Stealership Finance games NEED ADVICE!

[KODIAC]

So we went looking for a new TSX on 7/15/05...

found the one we wanted, in the right color and trim BRAND NEW in PLASTIC.

We sit down and talk about things, and the stealership says we can have it no prob. will even give me a week to come back with the deposit. So we sign paperwork for the car with the agreed deposit amt. We drive off in our new baby, and are happy with the car.

Two weeks later, we recieve a call saying " we managed to get your finance rate down another 2.5% you just need to come by and sign new paperwork" well we are happy to hear this news, but we have a road trip to ATL planned, and wont be back until tues. the following week.

On our last day in ATL we get a call that they are having issues getting it "put thru" that we may need a co-signer. I explain that we are out of town, and we will address this when we get back. they say "ok".

When we return, they now want to add me on besides my GF to her car. I agree, but not easily, as we wanted to increase her credit not both at the same time.

Well they then start asking if she is a student or not, because if she is then it will make it easier to "put it thru". Well she is still doing an at home course program, and will be going to Geroge Mason in the near future. They requested transcripts, and said they would get back with us.

Now they are saying that we need to get her father to co-sign on it. They also now say that even if she brings the transcripts that it wont help any.

I am going by later tonight to have a word or two with their finance team.

So what are everyones thoughts on this? what should i do?

We already signed paperwork for the car the first day... so legally arent they bound to that as much as we are?

If they couldnt approve us for the car, then why did they approve us for the car the first day? and sign paperwork? and accept deposit???????

I've already sold her old accord, since we dont need 3 cars. so now they are causing me stress and placing me in a bind.



I have yet to name the dealership to save them face hoping that they will "make this right"

If not, i will go into more detail and give names etc.... i dont want someone else to get screwed either.

 

[DONYMO]

Never, EVER, co-sign a loan.

- Don

 

[KODIAC]

I dont want to, nor plan on it...

this is HER car, not mine.... and its for HER credit, not mine....

but the dealership is a local one to me now, and i have been to them before she decided she wanted a TSX to replace her old accord.

I like the dealership GM, and the sales guys, real nice, knowledgeble ppl, but the finance dept. should moonlight at barnum & bailey with as many hoops as they are tring to get us to jump thru...

 

[mickeylex]

It sounds like you may be better serviced by another dealer. Don't waste your time and your money with a business that doesn't respect your time and money. I'd suggest going somewhere else. There are plenty of other good Acura dealerships out there.

 

[MJK]

Why not finance this outside the dealership, in her name only? Give them the cash equivalent from an outside agency, or give them the car back.

I am with everyone else, I think co-signing is a bad idea.

 

[WeakestLink]

RETURN THE CAR. A dealership tried this on me by calling me a week later to tell me the couldn't get the agreed upon interest rate based on my credit. (I had excellent credit so I assumed they were just trying to make more money) They insisted that they couldn't get any lower of a rate.

So I drove to the dealership, handed the finance person the keys, and asked them for the original finance agreement. Amazingly, they "escalated" the issue with the bank and everything was fine.

I think you have full rights to return the car since the financing agreement you originally signed was not accepted. The last thing the dealer wants is a new car returned as a used car.

It's worth a try.

 

[steveny]

Never, EVER, co-sign a loan.

- Don

Excellent advice. I would like to add do not co-sign for anyone!

 

[mdb]

This actually sounds alot like a scam that was going on around here (other places I'm sure). They get you in the car with a promised rate etc., you trade yours in or sell it, then they come back a week or two later having "trouble" with your financing. Up here they'd also have allready sold off your trade in so you seemed stuck, then they'd get you to sign on to some ridiculous rate.

This smells fishy, I'd check with the BBB and ask what your options are here.

.....

Two weeks later, we recieve a call saying " we managed to get your finance rate down another 2.5% you just need to come by and sign new paperwork" well we are happy to hear this news, but we have a road trip to ATL planned, and wont be back until tues. the following week.

...

Now they are saying that we need to get her father to co-sign on it. They also now say that even if she brings the transcripts that it wont help any.

I am going by later tonight to have a word or two with their finance team.

So what are everyones thoughts on this? what should i do?

We already signed paperwork for the car the first day... so legally arent they bound to that as much as we are?

If they couldnt approve us for the car, then why did they approve us for the car the first day? and sign paperwork? and accept deposit???????

I've already sold her old accord, since we dont need 3 cars. so now they are causing me stress and placing me in a bind.

....

 

[mdb]

Here's a link to it :

http://www.carbuyingtips.com/scams.htm#Scam3

 

[dynatac]

Excellent advice. I would like to add do not co-sign for anyone!

Sound advice. It applies for mortgages as well as I painfully learned.

 

[steveny]

Sound advice. It applies for mortgages as well as I painfully learned.

I have never co-signed a loan for anyone and never will. I have seen too many people get burned.

 

[Bilulan]

don't co-sign anything, return the car, and go to another dealership.

I know others that had this scenario and they just returned the car and bought the same car at a different dealership for the exact same originally agreed on terms.

Im pretty sure you could accomplish all this in one day. Don't waste your time dealing with their financing games.

Pretty stupid on their part as I'm sure they were counting on atleast a few years of service business from you. That will never happen now....

 

[Dave Hardy]

Go to your local credit union for your auto loans. Fewer headaches and better rates than the stealership.

 

[Ryanmcd2]

lol, I am with ya 100% unless you are married or it's family.

Never, EVER, co-sign a loan.

- Don

 

[KODIAC]

advise taken...

we are returning the car and going to go somewhere else...

I expected Pohanka Acura (#1 in sales nationwide) to care more about customer service, but the run-around we have been given has left a sour taste in our mouths.

If they wanted our business, and positive references, and repeat business, they could work it out.....

I am going by at lunch to return and pickup deposit and all paperwork. we will see how this goes.

I had been to pohanka originally for an NSX get together, and wanted to say thanks by giving them some business.... but this is not worth the hassle.

 

[steveny]

lol, I am with ya 100% unless you are married or it's family.

I would not even do it then!

 

[fannsx]

RETURN THE CAR. A dealership tried this on me by calling me a week later to tell me the couldn't get the agreed upon interest rate based on my credit. (I had excellent credit so I assumed they were just trying to make more money) They insisted that they couldn't get any lower of a rate.

So I drove to the dealership, handed the finance person the keys, and asked them for the original finance agreement. Amazingly, they "escalated" the issue with the bank and everything was fine.

I think you have full rights to return the car since the financing agreement you originally signed was not accepted. The last thing the dealer wants is a new car returned as a used car.

It's worth a try.

I returned a brand new Nissan Pathfinder once after they had difficult getting the promised loan rate and additional discount. This was because of a mistake made by a salesman. I put 500 mi on it during that weekend. Walked away.

 

[fannsx]

Never, EVER, co-sign a loan.

- Don

Well, unless is family. Of course, sometimes that can be questionable as well.
But girlfriend not = wife. Eventhough you may love her very much.

 

[Ko-nsx]

So we went looking for a new TSX on 7/15/05...

found the one we wanted, in the right color and trim BRAND NEW in PLASTIC.

We sit down and talk about things, and the stealership says we can have it no prob. will even give me a week to come back with the deposit. So we sign paperwork for the car with the agreed deposit amt. We drive off in our new baby, and are happy with the car.

Two weeks later, we recieve a call saying " we managed to get your finance rate down another 2.5% you just need to come by and sign new paperwork" well we are happy to hear this news, but we have a road trip to ATL planned, and wont be back until tues. the following week.

On our last day in ATL we get a call that they are having issues getting it "put thru" that we may need a co-signer. I explain that we are out of town, and we will address this when we get back. they say "ok".

When we return, they now want to add me on besides my GF to her car. I agree, but not easily, as we wanted to increase her credit not both at the same time.

Well they then start asking if she is a student or not, because if she is then it will make it easier to "put it thru". Well she is still doing an at home course program, and will be going to Geroge Mason in the near future. They requested transcripts, and said they would get back with us.

Now they are saying that we need to get her father to co-sign on it. They also now say that even if she brings the transcripts that it wont help any.

I am going by later tonight to have a word or two with their finance team.

So what are everyones thoughts on this? what should i do?

We already signed paperwork for the car the first day... so legally arent they bound to that as much as we are?

If they couldnt approve us for the car, then why did they approve us for the car the first day? and sign paperwork? and accept deposit???????

I've already sold her old accord, since we dont need 3 cars. so now they are causing me stress and placing me in a bind.



I have yet to name the dealership to save them face hoping that they will "make this right"

If not, i will go into more detail and give names etc.... i dont want someone else to get screwed either.

How much were you paying for the car? what year was the accord, model miles, etc? What was the agreed upon deposit? Is your credit strong or not enough credit, mediocre? Did you sign a pruchase order or finance papers? Did you meet the finance manager the first visit before you took the car or did the salesman "ok" everything? Just a few questions :smile: you don't have answer any of them, just curious about some of the details.

 

[KODIAC]

How much were you paying for the car? what year was the accord, model miles, etc? What was the agreed upon deposit? Is your credit strong or not enough credit, mediocre? Did you sign a pruchase order or finance papers? Did you meet the finance manager the first visit before you took the car or did the salesman "ok" everything? Just a few questions :smile: you don't have answer any of them, just curious about some of the details.

we agreed on 29720. she owned her accord, it was a 93, well in need of a new car IMHO. We agreed on 3K down. her score is a 630, not great by any means. we met the finance guy that night, and they new everything going in on it, and approved it all. then they came back and said they could do it lower a week later... then they started the were having issues... yada yada yada.....

 

[steveny]

we agreed on 29720. she owned her accord, it was a 93, well in need of a new car IMHO. We agreed on 3K down. her score is a 630, not great by any means. we met the finance guy that night, and they new everything going in on it, and approved it all. then they came back and said they could do it lower a week later... then they started the were having issues... yada yada yada.....

If you were happy enough with the original deal to sign the papers and leave the dealership with the car I don't see what the problem is. They said they could offer you a better deal but they really can't. No biggie just keep the original deal.

 

[liftshard]

Uh...they let you drive cars off without having signed notes?? This seems nuts.

If they don't give you the deal you agreed upon earlier and they actually let you drive away with the car, then, to hell with them. Just take the car back, return it.

I always have my financing lined up before buying a car. I didn't know you could buy one without actual money to pay for it.

 

[Ko-nsx]

If you were happy enough with the original deal to sign the papers and leave the dealership with the car I don't see what the problem is. They said they could offer you a better deal but they really can't. No biggie just keep the original deal.

Kinda what i was thinking.

 

[steveny]

Kinda what i was thinking.

unless there was an extended test drive and no real deal before the car left the lot.

 

[KODIAC]

now they dont want to honor there original deal,

but its gonna be ok...

Ive already arranged the return of the vehicle, return of my deposit(and paperwork), and have arranged financing for another car already but for 3K less OTD. so they are loosing business hand over fist now..

I will let everyone know how it goes when i go to pohanka.