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Got a call from the dealer today that I bought the car from last week. He said I had to sign another paper to update my address and some other bs.

I get down to the dealer and see the finance guy. He tells me to sign some forms and then says this "Oh, by the way, when your loan went to final underwriting they changed the interest rate. The new interest rate is 9.9%. Sign here please".

Um, excuse me?

My original contract stated my APR on the loan was 4.9% which I was fine with. My credit is perfect. FICO score 750. Never a late or default in my life. I flat out refuse to pay 9.9%APR on a car loan. Never paid that much in my life. I think 5-7% is 'fair'.

I refused to sign a new contract and the finance guy got this huge attitude with me. Told me I had to sign it or immediately bring the car back since I technically didn't own it yet as the loan didn't fund. And what's even better: I'd have to pay for the depreciation based on the miles I put on the car.

I think at this point my only options are:
1. bring the car back
2. get the new loan at 9.9% and live with it
3. get the new loan then try to get another loan from a local bank and pay off the dealer loan.

Any ideas what I should do?
 

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You agreed on a deal and signed a contract that presumably they agreed to. Tell them to contact your attorney. Barring that, your state should have a governing authority that could advise you.
 

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I would immediately contact a lawyer as suggested. You need to find out what your actual rights are in this situation. The contract was for 4.9% (not 9.9%). Depending on the laws in your area, the dealer may be responsible for making up the difference if it truly was a mix up which is why they are being persistent about you signing a new contract. ....instead of flat out refusing to sign, tell them you be seeking legal counsel before proceeding so you are sure of your rights.

....btw, did they point to any part of your contract to provide any merit to their claim of your responsibility in this scenario?
 

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Got a call from the dealer today that I bought the car from last week. He said I had to sign another paper to update my address and some other bs.

I get down to the dealer and see the finance guy. He tells me to sign some forms and then says this "Oh, by the way, when your loan went to final underwriting they changed the interest rate. The new interest rate is 9.9%. Sign here please".

Um, excuse me?

My original contract stated my APR on the loan was 4.9% which I was fine with. My credit is perfect. FICO score 750. Never a late or default in my life. I flat out refuse to pay 9.9%APR on a car loan. Never paid that much in my life. I think 5-7% is 'fair'.

I refused to sign a new contract and the finance guy got this huge attitude with me. Told me I had to sign it or immediately bring the car back since I technically didn't own it yet as the loan didn't fund. And what's even better: I'd have to pay for the depreciation based on the miles I put on the car.

I think at this point my only options are:
1. bring the car back
2. get the new loan at 9.9% and live with it
3. get the new loan then try to get another loan from a local bank and pay off the dealer loan.

Any ideas what I should do?
Sounds like somebody screwed up in the finance dep't., they don't make mistakes like that and give you the keys. Unless you didn't sign everything you should have when making the purchase, I'd tell them to pound sand. Assuming you have a signed contract already, they're up the creek without a paddle. Sounds like the finance guy is worried and they brought you in under false pretenses. If you are really worried, take your contract to a lawyer.
 

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This happened to me in my younger and stupider days. It is one of the oldest finance ploys around. The dealer is trying to scam you. There is no need for a lawyer here. Just take the car back and let them have it. They do not want it back, they just want to screw you out of more money. Chances are if you threaten to let them have it back you'll leave in the same car with a fully executed contract at the original interest rate. That's what happend for me.

As far as any "depreciation", if you have no contract, how can you owe them anything?

It's all just dealer BS.
 

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You dont need an attorney. Just call the attorney generals office. They'll take care care of them for free
 

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Spot delivery: Spot Delivery Puts the Dealer in the Driver's Seat


Since dealers have been doing the drive away same day BS, they cover their arse with some clause or in my case a separate form that says they can take back the car if financing falls through. Check your paperwork. If you have 750 credit you should be able to bring your own loan from your bank. Unless you have debt to income issues that is. This is why you should never do same day or afterhours delivery unless paying cash.

Good luck.

 

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It is time for you to call their bluff. I believe that Chrysler is offering 1.9% financing on Challengers.
 

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You agreed on a deal and signed a contract that presumably they agreed to. Tell them to contact your attorney. Barring that, your state should have a governing authority that could advise you.
thats what i did, my score was a little higher and I netted a 2.9 but they came back a week later said it would be 4.9 and they payments would go up, I told them to call my lawyer, they dropped the price of the car to make the payments the same. I refinanced as soon as the deal was done and saved an additional 50 bucks a month..
 

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If your credit score is that good go find a loan today yourself. You should have no problem getting a decent loan percentage with that credit rating.
 

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I had a dealer do the same thing to my sister on a Mitsu. I went in with her and told the General Manager that I wanted a conference call with him and the Mitsubishi zone manager.

The manufacturers don't take kindly to these practices either and can help you in dealing with an unscrupulous dealer.
 

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A signed contract is Legal and final. They can not change it later. If you are in Texas, contact TX. Dept. of Motor Vehicles. 1-800-687-7846. Where I work.
Tell Mr. Finance to turn in the loan. Once you have signed everything it is your car and the lien holder holds the title until the lien is satisfied.
 

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Have a lawyer review the papers that you have signed... if there is no "rider" or addendum covering this situation then just return the car.. the dealer eats the loss.. If there is a provision for this in the papers you signed.. there is a very good chance the dealer was setting out to rape you from the start...
Accept their rediculous loan rate and immediately refinance.
But it would be much better if you could cram their scheme down their throats.
 

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Old dealer trick. Call their bluff or tell them you're going to call Dodge.
 

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Seems you have plenty of advise at this time, let us know how it turns out...
 

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If the first contract is really "void", I'd turn in the keys and say "Thanks for the test drive" and go to another dealership.

I mean, do you really want to have to deal with them again when your car needs servicing or other matters?
 

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Tell us what dealer it is so we can avoid them like the plague.
 

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Spot delivery: Spot Delivery Puts the Dealer in the Driver's Seat


Since dealers have been doing the drive away same day BS, they cover their arse with some clause or in my case a separate form that says they can take back the car if financing falls through. Check your paperwork. If you have 750 credit you should be able to bring your own loan from your bank. Unless you have debt to income issues that is. This is why you should never do same day or afterhours delivery unless paying cash.

Good luck.

+1

I had this happen to me a couple years back when I bought a 3 series. I went to the dealership since they said they had gotten me financed. At the time my credit was low so I was happy that they got me approved so I didnt ask what bank took the loan. I picked up the car on a Sunday around 6pm, and 3 days later I got the call. They said they couldn't get me financed like they said :nono:....I could keep going on with this story how pissed I was, but I just let the dealership know how upset I was and returned the car the same day. It was so fun driving that car back, I was doing burnouts and driving it hard all the way back :redcap:
 

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Oldest trick in the book. You signed a contract for the 4.9, dont say another word to them, keep the car, call a lawyer if the push the issue. When I bought my first car out of college the dealer tried this same nonsense like I didnt know any better. Although my difference was alot less severe. 8.25 % on a used car and they wanted me to resign the contract for 9.5%. Total BS man.
 
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