The dealership wants me to return my car after purchase saying that financing fell through ,but financing company is saying otherwise.?
Roughly a week ago, I brought Hyundai Genesis 2016 with 19k miles and 100k mile warranty. I absolutely love the car. I don’t have the best of credit, so my payment ending up being 699.
So a few days later, the dealership called saying I had to return the car due to financing issues. I called the financing company they proceeded with my interview and sent me a welcome package in the mail. They stated that everything checks out just fine. I make 60k plus Uber and lyft as a side hustle. Minus 1300 monthly for child support.
Today, the dealership called. I told them want the bank said. The manager stated that the bank does things like that to appease the customer, but tells the dealership otherwise at times. I asked for information in writing, but they won’t provide it. The manager narrates that once I come in with the car I can see the denial letter. I’m in Atlanta, Ga.
what should I do? I read recently about “yo, yo selling” help please !
- Dan BLv 78 months ago
You made three MAJOR mistakes. 1) You took deliver of the car before financing was approved and funded (called spot delivery - you took delivery "on the spot"). 2) You didn't arrange your own financing. If you can't get your own financing at a reasonable rate, neither can the dealership. 3) You purchase your car from a Buy Here, Pay Here dealership. Now you have fallen to a common scam that these dealerships use to trap you into several options, not of which are favorable to you if you want to keep the car. 1) You have to sign new paperwork at a higher interest rate and/or for a longer period of time. 2) come up with a higher down payment (which you might not have).
$700/mo for how many months? My guess is 4-5 years. Maybe more You'll pay $33k to $42k for that car that KBB lists for $21k - 27k.
The dealership does not have the denial letter. He just wants you to bring in the car so that he can take it back - no letter.
See if you can arrange your own fiancing through your bank or credit union. Otherwise, you're screwed.
- thebax2006Lv 78 months ago
Ignore them and just make your loan payments. You've got the vehicle already. If you don't get the title with in 3 weeks get an attorney and sue the dealer.Source(s): Mitsubishi Master Tech
- Uncle PennybagsLv 78 months ago
I've dealt with a similar situation with hospital and insurance company. Both were saying the other was at fault. What I did is set up a conference call to resolve the situation.
In this case, set up a 3-way call between dealership, bank and yourself. And then let them talk to each other while you make sure the conversation stays on topic. You don't let them off the phone until they understand each other and both agree on what the next steps are.
- River EuphratesLv 78 months ago
Take it back, get out from under a $700/mo car payment.
Buy something you can afford.
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- TheRealLv 58 months ago
Okay, here's the deal: the dealership doesn't want the car back. They would much rather you keep it. Getting the car back means that they don't make a penny on all the work they've done up to this point. If they're asking for the car back, then there is a problem (your bad credit). What likely happened is that the dealer submitted a deal with a specific structure. The lender, in turn, declined, and gave the dealer a "conditional" approval. The dealer refused to sell the car at those terms, and so they decided that there were no other options that would be financially sound for them, so they're unwinding the deal. Understand that your "signed contract" is worthless. The lender, the dealer, and the buyer all have to agree on the terms, and the deal has to be funded by the lender before that contract is binding. If the dealer says they want their car back, you have no legal standing to keep it. It's their car, not yours. Take it back, and thank them for saving you from making such a huge mistake.Source(s): 20 years retail auto sales experience.
- NeverLv 78 months ago
At $699 a month, sounds like a good deal for you to give it back.
And, the 100k warranty is only to the original owner. Unless you bought a service contract.
The denial letter by law must come by mail by the way.
- STEPHENLv 78 months ago
" I asked for information in writing, but they won’t provide it. The manager narrates that once I come in with the car I can see the denial letter."
There is no denial letter. Take the car in and they'll find a way of tricking the keys away from you.
- KaleyKLv 78 months ago
This is a common tactic in used car dealerships. One of the many forms you sign is "if the financing falls thru, they get to undo the deal". The tactic revolves around exactly what you stated ... that you love the car. Now that you have it and you love it, you will be willing to pay more (via a higher finance rate) than already agreed upon. It's basically a bluff on their part. They have the right (via the form you signed) to undo the deal. The best thing you can do is call their bluff. Take the car back and let them undo the deal. An "undo" includes them refunding any money you paid and returning any trade-in you may have had. They have a sale and they do NOT want to undo that sale unless you voluntarily agree to a higher interest rate. Don't do it.
- A HunchLv 78 months ago
What should you do? JUMP UP DOWN FOR JOY!!! THE DEALER PROTECTED ME FROM MYSELF!!!
- You didn't tell us the length of the loan, but we can surmise it's 60 months which means you have a 19% loan. You are going to pay over $20000 more than the car is worth, over the lifetime of this loan (that's almost double what you paid for it)
- RUN RUN RUN ... give the car back.
You have sucky credit? SURPRISE SURPRISE that's what happens when you don't manage your money.