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  #1  
Old 09-22-2012, 06:15 PM
Captain Cooter Captain Cooter is offline
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Default Dealer is trying to screw me, need some help here

So I bought a 2012 Ram two weeks ago. I told them I was pre-approved for 4.5% APR through USAA, they said they could beat that, and we went back and forth for about two hours and agreed to 1.75% over 75 months.

Today I get a call from their finance lady saying that she heard back from the finance dep't and they can't do the 1.75%, they can only do that with a co-signer. The lowest they can offer me is 8.43%!!!! I said no way, and explained the negotiations to her. She said she would get back with me.

Now my dad and I read over the contract I signed and it seems pretty final, there's nothing in there that says they reserve the right to do this to me. I'm sticking to my guns and not budging, I'll get a lawyer if I have to.

My question is, have you guys ever experienced this or heard of a dealer doing this? More importantly, what are my legal rights? The contract shows the 1.75% over 75 months at $420/month.

My credit report shows that they pulled my credit report that night, there's no reason it took them two week to get back to me. My dad and I think that the sales manager probably went overboard in his offer and somebody higher up in finance dep't at another location saw my credit report and APR% and decided he didn't like it. I think they ****ed up and are trying to correct it.

Thanks guys. I'm pretty pissed off right now.
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  #2  
Old 09-22-2012, 06:37 PM
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SFVDOC SFVDOC is offline
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Contracts vary from State to State but I believe there is a clause in there that says something to the effect of "subject to lender approval".

You said they are willing to honor the low rate, they just want a co-signer on the loan. It's not the end of the world to have a co-signer. I take it you are a younger person? I had to do it with my dad when I was young.

Or get your financing through USAA and be done with it.

Just remember, the lower the interest rate the more security the lender will want.
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  #3  
Old 09-22-2012, 07:03 PM
Captain Cooter Captain Cooter is offline
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Yeah I found something written in double-speak that said exactly that. I'm just going to go through USAA instead. I'll be calling HQ to complain for sure though, to go from 1.75% to 8.43% is a slap in the face.
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  #4  
Old 09-22-2012, 07:06 PM
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GTyankee GTyankee is offline
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when i bought my Ram, i got the 3.3 rate through a Credit Union
my own credit union could only do 3.5 rate

I was actually surprised, less then 2 years before i had $28,000 in credit card debt & i had decided to retire & go into business for myself
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  #5  
Old 09-22-2012, 07:22 PM
davidgcet davidgcet is offline
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at least they are willing to work with you, i know several people that financing fell thru due to teh "subeject to lender approval clause" even as late as 3-4 weeks later! they were told to return the vehicle immediately. a buddy of mine was sales manager at a local bowtie stealership and told me about one lady thta had traded in an old clunker, the dealer sold it for scrap the same day. she got lucky, the dealer was forced to give her one of their trade-ins since they could not return her car to her. he said they gave her a piece of crap, but it was 10x nicer than the one she had towed in for trade!

as you said, just go thru USAA and be done with it. you can't wait around though, without secured financing the dealer can reclaim the vehicle at any time.
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Old 09-22-2012, 07:23 PM
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Shop around, in this economy there is no need to pay more than 1%. Both of my vehicles are at .9%. I have USAA myself, been a member for over 15 years. I use them for everything EXCEPT auto loans, their rates can always be beat.
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  #7  
Old 09-22-2012, 07:59 PM
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Had that happen twice when I was young. Told em to get bent both times...the credit is approved when you sign the papers or you would t have had papers to sign.
Tell em to bring a lawyer,the cops and a tow truck to pick it up.
I bet they never show up.

You signed a contract with them...they now have to honor it.
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  #8  
Old 09-22-2012, 08:56 PM
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I had a friend in a similar situation years ago. He put 500 miles on it legally making it a used vehicle, dealer either had to sell it to him or take it back at a loss. Then it turns out dealer did screw up some paper work and had yo resign, because of the miles the dealer had to legally put used on the contract. He read it and said "I am not paying a penny more than kbb on a used vehicle". Had the dealer over a fence, at this point it had close to 1000 miles, and the option to walk away due to the dealers mistake. Ended up getting a 28k car for around 19k.
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Old 09-22-2012, 09:49 PM
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I just bought a 2012 1500. It has 12000 mile so it was used. When salesperson would not meet my terms, told them I wanted the key back to my trade-in. He would disappear and come back with a different offer. We went round and round and I finally left with truck at 3.89 percent with $500 down. Just refinanced with my credit union to 3.24%.
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Old 09-23-2012, 03:54 PM
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A similar situation happened to me when i was young. long story short, I had the car for a month for free and told them to honor the deal or take the car back. They took it back and I walked.
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