# stupid dealership



## bigboom44 (Nov 21, 2008)

so i have hit a snag. when i bought my gto a few weeks back i had a trade in plus a little cash down. signed contract, on my way with the best damn ride of my life. i get a call today saying they have a new contract for me 1 point lower interest, more down, etc... less to finance right? i talked with the wife and decided to stay with my existing finance contract mainly because it is 48 months instead of the new 60 months. also i would have to put another 2 k down. i call them back and they tell me that the new contract is the only one that is good and i have no choice between the two! i asked what are my options, and they said only the new write up contract. so basically i have to submit or say pound sand, give the car back, and search again. what the f$$$? anyone had something like this before?


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## alsgto04 (Nov 21, 2007)

I have not heard nothing like that. Thats some real bull sh*t. Im thinking if you already signed to those terms that cant really do sh*t about it.


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## bigboom44 (Nov 21, 2008)

no i only signed my original contract. they sent me a new one that i havent signed yet. i have my existing, which they are saying is no good. why? i have no clue.


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## alsgto04 (Nov 21, 2007)

Im guessing the probably f***ed up on the terms so now there trying to get you back. But you already signed and i dont see how they do could do anything about it anymore. Fight this case dont let them get you on this bull sh*t.

Do we have any lawyers in this forum?


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## orangestorm (Nov 13, 2008)

They are trying to jack you, don't fall for it that is why they have a manager to make sure that everyone is happy with the terms, if they backtrack take them to court remember you have a signed contract which means both parties agree.


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## bigboom44 (Nov 21, 2008)

so i called them back and told them that oh well ill just bring the car back. i thought they were going to have a heart attack. "oh no sir thats not nessessary, we will work it out to works best 4 you" so my salesboy is going to call me back tomorrow after he talkes to the finance manager. bastards. ill keep my fellow goat owners updated.


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## Rukee (Feb 8, 2007)

How many payments have you made so far on the first contract?


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## bigboom44 (Nov 21, 2008)

none yet. good news though just got a call from the sales manager saying that they will make it right, whatever that means. ithink they will hopefully


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## fergyflyer (Apr 18, 2005)

Bigboom, here's what has probably happened. 

The dealership writes the original contract up based on them being able to find a bank that will accept the terms they negotiated with you. The contract will state that it is contingent on financing approval. 

They have tried several banks and with the current financial situation no bank wants the note as it was written. They have gotten one bank that will accept you, but with different terms. They want more money down and a longer term so the payments are lower, which gives you a better debt payment to income ratio. 

The car dealer knows it's going to be a hard sell to get you to put more money down, so they cut the 1 percentage point out of their profit to get you to bite on the new loan. 

Now you are telling them no way. This leaves them stuck between a rock and a hard place. They have probably wholesaled your old car or at least have money in reconditioning it already. If you owed money, more than likely you were upside down on it. They have paid off your old loan too in an effort to get your title. So now to get you back in your old car is either impossible or will cause the dealership to take a signifigant loss. 

You have the upper hand right now. If I were you, I'd hit them with an offer of about half the money they want down and tell them they need to drop the price on the car the other half. My guess is they will snap that up because any other solution is going to cost them more. 

Be prepared though, they may tell you to bring the car back. 

Also dealers will tell you they got the financing and they really didn't. They will tell you to come in and sign a new contract. When you get to the dealership they take possesion of their car and tell you sorry your car has been sold and your not getting this one. Then they will try to sell you another car. 

If they ask you to come in and sign papers, show up with your wife in her car. Then they are stuck, they don't have their car and you aren't stuck at a dealer without a way home. 

Keep in mind, they want to sell you the car, if they didn't they wouldn't be in business very long.


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## 6QTS11OZ (Mar 27, 2005)

This is one of the oldest dealership tricks out there. They tried to same thing with me before. I told them "No" and to give me my trade-in back. To make a long story short, I kept the car I bought with no modifications to the original contract. Tell 'em to stuff it. Sometimes there is a silver lining behind circumstances like this.


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## PDQ GTO (Jun 21, 2007)

fergyflyer said:


> Bigboom, here's what has probably happened.
> 
> The dealership writes the original contract up based on them being able to find a bank that will accept the terms they negotiated with you. The contract will state that it is contingent on financing approval.
> 
> ...


Spot on Info. IMO 
I don’t think came back to you with a bait & switch intentionally. They just could not line up the original financing during these tough times. Use this situation to your advantage and keep us posted…


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## GTO JUDGE (May 14, 2005)

If you have a signed contract, the car was transacted and finalized, there is nothing they can do. YOU have a 3 day right to rescission, NOT THEM.
If you are satisfied with the terms of the loan, then stand fast. If you are willing to entertain another offer, make it play to your advantage not theirs. 

Read the following link, only the part about a car loan applies to your situation. 
Right of rescission lets you back out of a loan


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## fergyflyer (Apr 18, 2005)

GTO JUDGE said:


> If you have a signed contract, the car was transacted and finalized, there is nothing they can do. YOU have a 3 day right to rescission, NOT THEM.
> If you are satisfied with the terms of the loan, then stand fast. If you are willing to entertain another offer, make it play to your advantage not theirs.
> 
> Read the following link, only the part about a car loan applies to your situation.
> Right of rescission lets you back out of a loan


Here's the problem Judge, every dealers contract has a clause that stipulates that the contract is contingent on financing terms being approved by a lending source. 

In this case the dealer is willing to abide by the original contract, I'm guessing, but can't get a bank to buy the note as they wrote it. 

There isn't anything stopping the OP from getting financing on his own. He might be able to do better thsn the dealership if he tried on his own.


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## GTO JUDGE (May 14, 2005)

The dealers loan manager acts on behalf of the bank, they are authorized by the bank. If they screw up its on them. This happened to me many, many years ago and a dealers loan officer called me crying on my shoulder that she would be responsible, (she gave me a 1/2% point less than she was authorized to, but she was determined to meet the credit unions terms) I politely told her sorry but that was her problem. She tried to tell me it would come out of her pay (Boohoo) I never heard back. 

Its my understanding the terms of the loan are on the borrower NOT the dealership. The borrower was approved for the loan, the dealership offered the terms, both parties agreed then finalized the deal. The paperwork was done and submitted. Now the lending institute says HOLD ON... The borrower is out of the picture, he secured the loan. Dealerships are given perks (kick backs) from banks to find them business, I would bet the bank had no problem working this loan after the dealer tried to redo it with the borrower and came up empty. 

The right to rescission protects the buyer not the dealership.


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## bigboom44 (Nov 21, 2008)

thanks for the feedback guys. the thing i dont understand is that i know these days the economy sucks, but my credit is way above par, i have practically no debt, and my wife and i make plenty of money with very secure jobs. i have not hears from them yet. i am so sick of these games. but i do appreciate the feedback. il let everyone know when i find out what their next move is.


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## bigboom44 (Nov 21, 2008)

sorry havent heard from them yet


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## 6QTS11OZ (Mar 27, 2005)

bigboom44 said:


> sorry havent heard from them yet


And you won't hear anything. Like I said, this is one of the oldest tricks in the book. If this was as urgent as they made it seem from the beginning they definitely would have gotten back to you by now. Don't sweat it brother.


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## GTO JUDGE (May 14, 2005)

:agree

They appealed to you to help them out of a jam they created. All the paperwork is in order and contract is final. Enjoy your car.


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## EEZ GOAT (Jul 9, 2005)

dont give in to the stealership


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## LOWET (Oct 21, 2007)

bigboom44 said:


> no i only signed my original contract. they sent me a new one that i havent signed yet. i have my existing, which they are saying is no good. why? i have no clue.


Stay with the 1st contract. Once it is signed, they can only change it if you allow them to


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## bigboom44 (Nov 21, 2008)

*oh yea baby!!!!!*

so i got an update gentleman. after fighting with the dealership back and forth i did win. not only did i have to put the extra money down, i got the deal i wanted plus an extra 2 k off the original price and a 250 gift card to best buy 4 my troubles. bad a$$. i get to keep the goat 4 cheaper and with a nice little bonus on top of it. thank you all 4 the imput. now its mod time. i will keep you all updated.


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## bigboom44 (Nov 21, 2008)

*oops*

sorry mis print i did not have to put any more down at all.


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## Copasetic (Oct 20, 2008)

"$250 gift card to BestBuy" Hahaha, that is the most random thing I've ever heard a dealer give away as a buying incentive. You should have messed with them and asked for a ceramic dog too.

...Hmmm, I wonder if anyone else would get that joke.


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## 6QTS11OZ (Mar 27, 2005)

bigboom44 said:


> so i got an update gentleman. after fighting with the dealership back and forth i did win. not only did i have to put the extra money down, i got the deal i wanted plus an extra 2 k off the original price and a 250 gift card to best buy 4 my troubles. bad a$$. i get to keep the goat 4 cheaper and with a nice little bonus on top of it. thank you all 4 the imput. now its mod time. i will keep you all updated.


arty:

I knew it would work out to your advantage. Congrats!


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## alsgto04 (Nov 21, 2007)

Good news buddy.


arty:


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## silversport (Mar 23, 2007)

good news...
Bill


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## bigboom44 (Nov 21, 2008)

*that was crazy*

yea i was really happy that they discounted it even further. but then the gift card came out. wow ok. i guess with the economy the way it is, they were happy i just didnt say shove it? haha. thank you gntlemen. i am getting my exhaust put on today and i am so excited. woohoo


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## Rukee (Feb 8, 2007)

:cheers


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## Tacmedic (Feb 24, 2006)

*If you think this is bad....*

...wait until the next time you check your credit and find that it has dropped 100 points or so due to all the inquireries, (shopping many banks to find the right loan).

There are many reasons I only buy from individuals and don't borrow money for cars. This is one of them.


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## PDQ GTO (Jun 21, 2007)

Tacmedic said:


> ...wait until the next time you check your credit and find that it has dropped 100 points or so due to all the inquireries, (shopping many banks to find the right loan).
> 
> There are many reasons I only buy from individuals and don't borrow money for cars. This is one of them.


True - multiple inquires will lower you score for a couple months, but it’ nothing compared to 30, 60, 90, or 120 day lates. If he stays away from applying for credit in the near future all will be OK…

Very happy everything worked out, but what a pain is the but*…


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## bigboom44 (Nov 21, 2008)

heres the thing though. they only put two inquiries on my credit. only went through 2 banks. so that was covered also. i was afraid about that at first, only to find out that thank god they only used two.


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