Deal gone bad and I am ripping! - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

PAUL SS · 08-26-2009, 08:02 AM

Just going to vent here a little.

I went with my 23 year old daughter who still lives at home to help her buy a new car. She found a 2009 Hyundai Elantra nicely equipped and after checking all her fiscal obligations decided she could afford it. We talked with the salesman who worked the numbers with the general manager to a deal she was comfortable with. She filled out a credit app, they ran her credit score and said "you have very good credit and this loan will be no problem." Then they ask me if there is a problem, could they use my income as family income to push the loan through. I tell them no this is her deal I am just here to offer support and my experience in car buying and I will not co-sign. They come back with "you don't need to co-sign, we just want to use your income". I tell them in no uncertain terms "I will not co-sign, this is her deal".
Well being Sunday, they can't push the loan through, but "take the car and come back Monday night to sign the papers." She signs a couple of temp papers that say she has the car but needs to come back in 48 hours to complete the deal. All is good, everyone is happy.

Fast forward to Tuesday night, they call and say we cant get the loan approved, we need a co-signer. WHAT! After assuring my daughter and I that it is no problem, now they want a co-signer! BS! Not happening. So they say they need the car back now, and I tell them "get in my daughters trade in and bring that back and come and get your car". They can't do that as the trade-in is at the auction house, but we can get it back tomorrow. After going at it on the phone with the finance guy and reading him the riot act. the salesman calls back 10 minutes later and I read him the riot acts, you know, like ten of them. They are now suposed to be making a supreme effort to get the financing approved, and if it does not happen, they can come and get the car tonight. A used car as I see it now.

We will go somewhere else and get a better deal on a better car, but we will be filing complaints all over the place. (I know how to do this).
Sorry for the rant, but some dealers.....nevermind

SSOOCH · 08-26-2009, 08:33 AM

I never ever take delivery of a car unless the financing is 100% in the bag! How could they have assured you the financing could go through if no banks weren't open? Sometimes you have to use better judgement because car dealerships are slimy (some). And will say anything to get you to take the car "now". I hope it all works out in the end. And if your daughter has good credit I'd secure financing through a bank before you even go out looking again.

CamaroScotty · 08-26-2009, 09:41 AM

Jamie Mac · 08-26-2009, 10:09 AM

Yeah that would have me irked too

jcamaro · 08-26-2009, 10:43 AM

I had a similar experience when buying my Sonata last October. I had a manual 2006 Elantra financed through my bank at a good rate. My wife and I were expecting our first our first child and she didn't want to drive stick when the baby came. So we went to the dealership to look at a used 07 Sonata they had for a good price. I only had about 1500 to put down but we were still upside-down some in our Elantra so there would be a balance on the new loan. They told me they could give me more for the trade in if we got a new car, so we started looking at the 09s and found one we liked. We handed over the 1500 and the Elantra keys (this was a Sunday also) and signed temp papers for their finance company and on monday they would get it through our bank. Come monday, I found out through the bank directly that they won't finance it with the balance of the first loan due to cost to loan ratio being too high. Now we are stuck with a 14.5% interest rate.

Granted I should have checked with the bank first and should never have dumped a balance of the old car onto the new one... But as they say, hind sight is 20-20. It is a nice new car and Hyundai has a great warranty (they replaced the clutch 3 times in 2 years on my manual Elantra for free). Plus we got the tire warranty that covers just about anything and its got a lot more room. But we are stuck with the high interest rate until we pay enough to get the loan to value ratio in range of the banks standards.

PAUL SS · 08-26-2009, 10:51 AM

Live and learn, huh? There are some real sweet talkers out there.

The car goes back tonight (not really, they have to bring my daughters trade-in back and pickup there Elantra at our home.) We will look for another car for her soon.

CTS · 08-26-2009, 11:17 AM

Make sure her car is all there when you get it back. Someone I know recently told me a tale about the local Jeep dealer. His wife looked at the Jeep on Saturday. It was a current model but used program car. So they let her take it for the weekend to try out (she was a customer of theirs before) and come back Monday and we will finalize the deal. Over the weekend she decides to sell her car to a friend and not trade it in but its at the dealer for appraisal still. She calls them Monday and says she will take the Jeep but won't be trading in her car. So her and he hubby go to finalize the deal late that day He drives the old car home but notices when he gets home that it has different tires and wheels on it. She had recently put new Goodyear tires on it with white letters but now it had blackwalls. Long story short, someone else bought a car about the same time and dealt for better tires so they switched with her old Jeep. The right hand did not know what the left hand was doing. It took them almost 2 weeks to get her tires back and the guy who bought the other car was yelling up a storm about it.

*CamaroSpike23* · 08-26-2009, 11:24 AM

buy her a camaro.

PQ · 08-26-2009, 11:28 AM

I'd drive that sucker for about 10 hrs straight and make sure it's got at least 500 extra miles on it before I took it back.

Also, I'm sure you know this, but keep a very close eye on the interest rate. When I was very young I had a similar experience with a 1989 Nissan Sentra. (Hey, I was 18) The interest rate ended at 19.9 %

I never looked at it but just the payment. I was the perfect 'sucker' back then.

But, ya, put as many miles on that car as possible before taking it back. Maybe even 'accidentaly' back into a tree.

PQ · 08-26-2009, 11:31 AM

Quote:

Originally Posted by CamaroSpike23

buy her a camaro.

I missed that.

respect is earned · 08-26-2009, 11:38 AM

Quote:

Originally Posted by irpq11

I'd drive that sucker for about 10 hrs straight and make sure it's got at least 500 extra miles on it before I took it back.

Also, I'm sure you know this, but keep a very close eye on the interest rate. When I was very young I had a similar experience with a 1989 Nissan Sentra. (Hey, I was 18) The interest rate ended at 19.9 %

I never looked at it but just the payment. I was the perfect 'sucker' back then.

But, ya, put as many miles on that car as possible before taking it back. Maybe even 'accidentaly' back into a tree.

maybe warm up the tires a little

Quote:

Originally Posted by CamaroSpike23

buy her a camaro.

2010SLVRBULIT · 08-26-2009, 11:44 AM

.. ABM LS to match yours. Co-sign it and at least this way you may have 2 if it doesn't work out..

*mlee* · 08-26-2009, 11:46 AM

Never do financing at the dealer... Just tell them what you already have APPROVED and say beat it if you can...

Also... this isn't your mistake... It's the dealers, for making bad judgement by letting you take the car prior to financing.

PAUL SS · 08-26-2009, 12:44 PM

Quote:

Originally Posted by CamaroSpike23

buy her a camaro.

I don't have too. She is going to win Dustin Pedroia's Camaro next month.

Seriously, you guys on this forum are great!

08-26-2009, 08:02 AM	#1
PAUL SS The Mark of Excellence Drives: 2010 ABM 1SS RS LS3 Join Date: Jan 2009 Location: Smallest State in the Union Posts: 8,690 View My Garage	Deal gone bad and I am ripping! Just going to vent here a little. I went with my 23 year old daughter who still lives at home to help her buy a new car. She found a 2009 Hyundai Elantra nicely equipped and after checking all her fiscal obligations decided she could afford it. We talked with the salesman who worked the numbers with the general manager to a deal she was comfortable with. She filled out a credit app, they ran her credit score and said "you have very good credit and this loan will be no problem." Then they ask me if there is a problem, could they use my income as family income to push the loan through. I tell them no this is her deal I am just here to offer support and my experience in car buying and I will not co-sign. They come back with "you don't need to co-sign, we just want to use your income". I tell them in no uncertain terms "I will not co-sign, this is her deal". Well being Sunday, they can't push the loan through, but "take the car and come back Monday night to sign the papers." She signs a couple of temp papers that say she has the car but needs to come back in 48 hours to complete the deal. All is good, everyone is happy. Fast forward to Tuesday night, they call and say we cant get the loan approved, we need a co-signer. WHAT! After assuring my daughter and I that it is no problem, now they want a co-signer! BS! Not happening. So they say they need the car back now, and I tell them "get in my daughters trade in and bring that back and come and get your car". They can't do that as the trade-in is at the auction house, but we can get it back tomorrow. After going at it on the phone with the finance guy and reading him the riot act. the salesman calls back 10 minutes later and I read him the riot acts, you know, like ten of them. They are now suposed to be making a supreme effort to get the financing approved, and if it does not happen, they can come and get the car tonight. A used car as I see it now. We will go somewhere else and get a better deal on a better car, but we will be filing complaints all over the place. (I know how to do this). Sorry for the rant, but some dealers.....nevermind __________________ BMR, CAI, DynoMax, Elite Eng., Hurst, Jannetty, Clear Image Headers & Hi Flow cats, Jet Hot, LSR, TSW, VMax, Vredestein

08-26-2009, 08:33 AM	#2
SSOOCH Camaro SL,UTs Drives: 2010 Camaro SS/RS #16429 Join Date: Sep 2006 Location: South Jordan, UT Posts: 7,358 View My Garage	I never ever take delivery of a car unless the financing is 100% in the bag! How could they have assured you the financing could go through if no banks weren't open? Sometimes you have to use better judgement because car dealerships are slimy (some). And will say anything to get you to take the car "now". I hope it all works out in the end. And if your daughter has good credit I'd secure financing through a bank before you even go out looking again. __________________

08-26-2009, 10:09 AM	#4
Jamie Mac NCM-WINR Drives: 2010 SS/RS IOM 2014 2LT Stingray Join Date: Mar 2009 Location: Pittsburgh Posts: 2,324	Yeah that would have me irked too __________________ also drives a heavily modified Jeep Wrangler. It has LED headlights and wheel weights blacked out with Plasti Dip. It's Baller.

08-26-2009, 10:43 AM	#5
jcamaro Obsessed Much? Drives: 2015 Silver 1SS/RS M6 Join Date: Aug 2009 Location: Las Vegas Posts: 934	I had a similar experience when buying my Sonata last October. I had a manual 2006 Elantra financed through my bank at a good rate. My wife and I were expecting our first our first child and she didn't want to drive stick when the baby came. So we went to the dealership to look at a used 07 Sonata they had for a good price. I only had about 1500 to put down but we were still upside-down some in our Elantra so there would be a balance on the new loan. They told me they could give me more for the trade in if we got a new car, so we started looking at the 09s and found one we liked. We handed over the 1500 and the Elantra keys (this was a Sunday also) and signed temp papers for their finance company and on monday they would get it through our bank. Come monday, I found out through the bank directly that they won't finance it with the balance of the first loan due to cost to loan ratio being too high. Now we are stuck with a 14.5% interest rate. Granted I should have checked with the bank first and should never have dumped a balance of the old car onto the new one... But as they say, hind sight is 20-20. It is a nice new car and Hyundai has a great warranty (they replaced the clutch 3 times in 2 years on my manual Elantra for free). Plus we got the tire warranty that covers just about anything and its got a lot more room. But we are stuck with the high interest rate until we pay enough to get the loan to value ratio in range of the banks standards. __________________ 2015 1SS RS M6

08-26-2009, 10:51 AM	#6
PAUL SS The Mark of Excellence Drives: 2010 ABM 1SS RS LS3 Join Date: Jan 2009 Location: Smallest State in the Union Posts: 8,690 View My Garage	Live and learn, huh? There are some real sweet talkers out there. The car goes back tonight (not really, they have to bring my daughters trade-in back and pickup there Elantra at our home.) We will look for another car for her soon. __________________ BMR, CAI, DynoMax, Elite Eng., Hurst, Jannetty, Clear Image Headers & Hi Flow cats, Jet Hot, LSR, TSW, VMax, Vredestein

08-26-2009, 09:41 AM	#3
CamaroScotty Account Suspended Drives: Your new SLP Camaro! Join Date: Jul 2008 Location: Cedarburg, WI Posts: 6,801

08-26-2009, 11:17 AM	#7
CTS Drives: 2021 Sierra Denali 6.2L/10sp CC 4WD Join Date: Mar 2009 Location: Houghton, Michigan Posts: 234 View My Garage	Make sure her car is all there when you get it back. Someone I know recently told me a tale about the local Jeep dealer. His wife looked at the Jeep on Saturday. It was a current model but used program car. So they let her take it for the weekend to try out (she was a customer of theirs before) and come back Monday and we will finalize the deal. Over the weekend she decides to sell her car to a friend and not trade it in but its at the dealer for appraisal still. She calls them Monday and says she will take the Jeep but won't be trading in her car. So her and he hubby go to finalize the deal late that day He drives the old car home but notices when he gets home that it has different tires and wheels on it. She had recently put new Goodyear tires on it with white letters but now it had blackwalls. Long story short, someone else bought a car about the same time and dealt for better tires so they switched with her old Jeep. The right hand did not know what the left hand was doing. It took them almost 2 weeks to get her tires back and the guy who bought the other car was yelling up a storm about it. __________________ Mike Synthoil Supply 2021 GMC Sierra Denali CC Ultimate 6.2L

08-26-2009, 11:28 AM	#9
PQ Booooosted. Drives: 2010 Supercharged SS Join Date: Apr 2008 Location: Mobile, AL Posts: 36,716 View My Garage	I'd drive that sucker for about 10 hrs straight and make sure it's got at least 500 extra miles on it before I took it back. Also, I'm sure you know this, but keep a very close eye on the interest rate. When I was very young I had a similar experience with a 1989 Nissan Sentra. (Hey, I was 18) The interest rate ended at 19.9 % I never looked at it but just the payment. I was the perfect 'sucker' back then. But, ya, put as many miles on that car as possible before taking it back. Maybe even 'accidentaly' back into a tree. __________________

08-26-2009, 11:44 AM	#12
2010SLVRBULIT Drives: G5(LLT) & C6(LS3) Join Date: Apr 2009 Location: MARS Posts: 7,527 View My Garage	.. ABM LS to match yours. Co-sign it and at least this way you may have 2 if it doesn't work out..

08-26-2009, 11:46 AM	#13
mlee CamaroFans.com Drives: ZLE & ZR2 Join Date: Oct 2008 Location: Conroe, TX Posts: 37,507 View My Garage	Never do financing at the dealer... Just tell them what you already have APPROVED and say beat it if you can... Also... this isn't your mistake... It's the dealers, for making bad judgement by letting you take the car prior to financing. __________________

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