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Disappointed. May have to return vehicle.

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    Curious if the car has been titled to your or not (seriously doubt it). Even if not, here's how I'd play it.

    Take it back in. Act upset about the whole loan debacle (why would they let you drive it off the lot if it wasn't a done deal??!!). Tell them you'll pay $15,000 for the car. They'll balk. Tell them "but it's not a new car anymore, it's a low-mileage used car." If it wasn't titled to you (which I doubt it was) they'll say technically it's a brand-new car. Shoot back with "Ok, then it's a high-mileage new car." This will work better if you made a few trips to Disney World first (yeah, I know you're in CA and Disney WORLD is in FL). Tell them you have a check ready if you can agree on the price. Tell them you don't want any of the "extras", and you're not going to pay more than the car's worth (high mileage, possibly used, it's not worth the same as fresh off the lot); if you gotta, tell them about the Capital One check...they will only pay the actual value (not a trumped up value) and won't pay for those extras.

    I would not be surprised if you walked out with a very good deal. If you don't get a good deal, just walk out and say "thanks for the free rental guys!"
    Standard disclaimer: I'm not a lawyer. I am an idiot. Do not take my advice. I am not responsible for what happens if you blindly follow an idiot's advice. Blah blah and more legal stuff.


      Originally posted by hedgecat View Post
      I, too, have a Cap One blank check for a car and since I just read the details this morning, I can tell you that you can't put the GAP on that check - it's not allowed. If that dealer wants your business, and usually they do, they will find a way to lower the cost of that car plus extras to exactly what you can put on the blank check and not a penny more. What I can't understand is that they let you drive off the lot with a brand new car, only to tell you three weeks later you didn't quality for financing? Now, that's a trusting dealer!
      Happened to my idiot ex, who was allowed to drive off with a $40K car (after giving them his car for a $9K down $640/month payment.) He was crying the blues when the dealer called 6 days later wanting the new car back as his financing was not approved. (Idiot ex's solution....go to another dealer for same car and sign on the dotted line for an $800/MONTH PAYMENT!)
      Filed Ch 7 Pro Se 11-18-2010 341 Meeting 12-16-2010 Discharged 2-15-2011
      New Job 7-2011


        Thats a scam!

        My BK was discharged October 2011. I applied for Capital One blank check November 2011, was approved for 30k

        Bought a 2009 Jaguar XF from Hornburg (Jaguar/Land Rover Dealership) them to give me the car for 31k out the door, still has balance of factory warranty, and i declined to add any of the extras.

        put 1,000 down and my carnote is $600, capital one gave me a interest rate of 7.53%....

        the dealership told me the same thing, that I needed to add on the extras, that it was required. Just remember how much you can afford and what your willing to pay. Don't let anyone fool you into thinking you HAVE to pay more, always agree to what YOU can afford. Because once you agree to the contract, those dealers will not be there to help you pay the bill.

        Good luck to any post BK members in search of a car. There is hope. I never thought i would be able to get anything after i filed but...I was wrong !


          Wow. Did they even ask you about those options before they slapped them on? That's a ripoff. And I certainly wouldn't agree to any of that before walking out the door.

          With my recent purchase (necessary because the lienholder on the previous car I had a loan on did the 4:30 AM repo visit), I paid roughly book value for my car, with $1500 down. Only Tuesday did I hear back from the finance company, and it appears everything is good to go, as I haven't heard anything else and my payment has cleared. Had the repo NOT happened, I'd have paid off my remaining balance owed to Capital One (shuttered my CC back in August when my case was filed) so I could have been on the square with them (won't issue me anything until that's been paid off, but at least they haven't looked at my credit report for anything because of that, yet). At least with this loan, I'm paying roughly what I was on my other car, but at a lower 17% rate instead of 25% (and a longer term, too). The dealer tacked on the service plan, but as I was doing my paperwork, the finance person said it was required to get the loan in the first place, especially since we're coming out of BK without any other means to take care of repairs should something happen. If it's a stipulation of the loan, sometimes you have to suck it up, but if it's not, fight it. Best of luck!
          Filed: 28 July 11 (Ch. 7) / 341: 6 Sep 11 / No Dist: 12 Sep 11
          Discharge: 9 Nov 11 / CLOSED: 15 Nov 11


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