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

too much to read
what is the OP's update?
I did learn some things thanks!

 

Maybe a little harsh but its the truth. You went against a lot of peoples good advice and it cost you 2000 and they tossed you a bone of 50 bucks a month less on your payments. I'm not even saying this was a scam. I'm saying the dealership screwed the pooch in financing and was able to convince you to pay for their mistake. . That is a bad financial move on your part any day of the week. Honestly it doesn't sound like you were getting that great of a deal to start with so I would have walked and found another dealer after the original dealer messed up and tried to get me to pay for it. On the positive side you have a great truck now that with good maint will serve you for a long time. Just learn from this for your financial dealing in the future.

 

Again, you are avoiding the question I posed in the first place about the GAP not being returned. That was one of my first questions to you. And you seem to think that I am defending every dealership in the entire united states here, and saying that they are all perfect. All I have done was bring forth the information on how the process works, and show that in this case, it was not the dealership that had the problem, it was the lender. I think me, and others who have agreed with my posts that YOU are naive.

As far as me being a vendor, and being the sort who is wanted mere, I think my posts, as well as my customer service speak for themselves here. So since you can't answer MY questions to you, and avoid what I have been saying, you want to do a personal attack? Wow. At this point sir, I am done with you. When you want to start attacking my business and my reputation instead of simply discuss the facts IN THIS THREAD that I have, I will be the better man and step out.

I am glad to see that you, the OP are happy with your truck. I am sad to see that you had a bad experience with the process though. I think you will find that the $2k additional down dropping your payments by $50 will be worth it in the long run. Good luck with your truck!

 

x2 LMFAO

 

Oh my, David!

Why are you being so rude? Is this really necessary? Can this please be a discussion rather than something that puts down others?

 

i think he came out ahead on this. 2000 down would only be a 40 month repay at 50 bucks a month and im sure his loan is longer than that. so he is saving more in the long run.

i am agreeing with you so there is no confusion

 

This my take after some reflection...if the dealer had not WAITED two weeks to notify the buyer, too long in the extreme IMHO. Once the package was on the underwriter's desk, it would have been a matter of NO MORE than two days to verifiy....again, this whole situation smells...

I don't know for sure, but his trade in may not have been available if they wholesaled in out already, two weeks was enough time for that to happen..

oaky, done...

 

He ended up writing a $2000 check to everyone's dismay and only got $50 off a month.


I fell for the same scam back in 2007 on a 2003 Acura 3.2TL Type-S... Had the car for a week (I bought it on a monday morning). But since I was 19 and had been making pretty good monies ($22/hr, 9 hours a day, 5 days a week) for quite some time. It seemed so easy to drive off in the car with no prior credit and settled for a already a pretty crappy 8% APR with my payments being $315 a month... I got a call that they needed to redo the contract. Being young, naive and in love with the car (It had every option, was quick, smooth and looked sleek), I agreed... Went over and left with 12% APR and $429 a month payments...

 

Always the sweetest. You are a great lady.

 

I agree with bama he didn't get screwed in the sense that he will end up paying more in the long run but he did have to pay a larger down payment which for some is a big deal, he had the cash and wanted the car so alls good.
Not really fishy but sucks to drive a new car and two weeks later get asked to pay more upfront.

Bama you made some great points and informed me about something's I had not previously known about. Thanks

Congratulations on your new truck op don't worry what's done is done and enjoy it

 

As always when I've read or talked with you Bama, informative and presenting the side to it most don't see or know much less have a lot of experience with. Plus you've helped me with things I couldn't do for myself before. Props to you good sir.

 

First of all you dont't have to go to a Dealer to arrange financing. You can do that on your own. And you should.

If you don't get the original agreement, walk away. Let them have the truck back. Which I think would be better for you.

Go to a reputable financial institution and arrange your financing for what you want to buy.

When you go to the Dealership to purchase your Taco, you have the power. Be sure and make the deal you want for an Out the Door purchase price. Also, alternatively, you can shop around using the interenet and get a quote before you go to the Stealership.

DO NOT buy a service plan, you don't need it. Just buy the truck.

Good Hunting and Cheerio

 

Thank you got it.

 

to you both. Thanks for the support.

 

You the only one working today

Second time Ive seen you within an hour and that's a first for me in 4 years on here

 

For anyone that still believes that there is nothing unusual about this practice and that the dealer was acting in good faith:

http://www.ftc.gov/os/comments/motorvehicleroundtable/00104-82860.pdf

If you take the time to read it, its pretty clear...


...Whatever the reason for entering into this type of transaction, the goal is the same. The dealer wants to make the consumer believe the deal is final so that the consumer does not consider purchasing a different car elsewhere...




...Frequently, the dealer states that “the lender” has changed its mind and will not finance the loan at the rate or with other terms promised....


...Yo-yo scams are an unfair and deceptive practice. However, the FTC has rule-making authority to regulate yo-yo scams. As one consumer attorney stated during the FTC roundtables, "In no other area of our commerce can someone sign on the dotted line, deliver the product, and then cancel the transaction and insist on the product being returned because the final credit transaction did not produce the hoped-for income....


There's lots more in the link and the other links I posted - its a scam, its always a scam.


...As one dealership finance manager stated “These days there’s simply no legitimate reason for a dealership to allow a customer to drive away without approved financing. Even at night and on weekends, automated systems can provide credit approvals for most consumers. Surprise rejections? I can’t imagine it 45 minutes later, much less days later."...

David

 

X2, it verifies what I said earlier...with all the information available at a fingers touch, approval is made on the spot, NOT TWO WEEKS LATER....

They took advantage of him, whether it was outright fraud or not remains the debate...

This>>>>>>>>>>>>>>>>>

...As one dealership finance manager stated “These days there’s simply no legitimate reason for a dealership to allow a customer to drive away without approved financing. Even at night and on weekends, automated systems can provide credit approvals for most consumers. Surprise rejections? I can’t imagine it 45 minutes later, much less days later."...

 

There is nothing to debate - its fraud, its always fraud. Turns out I was mistaken about something - I thought this wasn't illegal in all states, turns out it is:

The National Automobile Dealers Association says the practices laid out in the CRL report should not be present in the marketplace. In a statement to msnbc.com, David Hyatt, NADA’s vice president and chief communications officer, wrote: “It’s important to note that the CRL report describes 590 complaints of alleged yo-yo financing that is fraudulent and already illegal in all 50 states. In those cases, it’s a matter of enforcement.”

http://www.nbcnews.com/business/yo-yo-scam-exploits-credit-challenged-car-buyers-712479

David