Dealer taking car back!!

[2010SS2SS]

Really, 20 years and you don't know what I am talking about? Must not do much business. Here, Barney style...Bank "A" approves the loan (high rate)...Bank "B" will probably give a better rate, but has not sent back the approval. Finance Manager does paperwork on Bank "B" paper at Bank "A's" rate. If Bank "B" approves the loan...dealer just held points and made money on financing on the back end...If Bank "B" declines the loan, the Customer has to come back and resign the paperwork on Bank "A" paperwork with no change in rate or payment.

Hilarious that someone who has never been in the car business wants to give finance lessons!
First of all in non spot delviery state you do not put the customer on "paper" until you have an approval because if you do its a done deal without recourse to the dealer, which means NOW they become the lender.
Secondly most dealers are NOW using law contracts (Last 10 yrs) that are not bank specific and the lein holder info is just printed on the bottom under the assignment section. lenders also wouldn't require a recontract under your scenario because if the rate comes in lower they would just have to send out a letter notifing the customer of the rate decrease and change in payment. The only time you would need to recontract is if the payment goes up.
You also don't have alot of issues because of route one and dealer track where approvals are done almost instantly....The OP in this post either was put on a "spot" and the stepped on his D**K for two low of rate or what he sent to the lender didn't correspond with the credt reports.
You can believe what you want and blow the BARNEY chit out your a**!

[cheech4235]

Hey guys, good newss. I get to keep the car, the salesman came to my work with a new contract. I signed the new contract with 5.9% financing for 72 so I am good to go. Apparently there was a problem with original lender and they had to go with another. My payment did go up $5.00 per month, but not so bad so I went with it. Really didnt want to lose this car.

Maybe they were monitoring this site and didnt want their name out there associated with this spot delivery crap.

Thank you for all your help and great discussions.

Now I can get back to concentrating on upgrades! Woooo Hoooooo!!

[Earthshaker6]

Originally Posted by 2010SS2SS

Hilarious that someone who has never been in the car business wants to give finance lessons!
First of all in non spot delviery state you do not put the customer on "paper" until you have an approval because if you do its a done deal without recourse to the dealer, which means NOW they become the lender.
Secondly most dealers are NOW using law contracts (Last 10 yrs) that are not bank specific and the lein holder info is just printed on the bottom under the assignment section. lenders also wouldn't require a recontract under your scenario because if the rate comes in lower they would just have to send out a letter notifing the customer of the rate decrease and change in payment. The only time you would need to recontract is if the payment goes up.
You also don't have alot of issues because of route one and dealer track where approvals are done almost instantly....The OP in this post either was put on a "spot" and the stepped on his D**K for two low of rate or what he sent to the lender didn't correspond with the credt reports.
You can believe what you want and blow the BARNEY chit out your a**!

We can start another thread on who has more finance experience and success (although you would show up un-armed) but a fellow C5 member asked for help here. How little you know in you few years in the car business has nothing to do with the member's issue. If you have any information "in your vast experience," please help the member. You and I can debate else where...It will be fun!

Back to the matter at hand...two weeks is way too long for the dealer to wait to let you know they have screwed up. Spot Delivery state or not, you have a signed contract that is 2 weeks old. You have a case. It will not be easy, but you do have a case. You should really see a lawyer considering that, by this point, you are 2-4 weeks out from your first payment (according to 30 to 45 days to first payment). Good luck with the outcome and trust me...Don't take "NO" for an answer!

[Earthshaker6]

Originally Posted by cheech4235

Hey guys, good newss. I get to keep the car, the salesman came to my work with a new contract. I signed the new contract with 5.9% financing for 72 so I am good to go. Apparently there was a problem with original lender and they had to go with another. My payment did go up $5.00 per month, but not so bad so I went with it. Really didnt want to lose this car.

Maybe they were monitoring this site and didnt want their name out there associated with this spot delivery crap.

Thank you for all your help and great discussions.

Now I can get back to concentrating on upgrades! Woooo Hoooooo!!

Congrats!!! I know you are ready to dance now!!! Go enjoy it!!! I will continue to irratate the make believe finance expert on another thread.

[SteveTaylor]

I negotiated a killer deal on a car from one dealer.
I "know" my credit score is 890 from when I did an online loan application.
Signed all the papers, said its good to go...
Manager then comes out & said I was turned down..

I was like yea right, I'm perfect, let me talk to the finance guy here or the loan officer at whatever bank you're using..

Nope..

Then I said is it common for your sales reps & managers to make and approve deals & then back out when they find out the General Sales Manager says no?

I threatened to expose this to the local media down here, and BANG, they gave me the deal..

Azzholes

[cheech4235]

Originally Posted by Earthshaker6

Congrats!!! I know you are ready to dance now!!! Go enjoy it!!! I will continue to irratate the make believe finance expert on another thread.

ha ha, where is this other thread? gotta check it out!

[2010SS2SS]

I was helping the OP until you started your B.S.

Yea lets compare resumes or we can even whip out our d**ks to see whos bigger!

Congrats on getting your deal straight and getting to keep your car!

[Earthshaker6]

Originally Posted by cheech4235

ha ha, where is this other thread? gotta check it out!

Here you go...and I welcome 2010SS2SS to the thread!


http://www.camaro5.com/forums/showthread.php?t=185685

[Quick]

I'm thankful I didnt have to finance my car...Saw the car on the lot...walked in and paid cash for it...I feel better now knowing you (op) will get to keep your car...great news.

[PatsRS]

I have never heard of a dealer letting a car go off the lot without full financing. do You have a signed sales agreement? Were there any stipulations on the agreement?

[cheech4235]

Originally Posted by PatsRS

I have never heard of a dealer letting a car go off the lot without full financing. do You have a signed sales agreement? Were there any stipulations on the agreement?

All the papers were signed and had a date when 1st payment was due and the amount of each payment. Ther was a RIDER in the papers but it wasnt explained properly and after 3 hours, I wanted to get out and didnt read everything like I should have. Google "Spot Delivery" you will see a lot of cases. Not all states have laws against this.

[JohnnyComeLately]

Good to hear it all worked out. I'm sure they were hustling back in the Finance dept to try and make it work. They get money for cars sold, so I'm sure that's really all they cared about (back in the finance dept).

[derklug]

Originally Posted by Quick

I'm thankful I didnt have to finance my car...Saw the car on the lot...walked in and paid cash for it...I feel better now knowing you (op) will get to keep your car...great news.

I love seeing salesmens eyes when you say you are paying cash. The forlorn look of one who can't wring more $ out of the deal. (Only have done it once, but I intend to make it a habit)

[Kvapil28]

If you have a signed legal bank contract then the cars is yours. It's the dealers problem.. The dealer needs to sign recoarse on the loan....