2013 Purchased last week...Dealership calls me today and says...

So I'll cut to the chase. I'm a first time buyer, just graduated from college, not having much credit established. I wanted to buy a truck on my own, without the help of my parents or a co-signer. I went to Koons Toyota of Annapolis and they were VERY eager to sell me a truck and get me out the door the moment I walked in. I took the info and slept on it a few days and then went back. They slipped in all sorts of things...GAP, maintenance packages, resistol, basically another 10k worth of shit. I kept the gap and the maintenance package but got rid of the resistol and they took my trade for 4.5k and wanted 1k down for a 3.49% loan. They sent me on my way...great! Right?

Well 2 weeks later (yesterday) they call me to tell me to drop by because there were some issues. The bank doesn't think I can make the payments (little credit history). Now, I knew this was going to be a concern from the get-go, but they were so confident that I would be set, that I believed them. They wanted me to write them a check for 3k last night and then sign a new contract. I got them to do a hold agreement for 30 days (is this a scam?) for a 2k check.

I need advice. I don't want a co-signer because I want to keep this as an individual purchase. I can afford the truck with no problems, but I am really weary as to these finance guys at Totota. They seem BEYOND DISHONEST.

Any advice is appreciated.

-Tex

 

Tell them you want the original agreement or you walk, plain and simple. I would bet money they will play the waiting game with you as well, so you need to walk in there, tell them to give you what you agreed on to begin with or you will walk out and go to another dealer. They will put you in a chair and have you wait there until you crack and sign almost anything. Show them DBs who is boss.

 

remember you hold all the cards now. If they wont give you the original deal then walk away. Don't let your desire for the truck overwhelm your reasoning. Also unless they gave you an incredible deal i might walk anyway as it sounds like a business that I would not want to do anything with if they try to call weeks later to amend a contract with them cause they screwed up.

 

Do you have a signed purchase & sales agreement?
Do you have a signed financing contract the F&I guy gave you?
Is the truck registered in your name with plates? ie tax paid?
I don't know how they can go back now.....and renegotiate more money if you have a signed agreement.

 

If you signed a contract dont do anything.. You have already signed it and both sides agreed. That's their fuck up. If your truck is registered (I would think it would be by now) then you are fine.

 

A buddy of mine had something similar to this happen to him they told him they couldn't get funding. Well guess what your trade is still in the back they "shouldn't" be able to sell it cause your loans not up. In his case the payment on the trade in was coming due. I thought it smelled fishy so we demanded the title and keys for the trade, handed them back there keys and told them thanks for the free rental. And drove off in his old truck. But he wasn't in love with the new one and plenty of other dealers around.
If you love your truck and don't want to try again at a new dealer then I suggest calling the financing company directly "not the dealership guys" and asking them whats up. I'm just afraid these dealership guys are gonna call it down payment promised or something and pocket the extra 2K.
Hope this help.
Or you could go directly to your credit union/Bank and apply for a loan directly through them for the amount you need. Then your bank will hand you a check and the Toyota guys send them/hand, you/them the title. Just bypass them shady crappers.
This is why I hate dealerships so bad the hair on the back of my neck stands up even seeing a salesman walk over LOL. I've almost been in a fist fight in the parking lot more then once.
Maybe they are legit but usually if it smells fishy it is.

 

^^^^^^ that’s pretty much it right there. If you lied about nothing and told them all your financial information and they were good to go, this little issue with the bank is on them (it’s probably just BS though). This thing about needing a check is beyond stupid and doesn't make it so you will more easily pay for the truck, not sure what their logic is there at all.

 

The details are in the fine print. Look at most all sales contracts and many of them state that the contract can be nullified by the selling party if pending financing falls through. Sucks, yes, but it does happen.

You can get an initial approval for financing, then that approval get revoked after a full credit evaluation. Yes, it sucks big time, but it does happen. I will say this, you can't blame the dealership. Financing is not done by the dealer, but by 3rd party banks and lenders. (Even Toyota Financing is not controlled by the dealership) That is the reason behind the fine print about financing having to meet final approval.

I would suggest at this point read over ALL of the contract and the details. THEN go from there. Until you know the facts and what you can and can't do, you can't make an informed decision on WHAT to do. And of course ALWAYS you should read the contract. I have never bought a car or a house without reading the entire document. And I have pissed off some sales people, lol.

 

Auto Financing Scams

“Spot Delivery” aka “Yo-Yo Deal”

Auto dealers attempt to trick the consumer with a low credit score into taking the vehicle home right away, then calling back a few weeks later to tell you that the loan fell through because you didn't qualify for the interest rate that you thought was guaranteed. You must now go back to the dealership to rework the financing. At this point, be prepared to pay a much higher interest rate and monthly payment of course!

The sad fact is that the auto dealership knew exactly what interest rate you qualified for and how large a loan you could get when they let you take the car home. If the dealer had been upfront with you at that point in time, the figured you would either purchase a less expensive car or decide not to get a car at all, based on the high APR/monthly payment. Thus, you are sold the car under false pretenses, but the dealership makes the sale and you are stuck with it as paperwork has been signed. This is a violation of Georgia’s Auto Fraud Laws, contact a Georgia Consumer Protection Attorney today.

 

Unfortunately this scam happens alot. Heed the advice above.

 

If they won't take original deal then walk.

 

Something smells good in stinkville....

 

Same exact thing happened to me. Except the dealership "lance Cunningham ford" called my work and told one of my associates to tell me to bring the truck back. I was extremely pissed. Not over the deal falling through but the 3rd party disclosure. I drove their fx4 right back left it dirty ( had went off roading) demanded reimbursement for the gas I put in. (A whole tank when I dropped it off. Almost empty when I bought it) took my mustang and title back. Took the tags to the truck since I already had them. AND made them pay for a new chin splitter on the Mustang. Took several weeks but got it done. Needless to say as soon as the chin splitter was on the car. Took it to Airport toyota. Explained what happened and not doing anything until I know the deal is done and over. After 6 hours I left the dealership with title in hand to the tacoma and cleaned out the Mustang for the last time. (Mustang was paid for.) I traded the Mustang and 500.00 cash for the tacoma.

Needless to say, I will never ever do business with lance cunningham Ford again. The people at airport were so nice and so friendly. I started getting a headache while there. They brought me lunch. And one of the sales guys went and bought me some Tylenol for the headache. I asked what their policy on gas was. They said usually 20.00 on a used purchase. The sales guy after I signed the papers around 7 Pm. Took the truck and "forgot" to stop at 20.00 and put a full tank in. Even their detail guy was supposed to leave and he stayed until my deal was done. He came in and asked what kind of scents did I like. And handed me several air fresher pouches to smell. He detailed the truck like brand new. And left a little box in the back seat. I opened it when I got home and it was full of those air scent pouches all sealed. Up. With a note. Sorry you had so much trouble. Least I could do to help out.

I will go to airport from here on out.

 

I had a very similar situation many years ago when buying a Mustang. I told them if they couldn't stand behind the deal as offered then I was walking. They couldn't, so I took my old car back and that was that. Went to a different dealer a few months later and made a deal on another Mustang which ended up being a better deal than the first one and a better car as well. My 2 cents: If they can't make it work then walk. Lots of dealers and lots of Tacos in the world.

 

My ex-wife used to work in the finance department of the dealership we worked for, and this is not accurate. The truth of the flow is this:

1. Customer comes in wanting to buy a vehicle. Provides name and SS# for credit evaluation.
2. Salesman/finance officer submits info and pulls basic credit report with Becons Score. (this is usually the best report, based on the 3 Big Ones)
3. Finance officer enters this information into the appropriate loan category based on Becons Score (Better score gets better/preferred financing)
4. Multiple credit approval/denial reports are returned based on initial report.
5. Finance officer takes best approval (Based on best opportunity for maximum profit for dealership. Duh, they ARE in the business to make money after all) to the salesman for signing as initial financing contract.
6. Contract gets signed, trade in handled, keys transferred.
7. Customer drives away in their new vehicle.
8. Contract gets entered into the computer and formal submission is made to the lender.
9. Lender does full credit evaluation and verifies information is correct.
10. If an error is found, or a problem is found that was not shown in the initial credit application, the lender has the right to deny the loan, or ask for different terms.

So again, it is not the dealership being "shady" here, it is just how the loan process works, and HAS worked, for dealerships across the US for many, many years. Perhaps the credit report pulled from Experian was great, but when the full credit evaluation was made, there was something on the Trans-Union report that was bad, and will make the difference when it comes to loan terms.

 

I've heard of the yo-yo scam, I'd be skeptical to agree to a new deal.

If you're in need of a loan, I'd try your local credit union, they are a bit more lenient with their lending than many big banks may be.

 

I'm going to back at lunchtime and talk to them again. I made the 2,000 check out to Koons Toyota of Annapolis because that's what they said to do...but I feel like it's going to get pocketed.

My father said he would cosign me if I needed him to. I'd rather not, but if it comes to this, I will.

Do I go in and tell them how displeased I am, to cut the BS, and that I will walk?

 

Yes. Also ask what bank is doing the lending. Ask for loan number and banks number. Call bank and ask what is going on and why. Then decide to move forward. The Bank wants to make money. But doesn't want to put it to where you will lose the truck in a month or two. Then they are out the money to the dealership, tow, auction, etc.

 

I would read the contract so that you know the power you have. You may have all the marbles, or you may have some serious negotiating power. May even be able to argue in some accessories or such into the deal at this point. Perhaps if your contract shows you have all the marbles, they can either throw in "xxxxx" when you hand over the check, or the deal is off. Again, it all depends on the contract and what it says. Read it.

 

Very good point there! X2