May lose my MSP, Im PISSED!

[Pure Insanity]

May lose my MSP, UPDATE! Deal done.

I got my MSP 3 weeks ago yesterday, earlier this past week the dealership calls and starts telling me about having problems w/ my financing. UUUM I left the dealership, I have the car, how can there be a problem NOW?!?!

When I bought it I had gotten pre approved for 20K on a used Tahoe 4X4 over 60 months, and they would approve based on the contract for over that on a different car for 72 months. No problem.

I go to the dealership, make the deal to buy the car and all is good. I am expecting to leave the car because I have to remove the stereo from my trade in and wanted to wait for the bank approval. The LAST thing I wanted was to leave the dealer and get all attatched to the MSP only to have a problem. I even told the F&I lady I under no circumstance wanted to get a call that there was a problem, that I would GLADLY leave the car until it was a done deal thru the bank. "Oh no,were able to write deals for your bank no problem." Well Im still expecting to be leaving the car to remove the stereo from my trade and it should be done by Monday anyhow.

They tell me its a done deal and tell me to take my trade to pull the stereo out AND take the MSP. Ive worked at dealers as a tech for the majority of the past 15 yrs, Ive never heard of such a thing but OK, its a done deal its all good. I yank the stereo and reinstall the OEM radio and speakers and return w/ my trade as agreed. Deal finished. MSP is mine.....or so I thought!

So basicly here I am 3 weeks later fuming pissed that I may lose my MSP. :mad: Is there ANYTHING I can do to stop this. This is pretty F'd up IMO.

Here take a car, drive it for a few weeks and get all attatched to it then were gonna take it back. :wtf: If the tint shop wasnt backed up Id also be out $$$ for a tint job that I have since cancelled. Im glad I was dragging my feet on ordering a turbo timer now.

Pretty much I am running outta options and have about 1 last thing to try in the worst case. Dad.....nothin like bein 32 and having to ask dad to sign a freakin loan for me. :mad:

Word to the younger folks here, dont F'up your credit, it takes FOREVER to recover from it and I am still not 100% back to normal credit wise.

Anyhow besides me venting, is there any F&I people here that can advise me of what to do?

 

[slamdp5]

Do they still have your trade in?? This is messed up though, never heard of this ever happening. :wtf:

 

[Black Majik MSP]

This happened to my boss when he got his Black MSP. He drove it for 5 days & then they wanted another 2k down & he couldn't afford that, so he had to turn it back in. He already had it tinted too. As far as I know, it's still sitting at Cory Fairbanks Mazda while he ended up with a Laser Blue P5.

 

[Pure Insanity]

Yeah they still have my Grand Am GT. I was hoping it was gone so Id have a bit of leverage.

The real b**** is I bought the GAGT thru DriveTime where you make payments every 2 weeks, by the time this all goes down if it DOES go bad Ill be about almost 4 payments behind since I skipped a payment knowing I was trading it in the next weekend.

The F&I lady assured me its VERY rare they end up having to call a car back. They normally make it work SOMEHOW.

IMHO this makes them look pretty freakin stupid.

Funny thing is we drive a LOT of miles....if they do get it back theres gonna be a lotta miles on it. We figure we will have blown thru the factory warranty in less than 2 yrs.

Check that, weve had the car 2 weeks not 3 and its already got 1300 + miles on it. Yep, I checked my purchase contract, we bought it 11/8.

 

[Black Majik MSP]

I've only had my car for 3 months & I'm at like 6050 miles. That's only because I've been to Tampa (several times), Ocala, Ft. Lauderdale, Jacksonville, & GA (for NOPI).

Good luck with this :bs: & hopefully you'll get to keep your speed.

 

[shaolin]

Okay now read this very carefully. The same exact thing happened to me last week. Being a realtor, I understand alot of legalities that come with writing and signing a contract. If the contract is signed, it is binding. If one party defaults their end, then the other party is obligated to nothing, so yes you might lose your MSP, because they'll probably tell you that you have to change your financing, and you might not like the changes they make.

But there is light at the end of the tunnel. When I purchased mine (last weekend) they called me monday afternoon to tell me I wasn't approved for the "lease." (Yes I know, but the payments were low and I was like, to hell with it.) The deal was a 4 yr lease with a residual at the end of like 6000 and at 0%. Yes leases suck, but it wasn't a bad deal. So I went back with my father (I"m only 22, so an older gentleman who's also a Real Estate broker commands more respect). They tried to tell me I had to buy the car for 60 months and that payments will rise to nearly 400/mo. We said absolute BS, and we were going to just give the car back. Right then, my father says "don't sign anything, I"m gonna go call Glen." Salesman says, "who's Glen." Dad: "My attorney." So then they start knocking more money off the price, to get my payments back down to the original price. So I walked out of there with the same payments, a buy not a lease, and all for 16,500 financed at 5%. Another 1000 dollars off.

So when you go in there, as far as you're concerned, you had a deal, and somewhere they screwed up. Hold your ground. Threaten to call your attorney, in fact go in with a fax number and tell them your attorney wants a copy of the contract. Threaten to give the car back to them. I know you don't want to, but this is the last thing they want also. They lose more that way. This might work to your advantage if you know how to work it.

When I left the dealer, my dad was acting so pissed off, and then he turns around smiling and says "you got a good deal." The salesmen and their manager were shaking when I left, and from what I understand the GM got fired for screwing up the original deal. I also got free oil changes for a year, free tint, touch up paint, and a receipt for a new set of tires. That's how scared they get when you threaten your attorney on them.

By the way, I didn't need a cosign. So bring your Dad for support, but you don't need a cosign.

 

[Pure Insanity]

Thanx Majik. I hope I this all works out. I didnt search central Fla looking for a yellow one just to lose it.

If I do have to give it up Ill take the GAGT and trade it in RIGHT away and just get the Tahoe I started out shopping for.

 

[unwrittenLaw]

If you read all the fine print on the contracts, the dealers have the option to call you back if they couldn't get financing...and some other BS...at least that's how it is out here in Cali...

 

[shaolin]

That's true, that they have the right, because the contract is binding contingent upon financial approval. However, they will have a problem on their hands when they realized that you probably dumped a bunch of money into registering the car and insuring it. In Nevada, registration is nearly 500 just for plates. I pay my insurance prorated over a six month period for 1299/ 6 mos. After all of these expenses, threats of calling the attorney, and generally being pissed, I got an even better deal than I started out with. Hopefully you can do something similar.

 

[Pure Insanity]

Okay now read this very carefully. The same exact thing happened to me last week. Being a realtor, I understand alot of legalities that come with writing and signing a contract. If the contract is signed, it is binding. If one party defaults their end, then the other party is obligated to nothing, so yes you might lose your MSP, because they'll probably tell you that you have to change your financing, and you might not like the changes they make.

But there is light at the end of the tunnel. When I purchased mine (last weekend) they called me monday afternoon to tell me I wasn't approved for the "lease." (Yes I know, but the payments were low and I was like, to hell with it.) The deal was a 4 yr lease with a residual at the end of like 6000 and at 0%. Yes leases suck, but it wasn't a bad deal. So I went back with my father (I"m only 22, so an older gentleman who's also a Real Estate broker commands more respect). They tried to tell me I had to buy the car for 60 months and that payments will rise to nearly 400/mo. We said absolute BS, and we were going to just give the car back. Right then, my father says "don't sign anything, I"m gonna go call Glen." Salesman says, "who's Glen." Dad: "My attorney." So then they start knocking more money off the price, to get my payments back down to the original price. So I walked out of there with the same payments, a buy not a lease, and all for 16,500. Another 1000 dollars off.

So when you go in there, as far as you're concerned, you had a deal, and somewhere they screwed up. Hold your ground. Threaten to call your attorney, in fact go in with a fax number and tell them your attorney wants a copy of the contract. Threaten to give the car back to them. I know you don't want to, but this is the last thing they want also. They lose more that way. This might work to your advantage if you know how to work it.

When I left the dealer, my dad was acting so pissed off, and then he turns around smiling and says "you got a good deal." The salesmen and their manager were shaking when I left, and from what I understand the GM got fired for screwing up the original deal. I also got free oil changes for a year, free tint, touch up paint, and a receipt for a new set of tires. That's how scared they get when you threaten your attorney on them.

Ive already consulted my attorney...hes my brother that has a tweaked WRX and LOVES my MSP. (2thumbs) Ive considered taking him w/ me if this does go south and to post my problem w/ this dealer ALL OVER THE NET and be sure to contact the local Mazda clubs, as well as not doing business w/ their parts dept anymore (we buy a LOT of parts from this chain of dealers that carries a lotta different brands and Im the shop owners son as well as being 2nd in command.)Not to mention I am the Vice Prez of a local 4X4 club and I am an Administrator of Florida4X4.com and we dont all drive big trucks daily, we have "normal" cars to drive to and from work.

This could get real bad, real fast for them.

Thanx for the advice, it makes me feel better knowing theres a chance this will work.

 

[Pure Insanity]

Im sure somewhere in all the micro print its on there they can call me back, but she shouldnt have assured me that I was fine, that they write for my credit union all the time and Id have no problems. THATS whats got me fired up besides losing the MSP.

 

[loj68]

this happens all the time and it's perfectly normal. Until the dealer actually cashes the check from the financier you're just "borrowing" the car. They'll let you take anything if the deal looks like it'll go through. My buddy had a Galant VR-4 one time and had to bring it back after a week cuz of this. When I was shopping for the SRT I was paying the down payment with a bonus check that was coming in like 2 weeks so I was just gonna wait......they let me take the car anyways and said I could pay them when my bonus came......but if I wouldn't have come through they would have taken it back. My dad sold cars for almost 20 years and I can tell you they recall cars for financing problems like this every day......

 

[rocketspeed]

I'd think this would have been a lot more common before computers, the internet and so on- when a bunch of paperwork needed to be done.

Can't they just pull up your credit score now and say go/no go?

You'd think the banks would just have a formula- "x" credit score qualifies for "y" size loan. Easy enough, no?

Anyway, thank God I've never run into a situation like this, I'd go ape-chit. Sorry to hear about it.

 

[Turbo Matty P]

Please PM me. I've had several dealings with dealers and legal actions. This can be very easily corrected legally and will require almost no work on your part. DO NOT GIVE THE CAR BACK. PM me andI'll explain.

 

[spacemonkey]

Bring them hell Pure Insanity! All dealers are Assholes...well most are...like 99% of them. I'm still pissed at Courtesy Acura for making me drive all the way to longwood twice...only to screw me over on the RSX. Dan Marino is a liar! Its all good I ended up with a way better car...MSP!

It just doesn't seem right that they would let you drive off the lot without approved financing...I know they reserve the right but how long has it been? Well, if all else fails...I would put heavy milage on it...take it on a cross country road trip...I hear Alaska is nice now. That will surely lower its resale value. Also make them refund all your registration and stuff like that. A boycott of that dealer would be nice too!

Best wishes on this situation!

 

[Stormtrooper77]

It's a scam for the dealer to get more money off of you. Think about it, if your financing was not good or not approved, would they let you drive away with their car? I don't think so.

Here you go read this:
Scam

This site has so much information about buying cars, it's addictive.

 

[Stormtrooper77]

And yes, like Matty said, don't give the car back, it's yours.

 

[BinaryRotary]

I got my MSP 3 weeks ago yesterday, earlier this past week the dealership calls and starts telling me about having problems w/ my financing. UUUM I left the dealership, I have the car, how can there be a problem NOW?!?!

When I bought it I had gotten pre approved for 20K on a used Tahoe 4X4 over 60 months, and they would approve based on the contract for over that on a different car for 72 months. No problem.

I go to the dealership, make the deal to buy the car and all is good. I am expecting to leave the car because I have to remove the stereo from my trade in and wanted to wait for the bank approval. The LAST thing I wanted was to leave the dealer and get all attatched to the MSP only to have a problem. I even told the F&I lady I under no circumstance wanted to get a call that there was a problem, that I would GLADLY leave the car until it was a done deal thru the bank. "Oh no,were able to write deals for your bank no problem." Well Im still expecting to be leaving the car to remove the stereo from my trade and it should be done by Monday anyhow.

They tell me its a done deal and tell me to take my trade to pull the stereo out AND take the MSP. Ive worked at dealers as a tech for the majority of the past 15 yrs, Ive never heard of such a thing but OK, its a done deal its all good. I yank the stereo and reinstall the OEM radio and speakers and return w/ my trade as agreed. Deal finished. MSP is mine.....or so I thought!

So basicly here I am 3 weeks later fuming pissed that I may lose my MSP. :mad: Is there ANYTHING I can do to stop this. This is pretty F'd up IMO.

Here take a car, drive it for a few weeks and get all attatched to it then were gonna take it back. :wtf: If the tint shop wasnt backed up Id also be out $$$ for a tint job that I have since cancelled. Im glad I was dragging my feet on ordering a turbo timer now.

Pretty much I am running outta options and have about 1 last thing to try in the worst case. Dad.....nothin like bein 32 and having to ask dad to sign a freakin loan for me. :mad:

Word to the younger folks here, dont F'up your credit, it takes FOREVER to recover from it and I am still not 100% back to normal credit wise.

Anyhow besides me venting, is there any F&I people here that can advise me of what to do?

They cant do that to you. Is the car titled yet? If so, they can only sell it as a used car when they recieve it back.

 

[Turbo Matty P]

The law says that irregardless of finances the dealership only has 3 days in which to request the car back. this goes for both dealer and customer. In 3 days if you're unhappy you can return the car for a full refund. 3 days is the law in alabama and several other states i've seen. you should check to be safe, but I believe it's called the "cooling off law".. Keeps people from saying the dealership pressured them into buying a car. You can actually agree to buy the car for whatever rediculous price, drive it for two days and return it!! kinda cool

 

[shinzen]

Do not give the car back! If you signed all of the paperwork with an agreed upon interest rate and purchase price, the dealer is legally obligated to carry the note- experience speaking here- don't let them bully you into giving your car back!