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(I realize I posted this is the wrong forum. I'm moved it to Auto Finance.) Sorry!
I’m in the process of shopping for a good preowned car and I saw one that I liked at the dealer. The Carfax looked good, test drive went well, so I put down a $500 deposit and said I’d be back when I got my DCU auto check in place. (Leaving the deposit was a mistake, I now know.) Today, three days later, I’m reading the Carfax more carefully and I see it doesn’t list the car’s service records as specified by the manufacturer’s warranty (which is still in effect). I plan to ask the dealer for those records, but I don’t think I’ll trust anything that’s supplied after the fact that should have been on the Carfax in the first place. I’ve now seen many other Carfaxes of this model of car and they do show service visits and what was done on what date. And while I find it hard to believe that the previous owner of the car I looked at didn’t make any oil changes for 28,000 miles, the lack of a record on this is a huge red flag. I just read the dealer’s buyer’s order that I signed and it says all deposits are non-refundable. Uh oh. So what recourse do I have? I’ll ask them for the service records. If they don’t have them, I absolutely will not buy the car. If they refuse to give me my refund, what are my options? The deposit was made on a credit card. And by the way, this dealer was in New Jersey. Thanks for your help!
I purchased a car on 7/14 (brand new). Dealership would not let me take car as recalled part was discovered and needed replacement, they gave me a rental car to use while waiting for part to come in and replace. On 7/23 car was complete and I was supposed to recieve it when finance department at dealership called and said that they cancelled the contract. The reason they gave me was "because they could not make me happy". Hoping I'd fall for that lame excuse, but I didn't. In any event, I had received confirmation from finance company (GM Finance) on 7/19 that loan had been funded and funds dispersed to dealership. I went through my contract with a fine tooth comb and the only 2 reasons I found stating dealership had the right to cancel the contract was due to "lack of being able to finance purchaser" or "if misreprentation occured with credit", neither of which applied. I never did have the car so I returned the rental car to the dealership and they gave me my old trade in vehicle back. I was not happy, as far as I was concerned, the car was financed, the loan was in my name and I was financially responsible for it until the dealer decided to return the funds (I verified several times with GM Financial after this happened).
As you can well imagine I was not happy about what happened and I was not about to just shrug my shoulders and walk away. I wrote a letter to the GM of the dealership copying in the President of their parent company and also some higher up exec's at GM to not only let them know what happened, but to also let them know how I was treated, which was anything but professional. I got the attention of someone because the controller of the dealership called me last Sat. afternoon letting me know he'd received a copy of the letter from the parent company and was basically groveling and doing what he could to smooth the situation over. After letting him know that I wasn't stupid, that I knew that the reason they cancelled the deal was not because they couldn't make me happy, but because of something else and I would appreciate his honesty, he let me know that they basically were not happy with the trade value / allowance they gave for the vehicle I was trading in (at the time they made the deal) and didn't feel they would be able to get as much as they valued it at when it went to the auction. I explained that as unfortunate as that was for them, at that point it was not my problem. The i's had been dotted and the t's crossed and at that point they should have accepted the loss they were going to take and use it as a learning experience so it wouldn't happen again, but that me as the customer should not have had to be the brunt of their mistake. He completely agreed and apologized and offered to try and personally help me if I was interested in still trying to purchase a car. I let him know I'd have to think about it.
My questions is, can a dealership legally do this after a deal has been finance and they have received the funds for the deal from the finance company? I am located in Arizona and I've contacted the Attorney General's office who has been no help and only letting me know I could file a complaint, but they could not help me with the legality of the situation. I have been hard pressed to find any attorney specializing in automobile dealership fraud.
Thank you in advance.
roke down and I decided to get a used truck that stickered for about $9k. After tax and license, it's like $10k. So after a $3k down payment. the only place that would give me a loan wants to charge me 24.9% APR! AND I need full coverage which is $100 more per month.
My credit score is 531 on TU. Other than school loans, I have nothing really on there. (All bad debt from when I was young dropped off). Also, I just got a $70K job this past year that allows me to start rebuilding my credit. But, I'm not sure if this is a good a way to start.
I dont' have very much expenses. Just a phone bill, car insurance, and student loan payments. Plus I also do freelance web design on the side for extra income. If I wanted to, I could pay off this loan in about 3 months semi-comfortably. However, I can't tell if that's a horrible idea or not. I could also pay most of it up front, then pay it through 12 months. Maybe a better idea?
They want to charge me $750 fee (which they added on to the loan amount) for being a risky "financier"
I've been shopping around A LOT for a month and a half and found this is a good price for the truck I want - low miles, reliable model, in my price range
I've never had a car in my own name and I guess they looked at that when trying to finance me.
I plan on getting a secured credit card.
If I DO plan on getting this truck, should I just pay off the loan in three months? Or should I pay it off in a year to attempt to improve my credit score for when I want to get a car I really want down the line?
There's so many variables in play, I can't figure it out! Thanks in advance.