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Discussion Starter #21
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.
 

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Discussion Starter #22
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.
 

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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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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....:rolleyes:

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...
 

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Discussion Starter #25
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.
 

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Discussion Starter #26
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.
 

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Discussion Starter #27
Scam 3. Rewritten Contracts/Backdating

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.
 

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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.
 

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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.):D
 

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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.):D

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..
 

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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..
OK, then I will shorten my post to this:

Why do you feel they owe you anything?
 

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Discussion Starter #32
UPDATE

went in and told the guy i wasn't going to sign the new contract unless I got the additional $1000 in rebates. he said he can't do that because they have to backdate the new contract to 7/31/09. I told him I wasn't going to do the new deal and that there was nothing in my contract stating that this was a 'preapproval' from Toyota. He gave me some BS about how nobody did anything wrong, they were just looking out for me and getting me a better deal. BS!!!

I also called Ford and found that they still hadn't paid off my trade. I told the finance guy this and he swore that they pay all trades in 10 days. I told him to call and confirm with Ford and we confirmed they hadn't paid off my trade. I asked him what would stop them from doing this again with the new contract, and all he would say is that he was saving me money.

I finally told him that this sounded like a yo-yo scam, and then he just threw up his hands and said "Fine, we'll do the original deal". I went out and talked with my salesman and he said they have to honor the deal they signed. He did confirm that they fired the guy in finance for giving people too low of interest rates. He told me to stick to my guns and not to give in. He said the dealership would have to pay out of pocket to buy down the interest rate, since it was their fault.

So I drove off and called the finance guy 20 minutes later. I told him that I understood that they were probably going to have to pay $2-3k to buy down my rate, so to offset this, I would do the new deal if they would throw in some accessories; giving them the option of $1500 in accessories or $3k to buy-down the rate. He said he was just going to force Toyota to uphold their contract, but that he would keep this in mind.

To the previous posters, there is nothing in my contract about a 'Sellers right to cancel' or that the signed rate is just a pre-approval. I read the whole thing. So I'll keep everybody updated.
 

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Discussion Starter #34
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.):D
I take offense to this. i'm not asking for a handout. The dealership will take every opportunity to make additional money off of you, whether it be when you purchase a new car or with their service department. I have a 1999 Toyota Camry with 180k miles on it and have been taking it to Star Toyota for any major tune-ups. The one time I have the opportunity to use my position to get some back, and I'm supposed to say "No, that would be a handout"? Give me a break.

My wife and I make well over $100k a year and my credit score was 680, which isn't fantastic, but not bad either. i'm not bragging, just laying out the facts. This is not a case of me trying to get into something over my head. This is a case of a dealership employee gone wrong and they just want me to brush it off and act like nothing happened and did nothing wrong, all for the sake of saving them money because they now have to buy-down the interest rate out of their pocket.
 

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UPDATE

went in and told the guy i wasn't going to sign the new contract unless I got the additional $1000 in rebates. he said he can't do that because they have to backdate the new contract to 7/31/09. I told him I wasn't going to do the new deal and that there was nothing in my contract stating that this was a 'preapproval' from Toyota. He gave me some BS about how nobody did anything wrong, they were just looking out for me and getting me a better deal. BS!!!

I also called Ford and found that they still hadn't paid off my trade. I told the finance guy this and he swore that they pay all trades in 10 days. I told him to call and confirm with Ford and we confirmed they hadn't paid off my trade. I asked him what would stop them from doing this again with the new contract, and all he would say is that he was saving me money.

I finally told him that this sounded like a yo-yo scam, and then he just threw up his hands and said "Fine, we'll do the original deal". I went out and talked with my salesman and he said they have to honor the deal they signed. He did confirm that they fired the guy in finance for giving people too low of interest rates. He told me to stick to my guns and not to give in. He said the dealership would have to pay out of pocket to buy down the interest rate, since it was their fault.

So I drove off and called the finance guy 20 minutes later. I told him that I understood that they were probably going to have to pay $2-3k to buy down my rate, so to offset this, I would do the new deal if they would throw in some accessories; giving them the option of $1500 in accessories or $3k to buy-down the rate. He said he was just going to force Toyota to uphold their contract, but that he would keep this in mind.

To the previous posters, there is nothing in my contract about a 'Sellers right to cancel' or that the signed rate is just a pre-approval. I read the whole thing. So I'll keep everybody updated.
Told ya so ;)
 

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I take offense to this. i'm not asking for a handout. The dealership will take every opportunity to make additional money off of you, whether it be when you purchase a new car or with their service department. I have a 1999 Toyota Camry with 180k miles on it and have been taking it to Star Toyota for any major tune-ups. The one time I have the opportunity to use my position to get some back, and I'm supposed to say "No, that would be a handout"? Give me a break.

My wife and I make well over $100k a year and my credit score was 680, which isn't fantastic, but not bad either. i'm not bragging, just laying out the facts. This is not a case of me trying to get into something over my head. This is a case of a dealership employee gone wrong and they just want me to brush it off and act like nothing happened and did nothing wrong, all for the sake of saving them money because they now have to buy-down the interest rate out of their pocket.
that was the issue...low credit score...

well if the dealership really did mess up i appologize for my replies earlier, all mine have been done after bank hours and always have had that clause so they could get approval the next day or week (if it was a saturday) i assumed that was the deal. but glad its working out for ya. lesson learned: new dealership next time around.
 

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The biggest problem IMO is that it took them 3 weeks to figure this all out? WTF? I would be PO'd as well because you have been driving your truck, you have signed all of your papers, they have quoted you a rate and a payment, and all is good. Then 3 weeks later they are telling you they need to redo the deal? Definitely a problem in the finance department at that dealership. I'm glad they honored the original deal.
 

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My Toyota dealership just called and said that Toyota won't finance me for the finance rate they quoted me during finance. Mind you, I signed 3 weeks ago. So they found another bank with a slightly lower interest rate. Anybody ever experienced this?

I'm also thinking that I should get something for this inconvenience. Maybe a TRD CAI kit. What do you think? What would you ask for?
You got a lower interest rate and your pissed off at the dealership????
 

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You got a lower interest rate and your pissed off at the dealership????
you must not have read the thread either.... he got a lower APR but also shorter terms so his payment went up....
 

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you must not have read the thread either.... he got a lower APR but also shorter terms so his payment went up....
I read the comments here a couple of times, and really not sure what the heck the issue is.

Get quoted a lower rate, but, shorter time. There is no financial out of pocket loss here.
If the problem is the new monthly payment is too high on the shorter term, then you have
a different problem to manage.

I do not like the way the dealer managed it, but, if he had said "your rate is going from 3.9 to a new 6.9% as example, then yes, I would fight back. Guess, I missed something here.
 
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