Dealear scam or other issue

[Anonymous]

Hello from Florida,

I purchased a vehicle, was financed, the finance company funded the loan 7 days after I drove from dealer and I have made my first payment.

31 days after I drove off the lot a salesman called me and said that there was a problem with finance and that I had to redo the deal. I immediately contacted the finance company and after numerous conversations with them and a supervisor was told that my loan was funded and that I have an account that I cannot default on or my credit will be ruined.

My retail contract specified that any issues with anything had to be resolved within 30 days on both parties. The dealer never contacted me within 30 days and I have an account with finance company and have made my first payment.

I told the dealer that the car was funded and the amount funded was the purchase price in my contract, also told them I had made my first payment but this man said they are giving the money back and that I will be reimbursed my first payment.  I have not received notices  from the finance company, I have not been told to return this vehicle and can the dealer cancel a loan that has already been approved and a payment made on it?

I have never purchased a vehicle before so any comments will be greatly appreciated.

Thank you!

[Anonymous]

First thing, make sure to make any on-time payments as needed. Keep some kind of receipt (bank statements, etc).

Next, contact the dealer and explain that they must be mistaken - you've confirmed that the loan was funded and that you're currently making payments. If they push back, ask them to get you something it writing (even an email). I would not go to the dealer in person - deal with them over phone and in writing.

On the surface, it sounds like a classic "bait and switch," where they basically give you the car for the weekend, you show it off, and then they call you Monday and say, "Yeah, we're going to need a higher APR..." I believe in many states it is illegal. Problem though is how long they waited, 30 days is a long time...

I'm not a lwayer or in the industry, the above is purely a, "what I would do."

Keep us posted.

[webhopper]

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@Anonymous wrote:

Hello from Florida,

I purchased a vehicle, was financed, the finance company funded the loan 7 days after I drove from dealer and I have made my first payment.

31 days after I drove off the lot a salesman called me and said that there was a problem with finance and that I had to redo the deal. I immediately contacted the finance company and after numerous conversations with them and a supervisor was told that my loan was funded and that I have an account that I cannot default on or my credit will be ruined.

My retail contract specified that any issues with anything had to be resolved within 30 days on both parties. The dealer never contacted me within 30 days and I have an account with finance company and have made my first payment.

I told the dealer that the car was funded and the amount funded was the purchase price in my contract, also told them I had made my first payment but this man said they are giving the money back and that I will be reimbursed my first payment.  I have not received notices  from the finance company, I have not been told to return this vehicle and can the dealer cancel a loan that has already been approved and a payment made on it?

I have never purchased a vehicle before so any comments will be greatly appreciated.

Thank you!

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Ask them to give you that request in writing... and in the meantime, don't go to the dealership, as your loan has been funded and you bought the car... No need to let them bait and switch you. If they insist, contact a lawyer!!

[Creditaddict]

DO NOT have long out calls that they try to confuse you, and tell you all different things... I always say when people talk about collection calls, they get all into the call and talk all personal or let them talk to you stupid and say things against the law... NO... 

If they call again, I would say I need you to send me a letter with the information you are talking about.  Will you send that to me? if they say no or just come here, etc. etc.

NO, Sorry and hang up... If this continues I would be looking for a lawyer and not one to make them stop bugging you but one to make them end up paying for your car!!

[Watchmann]

It seems that it has been awhile now since the car was purchased so do you have a coupon book that the lender sent you?  If so there isn't any problem.  Does your lender have an online website that you can log on to and track your account?  If so, do it so you can see your account.  I don't think the dealer is trying to screw you, I just think their Finance Department is messed up.  It happens, there are a lot of moving parts in a car transaction and if a dummy gets in the picture they can cause trouble.  Once you can verify online that the loan is up and running I would send a registered letter to the Finance Manager, along with the printout of your online account status, telling them to cease and desist bothering you.

[Creditaddict]

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@Watchmann wrote:

It seems that it has been awhile now since the car was purchased so do you have a coupon book that the lender sent you?  If so there isn't any problem.  Does your lender have an online website that you can log on to and track your account?  If so, do it so you can see your account.  I don't think the dealer is trying to screw you, I just think their Finance Department is messed up.  It happens, there are a lot of moving parts in a car transaction and if a dummy gets in the picture they can cause trouble.

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My Red Flag is the "Salesman" is the one calling OP!

When Infiniti had issues getting my QX56 financed through Infiniti because the manager just gave me the rate and I signed papers without really doing anything (2006 baby, what can I say!) Anyway, I didn't hear from him or my sales person, I heard from the Finance guy... A Sales associate would have very little knowledge or involvment if financing is an issue.

[Watchmann]

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@Creditaddict wrote:

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@Watchmann wrote:

It seems that it has been awhile now since the car was purchased so do you have a coupon book that the lender sent you?  If so there isn't any problem.  Does your lender have an online website that you can log on to and track your account?  If so, do it so you can see your account.  I don't think the dealer is trying to screw you, I just think their Finance Department is messed up.  It happens, there are a lot of moving parts in a car transaction and if a dummy gets in the picture they can cause trouble.

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My Red Flag is the "Salesman" is the one calling OP!

When Infiniti had issues getting my QX56 financed through Infiniti because the manager just gave me the rate and I signed papers without really doing anything (2006 baby, what can I say!) Anyway, I didn't hear from him or my sales person, I heard from the Finance guy... A Sales associate would have very little knowledge or involvment if financing is an issue.

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All the more reason to believe the dealer is messed up.  The sales department and the finance department are separate entities for a reason.  Once the deal is made the salesman is out of the equation as far the 'deal' is concerned.  The sales guy has no knowledge of how the deal was paid for (down payment/loan value, gap insurance, maintenance plans, etc).  It just sounds like an overly aggressive salesman trying to do his job rather than a screw job by management.

[UpNComing]

If I had to guess they screwed up and sold you the car at the wrong price, and not in their favor.  After a contract is funded the deal is done.  If the dealer discovered an error in pricing, perhaps a service repair order was missed and they own the vehicle for far more than they thought then they would try and "unwind" the deal.  They call you and tell you there is a problem, you return the car and they pay the bank to "flat cancel" the contract, which can be done after funding.  Have they done the motor vehicle already?