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Disappointed. May have to return vehicle.

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  • SemiSpook
    replied
    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!

    Leave a comment:


  • boomas465
    replied
    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)...got 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 !

    Leave a comment:


  • chicagoannie
    replied
    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 payment...at $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!)

    Leave a comment:


  • dman
    replied
    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!"

    Leave a comment:


  • LadyInTheRed
    replied
    When I bought my Honda, I negotiated over the phone with a couple of dealers. I had made a deal with one dealer and the guy called me back to tell me that the car has a paint protection package and hub locks and wanted to add $250 forr the Paint protection and $150 for the locks that I could get at Kragent for $75. I told him I didn't want those items and wouldn't pay for them. They removed the locks and threw in the paint package, which is a few strips of rubber on the edges of the doors and around the wheel wells.

    For anyone buying a new car, I highly recommend the Consumer Reports Car Buying Guide. (I'm sure there are other sources out there too). One thing it tells you is don't let them sell you the dealer options. They are over priced and can be had elsewhere for less. It's too easy to be taken advantage of if you aren't educated. Prepare yourself before walking onto the dealer's turf. Once you decided on a car, the CR's New Car Price Report is a good resource. It costs $14 and tells you exacatly what the dealer is paying for the car and what dealer incentives are currently available from the manufacturer. You shouldn't pay more than 5% over the dealer's cost, after inccentives. I think I read that the dealers are usually happy with 2 or 3%, depending on the demand for the model. If you know what they are paying and how much profit they are willing to live with, you are in a much better bargaining position. There is also a $12 Used Car Price Report which I haven't used.

    The one extra I bought was the maintenance contract. It covers a certain number of miles, regardless of how long it takes me to drive that far (I have a very short commute). The warranty doesn't cover routine mainenance. I knew the car payment (including the cost of the maintenance) would be paid through my Chap 13 plan and only decrease the amount going to unsecured creditors. It is nice to not have to worry about paying for maintenance during most of my Chap 13. But, I bought it knowing that I was probably paying more than I would if I paid for each service as I needed it.

    Leave a comment:


  • AlmostAmos
    replied
    You are getting RIPPED OFF. Walk, er RUN, away while you still can.

    Leave a comment:


  • nokia123
    replied
    Originally posted by ValleYum View Post
    I would look on this as a blessing (to be able to get out of this deal).

    I worked for a car dealer as a service department cashier and I can tell you that the paint protection/undercarriage protection/upholstery protection is a joke and 90%+ profit for a dealer. Service contracts are also a huge $$ maker for dealers and usually are not what they are cracked up to be when you need them.

    You can usually buy GAP insurance (auto-loan coverage) from your insurance company much cheaper than from a dealer, too.

    Good luck in finding a better deal for you.
    Thank you for that info. I always knew that extra stuff was crazy.

    Leave a comment:


  • jetsfan2010
    replied
    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!

    That happens more than you would think. Most of the time they may let you drive off the lot, but then call you back in if the terms of the loan change. I have seen that happen when my ex bought her car.

    Leave a comment:


  • hedgecat
    replied
    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!

    Leave a comment:


  • helpmeout
    replied
    Originally posted by jb1231 View Post
    Let's see:

    Lo Jack= $995
    Paint Protection= $995
    Service Contract= $2400
    GAP= $750
    License & registration= $343

    Those first four items are optional but they managed to toss them in there. The tax on the vehicle price plus those items is $1875.
    Have them removed. They can't toss them in there without your permission.

    Leave a comment:


  • ValleYum
    replied
    I would look on this as a blessing (to be able to get out of this deal).

    I worked for a car dealer as a service department cashier and I can tell you that the paint protection/undercarriage protection/upholstery protection is a joke and 90%+ profit for a dealer. Service contracts are also a huge $$ maker for dealers and usually are not what they are cracked up to be when you need them.

    You can usually buy GAP insurance (auto-loan coverage) from your insurance company much cheaper than from a dealer, too.

    Good luck in finding a better deal for you.

    Leave a comment:


  • jetsfan2010
    replied
    Take the car back today. No way in the world I would spend 7k over the "cost" of the car. No way...

    Leave a comment:


  • davedude
    replied
    You are getting RIPPED!

    $2400 for a service contract is absolutely ridiculous. If it's a certified vehicle then why do you need the extended warranty? At MOST I wouldn't pay more than $900 for a service contract ... and if you are buying a certified car I wouldn't even bother.

    Tell them to take the low jack out of the car - you don't want that. Also paint protection is a load of bull - take that off too.

    Leave a comment:


  • jb1231
    replied
    Dang, am I going to have to go down there with guns-a-blazin'? (figuratively speaking, of course).

    Leave a comment:


  • jb1231
    replied
    Let's see:

    Lo Jack= $995
    Paint Protection= $995
    Service Contract= $2400
    GAP= $750
    License & registration= $343

    Those first four items are optional but they managed to toss them in there. The tax on the vehicle price plus those items is $1875.

    Leave a comment:

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