I don't know what to do...

[JOHNSONROD]

call their bluff. take the car in to turn it in. they will come around because they already charged you more than most would pay for a 1lt.

[nyrfan]

I posted this a while back to a member with a similar situation, this was not written by me. only copied from another site.:

When you sign a purchase contract at a dealership, that is not the final word on finance. The bank has the final approval of your deal. The dealership is simply an intermediary who shops banks to get you financed in your car.

When we take a finance contract form you, we send it to several lenders who are likely to approve the deal. There are 3 scenarios that can occur

1) approved as written - a bank buys the contract as the dealer presented it. You are done, they have the deal wrapped up

2) declined - no bank will touch it, so they all shoot you down. The car is returned, your down paymetn is refunded, and you both go your separate ways

3) Countered - the lender will tell the dealer that they cannot finance you at the terms the delaer presented. They can tell the seller what terms they WILL extend to get you financed. You have the option to take the new contract, at the rate and term the bank agreed to - or not. This is what is happening to you.

All deals at the lot are contingent on lender acceptance. on the back of your finance agreement, there is a paragraph explaining this. Its a fairly standard form all dealers use. Check the back, its there.

So you can agree to the new terms and keep the car, or return the car and walk away. But the original deal was not approved by any of their lenders.

Oh -this is NOT against the law. The contract specifically says that it relies ona lender to agree to the terms. It is called a 'spot delivery'. It is completely legal, and hte normal course of business for thousands of dealers in every single state.

[daveagogo1]

Yes this can and does happen. Your out the door price is just fine considering it varies wildly based off credit and term. I love all the experts who tell you that you overpaid with limited information.

Lastly, i hope it works out well.

[SSBlack]

A female should NEVER make her first car purchase alone. That's not politically correct, but we are talking about sharks here (dealerships) and that's the way it is.

[DRKS1D3]

Take it back! You don't want this loan hanging over your head, you're getting ripped off BIG TIME!!!

[nyrfan]

Originally Posted by SSBlack

A female should NEVER make her first car purchase alone. That's not politically correct, but we are talking about sharks here (dealerships) and that's the way it is.

WOW, this is gonna get good. I'd bet the 1st one to chime in will be BB. Over/under anyone?

[ShowSStopper]

Originally Posted by tonyko1

First off, you are very pretty! If you have a boyfriend, hopefully big, take him along. If not, PM me and send me your phone number.

But seriously, this is an old scam of the dealer putting you in the car after signing the papers and then calling you back stating the financing didn't go through.

You are in CA which has very strict consumer laws. Try calling the attorney general's office to see if you will get a 100% refund or if what they did is legal. It may be on their webpage as well.

Also, you can tell your credit union what happened and see what they say, maybe they will finance you outright.

This is complete BS though, they are hoping you are in love with the car, too embarrassed to tell family and friends what happened and will roll over on this. You may want to call Chevy Customer Service just to document this all.

And finally, don't listen to all these guys on this site about what you paid for the car and what they paid, got to be the #1 lie here on the forum. If you are okay with the price so be it.

Everyone lies about what they paid...plus people that want to compare an older SS with miles on it versus the price for a new ANYTHING make me

If you have a signed contract, then they can not back out of it. They are legally obligated to meet their end of the agreement just as you are.

However, if you feel like you do not like the car, you can take it back and get all of your money back because by not meeting the agreed terms and conditions of your contract they are in breach of it.

Whatever you do, good luck!

[ShowSStopper]

Originally Posted by nyrfan

WOW, this is gonna get good. I'd bet the 1st one to chime in will be BB. Over/under anyone?

[nyrfan]

Originally Posted by DRKS1D3

Take it back! You don't want this loan hanging over your head, you're getting ripped off BIG TIME!!!

Could she have done better, probably (most of us probably could have) but I do not agree that she got ripped off BIG TIME! Don't forget this is OTD with TTT.

[ShowSStopper]

Originally Posted by nyrfan

I posted this a while back to a member with a similar situation, this was not written by me. only copied from another site.:

Whoever wrote that was a complete idiot and is 200% wrong. I know it wasn't you, but I had to say that as a dealer employee who sees financing every single day, that's bad information.

By the time you make it to the finance office, there's already a lender name on the contract. That lender has already approved your loan....that's how the numbers make it to the contract.

When the deal is "shopped", you don't sign anything except a "four-square" that says IF they can match your terms, you will take the deal. Now THAT form is not binding, but the finalized contract you sign before delivery is absolutely 100% binding in any court of law.

Sorry, but I just wanted to clarify that much.

[nyrfan]

Originally Posted by ShowSStopper

Whoever wrote that was a complete idiot and is 200% wrong. I know it wasn't you, but I had to say that as a dealer employee who sees financing every single day, that's bad information.

By the time you make it to the finance office, there's already a lender name on the contract. That lender has already approved your loan....that's how the numbers make it to the contract.

When the deal is "shopped", you don't sign anything except a "four-square" that says IF they can match your terms, you will take the deal. Now THAT form is not binding, but the finalized contract you sign before delivery is absolutely 100% binding in any court of law.

Sorry, but I just wanted to clarify that much.

Actaully he is not. I do credit for a living, while it's not auto I have read some of the agreements and seen it happen on many occasions. Go pull out a contract and read it.

With that said, I'd bet only a small % of dealers will follow this practice.

[ShowSStopper]

Originally Posted by SSBlack

A female should NEVER make her first car purchase alone. That's not politically correct, but we are talking about sharks here (dealerships) and that's the way it is.

I'm going to agree with this...though it will probably bite me later. Knowing the sales guys at the dealership I work for, I would not recommend a female buying anything alone...ever. They really do try to overcharge the ladies, which is a darn shame.

[ShowSStopper]

Originally Posted by nyrfan

Actaully he is not. I do credit for a living, while it's not auto I have read some of the agreements and seen it happen on many occasions. Go pull out a contract and read it.

No contract I can find shows anything on the back, even in legalese, that says "Thanks for signing, but we reserve the right to back out of this deal." Maybe your state is different?

I only have enough experience to comfortably say that this does not apply to auto contracts in the state of Texas. Other loans, I'm not sure. Other states, I have no clue.

[Caitlin&Caroline]

Originally Posted by SSBlack

No one should EVER make his/her first car purchase alone.

Fixed it for you

I survived mine, but I went in having done my homework. Exactly what I wanted/needed for well below KBB value. The deal took maybe 15 minutes at the dealer. It was even easier with the Camaro. I grew up in customer service. If you don't have what I want, you want the wrong price for it, or you're a dick, I walk.