Dealership ripped us off, what should we do?

Question

We traded in our 2000 Nissan Sentra plus $500 down payment. ($4,000down payment) We got to the dealership to "look", showed us some vehicles. We saw a 2003 Ford Explorer. Sticker price $499/month. liked it, but too high. THe guy said he could get it UNDER 400.We went inside and did some talking, ran our "VERY GOOD" credit. Said is was def. possible to do it under 400/month. So we had to sign some paper, saying we "agree" to do business with them. We did so (stupid us now) because we were told it would be under $400/month. They did some checking with the bank over and over, trying to make a deal. They came back and said 375/month. So we agreed to it. Sounded good. Well, we got back ot the room to sign things. They would NOT TELL US how much the vehicle was until we got back to the room, after we signed the papers. NUTSHELL= Kelly's Bluebook value is 11k. After fin. we are going to pay 27k for it. we're paying 416/month. They ripped us off. We don't want it now, bc of that, what now?

We owned the 2000 nissan sentra. It's been paid for 3 years. We paid $500 cash, plus $3500 for the car.

Answer 1

Yeah, you sure did get ripped off. LOL

Nothing you can do.... you shopped for payment instead of purchase price and got screwed. That's why you never shop for payment because they could've made it $200/month for 10 years for all you know!

There's no such thing as "3 day law"!!!!!!!!!!!!!!! So once you sign that contract, it's yours.

Next time don't be so dumb.

Answer 2

You learned a very important lesson here. Never shop for a car based upon a monthly payment scheme. Shop for a purchase price. Auto loans can be very complicated with hidden fees, trade-in values, etc. Be sure to know how much the car costs up front, not how much you have to spend per month. Basically, when you tell the daler that you want to spend $400 a month on a car, he then goes and figures out how he can make the most money on the car while keeping it at 400. What combination of financing, downpayment, and purchase gives him the most profit. It is really the worst thing you can do since it gives the dealer all of the power in the world to manipulate the deal.

Answer 3

Not enough info.... Did you own the 2000 Sentra? If not what was owed on it? If they gave you what looks to be 3500 for it did you owe less than that on it or more?

Is the 11k KBB value trade in or retail?

Reading about your problem it sounds like you got the short end of the stick... but I went with my dad last year who had 750ish credit and he was 10k upside down on his trade. He wanted to know how could this happen!! I informed him when you drive 2-3 years, only pur a minimum # of $$ down, and never pay off your car, it is very easy for this to happen.

I constantly see 20 somethings, in their 2 year old Korean cars, that are 7k or more upside down due to the low residuals, plus the fact they were upside down on their trades for the Korean car.

Answer 4

It sounds as if you went into a dealership and didn't have a clue what you were doing. Since when does a vehicle have a sticker price of $499/month? It is your responsibility to know what vehicles are worth before you walk into the dealership. They aren't going to do you any favors.

You have 3 days to legally back out of a business agreement.

If it's been longer than that you learned a very expensive lesson.

Answer 5

I have crossed this type question many times and gotten buyer in the clear, my main question to you is, did you sign the lenders contract ???

I know you signed application forms and bill of sale with Interest and payments.If you did not sign the actual contract contact me through my website address with details http://www.usedcartips.org/

Answer 6

Depending on which state you live in you could probally call a lawyer and ask them what you can do they usually don't charge you to just call and they will tell you everything you need to know.

P.S sorry about my spelling