Hi, We have situation right now. My husband purchased his USED car on 08/22/2008. Car dealership told us to not going to other bank to get loan because they have better rate. He told us used car with 5.45% for 60 month. It is very good rate and we decided to use dealership loan.
Few days later, my husband went back to pick up some stuff that dealer ordered to my husband. Same sales guy told my husband that loan % was mistaken. It was not 5.45%, it is 5.99%.
We already finished Retail Installment sales contract(yellow long contract paper) same day when we purchased. Dealer signed and it was all done. My husband driving everyday for his commute.
Is anyway we can keep the rate? or we should change to higher rare whatever dealership said? If that case do we should re-do contract again?
thank you
We took advice#2 and another advice from one of friend who working major car company headquarter. I told to the dealer sales guy “Contract is deal, and the was done. If you want change the rate we will void the contract and you could pick up the car or take to the small claim court is another idea that I don’t really want do.”
If he wanted change the rate, he have to re-do all the paper work with same car price that he listing $1000 cheaper after sold theat car with same VIN . He is not supposed to listing ad with my husband car (VIN)with cheaper amount to just get customer that is against law. He said he is fine with 5.45%, it’s better for him to loose $300 instead of $1000. Thanks for advice!
Derrick
Michael
Sounds like you drove the car off the lot without a firm loan approval. Car dealers to this all the time. For some reason, the great rate they quoted didn’t go thru and you need to come back and resign the loan paperwork for a higher interest rate and or more downpayment.
Never take a car off the lot without a firm loan approval. All that paperwork you signed has a contingency that the loan be approved. You can either get your own financing, which might be a good idea if you can qualify for a good rate. Or you can go back and sign new paperwork.
If you just return the car, they may try to hit you with an outrageous milage fee.
Comment by bdancer222 — September 7, 2010 @ 11:51 am
Ray
well if i remember my contract law “the only contract that has to be in writing is if it involves real property” a car is personal property — so an oral contract is good as gold — since you both witness the deal i would tell them if they want to change you are paying the lower interest rate and letting a small claim court settle this problem!!! either way it is no big deal since it is less that $5.00 a year!!! but do not give in!!!
Comment by mister ed — September 8, 2010 @ 7:55 pm