I live in Cherokee Village 3 hours from Springfield, and that’s where i got this car. Well i have it in my drive way right now, and had it for 4 days. They ran my credit, and it was good, but i had 3 loans out, and they were showing up as auto loans. 1. a personal loan i put a vehicle up for collaterial, and the other was for a motorcycle for my husband, and the other is for a vehicle that i totled out, and hopefully incurance is going 2 help with that. So actually 2 loans out. Anyways the people let me take the vehicle home, and i have the Bill of sale, and all the other paper work, when u get an automobile. They said they are still trying 2 get a lender for this car, and i am afraid they are gonna come, and get the car if they can’t find one, but then again wouldn’t they have allready come, and got the car. I mean i am putting miles on the car everyday. So i am asking all of u good people for your advice. Can u help me with this? Thanks very much. Gaylon
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{ 7 comments… read them below or add one }
what they,ll do is find a lender but it will probably be one with real high interest,so you might be better off finding one your self that will pay the loan off to them,and then finance it for you,i don’t think they will come and get it ,because of all the paper work ,but be careful of the lender they find you it maybe the highest interest rate allowed by law,good luck with it.
Read the papers you signed and they gave you copies of. Do they say something about open financing, or are you locked into a payment and interest rate? If it’s open, they can find you some kind of financing that requires a bigger payment than discussed, a very high interest rate, and perhaps more down payment. If you are locked into a rate and payment, and they can’t find that for you, they may have something in there to make your pay "X" amount per mile for your use of the car. Instead of asking here, because we don’t know, read what you signed. Generally it becomes their problem, not yours, unless you signed an open contract without reading it first.
Hi…..i work for a dealer, and this is a difficult question. The car market is tough nowadays in both respects, A. for the dealer to sell a car, and B. finding a buyer qualified enough to buy it. The sales manager probably OK’d your deal because he thought they could find a suitable lender. Maybe, now, after a few days, they are having a problem. The market is tougher now because lots of ppl in the last 5 years ago have gone bankrupt or something else bad has happened, so the lenders have upped their standards. Bottom line is this, whatever you agreed to on your paperwork, make the dealer stick by it. Chances are they initially sold u the car with a 5-8% loan. They may come back in a few days with a story about you being a risk, and may offer you a loan with a higher rate. Just be careful to figure out what the payment is for the car, and more importantly, what the total price of the car will be. This is where most ppl get in trouble…..the payment goes higher than they expect, and it causes stress on you financially for many years. If they insist you give the car back, do it, as long as u get a full refund, and not be charged for useage. It was their mistake to begin with, and once they let you take the car home, that got you emotionally involved……and they are well aware of this aspect to. I have been in the car biz 20 years, i’ll get u a deal on any car….just ask!!! Its my hobby..good luck!!
you shouldn’t have taken the car until the financing was in place.
I fear that you may be the victim of what is called the "puppy dog close". The dealership will let you take the car when you sign papers that you agree to a specific payment based on your credit history. They will then try to shop the loan around to find the best "buy rate". The buy rate is the amount that the lender will finance for the loan payment you agreed to. Dealers often make a lot of money at this when the lender gives them more money than you signed the loan for. Where you get into problems is when the lenders won’t give the dealership the amount of money they want and they will try to get more money from you or want the car back. They think that you will cough-up more money because you have fallen in love with the new "puppy dog". I will almost guarantee that you signed paper work that says "pending final loan approval" or some such wording that lets them out of the deal and locks you into the deal. I hate people who resort to this method and unfortunately, it is all too common in the business. I wish you were here in Texas, I would try to help you out. Best of luck – Gary
Well it is obvious you have good credit or they would not have spotted you the car. ( Spot delivery = good credit banking incomplete on deal ) It is possible they will want the car back but unlikely. I am certain they are working out the details with a bank somewhere. My guess is the totalled vehicle is an issue. Did you put money down ? email if you like but truly you have nothing to worry about.
if those payments of the loans u have are being paid on time and your credit is good i don’t see why they can’t find someone to finance you. and if its a big dealership i find it weird that they aren’t financing it themselves.