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Financed a car/buyers remorse


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29 replies to this topic

#1 callichris

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Posted 20 March 2017 - 11:51 AM

Ok,

 

I have poor credit but was financed at a bad credit car lot. The rate is extremely high and I wanted out after I saw how much i was going to have to pay for this 13 year old car but I needed a car and still do. I didn't shop around and that's what I want to do.I happen to get a call from the car lot and they say that I have to resign all of my documents because the saleswoman had them printed for the day before I received the car and that I should have signed them for that day instead of the actual day I drove off the lot. Sounds fishy to me but I'm wondering is this my way to get out of this. If they don't have my signature and I have to resign everything, do I technically have to do this again. Can't I just walk away from it? Down payments are nonrefundable but they are truly getting over...the car is worth 8k on KBB...and because of my credit....i'm financed at 17k....i'm cringing at this as I'm trying to rebuild my credit....


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#2 Kat58

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Posted 20 March 2017 - 01:04 PM

I can't answer your question, but I hope it turns out to be an out for you

 

Others will chime in... Good Luck!

 

 

(more coffee please)


Edited by Kat58, 20 March 2017 - 01:30 PM.

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#3 callichris

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Posted 20 March 2017 - 01:17 PM

I believe it might be, the saleslady has called me everyday even offering to come to my job for me to sign the papers. I almost think they lost my documents because a mixup of dates can't be that serious where they offer to come to my job but that's why I'm here to find out if it is.


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#4 mec

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Posted 20 March 2017 - 01:27 PM

Have you made the first payment or paid anything down on the car?


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#5 callichris

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Posted 20 March 2017 - 01:43 PM

Have you made the first payment or paid anything down on the car?

 

 

I gave them a down payment, it's nonrefundable. I authorized automatic payments to start on the 17th but I guess because I haven't resigned the documents , they didn't take the 1st payment. So no payments have been made because of the papers not being signed....or me having to resign....I don't get why the date of me signing the documents is holding them up....


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#6 tiggerlgh

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Posted 20 March 2017 - 02:15 PM

What date did you originally buy the car? 

 

Also the amounts are not making sense is the 17k your purchase price or is that the total you would pay on the loan with interest?


Edited by tiggerlgh, 20 March 2017 - 02:15 PM.

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#7 callichris

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Posted 20 March 2017 - 02:32 PM

What date did you originally buy the car? 

 

Also the amounts are not making sense is the 17k your purchase price or is that the total you would pay on the loan with interest?

I made a down payment on a car on the 4th (saturday) and it was supposed to be fixed and cleaned up for the upcoming monday....well that monday came and went and then tuesday they called and said the cost  was too much for what I needed done and they offered another car.....i test drove the car tuesday and went in wednesday to pick it up AND sign the documents...the "documents" being the loan agreement....

 

Yes....the 17k includes the interest....car was a 11k and change....financing made it go up to 17k....


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#8 mec

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Posted 20 March 2017 - 03:07 PM

Do you have copies of all of the separate documents that you signed. It might help if you described what those are and what they say. 

 

It sounds like you are in a situation where you might be able to get out of this deal but its hard to say. There is a chance that they don't have all of the paperwork they need to hold you to the sale, but I'm not sure you know that for sure. You may be able to get out of the deal based on the terms you did agree to. 


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#9 callichris

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Posted 20 March 2017 - 03:23 PM

Do you have copies of all of the separate documents that you signed. It might help if you described what those are and what they say. 

 

It sounds like you are in a situation where you might be able to get out of this deal but its hard to say. There is a chance that they don't have all of the paperwork they need to hold you to the sale, but I'm not sure you know that for sure. You may be able to get out of the deal based on the terms you did agree to. 

as far as I know, all i signed was the loan agreement, telling me how much i would be paying and how much i was financed at as well as when payments would begin and how often. That's really it....they are being extremely aggressive about having me come in and REsign...as i mentioned above, the saleswoman offered to come on my lunch break to my job....i also signed documentation for them to start automatic  payments which didn't occur, i assume because of them not having the required paperwork.


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#10 mec

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Posted 20 March 2017 - 03:27 PM

If you have copies of those two documents, read them to verify that they are dated as the dealer says they are, and to see if there is any language about getting out of the purchase.

 

If it were me, I would want to speak with them on the phone and ask them exactly what documents they want you to sign and what would happen if you didn't sign the new documents.


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#11 MarvBear

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Posted 20 March 2017 - 04:22 PM

The paperwork has to be signed the day you became legal owner.  If it was signed a day earlier the dealer is in violation of Fed Reg Z.   If you were to resign, ALL the paperwork would need to be dated the DATE YOU ACTUALLY SIGNED, in order to be compliant to Fed Reg Z.

 

Dealer has caca.



#12 callichris

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Posted 20 March 2017 - 05:27 PM

The paperwork has to be signed the day you became legal owner.  If it was signed a day earlier the dealer is in violation of Fed Reg Z.   If you were to resign, ALL the paperwork would need to be dated the DATE YOU ACTUALLY SIGNED, in order to be compliant to Fed Reg Z.

 

Dealer has caca.

 

I'm sorry what does "caca" mean. And am I in a position to walk away from the car like I want to? 


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#13 Kat58

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Posted 20 March 2017 - 05:38 PM

caca = excrement

 

:grin:


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#14 mec

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Posted 20 March 2017 - 05:40 PM

Sounds like you got a free rental.


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#15 callichris

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Posted 20 March 2017 - 05:48 PM

caca = excrement

 

:grin:

LOL! I thought thats what he meant but.... I wanted to be sure....welp! I think i'll be getting out of the worse deal of my life!


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#16 bigpoppa09

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Posted 20 March 2017 - 07:26 PM

 

caca = excrement

 

:grin:

LOL! I thought thats what he meant but.... I wanted to be sure....welp! I think i'll be getting out of the worse deal of my life!

 

Just for future reference never take a auto loan at a 20+ apr do the grunt work and get your credit on point and people still look at me funny when i say i would do a long term rental before i took a sub prime loan.


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#17 tmkats

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Posted 21 March 2017 - 08:23 AM

 

 

caca = excrement

 

:grin:

LOL! I thought thats what he meant but.... I wanted to be sure....welp! I think i'll be getting out of the worse deal of my life!

 

Just for future reference never take a auto loan at a 20+ apr do the grunt work and get your credit on point and people still look at me funny when i say i would do a long term rental before i took a sub prime loan.

 

 

This +10000000000000

 

I had no choice before my BK but to get a subprime loan with Santander.  Last time I will ever do that.

 

They are scum and seeing your payments each month go to interest only is horrible.  I'm still digging out of it even though I refinanced both cars.

 

I'm under on one by about $3K and the other by about $1.5K.  As it is, if we decide to trade anytime soon I'm going to have to roll negative equity into the new loan.

 

Another drawback of subprime financing.  Avoid it at all costs if you can.


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#18 mk_378

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Posted 21 March 2017 - 03:43 PM

Take the car back.  Refuse to sign any new papers.  If they cannot honor the deal as originally signed, they also have to give you your down payment back.  So like someone else said, you got free use of a car for a few days.  It's not going to hurt the value of a 13 year old car noticeably.


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#19 crabu2

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Posted 21 March 2017 - 11:03 PM

The paperwork has to be signed the day you became legal owner.  If it was signed a day earlier the dealer is in violation of Fed Reg Z.   If you were to resign, ALL the paperwork would need to be dated the DATE YOU ACTUALLY SIGNED, in order to be compliant to Fed Reg Z.

 

Dealer has caca.

 

I'm confused here.. Wouldn't signing make a person the legal owner whether or not they took actual possession or not?  Kind of like.. here's the keys to your new car,but if you want it detailed, you have to pick it up tomorrow.


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#20 MarvBear

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Posted 22 March 2017 - 04:23 AM

 

The paperwork has to be signed the day you became legal owner.  If it was signed a day earlier the dealer is in violation of Fed Reg Z.   If you were to resign, ALL the paperwork would need to be dated the DATE YOU ACTUALLY SIGNED, in order to be compliant to Fed Reg Z.

 

Dealer has caca.

 

I'm confused here.. Wouldn't signing make a person the legal owner whether or not they took actual possession or not?  Kind of like.. here's the keys to your new car,but if you want it detailed, you have to pick it up tomorrow.

 

That scenario has nothing to do with the enforcement of Fed Reg Z.   If you sign a contract that the dealer cannot assign in the normal course of business, such that is necessitates a resign, then to conform to Fed Reg Z it must be dated appropriately.



#21 BRBiz

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Posted 22 March 2017 - 08:55 AM

You would also get your down payment back. Who is saying it's not refundable?
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#22 MarvBear

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Posted 22 March 2017 - 09:06 AM

It would have to be refundable.



#23 callichris

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Posted 23 March 2017 - 08:53 AM

It would have to be refundable.

they have a huge sign that says down payments are nonrefundable. that down payment includes the sales tax, will i at least get the sales tax back?


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#24 Daddy

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Posted 23 March 2017 - 09:00 AM

 

It would have to be refundable.

they have a huge sign that says down payments are nonrefundable. that down payment includes the sales tax, will i at least get the sales tax back?

 

 

Technically, the contract is void, so there was really no down payment and no sales tax. Someone correct me if I'm wrong...


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#25 MarvBear

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Posted 23 March 2017 - 09:41 AM

 

It would have to be refundable.

they have a huge sign that says down payments are nonrefundable. that down payment includes the sales tax, will i at least get the sales tax back?

 

Sometimes dealers advertise buy one get one in a huge sign.  A huge sign doesn't mean nada, zilch, zero, nothing.






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