Made mistake of taking car home

[rex444]

Currently we are not making any payments. The dealership offered to give us our trade back (that has been sitting on their lot for 8 weeks) and return our original down payment which is great but what are we supposed to tell eveyone we know who saw us driving a newer car? Just sucks that they put us in this situation.

[HakunaMatata]

Gosh, I've never heard of such a scenario (and I live in the "Motor City"). I recently purchased a car and I couldn't leave the dealership without full financing, taxes, insurance, and plates.

I can't imagine a dealer permitting an "owner" to leave with a non-financed vehicle. How did they offer an interest rate if they were unsure who was going to finance the vehicle? Have you paid taxes, plate transfer, and insurance? Are you making payments? To whom and how were funds applied from your trade-in? Why are they now asking for an additional $4k? Did they decide the original deal was unsatisfactory AFTER two months? Very strange.

Please don't let embarrassment factor into this deal. Spare yourself this unneccessary emotion. This is business and like Hub demonstrated, you acted in good faith.

Hang in there!

[MSbklawyer]

Very interesting. Are you making your payments? To whom?

[AngelinaCatHub]

BTW here is a horror story of my own. I was in my twenties and looked at a T-bird. I told the salesman I would leave my car and would like to test drive it that evening. Much paper flowed and I restated that why am I signing a title change document, I am test driving only. He assured me it was for "insurance" reasons. I did not like that car. It sucked gas like a fish. I brought it back and approached the salesman and told him I didn't want it. His response: "Sir, you bought that car". I was Pi$$ed. I left, purchased a screw driver, had a spare key to my own car, when the mechanic unlocked the gate, I casually took my tag off the T-bird walked over to my car, and drove it off the lot. I wrote a letter to the owner the next day and heard nothing more from them. I had to steal my own car back from that thieving dealership. 'Hub

[AngelinaCatHub]

At this point, take your paperwork and make copies. Go to the salesman and in front of the OWNER of the dealership tell your story. Tell also that if they didn't like your offer, give your trade in back as well as any down payment. Your deal is this, "you bought the car in good faith and with a verbal contract (does not count but the sales person probably would not lie in front if the owner) that the salesman assure you all was wonderful. You will pay to the dealer, at a fair interest rate (simple interest) a monthly payment equal to or lessor than quoted on your paperwork. They (the dealer) have just become your mortgage company. It was their fault not yours and if they did not like this, you would picket every weekend in front of their business if they renege on their own deal".

Be firm and polite. Make it a business decision that they cannot refuse but do it in a professional way. You will be amazed at what a little pressure can do. 'Hub

[rex444]

My wife and I purchased a 2004 Toyota Sequoia from a big dealership near DC. We negotiated a good price and a decent number for our trade in. I told the finance guy I was not leaving with the truck unless he was 100% sure the financing was done. He assured me it was. Rate was high at 20% but it was with Toyota Motor Credit so I felt good that it was not some other sleazy lender.

Fast forward two months...the dealership has still not gotten approval from TMC nor anyone else. They contacted us a few weeks after we were supposed to be done saying they needed some time and maybe more money down. What they really screwed up on was they thought that if TMC did not take it Capital One would....but we discharged Cap1 in our 7.

My wife has been driving the truck for 2 months now and we are going to be so embarraed if (most likely when) we have to give the truck back. They are now asking for an additional $4k and that still might not get the deal done.

I'm venting a bit but wanted others in our situation to be extrememly carefull when leaving with a vehicle that was approved at a dealership but not confirmed with the lender. Any advice on where to turn for financing would be great.