# Stealing my goat!



## Aramz06 (Mar 2, 2008)

The bank is trying to take my 06 M6 away.

I got the car from Carmax for $22,900 with 2k down and $435 / month for 6 Years Buy

At the dealership he contacted the bank, went through the whole credit process and the bank approved, and I got the car on March 03, 2008.

Today, (March 18, 2008) we get a letter in the mail from the bank saying "Thank you for your application for credit request through Carmax on Mar. 03, 2008. Your request was carefully considered. However, we regret that we were unable to approve your application on the terms request." After that is just Blah Blah Blah about calling them for more info. 
What im going to do is call Carmax and let them know whats going on. Will they take care of everything? Can I argue about the fact that we gave a 2k down payment, and had the car for over 2 weeks. My parents told me not to park the car anywhere outside because the bank will tow it away without even saying anything. I now park in the underground garage where the car BARELY fits without scratching. They will NOT take my goat away from me I can guarantee you that. Comments are appreciated.


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## 1563 gto (Jun 5, 2007)

Sorry to hear about your ordeal. Not sure what your cituation is but if every thing on your end is good and in order, sounds like a law suit.


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## Rukee (Feb 8, 2007)

The bank won`t tow it, they don`t own it, the dealer may though. Sounds like the dealer is going to be scrambling to find you another sourse of financing.

*edit* 
Might wanna contact the dealer before they report the car as stolen.


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## SANDU002 (Oct 13, 2004)

I would think that as long as your payments are current, they will not tow the car. You need to check with a Carmax loan official to be sure your loan is still in effect. Since it has been less than 30 days, all that info should be available at the dealer. Get them to give you something is writing saying your loan agreement is valid.


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## Rukee (Feb 8, 2007)

He just got the car 15 days ago, there shouldn`t be any payments due at this time.
Take the letter to the dealer and they will make sure everything is good. If they find you don`t have a valid loan and they can`t find you new financing then be sure to get your 2 grand down payment before you drive in with the GTO (which majicly now doesn`t have any tread left on the rear tires  ).


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## macgto7004 (Jul 22, 2007)

I say, *sucks to be CarMax*! 
What a bunch of idiots! What dealer in his right mind is gonna let a car off the lot, let alone 2 weeks, before getting bank approval. Sounds like something is fishy here and someone may be out of a job. 

Aramz, stick to your guns. The dealer told you the loan was approved. You signed the papers and took delivery, in good faith. The burden is on CarMax to make things right. If you weren't creditworthy, they wouldn't have let you take the car off the lot in the first place. 

Didn't you say in your other thread that your Dad co-signed or something? 

Russ


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## 69bossnine (Aug 9, 2007)

Don't forget that if the opportunity presents itself that you can simply hand back the car, and get 100% of your money back, you may want to take one last shot at calmly and rationally re-considering this whole purchase..... 

Fate is tapping you on the back and giving you a second chance to save yourself, it's a MESSAGE FROM GOD (and the knights knelt, heads-bowed, as the clouds parted and...)


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## NJG8GT (Nov 14, 2007)

Dude, the car dealership doesnt want the car back that they sold you. They will figure something out. Whoever they finance it through, you made a signed deal with them. They will have to match it with another bank. You have the upper hand here! Don't let them try and screw ya either, by saying well, this bank will do it for so much more a month! EH UH! No! Good Luck. Keep us posted.


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## Red Bearded Goat (Mar 19, 2007)

69bossnine said:


> Don't forget that if the opportunity presents itself that you can simply hand back the car, and get 100% of your money back, you may want to take one last shot at calmly and rationally re-considering this whole purchase.....
> 
> Fate is tapping you on the back and giving you a second chance to save yourself, it's a MESSAGE FROM GOD (and the knights knelt, heads-bowed, as the clouds parted and...)


To the OP... the above advise should be strongly considered. As Wing Nut pointed out in a previous post.... your finance deal sucks azz, you will have paid $32,960 in monthly payments with your $2k down payment on a $22k car. That's about credit card rates. Puck Carmax financing, shop around your local and online lending institutions for a reasonable used car rate before contacting Carmax. Have loan options in your pocket before talking to them again... or plan on getting your $2k back and turn over the car as 69boss suggests cause you took it in the seat of your pants on the 1st deal you got....


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## snide (Dec 28, 2004)

Do you have the title? Have you registered the car in your name? If so, the car is yours, and the stealership can pound sand.


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## 69bossnine (Aug 9, 2007)

He financed... (badly..).... So of course he does not have a title...


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## Wing_Nut (Mar 6, 2005)

Name the aircraft in the picture and describe the activity it's engaged in.

I reassert my thesis that stooopid is forever!


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## Wing_Nut (Mar 6, 2005)

Aramz06 said:


> The bank is trying to take my 06 M6 away.
> 
> I got the car from Carmax for $22,900 with 2k down and $435 / month for 6 Years Buy
> 
> ...


A little bird was flying south for the winter. It was so cold that the bird froze and fell to the ground in a large field. While it was lying there, a cow came by and dropped a load of hot, steaming dung on it. As the frozen bird lay there in the pile of $hit, it began to realize how warm it was. He lay there all warm and happy and soon began to sing for joy. A passing cat heard the bird singing and came to investigate. Following the sound, the cat discovered the bird under the pile of cow dung. The cat promptly killed him and ate him.

Life Lesson: 

Not everyone who $hits on you is your enemy. *(The Bank)*
Not everyone who pulls you out of $hit is your friend. *(Carmax)*
And when you're warm and happy in a pile of $hit, keep your mouth shut! *(Aramz06 pre-GTO)*


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## BobG (Dec 20, 2006)

Wing_Nut said:


> Name the aircraft in the picture and describe the activity it's engaged in.
> 
> I reassert my thesis that stooopid is forever!



Ummm... would that be a Zero going down in flames????


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## Wing_Nut (Mar 6, 2005)

BobG said:


> Ummm... would that be a Zero going down in flames????


 
Yes, yes it would. Appropriate symbolism, no?


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## Aramz06 (Mar 2, 2008)

I got my registation and my first payment today, I called up carmax they said it was a mistake we took care of everything already. Thanks for the comments, the goat stays.


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## Wing_Nut (Mar 6, 2005)

Aramz06 said:


> I got my registation and my first payment today, I called up carmax they said it was a mistake we took care of everything already. Thanks for the comments, the goat stays.


Sorry to hear that.


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## 69bossnine (Aug 9, 2007)

Another obliviously happy up-side-down Carmax customer!!!


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## GTO JUDGE (May 14, 2005)

Wing_Nut said:


> Name the aircraft in the picture and describe the activity it's engaged in.
> 
> I reassert my thesis that stooopid is forever!


A NIP ZERO doing a crash and burn. Midway


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## Rukee (Feb 8, 2007)

It`s just like a Rice`r burning up on the side of the road.


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## Red Bearded Goat (Mar 19, 2007)

Aramz06 said:


> I got my registation and my first payment today, I called up carmax they said it was a mistake we took care of everything already. Thanks for the comments, the goat stays.


Great... now go out and get better financing!


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## Tacmedic (Feb 24, 2006)

Red Bearded Goat said:


> Great... now go out and get better financing!


Or go out and buy a car you can afford, (Hint, if you can't pay for it, yes all of it up front, you can't afford it) You are putting yourself in a world of financial hurt for a car. It's not worth it, and you will now always be in debt for the rest of your life, if you keep making decisions like this.


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## Aramz06 (Mar 2, 2008)

Some of you guys dont know my financial state right now, you dont know my budget or any of my credit ect... Its so easy for you guys to say " pay up front" or " dont finance" . Its not so easy for some of us, We have jobs and college we have to drive to, and if I can afford to drive the car I love, Who's to stop me. The payments are high but I'm keeping up fine.


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## 69bossnine (Aug 9, 2007)

With only a measely $2,000 to put down, and the poor financing deal you struck, we made fairly well-educated assumptions regarding your finances and credit...

But it's pointless to harp on you... If anything, you'll learn alot with this car. Be careful with it...

But just imagine, if you had spent the $2,000 cash on a reliable used beater that would easily get you to work and school (with decent mileage to boot), and you took your car payment and insurance payment each month and deposited it in an interest-bearing account. Now, just think about how much cash you'd have in 5-6 years... Instead, for the same money, you'll be flat-broke with a fairly worthless used car in that same time-period... Lord help you if gas prices continue to soar to $4-$5 gallon, and there you are, with that 16 mpg Goat that you can barely afford as it is, that you can't put gas in, that you can't sell for anything but a considerable loss...


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## Wing_Nut (Mar 6, 2005)

69bossnine said:


> With only a measely $2,000 to put down, and the poor financing deal you struck, we made fairly well-educated assumptions regarding your finances and credit...
> 
> But it's pointless to harp on you... If anything, you'll learn alot with this car. Be careful with it...
> 
> But just imagine, if you had spent the $2,000 cash on a reliable used beater that would easily get you to work and school (with decent mileage to boot), and you took your car payment and insurance payment each month and deposited it in an interest-bearing account. Now, just think about how much cash you'd have in 5-6 years... Instead, for the same money, you'll be flat-broke with a fairly worthless used car in that same time-period... Lord help you if gas prices continue to soar to $4-$5 gallon, and there you are, with that 16 mpg Goat that you can barely afford as it is, that you can't put gas in, that you can't sell for anything but a considerable loss...


 
Give it up. This one's a candidate for the Darwin Awards.....Financial Suicide Category.


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## GTOsarge (Oct 9, 2007)

Aramz06 said:


> Some of you guys dont know my financial state right now, you dont know my budget or any of my credit ect... Its so easy for you guys to say " pay up front" or " dont finance" . Its not so easy for some of us, We have jobs and college we have to drive to, and if I can afford to drive the car I love, Who's to stop me. The payments are high but I'm keeping up fine.



Let me take a different approach. First congrats on the Goat. That being said
I would recommend finishing college and getting yourself in a better financial state before going for what you should be buying AFTER school is done.
You might have been better off with a more economical car until you get all that behind you. It will come. Give it time. Good luck.


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## Rukee (Feb 8, 2007)

:agree
My house payment is within 100 bucks of that GTO payment. After 10 yrs a house (which on an average it`s value doubles every 10 yrs) would be a far better asset then a 10yr old car.
Get the car after you have the rest of your finances in order.(school and credit cards paid off etc.) It`ll be tons easer to pay for.


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## fergyflyer (Apr 18, 2005)

Here's what happened. 

AramZ06 got a letter from a bank that declined the loan. CarMax sent his application to this bank and they said no. CarMax knew that within 24 hours. They went to bank 2 and bank 2 bought the loan. 

Bank 1, under federal banking regs, has to notify AramZ06 that they are not financing him. Any lending institution that takes an application, if it rejects it, must notify the prospective lender in writing as to why they refused to loan them money. 

Sometimes, in cases with people with marginal credit, the dealer needs to go to 3 or 4 sources to get the loan bought. If that was the case he could get more letters. 

The dealers shop for the best interest rate they can get and they make money off the financing too. Some dealers won't take a cash deal if the car is advertised at cost. My guess is, I think Wing Nut figure the interest rate at 13 or so %, the dealer got a bank to take 11% and they made 2 points off the loan. As long as Aramaz06 makes payments for the 1st 6 months, the dealership gets the points paid. It's, in cases like this close to a $1,000. 


AramaZ06, If the dealer calls you up and tells you there was a problem with the paper work and they need you to come in with the car sos they can verify the Vin and re do the paperwork, that's when things are going south.


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## fergyflyer (Apr 18, 2005)

Oh Aramaz06, if they do and you don't show with the car, they will report it stolen. Things will get ugly then. 


Try this the next time you buy a car. If you have good credit, go into the dealer and tell them you want to buy a car for $500 under invoice. They'll look at you like your crazy. Then tell them you need to finance the whole amount and you think you can get about 9% interest rate from a credit union. They'll come down to $500 under invoice or there abouts, and happily get you 8.75% if you finance through them. Tell them you want the most warranty coverage you can get too. 

What they are really doing is losing money on the car and making it up on the back end. 

Then you arrange financing through your own source and get a decent 4.9-5.9%. You arrange for a check to be sent directly to the bank the dealer used for the financing. Then call the warranty company and cancel the warranty 2 days after you bought the car. In that case you just basically stole the car from the dealer. Whatever you do though don't expect them to treat you fairly with service or problems.


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