Dealership problems..... Help!!!

[HKPRO5]

So last night my GF got a call from the dealership saying that the bank will only finance us if we take out $20,000 for our 2010 Mazda 3. When we negociated we agreed on 18,800. They are saying that we will have to get the extended warranty to meet the 20k. Because that's what we didn't agree on can I return the car? My gf can't afford wny more than what she's paying now.

Thanks

 

[Keno1542]

yep, you can take it back, they are changing the terms of the contract. so you can refuse the new terms and return the car.

they are just trying to sell you something else, if the bank will give you a 20k loan, they will give you a loan for 18,800.

 

[Keno1542]

if you do decide to go for it, i would suggest looking at the new contract very closely, this dealership looks to be a sneaky one.

 

[evilmonkeyMSP]

As far as what the bank is saying...what were the terms of your loan? 60 months or 72 months? A lot of banks have limits on how much you have to be financing in order to get longer loan terms.

I know my CU requires a financed amount of 20,001.00 in order to get financing for 72 months.

this could be the holdup...

you can always contact the bank yourself and verify what is actually going on with them...you are the customer after all.

 

[Keno1542]

+1 on that, forgot about the whole term of the contract thing

 

[VRMS6]

Return the car...The dealership will work to try to get you bought at the original price....
Its either that or they have to take the car back with mileage n loose the sale...

 

[HKPRO5]

Thanks guys!

I'm going with VRMS6's post keep it at 18 or take it back.

I'll update when I get home. lol

 

[evilmonkeyMSP]

seriously...call your bank...

 

[xDJ DUBx]

sub for outcome

 

[HKPRO5]

I'm trying to find out what bank lol. My gf can't afford paying the extra that's going to be added on. She wanted only 250-260 for her payments she left out the door with 310. If she does take the 20k she will have to pay 340-360 =(

 

[HKPRO5]

Update!!

So it was like evilmonkeyMSP said. The credit union needed 20k to finance the loan. Thats their policy. I thought that the dealer was trying to scam us. lol The dealer was actually trying to help us. What they did was add on a discounted extended warranty to make it 20k even. So that was cool. I tried to give back the car but that was a no go. I also tried to get accessories instead of the warranty but all they could give is a reverse camera which was 900 bucks. Hell no. So I told her to take the extended warranty I guess its better than nothing.


Thanks again for the advice guys!

Cres

 

[coololddude]

The dealer is smoking wacky tobaccy.

 

[evilmonkeyMSP]

apparently they arent....it was a legitimate issue....

 

[HKPRO5]

Yups....

 

[DarkSpeed3]

They hate when I walk in and make a deal then tell them im payin cash

 

[DarkSpeed3]

I also tried to get accessories instead of the warranty but all they could give is a reverse camera which was 900 bucks..

BS.... theres plenty of goodies you could have picked up instead... they just said backup cam to make more loot off u (no)

 

[cudaman]

I somehow find it strange that a credit union won't lend LESS than a base of $20K. I would also look at what your payments are, and for how long, multiply them all up to come up with what the "real" interest is on the loan. $250/mon for 12 months is $3,000/yr. Depending upon how much you put down, calculate the number of payments and years, take the difference over the amount financed and divide to come up with the interest that is being paid. I still think you got screwed by one or more folks on this deal.

 

[evilmonkeyMSP]

dude he already solved the problem. most if not ALL lenders will not do a long term loan unless it meets a certain dollar amount. I know this because we bought a car recently too. Most lenders want you to at least finance $20k to be able to finance for 72 months (which given by the payment amount and such this is probably the terms his G/f wanted)

I somehow find it strange that a credit union won't lend LESS than a base of $20K. I would also look at what your payments are, and for how long, multiply them all up to come up with what the "real" interest is on the loan. $250/mon for 12 months is $3,000/yr. Depending upon how much you put down, calculate the number of payments and years, take the difference over the amount financed and divide to come up with the interest that is being paid. I still think you got screwed by one or more folks on this deal.

 

[bmasoner]

deal scams???

OMG! I am in that same nightmare right now! I got a 2010 Mazda 6 on 5/31/10, and today I got a call that our "contact" was not approved. We bargained and bargained and got the price down to the payments I was comfortable with back on the 31st, but now the dealer called 2 weeks later and said that to keep the car, I have to put $1,500.00 cash down, AND purchase at 7 year warranty so that they can make money on the deal! WHAT???
I have put 1,000 miles on the car, installed new wheels, AND professionally tinted the windows.
I have an appointment tomorrow to go back in with them to sign new paperwork!! wth??? What do I do?
HELPPPPPPPPPPPPPPPP!!!!!!!!!!!!!!!!

 

[TurtleTorque]

When I bought my car, the dealer told me not to do anything to the car, i.e. tint, new wheels, intake, etc... in 3 working business days. I asked why. He stated (In Georgia) just because I bought a car and drive out that same day, I'm not 100%. It takes 3 business days for the contract with the bank to be final approved. He said it's rare that a contract did not go through, but it does happen and wanted me to be ok. He stated if I havent heard from them in a week, the contract is complete with the bank. I got my 1st bill yesterday and I bought my car on May 28 and payment due jul 15. Two weeks is a bit excessive. Does each state have different time line laws on auto contract or is it 3 working business days?

Another thing confusing is dealerships sell cars literally by the hour. So they know what can get approved and not approved and what banks they have personal relations. THEY knew 18,800 was not going to be approved by the bank, but they let you drive it out the lot. Give you few days to fall in love with the car and then real you back in to re-negotiate terms. It's legit and I understand to be approved, the price of the car has to be 20k, but still, something just doesnt sound right.