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marcela_ipa | Auto interest rate, can a car dealer change the rate after you've signed the papers? |
So what happened was, we got this "awsome deal" for a brand new car @ 0% we drove the car home last night, and just now he called as saying, we need to go back there because we were not quite approved it didn't go trough...yada, yada, yada, and he wants us to sign a new form with the new interest rate @ 3.4!!!????
Can they do that, because I'm really upset and don't even want the car anymore! |
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Jennifer W
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I had this happen to me, as well. In Florida, I took the car home, drove it, got insurance on it, and about 2 weeks later they made me come in and sign new papers.
I refused, because I thought they couldn't do that, and they called threatening to repo my car!
If they are able to change your interest rate, it is because you were not approved for the offer. Did you sign a contract? What are the terms of the contract? You have to find out where the contract says you have 0% interest, and see if the paperwork says "if approved", etc.
I hope they work this out for you, I know how frustrating it is, and how it makes car dealers seem shady when they do stuff like this.
Jenny |
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Bill
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Usually, car purchases are "subject to financing." If you don't agree to the higher rate, they'll either:
1) Suck it up and keep the original terms, or
2) Tell you to bring the car back.
If you don't want the car, my suggestion is to say "we signed the deal we're willing to sign. If you're backing out of that deal, let me know when to return the car."
Don't get sweated into giving them more than you originally contracted to. That is sometimes a game that unscrupulous dealers will play just to see if they can get more from you.
If they say anything legally intimidating, tell them you want it in writing from their attorney...and that you have provided them with the only two options you're willing to give them (original deal or return of car). |
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TheMom
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Take it back then, you did not qualify for their rate. They are not forced to lend you money you do not qualify to borrow. |
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onceisenoughilearnedmylesson
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Yeah...they are trying to trick you, but they will only get away with it IF you go back and sign the new papers. So, don't go back and sign the new papers. Call an attorney. If you signed at 0%, that is what you should get. |
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george p
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If you were not approved, they should not have let you drive off with the car. In most states, you have 3 days where you can return the car. If they are harassing you, let them know you will simply return the car and go elsewhere. They will probably try to pressure you if you tell them this, but don't give in. You can contact your state's Attorney General for help as well. I will say this, 3.4% still isn't bad, depending on the terms. You've got to understand the terms before signing anything. In defense of the dealer, generally if there is a 0% deal, it's comming from the car manufacturer and they do require pretty good credit history for the 0% deals. I would suggest calling the finance company as well and get the full story from them if you truly were not approved. |
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casey
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they do it all the time. Let them have the car back. Its a ploy to rip you off. Ive seen them keep the trade in when the deal falls through, take the car back and give the owner blue book value of the trade in. Toss them the keys and go elsewhere. If you have decent credit do your own financing through a bank or the major online credit/lenders. That 0% is misleading. The cost of the car usually has the interest added in. It really seems like they are jerking you around.
If you do agree to the 3.4% financing, insist they come down a great deal on the price.
AND YES IN MANY STATES YOU HAVE 72 HOURS TO RETURN A MAJOR PURCHASE. |
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Steven D
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Sounds like smoke and mirrors to me, it used to be called "Bait and Switch". Hold their feet to the fire on this one you have rights. If the contract was approved they can't change a thing. Remind them that bad publicity can hurt the bottom line, I'm sure the local paper would love this one so close to Christmas! Take it back and get your old car back. If they have already sold your car they must replace it. |
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fred9923456
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There is most likely something in the contract that says you agree to yadda yadda yadda if you arnt aproved for financing. The good news is most likely you can also just take the car back and say in that case I dont want it here's your car back. Then to really be a jerk go back a day or two later and make an offer on the same car that is at an even lower price. Because now the car is used. |
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tom4bucs
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in our state - you can rescind a car deal in three days
may need to report this to your state agency that licenses car dealers - ask them
all the best |
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harvardbeans
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Approval should have been handled at the dealer the day before. Don't sign anything new.
Either they honor it, or they come and pick the car up. Don't sign anything new. Don't even go back to the dealer. If they want the car back, make them come get it. Seriously. You have the papers and you hold all the power. |
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F C
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You don't have to sign a new contract or pay higher intrest rate. Keep a copy of your contract documents! If you have to turn the car back to the dealer, make sure to get back any deposit or down payment you've made.
FYI, I'm the internet manager for a reputable dealership |
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src50
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Probably. Read the fine print of your contract and you'll probably see something about being subject to underwriting approval, lender approval or something like that. This is the big problem with dealer financing - bait and switch. |
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Fonz
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Tell them that a contract is a contract. Then when they say it isn't binding. Then say ok here's your car. |
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Erudite: 20 Jan Good day.
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Yes they (HE) can. Read your contract. |
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SPIFIMAN1
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Auto finance is what I do for a living and what happened is called a (spot delivery) this is where the dealer goes ahead and put the customer into the vehicle without having the deal 100% approved first. (Not very bright)
Then when the dealer gets the final approval they have to call the customer back in to resign the paperwork.
Nothing illegal about it just not very bright because of the ill feelings that happen like with you. |
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Chief High Commander, UAN
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Well, here's the thing...the bank didn't approve you for 0%. They approved you for 3.4%. Now did you sign a contract? If you did, then they're in the hotseat. (you aren't supposed to tell someone they got it, sign, and then change the rules, we call that breach of contract) But you will be stuck with the car, can't return it after you sign, THERE IS NO 3 DAY remorse/return policy.
If you didn't, well, you're at the short end of the stick and they can charge you whatever. But the car isn't yours until you sign, so if you put any money down, make sure to get it back and return the car.
3.4% is still pretty good, especially with average rates of 6.9/7.9.
Talk to the manager if you signed, and make sure he knows you will fight if you don't get zero percent. |
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Andrea O
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NOTHING WAS THE AWSOME DEAL THEY JUST WANT MONEY! |
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korazatio
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i dont think so they probly just riped you off they did that to my friend sorry D: |
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stick man
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No, if he signed and you signed the contract is binding. He cannot change the terms now. Get an attorney to call him and force him to honor his contract. |
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capturedheart143
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lol.
First, the dealer does NOT set the interest rate for your loan... The company that gave you the loan sets the interest rate.
Second, if your loan was not approved, then yes, the interest rate can change because you would have to be approved for a new loan.
Third, 3.4% interest on a car loan is a GREAT rate! You should be happy that it is that low!!
Forth, you have 3 days after the signing of a contract, in most cases, to back out of the contract. If you decide that 3.4% is too much for you, and it hasn't been 3 days, then take the car back and void the contract. |
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