Most finance contracts at car dealers have a clause in them that gives them an out for this sort of thing. It happens a lot. In fact, a lot of vehicles are repossessed within days of purchase due to financing falling through. Usually it has something to do with the applicant not providing accurate financial information. (I am not suggesting the OP is being untruthful, just throwing that out there.)
I would read the contract carefully. I am positive you will find something in there.
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well something was signed to begin with for them to be able to switch banks...so im sure its in there somewhere that says subject to bank approval or something... sometimes they run into credit issues or income issues that is probally the issue since the rate is the questionable deal so its not their fault....they do go by experience and put people into cars but alot of times unless its completely done they just assume the bank will do what they say and thats why that clause is there for subject to approval etc. sounds like if u go in wanting all sorts of freebies when its your credit/income thats the deal to begin with they will tell you to take a hike...just my opinion but thats what i'd do if i had a customer that didnt qualify for a certain rate and then demanded more....
ha just noticed it was posted right before me that it happens alot....when i did the first time buyer deal on my first car the dealer told me to take the car and that it could be subject to change when hyundai opened back up the next day...happens alot late in the evening and on saturdays when the banks arent open to give a firm answer...happens alot.
Last edited by 07DCwhiteSR5; 08-21-2009 at 08:27 PM.
Keep in mind that the "guy smiley" that conducted the deal is a joker and will do what ever it takes to get the deal done. If both signed that it is a done deal and that is it. Good luck and enjoy your Tundra!
Read the back of your contract, ergo, the fine print. Probably something like $99 use / rental fee after first 48 hours.
They got you a lower rate, which should lower your payment.
I'd ask for something for my "inconvenience", but they still have you by the short & curlies!
On the other hand, the dealer gets screwed occasionally, on weekend deals as they sort out trade-in payoffs. Some of those fall through.
I'd be surprised if your contract doesn't have a clause that relates to your situation and something like a $99 per day use fee if you opt to back out after a certain grace period. 3 weeks x $99= deal breaker.
I'd ask (but dont expect) for something reasonable and mention the now current rebates (although their hands are may be tied on the rebates). If the dealerships a good one, they might agree with you. Either way, I still interpret your original post as you now have a lower rate and a lower payment. You obviously liked the truck enough to take it home. ENJOY your new truck!
They still have you by the aforementioned S&Cs in regards to any attempt to just plain walk away from the deal. I think its a mere 48 hour window here.
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i understand my rate is lower, but the bank that is now offering the lower rate won't finance for 6 years (sorry, forgot to mention this). so my payment goes up. also, how do i know they will keep this deal if i sign it? and how did they get approval with this bank without asking my permission to run my credit again? what if i had already made my first payment? (which I haven't, but what if?). and like one of the other posters said, who's to say they couldn't do this after 2 months? where in the contract is the limit of time for which they can do this?
i don't want to walk away from the deal. in my mind, i could go in there and tell them, screw you, i'm keeping the truck and you must abide by the contract we signed and drive off.
called and talked to my salesman who said that he would talk with finance. he says that the finance guy that did my deal has been fired for giving people contracts with too low of interest rates that Toyota can't do. not sure if i believe this or not. but if this is true, the fault is completely on the dealership.
Best story ever regarding deals and contracts and dealers.
we signed a deal on my new truck (tundra) before my old truck (tacoma) was paid off by insurance, they told me that gap would cover it 100%.... Well, gap didn't cover it all the way, so my deal was null because Toyota wouldnt finance the new truck until the old truck loan was paid off.
The dealer had the option of losing the new sale and i would be stuck with the difference, or paying the difference to keep the sale. they chose the latter, paid $3100 to pay off my old loan, I still got my $4000 rebate, my first payment paid, bed liner, and XM radio installed per the original deal. Nothing changed from the original contract because it was already signed. I do not owe them for them paying off the old loan. They had to pony up to make this deal stick. Granted, it was our 9th vehicle from this dealer and they are confident my family will be back. They definitely lost money on my deal, but they have made plenty off of us in the past.
Hopefully that made sense, it was a clusterf*ck while it was all happening.
Edit: the time frame on this for reference. I signed the original contract December 18th, didnt get everything finalized until late February.
-Tim
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Last edited by jeepnuts311; 08-22-2009 at 12:05 AM.
i don't want to walk away from the deal. in my mind, i could go in there and tell them, screw you, i'm keeping the truck and you must abide by the contract we signed and drive off.
yeah that'll show them who is the mature one who knows whats going on....
its in ur contract read it. yes its frustrating u couldnt qualify for the greatest rate/terms but you only can do what you can do....the contract you signed does in fact have the part about subject to approval...its in there read it...then u can drive off and they get u for theft of the truck...
PS alot of times the dealer runs the credit and submits the whole thing to banks...but also when you sign over the right to run your credit they always say it allows them AND their banks to run your credit ....again, reading the print makes sense....sounds like this might be your first financiing purchase....otherwise these simple things about reading what yhou sign wouldnt be such a suprise...
i've purchased many cars and never had this happen. i'll admit that i don't read every word in the contract (who does?). i purchased on a friday night. there's no logical reason why it would take them 3 weeks to determine if i qualified or not. there's no reason why they couldn't have had a decision by the middle of the following week.
we'll see what happens in the morning. i'm surprised so many are willing to be on the side of the dealership. i think most people would find this to be unacceptable if it happened to them. i've already got my license plates, registration, installed window tint, and purchased a kenwood dnx-9140 and accessories for the radio. again, i don't want to give it back. i'll work with them on getting the problem fixed, but they shouldn't be able to get away with this without reprocussions.
found this from dealertricks.com
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Seller's Right to Cancel
Question: We just purchased a new Toyota Highlander 2007. Actually we went in just wanting to test-drive but, from our research, the price and car met all of our requirements. We signed a purchase contract, knowing that the dealership agreed to a loan of 0% over 3 years. We had the car for 9 days. On the 9th day, the finance manager contacted us and said that the dealership had made a mistake; the 0% financing was not available on the 2007 model. The finance manager asked if we could come in and sign a new contract - our best rate would be 6.9%. This changes the overall price significantly. We calculated that the interest, at 6.9%, is an additional $4,000 over 3 years. Do we have any recourse? The sales contract was signed by all parties at the dealership.
Answer: I would check your paperwork to see if you signed a document stating that if there was an error, you would return to resign paperwork. Even if you did, this is not a typographical error; it was an error made in the offer. I would tell the dealer you are not willing to sign a new contract. I'm assuming the financing went through Toyota Financial Services. If necessary, the dealership will be able to buy down the rate (meaning it will eat the difference in cost). Be aware that the dealership will not do this willingly and will apply a lot of pressure to get you to resign the contract. I would dig in my heels and fight the dealer all the way up to hiring an attorney. When you get to that point, you're better off to work out a deal with the dealer and move on. I would play on the dealership's sense of fair play, reputation, etc. Make the dealership management understand that you negotiated in good faith and trusted it because of its stellar reputation in the community.
Often a customer will not qualify for financing upon the terms on the first contract. The customer may be required to increase a down payment, higher APR, etc. in order to qualify for a loan. The dealership has the customer come to sign a second contract with the different terms but backdates the second contract with the date of the first contract. This affects the finance disclosure laws in that the customer is being charged interest for a time period in which the contract is not yet in effect, etc. In addition to making a material misrepresentation regarding when the customer takes the obligation of the new contract, a backdated contract often also violates the single document rule (explained below) because another form (usually called Acknowledgment of Rewritten Contract) has the actual date when the contract was signed. Further, many customers are not told that they do not have to sign a second contract, instead they can choose to cancel the contract and return the new vehicle and have the down payment and trade in vehicle refunded. Finally, a dealership only has 10 days to tell you they want to make changes to the contract or cancel the contract. After the 10 days, the dealership cannot change the deal.
Call TFS customer service in the U.S.: 1-800-874-8822
I had no issues with my loan, but call them and see what's up. I'd take their word over the dealers anyday. Fyi> don't know if they'll help you without an account number, but it is worth the shot.
Why do you feel they owe you anything? As was stated earlier, this type of situation is not uncommon but in this case it sounds like it worked out in your favor via a lower interest rate.
(Just a thought: if the dealer doesn't offer to give you the truck, thousands in accessories and an ownership interest in their business maybe you should contact our federal govenment....they're getting very good at giving people things they don't deserve.)
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Why do you feel they owe you anything? As was stated earlier, this type of situation is not uncommon but in this case it sounds like it worked out in your favor via a lower interest rate.
(Just a thought: if the dealer doesn't offer to give you the truck, thousands in accessories and an ownership interest in their business maybe you should contact our federal govenment....they're getting very good at giving people things they don't deserve.)
the only thing is the term is shorter, as he stated, making his payments go higher even though the APR is lower....but read read read read is the name of the game..
Re: What would you ask for?
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