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Posted: 2/19/2017 10:48:04 PM EDT
[#1]
Quote HistoryQuoted:
Your financing fell through. Your vehicle is gone. You signed a contract. You are on the hook for the higher payment or same payment with different vehicle. If you choose to break the contract, you are on the hook for the remainder of the lease. The whole lease thing kind of puts a wrench in this. I am not sure who has liability here, because both parties are exposed some. It is not unusual for a "slight" change in the payment as none of the dealer financing actually gets done at the dealership. $250 difference seems a little high. The two week processing time is probably right at the prescribed end of the paperwork processing period. I don't see much recourse here unless you want to go to the expense of involving lawyers. Quote HistoryQuoted:
Quoted:
So, here's the thing. I have the long form that shows my payment and interest rate along with the correct vehicle. However, I also have a rider that basically says the car is a loan until financing is in place. I didn't read that and it also wasn't explained as that, so yes that part is my fault. But, they have already registered the car in my name and paid off my old lease and turned it back in to another dealer as an end of lease. Your financing fell through. Your vehicle is gone. You signed a contract. You are on the hook for the higher payment or same payment with different vehicle. If you choose to break the contract, you are on the hook for the remainder of the lease. The whole lease thing kind of puts a wrench in this. I am not sure who has liability here, because both parties are exposed some. It is not unusual for a "slight" change in the payment as none of the dealer financing actually gets done at the dealership. $250 difference seems a little high. The two week processing time is probably right at the prescribed end of the paperwork processing period. I don't see much recourse here unless you want to go to the expense of involving lawyers. From the AG's bulletin posted a few pages back, it looks like the dealer will have to return the trade-in if they can't secure financing at the contracted terms. How's the dealership going to get back the trade-in if they already paid off the lease and sent OP's car back to Acura? Consumers should be aware that, under Illinois law, if the purchase of a vehicle is conditioned on the
purchaser having an acceptable credit rating to the dealer and the dealer can not obtain financing for the consumer at the contracted terms, the dealer must return to the purchaser any down payment or trade-in under the contract. Consumers do not have to bring additional money for the down payment, pay a higher interest rate, or find a cosigner. If the dealership does not secure financing at the contract terms, Illinois law requires consumers to return the car to the dealership and requires the dealer to return to the consumer their down payment and trade-in. http://www.illinoisattorneygeneral.gov/consumers/new_vehicle.pdf |
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Posted: 2/19/2017 10:50:27 PM EDT
[#2]
Please "out" the dealer.
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Posted: 2/19/2017 10:58:28 PM EDT
[#3]
I get "the dealership asked me to come back and do the paperwork over" calls once in awhile, usually from a 20 something child of a former client. I always tell them to call the dealership and say that you're not going anywhere near the dealership but they can fax my office a letter explaining what the problem is. Same thing always happens, client calls a week later and says once they say that they never hear from the dealership again. Have never seen anything from through the fax.
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Posted: 2/19/2017 11:00:18 PM EDT
[#4]
Quote HistoryQuoted:
Your financing fell through. Your vehicle is gone. You signed a contract. You are on the hook for the higher payment or same payment with different vehicle. If you choose to break the contract, you are on the hook for the remainder of the lease. The whole lease thing kind of puts a wrench in this. I am not sure who has liability here, because both parties are exposed some. It is not unusual for a "slight" change in the payment as none of the dealer financing actually gets done at the dealership. $250 difference seems a little high. The two week processing time is probably right at the prescribed end of the paperwork processing period. I don't see much recourse here unless you want to go to the expense of involving lawyers. |
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Posted: 2/19/2017 11:03:24 PM EDT
[#5]
Quote HistoryQuoted:
When somebody comes in with a leased vehicle to trade we contact the lessor and find out what is owing on that vehicle that day. Then we take that vehicle and assign an ACV and present it to the customer that is wanting to trade and state the difference between the ACV and the lease buyout. Terminating a lease early is going to cost the customer, it ALWAYS does. If it's $5K difference then that $5K is considered negative equity and added to the loan of the new vehicle if the customer agrees and then the total is submitted to whatever bank that will risk a negative equity loan. That's when the interest rate starts to climb because of the risk factor. I am willing to guess that whoever set up the deal in the business office/lease dept assigned the lease payout as ACV and rolled the truck without giving a thought to the negative equity in the trade. At $250/month difference in the payment is looking like $15000 including interest over 60 months is $10,000 at a 17% sub-prime rate. OP was $10K upside down in his lease and the business office fucked up buy rolling the truck without calculating the ACV and got caught. I would love to see the paper work on that one. Yep...that's a lot of money that needs to come from somewhere. I noticed Op said he used the truck to haul for work. Maybe it's somthing with the Big Ford Rebates you get on the superduties? Normally they are anywhere from 10-13k |
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Posted: 2/19/2017 11:05:24 PM EDT
[#6]
Quote HistoryQuoted:
I get "the dealership asked me to come back and do the paperwork over" calls once in awhile, usually from a 20 something child of a former client. I always tell them to call the dealership and say that you're not going anywhere near the dealership but they can fax my office a letter explaining what the problem is. Same thing always happens, client calls a week later and says once they say that they never hear from the dealership again. Have never seen anything from through the fax. It's amazing what happens when an attorney gets involved. |
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Posted: 2/19/2017 11:27:47 PM EDT
[#7]
Quote HistoryQuoted:
Yep...that's a lot of money that needs to come from somewhere. I noticed Op said he used the truck to haul for work. Maybe it's somthing with the Big Ford Rebates you get on the superduties? Normally they are anywhere from 10-13k Sometimes we have to roll the rebates back in for the bank to buy the negative equity. It's up to the customer if they will accept the payment or not. Here is basically how it works: Truck has MSRP of $50K, rebates bring it down to $40K. Customer is $15K upside down in his trade and the bank won't take the loan with that much added to $40K. Resubmit at MSRP + $5K and the bank buys it, because it is below the 120% the bank will finance over MSRP. We eat the rebate but roll the vehicle and gain a sale. Customer loses either way but they usually get a better rate and a liveable payment, it's really their choice. The caveat is that they are buried for 72 months of an 84 month contract and if the want to trade out 36 months down the road they are more financially fucked than they were when they decided they had to have that shiny new truck. Had a couple that came in a week or so ago that owed $39K on a rental spec 2012 Yukon with high miles on it. They wanted a 2016 Suburban lease back we had on the lot and wanted to LOWER their payments. ACV on their Yukon was $14K. They left in their Yukon. |
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Posted: 2/19/2017 11:46:24 PM EDT
[#8]
Quote HistoryQuoted:
Sometimes we have to roll the rebates back in for the bank to buy the negative equity. It's up to the customer if they will accept the payment or not. Here is basically how it works: Truck has MSRP of $50K, rebates bring it down to $40K. Customer is $15K upside down in his trade and the bank won't take the loan with that much added to $40K. Resubmit at MSRP + $5K and the bank buys it, because it is below the 120% the bank will finance over MSRP. We eat the rebate but roll the vehicle and gain a sale. Customer loses either way but they usually get a better rate and a liveable payment, it's really their choice. The caveat is that they are buried for 72 months of an 84 month contract and if the want to trade out 36 months down the road they are more financially fucked than they were when they decided they had to have that shiny new truck. Had a couple that came in a week or so ago that owed $39K on a rental spec 2012 Yukon with high miles on it. They wanted a 2016 Suburban lease back we had on the lot and wanted to LOWER their payments. ACV on their Yukon was $14K. They left in their Yukon. 1. What is ACV? 2. What's a 2012 Yukon worth? |
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Posted: 2/19/2017 11:51:18 PM EDT
[#9]
Quote HistoryQuoted:
WAT??? They OWED 39K on a 2012 Yukon and they're $14,000 upside down??? How long have they had that vehicle? 1. What is ACV? 2. What's a 2012 Yukon worth? Quote HistoryQuoted:
Quoted:
Sometimes we have to roll the rebates back in for the bank to buy the negative equity. It's up to the customer if they will accept the payment or not. Here is basically how it works: Truck has MSRP of $50K, rebates bring it down to $40K. Customer is $15K upside down in his trade and the bank won't take the loan with that much added to $40K. Resubmit at MSRP + $5K and the bank buys it, because it is below the 120% the bank will finance over MSRP. We eat the rebate but roll the vehicle and gain a sale. Customer loses either way but they usually get a better rate and a liveable payment, it's really their choice. The caveat is that they are buried for 72 months of an 84 month contract and if the want to trade out 36 months down the road they are more financially fucked than they were when they decided they had to have that shiny new truck. Had a couple that came in a week or so ago that owed $39K on a rental spec 2012 Yukon with high miles on it. They wanted a 2016 Suburban lease back we had on the lot and wanted to LOWER their payments. ACV on their Yukon was $14K. They left in their Yukon. 1. What is ACV? 2. What's a 2012 Yukon worth? ACV = Actual Cash Value I'm guessing So the car is worth $14,000 and they owe $39,000 (somehow) which means they're upside down by $25,000 
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Posted: 2/19/2017 11:54:32 PM EDT
[#10]
Quote HistoryQuoted:
Truth is it depends on your state laws....once again a lot of ignorant comments on GD from all the experts on the forum. The phone call does sound shady to get you into the dealership. A $250 difference in your monthly payment is roughly $2500 difference in the price of the vehicle. I have no idea who dropped the ball, but I'd say it's probably due to manufacturer rebates as others have already stated. With regards to financing, there are times where it can take more than a week or two for the financial institution to get an account number set up for the customer. OP, I would call and speak to the General Manager or the owner if you can get in touch with the owner of the dealership. I'd want to know the reason for the increase in monthly payment.  It would be closer to $15,000 -
Unless he financed it for 10 months  .
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Posted: 2/19/2017 11:58:03 PM EDT
[#11]
Quote HistoryQuoted:
Consult a lawyer in the morning. |
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Posted: 2/20/2017 12:02:04 AM EDT
[#12]
Quote HistoryQuoted:
Sometimes we have to roll the rebates back in for the bank to buy the negative equity. It's up to the customer if they will accept the payment or not. Here is basically how it works: Truck has MSRP of $50K, rebates bring it down to $40K. Customer is $15K upside down in his trade and the bank won't take the loan with that much added to $40K. Resubmit at MSRP + $5K and the bank buys it, because it is below the 120% the bank will finance over MSRP. We eat the rebate but roll the vehicle and gain a sale. Customer loses either way but they usually get a better rate and a liveable payment, it's really their choice. The caveat is that they are buried for 72 months of an 84 month contract and if the want to trade out 36 months down the road they are more financially fucked than they were when they decided they had to have that shiny new truck. Had a couple that came in a week or so ago that owed $39K on a rental spec 2012 Yukon with high miles on it. They wanted a 2016 Suburban lease back we had on the lot and wanted to LOWER their payments. ACV on their Yukon was $14K. They left in their Yukon. Quote HistoryQuoted:
Quoted:
Yep...that's a lot of money that needs to come from somewhere. I noticed Op said he used the truck to haul for work. Maybe it's somthing with the Big Ford Rebates you get on the superduties? Normally they are anywhere from 10-13k Sometimes we have to roll the rebates back in for the bank to buy the negative equity. It's up to the customer if they will accept the payment or not. Here is basically how it works: Truck has MSRP of $50K, rebates bring it down to $40K. Customer is $15K upside down in his trade and the bank won't take the loan with that much added to $40K. Resubmit at MSRP + $5K and the bank buys it, because it is below the 120% the bank will finance over MSRP. We eat the rebate but roll the vehicle and gain a sale. Customer loses either way but they usually get a better rate and a liveable payment, it's really their choice. The caveat is that they are buried for 72 months of an 84 month contract and if the want to trade out 36 months down the road they are more financially fucked than they were when they decided they had to have that shiny new truck. Had a couple that came in a week or so ago that owed $39K on a rental spec 2012 Yukon with high miles on it. They wanted a 2016 Suburban lease back we had on the lot and wanted to LOWER their payments. ACV on their Yukon was $14K. They left in their Yukon. Ouch.... |
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Posted: 2/20/2017 12:05:46 AM EDT
[#13]
Quote HistoryQuoted:
WAT??? They OWED 39K on a 2012 Yukon and they're $14,000 upside down??? How long have they had that vehicle? 1. What is ACV? 2. What's a 2012 Yukon worth? ACV is actual cash value. They were not $14,000 upside down, they were (and still are) $25K upside down. A 2012 rental spec Yukon with 200,000Km on it is worth $14K. Can't be certified, can't be financed, can't put a warranty on it. |
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Posted: 2/20/2017 12:08:48 AM EDT
[#14]
All car dealer sales and finance staff are scum.
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Posted: 2/20/2017 12:11:30 AM EDT
[#15]
Quote HistoryQuoted:
All car dealer sales and finance staff are scum. Nobody is forcing you to buy from them now are they ? |
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Posted: 2/20/2017 12:15:01 AM EDT
[#16]
Quote HistoryQuoted:
Nobody is forcing you to buy from them now are they ? That's pretty funny given the involvement of the rent seeking bastards in passing anticompetitive laws. |
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Posted: 2/20/2017 12:26:26 AM EDT
[#17]
Quote HistoryQuoted:Does this qualify as bait and switch? No that's different. |
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Posted: 2/20/2017 12:30:03 AM EDT
[#18]
Quote HistoryQuoted:
ACV is actual cash value. They were not $14,000 upside down, they were (and still are) $25K upside down. A 2012 rental spec Yukon with 200,000Km on it is worth $14K. Can't be certified, can't be financed, can't put a warranty on it. Quote HistoryQuoted:
Quoted:
WAT??? They OWED 39K on a 2012 Yukon and they're $14,000 upside down??? How long have they had that vehicle? 1. What is ACV? 2. What's a 2012 Yukon worth? ACV is actual cash value. They were not $14,000 upside down, they were (and still are) $25K upside down. A 2012 rental spec Yukon with 200,000Km on it is worth $14K. Can't be certified, can't be financed, can't put a warranty on it. |
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Posted: 2/20/2017 12:32:42 AM EDT
[#19]
Quote HistoryQuoted:
What does Rental Spec mean? he's also talking in Canadian money, so that $14k is about $10,700 USD |
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Posted: 2/20/2017 12:37:08 AM EDT
[#20]
Quote HistoryQuoted:
What does Rental Spec mean? Usually rental cars are low optioned and optioned differently than other cars. Like with navigation and manual seats. |
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Posted: 2/20/2017 12:42:47 AM EDT
[#21]
Thanks
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Posted: 2/20/2017 12:53:28 AM EDT
[#22]
Quote HistoryQuoted:
ACV = Actual Cash Value I'm guessing So the car is worth $14,000 and they owe $39,000 (somehow) which means they're upside down by $25,000 Yep, seems shocking, but appears to be pretty common. My BIL has gone through 6 vehicles in the past 3 years. Each one financed and had a 'trade-in'. He's gone through a 2006 Accord, a 2007 Ram 2500, a 2011 Ram 1500, a 2012 Yukon Denali, a 2003 Yukon XL and is now rolling around in a 2012 Chevy 1500 and a 2014 Escape. 
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Posted: 2/20/2017 1:59:25 AM EDT
[#23]
Quote HistoryQuoted:
So I bought a new truck a couple weeks ago (posted about it here) and on Friday I get a call from the dealer saying they gave me the wrong plates so I need to come in. The call just seemed weird, so I had a feeling something was up. I go into the dealer yesterday and the finance guy says there is actually something else he needs to talk to me about. They submitted the truck as a 16 and not the 17 I bought, so if I want to keep my truck the payment is $250 more, or they can try to get me into a 16 for the around the same payment. My last option would be to give it back. I traded in a lease I had and they have already paid off the lease, my account shows zero and the car was given back to another dealer already. When I mention this the guy says "oh, we already stopped payment on the check". Well, that is bullshit because I'm showing a zero balance, so Acura already cashed your check and it cleared. I told them I'm not doing shit when I was there yesterday cause I didn't have time. Was told to come back in tomorrow. I'll be calling tomorrow to tell them they can either keep the payment I signed for or take the truck back and figure out how to recoup their money they paid on my lease. Sorry for the long story, but I've been pissed all weekend. Quote HistoryQuoted:
So I bought a new truck a couple weeks ago (posted about it here) and on Friday I get a call from the dealer saying they gave me the wrong plates so I need to come in. The call just seemed weird, so I had a feeling something was up. I go into the dealer yesterday and the finance guy says there is actually something else he needs to talk to me about. They submitted the truck as a 16 and not the 17 I bought, so if I want to keep my truck the payment is $250 more, or they can try to get me into a 16 for the around the same payment. My last option would be to give it back. I traded in a lease I had and they have already paid off the lease, my account shows zero and the car was given back to another dealer already. When I mention this the guy says "oh, we already stopped payment on the check". Well, that is bullshit because I'm showing a zero balance, so Acura already cashed your check and it cleared. I told them I'm not doing shit when I was there yesterday cause I didn't have time. Was told to come back in tomorrow. I'll be calling tomorrow to tell them they can either keep the payment I signed for or take the truck back and figure out how to recoup their money they paid on my lease. Sorry for the long story, but I've been pissed all weekend. Quoted:
I have seen that, but the problem here is they have no way to return my trade. If I tell them to FO how are they going to come up with my trade that is currently sitting at some other dealer? If they can't then they are eating the $14,000 they paid for it and I am walking away from the negative equity and financing somewhere else fresh. At least that's how I want to see it. Quoted:
I have zero collections and zero late payments, but I do have some high balances on some accounts. Put $1,000 down and traded a negative equity lease which is why they paid to end the lease and not buy it out. Drove the truck for 14 days before the dealer decided to contact me with their story about the plates being wrong. If they didn't think the deal was going to go through then why did they pay off my lease and have it turned in the day I drove off the lot. Sure, there is such thing as Spot delivery, but paying off a lease and turning it back to another dealer seems like they fucked themselves if financing wasn't 100%. They have zero chance of returning my car to me at this point, which means they have zero chance of following the law of the state. The answer is probably right there. I'm guessing that you have a 60 month loan for the new truck. $250 * 60 months = $15K, which is pretty close to what they paid for your lease. It sounds like they didn't take into account what the trade was going to cost them, the sales staff didn't catch it, then their accountant figured it out & told them that they fucked up. What was sticker price vs what you actually paid? Did they add the $14K on top of the sticker price? If that is the case they are completely fucked & they just lost $14K due to incompetence. It sounds like; Option 1 is to have you pay for the trade. Option 2 is they're going to give you a stripped down 2016 for the same price. Option 3 is just posturing because it actually fucks them even worse - (they get a used truck back & they're still out $14K unless they plan to try to sue you for it next). |
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Posted: 2/20/2017 2:03:59 AM EDT
[#24]
Quote HistoryQuoted:
I get "the dealership asked me to come back and do the paperwork over" calls once in awhile, usually from a 20 something child of a former client. I always tell them to call the dealership and say that you're not going anywhere near the dealership but they can fax my office a letter explaining what the problem is. Same thing always happens, client calls a week later and says once they say that they never hear from the dealership again. Have never seen anything from through the fax. Had St. Augustine Toyota try this when I bought my 2013 4Runner, made up some story that they priced it as an SR5 and not a Trail and that I need to come back to refinance the difference in price. |
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Posted: 2/20/2017 2:07:43 AM EDT
[#25]
OP, send them a pic of a wrecked truck and ask them when's a good time to come get your Acura
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Posted: 2/20/2017 3:06:41 AM EDT
[#26]
Enjoy your new vehicle. Get a lawyer if they don't drop it.
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Posted: 2/20/2017 4:01:24 AM EDT
[#27]
All you need to know is they called you and flat out lied to get you to come in.
If there were something legit, they would have just told you. Personally, I'd have a lawyer send a letter. They will drop this noise after they get it. |
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Posted: 2/20/2017 4:34:14 AM EDT
[#28]
Tagged for Monday.
Good Luck OP. Get an attorney. |
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Posted: 2/20/2017 5:04:50 AM EDT
[#29]
Quote HistoryQuoted:
Tagged for Monday. Good Luck OP. Get an attorney. |
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Posted: 2/20/2017 5:06:57 AM EDT
[#30]
Lot's of people don't realize when financing through the dealer the bank hasn't approved the loan yet, and this BS is often pulled. They should not have done anything with your trade in until they got the loan funded.
Use a local bank and have them cut a check to the dealer. |
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Posted: 2/20/2017 5:52:43 AM EDT
[#31]
I got burnt on a lease once.
Love these kind of threads, I learn so much. |
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Posted: 2/20/2017 5:53:59 AM EDT
[#32]
Quote HistoryQuoted:
Lot's of people don't realize when financing through the dealer the bank hasn't approved the loan yet, and this BS is often pulled. They should not have done anything with your trade in until they got the loan funded. Use a local bank and have them cut a check to the dealer. |
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Posted: 2/20/2017 6:15:16 AM EDT
[#33]
Shit like this makes me glad I get a pre approval from my credit union even before walking into a dealer. No snake oil BS from them.
Also, some of the comments on this page make me ridiculously happy I only owe 4100 on my xterra. |
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Posted: 2/20/2017 6:50:15 AM EDT
[#34]
Quote HistoryQuoted:
If you take it back, I'd do an epic burnout and return it with bald rear tires. I would definitely advise against that. Customer is liable for excessive wear and tear on the vehicle or any modifications made to the vehicle in the event that the vehicle comes back. It will say that in the fine print on the reverse side of the contract. Just because you sign the contract, it doesn't necessarily make it yours until the loan is funded. |
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Posted: 2/20/2017 6:57:24 AM EDT
[#35]
Quote HistoryQuoted:
When somebody comes in with a leased vehicle to trade we contact the lessor and find out what is owing on that vehicle that day. Then we take that vehicle and assign an ACV and present it to the customer that is wanting to trade and state the difference between the ACV and the lease buyout. Terminating a lease early is going to cost the customer, it ALWAYS does. If it's $5K difference then that $5K is considered negative equity and added to the loan of the new vehicle if the customer agrees and then the total is submitted to whatever bank that will risk a negative equity loan. That's when the interest rate starts to climb because of the risk factor. I am willing to guess that whoever set up the deal in the business office/lease dept assigned the lease payout as ACV and rolled the truck without giving a thought to the negative equity in the trade. At $250/month difference in the payment is looking like $15000 including interest over 60 months is $10,000 at a 17% sub-prime rate. OP was $10K upside down in his lease and the business office fucked up buy rolling the truck without calculating the ACV and got caught. I would love to see the paper work on that one. What it's sounding like to me is OP probably went extended term to 84 months (guessing here and haven't gotten an answer from my question). The call probably got cut back to 72/75 months and because of negative equity took a rate bump too. I think that's the most plausible scenario I can come up with based on the limited information. That could easily be a $250 payment increase like that. I wonder if they wrote it for an 84 month term but the sent it through GMF to pick up the extra $2k GMF down payment assistance on Silverados right now. They don't go 84. |
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Posted: 2/20/2017 6:59:01 AM EDT
[#36]
Quote HistoryQuoted:
When somebody comes in with a leased vehicle to trade we contact the lessor and find out what is owing on that vehicle that day. Then we take that vehicle and assign an ACV and present it to the customer that is wanting to trade and state the difference between the ACV and the lease buyout. Terminating a lease early is going to cost the customer, it ALWAYS does. If it's $5K difference then that $5K is considered negative equity and added to the loan of the new vehicle if the customer agrees and then the total is submitted to whatever bank that will risk a negative equity loan. That's when the interest rate starts to climb because of the risk factor. I am willing to guess that whoever set up the deal in the business office/lease dept assigned the lease payout as ACV and rolled the truck without giving a thought to the negative equity in the trade. At $250/month difference in the payment is looking like $15000 including interest over 60 months is $10,000 at a 17% sub-prime rate. OP was $10K upside down in his lease and the business office fucked up buy rolling the truck without calculating the ACV and got caught. I would love to see the paper work on that one. Also, if that much negative equity, why not just buyout the remaining payments and do a normal return? |
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Posted: 2/20/2017 7:03:22 AM EDT
[#37]
Quote HistoryQuoted:
There is no manufacture offering $15000 worth of rebates, the most I have seen is about $7500. I am strictly talking rebates. Let's for fun say it was $10,000 rebates, still not going to add $5000 in interest. Not true at all. I could get there on a '16 Suburban LTZ 4x4 on the bonus tag list. |
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Posted: 2/20/2017 7:14:19 AM EDT
[#38]
Quote HistoryQuoted:
I would definitely advise against that. Customer is liable for excessive wear and tear on the vehicle or any modifications made to the vehicle in the event that the vehicle comes back. It will say that in the fine print on the reverse side of the contract. Just because you sign the contract, it doesn't necessarily make it yours until the loan is funded. They've had two weeks to get the financing figured out. |
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Posted: 2/20/2017 7:19:21 AM EDT
[#39]
Quote HistoryQuoted:
GM has some pretty good rebates. Last year's model plus it's a conquest deal, I've seen $14000 at Cadillac. Using the money as a down is going to effect the rate as well. Depends on the OPs deal. I've never tried to buy a rate down to 0% but that can't be cheap. We would have never called a customer to re sign for $2500. Quote HistoryQuoted:
Quoted:
Quoted:
You sure? OP can answer but I don't think they would be calling them back for $2500. There is no manufacture offering $15000 worth of rebates, the most I have seen is about $7500. I am strictly talking rebates. Let's for fun say it was $10,000 rebates, still not going to add $5000 in interest. We would have never called a customer to re sign for $2500. I've done it a couple times, depending on credit and how much being financed, it can be kinda inexpensive or expensive. Take the difference in payment of the buy rate and 0% x the term and you have your amount. $20,000 @ 1.9% x 72 months buying down to 0% $309-278=$31 x 72 = $2200 ish ETA: @ARHank, are you the one I was talking to awhile back over at Scottsdale? I can't remember 
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Posted: 2/20/2017 7:25:21 AM EDT
[#40]
Quote HistoryQuoted:
We won't roll a vehicle until all contracts are signed and bank confirmation of funds transfer is complete. Even if it's from GMF. The vehicle does not roll unless it's paid for. You guys do it all weird in Canadia then
We roll no matter what. Had a deal couple months ago take 2 months to fund as it got shuffled around in secondary financing and at the end of it we ended up unwinding it Whoops
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Posted: 2/20/2017 7:35:32 AM EDT
[#41]
Quote HistoryQuoted:
They've had two weeks to get the financing figured out. Doesn't matter |
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Posted: 2/20/2017 7:40:50 AM EDT
[#42]
@Nisa715
I'll ask again, how many months did you contract at? At how many months are they recontracting you at? |
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Posted: 2/20/2017 7:43:24 AM EDT
[#43]
Quote HistoryQuoted:
@Nisa715 I'll ask again, how many months did you contract at? At how many months are they recontracting you at? |
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Posted: 2/20/2017 7:47:24 AM EDT
[#44]
Quote HistoryQuoted:
All car dealer sales and finance staff are scum. Truth. If you've walked onto a stealership, you're going to get defrauded. Salesmen are all paid liars that are as worthless as politicians. Private party, cash sale. Every single time. If you have to make payments on it, you can't afford it. |
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Posted: 2/20/2017 7:49:26 AM EDT
[#45]
Killdozer. It's the only option.
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Posted: 2/20/2017 7:57:09 AM EDT
[#46]
Quote HistoryQuoted:
Based on what you've said, and if the title hasn't been transferred to the finance company, OP is SOL correct? Quote HistoryQuoted:
Quoted:
@Nisa715 I'll ask again, how many months did you contract at? At how many months are they recontracting you at? Honestly, I don't know. OP hasn't answered several questions I've asked him in this thread. Like I said previously, it doesn't pass the smell test for me and I'm not talking about the dealership here. There's seems to be information OP is intentionally leaving out. |
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Posted: 2/20/2017 8:03:45 AM EDT
[#47]
Quote HistoryQuoted:
Truth. If you've walked onto a stealership, you're going to get defrauded. Salesmen are all paid liars that are as worthless as politicians. Private party, cash sale. Every single time. If you have to make payments on it, you can't afford it. Quote HistoryQuoted:
Quoted:
All car dealer sales and finance staff are scum. Truth. If you've walked onto a stealership, you're going to get defrauded. Salesmen are all paid liars that are as worthless as politicians. Private party, cash sale. Every single time. If you have to make payments on it, you can't afford it. Derp. Tell us your profession so I can make retarded blanket accusations about your job and industry. Show us on the doll where the bad salesman touched you. As is true with any sales job, if you have to lie to close, then you're a con, not a salesman. I never lie to my customers and much of my business is generated from repeats and referrals. On the flip side however, I am lied to dozens of times everyday by customers because all buyers are liars. |
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Posted: 2/20/2017 8:06:33 AM EDT
[#48]
Quote HistoryQuoted:
Sometimes we have to roll the rebates back in for the bank to buy the negative equity. It's up to the customer if they will accept the payment or not. Here is basically how it works: Truck has MSRP of $50K, rebates bring it down to $40K. Customer is $15K upside down in his trade and the bank won't take the loan with that much added to $40K. Resubmit at MSRP + $5K and the bank buys it, because it is below the 120% the bank will finance over MSRP. We eat the rebate but roll the vehicle and gain a sale. Customer loses either way but they usually get a better rate and a liveable payment, it's really their choice. The caveat is that they are buried for 72 months of an 84 month contract and if the want to trade out 36 months down the road they are more financially fucked than they were when they decided they had to have that shiny new truck. Had a couple that came in a week or so ago that owed $39K on a rental spec 2012 Yukon with high miles on it. They wanted a 2016 Suburban lease back we had on the lot and wanted to LOWER their payments. ACV on their Yukon was $14K. They left in their Yukon. Good Lord people are stupid.
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Posted: 2/20/2017 8:08:48 AM EDT
[#49]
OP, if they fucked up and cannot make you whole again, I would assume the dealership has to eat this one.
I am not an attorney though. |
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Posted: 2/20/2017 8:17:50 AM EDT
[#50]
Quote HistoryQuoted:
Derp. Tell us your profession so I can make retarded blanket accusations about your job and industry. Show us on the doll where the bad salesman touched you. As is true with any sales job, if you have to lie to close, then you're a con, not a salesman. I never lie to my customers and much of my business is generated from repeats and referrals. On the flip side however, I am lied to dozens of times everyday by customers because all buyers are liars. ...says the guy working in a field that only exists because of anticompetitive dealer protection laws. Financing scams, "Oh, we're looking for your driver's license...", "I need to discuss this with my manager...", weaseling out on warranty claims, "That car was already sold, let me show you this one...", all this and more! I've never personally had to deal with a stealership, and based how they've treated my friends and family, I never will. |
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