PROBLEM with Mazda American Credit

[LazerBlueP5]

I just recieved a letter this weekend from Mazda American Credit stating...."We have recieved your recent credit application for financing secured by property to be purchased/leased from ***** ****Mazda. We have conditioned our approval upon terms different from those proposed. Information concerning the counteroffer is available at the location where you submitted the credit application. If you have already accepted the counteroffer, pleae disregard this letter"

Now this strikes me as odd because I was already approved and signed the payment agreement for 60 months at 4.9% interest....OVER A MONTH AGO! I've since recieved my payment book and paid my first payment! Does any of this make sense?! I mean, this could be just a simple mistake in paperwork- but if it isn't...how can this be legal. How can they "change" the conditions on my loan a month after I'm "approved" and signed the contracts?!

Wish me luck, because if for some odd reason they are legally allowed to do such a thing...I'll be driving my P5 right back to the dealership to give it back. God knows what they did with my trade-in.

On a lighter note- Happy Holidays Everyone!

 

[njaremka]

are you sure you are financed through Mazda Credit? i am, and i do not have a payment book. Mazda NA Credit sends out payment stubs once a month like you would get for a credit card billing statement.

 

[mazdadan]

Yeah..I've never heard of Mazda American Credit sending out a payment book. I get a payment stub every month just like njaremka. I bought my car when Mazda had the 48 month 0% APR financing.

 

[Jim Frye]

May not be a problem.

Take a look at the papers you signed and read ALL of the print. There may have been some "buy down" on the the rate or some such. Remember, the rate you get is what the lending institution agreed to. Your 4.9% may have been after you qualified and the initial application may have been higher, thus requireing the note. Who do you make your payments to? Is it a bank or Mazda American Credit?

Call your dealer or talk to the financial manger (sometimes called the "lienance manager") who wrote your deal up and had you sign all of the papers. They should be able to explain what is going on. Since you have the payment book, your loan is in force. Since you've made a payment without objection or other notification, you've accepted the deal. The APR may be different than what you think or what was originally applied for.

As for your trade in, it's probably long gone. After a month, it's probably sold or been auctioned. As for returning the P5, after more than a month of ownership and a payment already made, you'll have to most likely prove fraud in court to get the dealer to take it back. Legal proceedings in this scenario will probably run you in excess of $4,000 and could take 2 - 3 years if the dealer decides to fight you on it. Voice of experience.
Jim

 

[KSMICRIDE]

When we purchased our car with somewhat packed credit *just purchased a home* we were given a 7.9% intrest rate. Mazda called back a couple of days later and said go to your dealer and resign some paperwork for 3.9% and you will have free life insurance added on to your loan. We do not get any payment books. Only a monthly payment reminder. We also have access to view our account online at mazda credit.
It may just be that you got that later as a computer glitch

 

[PuertoRicanMP5]

I was told by the dealer that Mazda Credit no longer give payment books. They switched to Monthly statements.

 

[MYFBPEX00]

If you have a book then chances are you have a Bank loan and not a Loan with Mazda Credit. Where or better yet who do you send your payments to each month? IF it is not Mazda then they sold your loan to a bank instead of Mazda. Let us know.

 

[LazerBlueP5]

Thanks for all the input guys. I just called them and the guy just said to disregard the notice- and that the dealer may have accidentally sent the application in twice?! Anyway I got all stressed when I saw the letter initially, but by last night the more I thought about it the more it looked like the stock letter you'd get when you are not approved for a loan...which lead me to believe it WAS a mistake on their part.
Hehe, and here I was ready to storm up there and give it back....thank gosh I don't have to part from the car this soon...I love it too much. Oh and if it had been some sort of legal scuffle I would have creamed them. I still have all the paperwork for my loan agreement signed and approved.
Again thanks for the input, I just jumped the gun and got stressed over nothing....just a simple paperwork mistake. lol

 

[LazerBlueP5]

Oh and NO I'm NOT financed thru Mazda...it's some bank out of Rochester NY.