Any Help/Ideas?

[LisaM]

Hey guys -

Its been a while since I've posted but I lurk here a ridiculous amount of time each evening! ;)

I have a question...

We were discharged and all that good stuff in 2006. Hubby had to purchase a new car bc he's taking a better job that will have him driving a total of 150ish miles a day to and from work.

So, Saturday he goes in to the local Dodge dealership and looks at some cars, picks one, and test drives it home. Before he drove it home for me to see, the guy says he can get him into the car for 8% APR. So, I give the go ahead and he zips off to finalize the purchase. Once he gets there, now the 8% isn't possible, but they can do 11% through CitiFinancial Auto. Again, I give the go ahead, because, fortunately, we can afford it. He signs all the loan papers, etc and comes home in the new car Saturday.

Fast forward to Monday night. Car dealership calls and I take message since hubby isn't home. They want him to come by Tuesday to sign updated paperwork because they have changed lenders. Now, we have AmeriCredit at 16%. The payments went up, and yes, we can afford it...But considering we will probably be moving in less than a year to be closer to the new job, that makes less $ we can save up for that.

So...All you savvy, knowing people....Why did they approve him Saturday and have all the paperwork signed only to call him back in for higher interest/payments Monday. And, are we just stuck at the higher payments/APR, wasn't the 1st signed agreement legal? Is there nothing we can do besides sucking it up and paying more or just telling them we don't want the car at the higher amount?

I'd appreacite any insight. I have called the finance manager at the dealership to see if he can explain it to me, but, of course, he hasn't called me back.

Thanks in advance!
Lisa

[Cramdown]

Return the car and tell them "no thanks". I would tell them the dealer down the road can do you guys the 11% ans see what happens. If they don't budge, you guys can find a better deal...keep shopping!!!

Just my .02 worth===cd

[rilbrianne]

I agree, you signed an agreement. There shouldn't have been any changes in lenders unless they "pre-approved" you and then the application didn't go through with the lender they wanted. Dealers do it a lot because people end up thinking that they are stuck with it. Take it back, you can probably find a better deal someplace else. We have done it before. Dealer called us back to come in. We took the car back and the deal was off. Had a trade in and got that back too.

[mgmadara]

Take it back!! Avoid Americredit at all costs. My sister has a loan with them and has had nothing but trouble. I worry that something like this is going to happen to us when we start looking for another car.

[Cramdown]

Also avoid Cap. One!

Take it back!! More than likely you will leave with the same car but with the 11% which is what you agreed to and signed!

Good luck and post back==cd

[LisaM]

Thanks for your help everyone.

I called and left a message for the finance manager to call me back at his earliest convenience. That was after hubby came home from meeting with him.

I live in SC, and embarrassingly, its a major occurrance to get a half inch of snow, and we got 2 lastnight! So, the car dealership was closed today. I'll give them that. He got a day of rest, good for him because I'll be ready to speak with him via telephone, or if I'm feeling like trouble ;) , in person tomorrow!

Thanks again.

[Cramdown]

Let us know how it turned out!!