Question about signing a 2nd contract

usctrd · #1 (**permalink**) 04-01-2007, 01:50 PM

I have a question. I have previously been in a situation where I went to a dealership to purchase a vehicle and signed away for the car, and within a week, I received a call from the dealership saying that I had to come in and sign a new contract because I could not get approved for the original deal. In the end, I felt forced to sign the new contract and it raised my interest rate and payments which were out of my budget range.

I was at the dealership yesterday about to purchase a new vehicle and I haven't signed yet. I'm wondering how to go about avoiding this. Any info greatly appreciated. Thanks.

SFTundraMan · #2 (**permalink**) 04-01-2007, 02:14 PM

Quote:

Originally Posted by usctrd

I have a question. I have previously been in a situation where I went to a dealership to purchase a vehicle and signed away for the car, and within a week, I received a call from the dealership saying that I had to come in and sign a new contract because I could not get approved for the original deal. In the end, I felt forced to sign the new contract and it raised my interest rate and payments which were out of my budget range.

I was at the dealership yesterday about to purchase a new vehicle and I haven't signed yet. I'm wondering how to go about avoiding this. Any info greatly appreciated. Thanks.

Have them send it in for approval in advance to you falling in love with your new truck. Ask to see the approval letter and the interest rate. Then sign the papers and pick up the truck

nferra2 · #3 (**permalink**) 04-01-2007, 06:06 PM

Get financing through your bank, Credit union, or capital one finance before you step through the door. Also pull your credit report and know your credit score before you go to the dealer. If you have a 680 or higher then you should get instant approvals, if you have 720 or higher you are golden and should qualify for the lowest rates out there. The dealership(chevy) that she had bad credit and her rate would be 12%. I pulled her reports, her scores were in the low 700's, so we went to another dealer, told them we knew her scores and she qualified for 0% financing. Reported the other dealer to the AG's office, FTC and complained to GM.

07 firecrew · #4 (**permalink**) 04-01-2007, 06:18 PM

you do not have to do anything, if the original contract failed to qualify you, then it is void, you can get your money back and walkaway

nferra2 · #5 (**permalink**) 04-01-2007, 07:16 PM

Or if it was a good deal, you can secure financing from your bank, get the loan check and be done with the dealership.

YOTALOVER · #6 (**permalink**) 04-01-2007, 09:02 PM

Dealers do this all the time. Do people really think when you ride out in a nice new vehicle on a Saturday or Sunday afternoon there is some banker out there approving loans? Even the contract you sign says it is not a done deal when you walk out the door.

SFTundraMan · #7 (**permalink**) 04-02-2007, 05:59 PM

Quote:

Originally Posted by usctrd

I have a question. I have previously been in a situation where I went to a dealership to purchase a vehicle and signed away for the car, and within a week, I received a call from the dealership saying that I had to come in and sign a new contract because I could not get approved for the original deal. In the end, I felt forced to sign the new contract and it raised my interest rate and payments which were out of my budget range.

I was at the dealership yesterday about to purchase a new vehicle and I haven't signed yet. I'm wondering how to go about avoiding this. Any info greatly appreciated. Thanks.

or just call me up, I will preapprove you right over the phone and you will know exactly what you are paying before you come in for your truck. You are only 100 miles away.