Bought a car today!

[BMTGIE]

Well at least I thought I did. I signed the tons of paper work. Gave my tags,Two keys, how to operate the gadgets in the car. Great customer service (I told them I didn't want those mats but they still put them in there)

So I get on the highway and cruise for this 1hr long drive back home from the dealership in my brand new spanking 14 SS.

I get home and read the paper work "BCA" borrow car agreement and "conditional delivery agreement" I'm like wtf???. Now I've come to realize the interest rate and monthly payment aren't officially finalized.

They just gave me the car hoping I will get financed for what the contract states. And if they don't find financing I will have to return the car and pay .25 for every mile I put on the car. They screwed me on this, totally mislead. Now I'm hoping they find financing, it's a great deal. I have my own credit union if they don't provide the financing lender. But I want my $300 back for those mats for driving back all the to the dealership in houston.

I'm armed myself for everything but this, didn't know this practice existed. Damn sure don't understand how this could be legal.

I would post pics but it's not officially my car yet.....


EDIT: I did have my own financing at 5.5% percent. Dealer said he got me 4.9% and I took it. When I signed the car documents I was mislead of what the documents were actually were. Should of took my time and read.

[ssrs2lt]

yeah call a bank or 2 get ur own financing plus take it back and have a discussion about honesty.. if a dealer tried that Id walk. good luck, next time secure outside of dealer finance before purchase ..

[Trunz150]

That is insane I have never heard of such nonsense before..... Good luck let us know what happens!!!!!

[Scott@Bjorn3D]

We had some dumbass thing like that happen when we got our Acura, the bank was one when we left the dealer but that bank would not honor the interest rate offered so our coupon book showed up from a different bank.

Had a nice long talk with dealer and said if they ever want me to get another car from them again that shit is not going to happen again.

[Bulldog3071]

when ever getting a car get pre-approved from your bank never go with dealer financing dealer will do a bait and switch with a low financing number only to inform you your interest rate was mug higher than you thought and your stuck. This cam happen a lot if you don't get pre approved

[PalmerGA]

You signed paperwork that you thought was the final purchase agreement, then read it later only to find out you don't actually own the car? You must not have signed financing papers with final numbers. Always read the fine print, my friend... always!

[Valkyrja]

I always read anything before signing it, no matter how excited I might be. Meant spending an extra hour before closing on my house and I had aggravated a few apartment complex managers before then. Time and time again I hear that I am the only one they met that read everything first.

That said, it sucked that they mislead you like that in the first place. Hope that everything works out.

[Baba]

The dealer didn't screw you. This is a legal practice. YOU allowed this to happen to you because, it appears, you were ignorant of following some common-sense rules of thumb:

A). For most people, ideally, one should arrange for financing through their own bank or credit union BEFORE BUYING A CAR - unless the person knows they have stellar credit and will have NO PROBLEM receiving an outstanding rate through the dealer's finance dept. / banks they work with.

B). One should actually read the documents and know specifically what they're being asked to sign BEFORE THEY SIGN THEM.

I'm not beating you up, just pointing out what, ideally, you should've done BEFORE buying / taking delivery of a new car because it can be a very exciting, stressful, overwhelming and lengthy process.

This paperwork the dealership's finance office had you sign is not "illegal". It's akin to signing a "promisory note". You agreed to purchase the vehicle and took delivery contingent upon your ability to either;

a). secure your own financing
b). agree to accept the best bank / rate the dealer's finance office can secure

or;

c). if financing cannot be secured by or for you, you turn the car in and agree to pay the dealersip for any mileage and usage (damage) they deem usual and customary.

Each time I've purchased a new car, I secured financing through my own financial institution. I knew the terms of the loan in advance (interest rate, length of loan and maximum amount they would finance).

The credit union / bank will usually ask for the VIN when applying for my loan and I tell them I do not know specifically which vehicle I will purchase. However, I receive a letter from my CU or bank stating I've been approved for a vehicle loan on "x" date for "x" dollars and how long this offer is good for.

When it comes time to finalize the paperwork in the dealer's finance office, they ask about "financing". I tell them I have arranged for my own financing and politely decline their offer of finding financing through the institutions they deal with and show them the letter from my CU. I'm then asked to sign a "promisory note" guaranteeing payment for the outstanding balance within a certain time frame. After that, I contact my CU with all of the necessary vehicle info and they cut a check made out to the dealership (or deposit it into my bank account) which I then deliver to the dealer or they can electronically transmit to the dealer. Should I fail to render payment within the agreed upon time frame, my choices at that time are to either opt for dealer-arranged financing at whichever bank and rate the can secure or face some legal "liability".

Like I said, not beating you up, just pointing out it appears you overlooked some critical steps in the purchase of a new car. In particular, not paying attention to what you were signing as you were looking right at it and signing it.

HOWEVER, not all is lost and there's no need to panic and believe you've been or are "screwed". As someone else mentioned, no worries. Contact your bank or credit union ASAP, apply for a loan (you already know the VIN and the total amount owed) and see what terms they're able to offer you. Often times, you can get a 1/4% point off the rate if you agree to have your monthly car payment automatically deducted from your bank account the day it's due.

Heck, while you're doing this, research whether your purchase through your dealer can qualify for a credit union discount (often times $500). If you're a military member or USAA member and your dealer participates, that's good for $750 off (military and USAA discounts / financing offers are often NOT the same). If you're a new college graduate (within the past 2 years or currently enrolled in college), that WILL also qualify for a discount at ANY Chevy dealer nationwide. Not all dealers will participate in these offers (except the college student discount) and you may not be able to combine multiple discounts (ie; they may only allow for one discount) but ALWAYS inquire with your dealer. Also, check your paperwork to see if it reflects any "cash back" discounts.

Regardless of any paperwork you've already signed, it can be drawn up new to reflect any discounts you may qualify for. Here's the website where you can check some of these things (you'll need to register but it's free and GM doesn't send you any junk mail). https://www.mygmdiscount.com/ip-vpp/

Chevrolet also has it's own "college students" discounts page: http://www.chevrolet.com/college-student-discounts.html. Read the FAQ.

As mentioned, don't panic. There's a shitload of good, useful, hands-on information here. Read it, learn it, know it. The next time you buy a car, you'll be completely prepared. It's called "life experience". Almost all of us have had to learn some lessons the hard way.

Good luck with wrapping up your purchase. Pls. let us know how it turns out and don't forget to post pics!

[Pi kappa alpha]

Originally Posted by Baba

The dealer didn't screw you. This is a legal practice. YOU allowed this to happen to you because, it appears, you were ignorant of following some common-sense rules of thumb:

A). For most people, ideally, one should arrange for financing through their own bank or credit union BEFORE BUYING A CAR - unless the person knows they have stellar credit and will have NO PROBLEM receiving an outstanding rate through the dealer's finance dept. / banks they work with.

B). One should actually read the documents and know specifically what they're being asked to sign BEFORE THEY SIGN THEM.

I'm not beating you up, just pointing out what, ideally, you should've done BEFORE buying / taking delivery of a new car because it can be a very exciting, stressful, overwhelming and lengthy process.

This paperwork the dealership's finance office had you sign is not "illegal". It's akin to signing a "promisory note". You agreed to purchase the vehicle and took delivery contingent upon your ability to;

a). either secure your own financing
b). agree to accept the best bank / rate the dealer's finance office can secure.
c). If financing cannot be secured by or for you, you agree to pay the dealersip for any mileage and usage (damage) they deem usual and customary.

Each time I've purchased a new car, I secured financing through my own financial institution. I knew the terms of the loan in advance (interest rate, length of loan and maximum amount they would finance).

The credit union / bank will usually ask for the VIN when applying for my loan and I tell them I do not know specifically which vehicle I will purchase. However, I receive a letter from my CU or bank stating I've been approved for a vehicle loan on "x" date for "x" dollars and how long this offer is good for.

When it comes time to finalize the paperwork in the dealer's finance office, they ask about "financing". I tell them I have arranged for my own financing and politely decline their offer of finding financing through the institutions they deal with and show them the letter from my CU. I'm then asked to sign a "promisory note" guaranteeing payment for the outstanding balance within a certain time frame. After that, I contact my CU with all of the necessary vehicle info and they cut a check made out to the dealership (or deposit it into my bank account) which I then deliver to the dealer or they can electronically transmit to the dealer. Should I fail to render payment within the agreed upon time frame, my choices at that time are to either opt for dealer-arranged financing at whichever bank and rate the can secure or face some legal "liability".

Like I said, not beating you up, just pointing out it appears you overlooked some critical steps in the purchase of a new car. In particular, not paying attention to what you were signing as you were looking right at it and signing it.

HOWEVER, not all is lost and there's no need to panic and believe you've been or are "screwed". As someone else mentioned, no worries. Contact your bank or credit union ASAP, apply for a loan (you already know the VIN and the total amount owed) and see what terms they're able to offer you. Often times, you can get a 1/4% point off the rate if you agree to have your monthly car payment automatically deducted from your bank account the day it's due.

As mentioned, don't panic. Next time you buy a car, you'll be much better prepared. It's called "life experience". Almost all of us have had to learn some lessons the hard way.

Good luck with wrapping up your purchase. Pls. let us know how it turns out and don't forget to post pics!

/thread

[nyrfan]

This is a normal and legal process called "spot delivery". And no they did not screw you, you had the chance and obligation to read the p/w prior to signing but you decided to read it after the fact.

This is why you should always secure financing on your own prior to your purchase through your bank or local CU. Then there are ZERO questions on the approval.

[trashmanssd]

Yeah don't panic you have an agreed price just have to figure out the interest rate. Interest rates are still very low should not be hard to get a good rate. In the 80's you wouldn't find a rate under 10 percent and if you had bad credit it could be close to 20 percent.

[Baba]

Originally Posted by Pi kappa alpha

/thread

'Nuff said.

[Baba]

Originally Posted by trashmanssd

Yeah don't panic...In the 80's you wouldn't find a rate under 10 percent and if you had bad credit it could be close to 20 percent.

Don't forget, in the 80's, if you didn't know your ass from a hole in the wall, the dealer could get you "special" financing with "compound" interest.

[trashmanssd]

Originally Posted by Baba

Don't forget, in the 80's, if you didn't know your ass from a hole in the wall, the dealer could get you "special" financing with "compound" interest.

Yeah those kinda favors could put you in the poor house. try calculating a new loan with a 12 or 15 percent interest rate. Your going to need the Defibrillator after that number.