:04:31 · update #1
Auto finance is what I do for a living and as long as the dealer has been paid and all paperwork signed, there is nothing they can do.
It's not your fault that the used car manager was not there and the new car manager bid your trade.
This is considered a cash deal for the dealer and like I said as long as the paperwork is signed by all parties and they have been paid by your bank, they are stuck with the deal like it or not.
2007-11-15 01:14:15 · answer #1 · answered by ? 7 · 2⤊ 0⤋
Car dealerships - Never cease to amaze me. And they always whine about not being respected by the public.
Based on the facts you describe this transaction has been consumated by all parties.
Look at it this way, I trade-in and buy car at a dealer. Then a week later call and say.....Um, excuse me can you send me a check for $3,000, I think my trade was worth 10k not 7k. Thanks.
I am sure their response after laughing a lot would be and rightly so, sorry no-can-do.
You need to see an attorney today. I look at this way, they have shown extremly bad faith in this action, when this happens do not put on your nice guy- Mr. optimist hat. They are the experts, they have most likely done this many times before. I think they may sell or wholesale your trade then hold up your title work. Then you can't get your old car back and you can't drive your new car. Then your lender starts calling because they should have the title by now. If they don't get the title at some point can ask to have the entire loan paid back. And while this seems odd based on the way the system is set up it is true.
What should happen is they transfer the title to your name with a lien listed from your lender.
What they are doing may be criminal or at least some type of civil tort, ie threatening to try to damage a legal contract unless you pay more.
Back to my first comment. I know nobody likes to pay an attorney when they are the ones getting hosed, but if this deal falls through, you will wish you had spent that few hundred dollars. The attorney should have you call them and ask for a faxed note with the request. That way you have documented proof of what they are trying to do.
a>
2007-11-14 19:21:57 · answer #2 · answered by Gatsby216 7 · 2⤊ 0⤋
They are probably trying to break the law though you need to get legal advise on this.
Most car purchase contracts are signed subject to financing so they can get out of it if you can't pay but in this case it seems that they have decided they want to give you a different amount for your trade in. Unless they can come up with a damn good reason to lower the value they are just going to have to accept what they agreed to pay for it at first.
A damn good reason would be you damaging the car between the time they valued it and the time you traded it in, if the reason they try to claim they lowered the value was because they found a defect in it then if that defect were there when they looked at it first then they are the ones who should pay for not picking it up.
EDIT: If the person they thought should have valued the trade in wasn't there it's their problem, not yours.
2007-11-14 19:55:45 · answer #3 · answered by bestonnet_00 7 · 0⤊ 0⤋
Get a lawyer. If your agreed value for the old car at $10500, and both parties have agreed on the value of the old car, then that is the agreement on the contract. They have no legal rights to change the contract without your permission unless it is stated in the terms of agreement. Even so if it is stated on the terms of agreement it's my opinion that they can't change the agreements because the transaction has already taken place.
2007-11-14 18:03:32 · answer #4 · answered by Santa's_LiL_HeLpEr 2 · 2⤊ 0⤋
u dont have to bother the car dealer as they can't change the terms of agreement without yr consent. Stay firm and tell your car dealer u wont accept the change of agreement, and report this to the police if the car dealer insists to take back your car.
2007-11-14 20:05:54 · answer #5 · answered by vlanlan 2 · 1⤊ 0⤋
this is weird, check the terms of agreement
2007-11-14 17:57:03 · answer #6 · answered by Anonymous · 2⤊ 0⤋
no need to check your paper work again
2007-11-14 18:02:10 · answer #7 · answered by patti m 1 · 1⤊ 0⤋