nc law question

rockcity

rockcity

everyday is a chance to get better
Joined
Apr 10, 2005
Location
Greenville, NC
they usually let ya go with the keys and the car generally thinking it will be approved, but the underwriter is the ultimate decision maker. If the underwriter doesn't like what he sees, then he can change it and the dealer has to abbide if they want to sell/lease that vehicle

Usually they tell the customer that the deal is only good if the financer/underwriter approves it when it comes across their desk. The dealer has a good idea of what they can do and usually lets the car go. It can be done the opposite also. The dealer says no and doesn't let the customer drive home and says, "we'll call ya when the paperwork comes through" thinking the financer will reject funds, but every once in a while, the dealer gets surprised and they have to call the potential customer back and says they have been approved for the car!!! Hoping they haven't been too pissed and bought somewhere else....


It happens, most contracts are contingent upon approval of funds
 
This is happening a lot with purchase of NEW cars also..

They give ya paperwork, let ya take car home. then call and say hey we need you to stop by we forget to get ya to fill out a form. and oh by the way we will detail car for you when you bring it in..

YOu get there give them keys and they take car in back.. then they say sorry we could only get you qualified for "lets say 7%" but we did get ya " qualified for 20% sign here and the car is yours.. what they do nto tell you is instead of a 48 month you just sign at 20% for 72 months.. big difference in what you end up paying.. I have even heard of them giving you the keys back to your trade inand tell you sorry we can not approve you at all.. so now you are back to your old shit box..
 
does she have another car to drive? id tell em to fawk off. my wife got a civic during the 0% financing bit a few years back, had it for a week, then they called her and said sorry we could only get you approved at like 15%. she gave it back, end of story.

did she already sign the 10000 mi lease? nothin she can do.
 
well, not to do business with whom ever does this would put you without a vehicle. All dealerships do this, execpt for the Buy Here, Pay Here places, but they rip you off in other ways anyway
 
BRUISER said:
This is happening a lot with purchase of NEW cars also..

They give ya paperwork, let ya take car home. then call and say hey we need you to stop by we forget to get ya to fill out a form. and oh by the way we will detail car for you when you bring it in..

YOu get there give them keys and they take car in back.. then they say sorry we could only get you qualified for "lets say 7%" but we did get ya " qualified for 20% sign here and the car is yours.. what they do nto tell you is instead of a 48 month you just sign at 20% for 72 months.. big difference in what you end up paying.. I have even heard of them giving you the keys back to your trade inand tell you sorry we can not approve you at all.. so now you are back to your old shit box..
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Whats really bad is when they wholesale your trade in. I have a friend that that happened to at a used car lot. You talking about mad. WOW! :mad:
 
Mike have her contact the general manager and nissan corp. Sounds like a screw up on Nissans part. I put 15k cash down on my new truck and took the truck off the lot. A week later they said that due to my interest rate I could not finance the remaining amount. Instead they were going to refund part of my down payment. I called corp explained the situation and they let the deal fly
 
rockcity said:
well, not to do business with whom ever does this would put you without a vehicle. All dealerships do this, execpt for the Buy Here, Pay Here places, but they rip you off in other ways anyway
Click to expand...

NOT TRUE

Think about this for a moment.
What is Ford,Chevy,Dodge,Nissan,Toyota and others auto makers jobs?
To make money, of course, same as any business.
What is there primary means?
BUILDING AUTOMOBILES
Lately a few have gotten "smart" and decided they can give away cars and make a ton on financing.
Here's a nice stat to run through your brain, the average car buyer that finances through the manufactures company (GMAC, Ford Credit, Chrysler Financial etc)pays on average 18% more than someone who pays cash or otherwise arranges financing separately (BTW lease a vehicle and that number jumps to 31% more)
If you think about it, it only makes sense.
Could Wachovia build you a car as cheap as Ford?
Doubtful!
Why would you think a car company could finance you cheaper than a lending institution?
It is a shell game that millions fall victim to every year.
I can not speak as much on yota or nissan (through my business(es) I buy 8-10 ford/chevy cars and trucks a year) I can guarantee you there, if you walk in with cash you may be suprised when 20-25% starts falling off sticker price. Outside financing is the same thing. They have no risk of nonpayment then and all they have to recoup is pure cost not cost plus risk...

It amazes me how in love some people are with nice rides.
You would never tolerate this business from a reputable lender.
Imagine your mortgage company calling and saying hey sorry your gonna have to move out we couldnt get the deal approved, never happen!
Why?
They take time before "closing" a deal. That time is used to make sure your finances are good and get underwriting approval.
Most car manufacturers realize if they took this time the average car buyer would "cool down" and realize they couldn't afford what some college drop out in a WalMart dress shirt said they could and would walk away from the deal, therfor they use pressure tactics to rush you into a same day decision and sign loans without underwriting approval.

Damn I must be having a bad day... this is my 2nd soap box in as many threads...

To kill the hijack and make this post useful...call and raise hell they dont want to lose a customer, if you dont get a response call PBB theey'll make it right ;)
 
ShyHiK5 said:
call and raise hell they dont want to lose a customer, if you dont get a response call PBB theey'll make it right ;)
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:lol: yeah, screw the (powerless) BBB, now there's the PBB!
 
Not cool. they should have had all of the information to do the deal at the original terms WHEN they did it.

now as far as I know from my lowly salesman position, we don't do this where I work. The only time something like this could happen here is if it's a saturday and we cannot get ahold of the lending institution, but the sales and finance managers assume everything will be fine, then it turns out they don't have the credit to qualify.

BUT since a lease is usually through the auto company, they should have all the info they need in front of them. IE, If they have X beacon score and/or X equifax and/or make X amt they qualify for $X/month for Xmonths w/ X amt down at X miles/yr.

One time late on a Saturday, I had a couple that was on the borderline of qualifying for a special offer, and we couldn't get ahold of honda finance until monday. So we waited until we knew for sure. I wanted to get another car out, but i didn't want to risk having it come back.
 
This type of stuff is exactly why I don't shop for a car when I NEED a car. Always shop for a car well before you actually need one. That way you can always walk away. It takes some planning, but it will give you some power in the process.
 
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