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Help!! We were those dumb buyers!

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Anonymous
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Help!! We were those dumb buyers!

So.. I'm in a panic because it's Sunday and everything is closed. We bought my car yesterday at walser. Love the car. Showed up with DCU blank check good for 20k. The used car came to 18k with taxes. I showed up with our personal check book (naively not thinking they may need a certified check).

Here's where things went awry: we pulled out the blank check and our check book because we wanted to put 5k down of our own money. The dealer said,"No you pay them. We don't take it." My fiancé who is pretty naive with auto loans (as am I as this is my first auto loan) laughed and said,"Not right now." I felt embarrassed and put it away. We signed the blank check for full price of car and taxes. Left and went on our way thinking we'd pay our down to DCU.

Things were making me nervous and so I checked with my mom and who pays her card in full but she told me we pay the dealer the down (which is what I assumed initially).

I am in full blown panic. We cannot afford not I put the 5k down!! The dealer will be open on Monday and DCU might be open Monday though more likely Tuesday. We have 3 calendar days to return the car and get our money including taxes back.

We want the car. I don't know what to do. We signed the blank check. Show up at the dealership on Monday and leave it there? Try to contact DCU and have them cancel the check?!

We are so stupid and I'm already aware of that. I should have stuck to my guns or clarified. I thought I researched everything well enough but I felt so out of my league at the dealership since I've always bought my cars in full.

What can we do? Any advice? Help! And thank you.
Message 1 of 14
13 REPLIES 13
Anonymous
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Re: Help!! We were those dumb buyers!

Side note: we have not sent in purchase agreement to DCU yet.
Message 2 of 14
elim
Senior Contributor

Re: Help!! We were those dumb buyers!

You can always make a 5k regular payment to DCU (not principle only) and divide the balance (plus interest) into equal payments. Definitely will be a nice cushion if you ever had an emergency month and were short on funds as this would put you 5k ahead on payments from day one.

Message 3 of 14
Anonymous
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Re: Help!! We were those dumb buyers!

Unless the amount you are financing affects your interest rate, you can pay DCU, as the only thing it affects is your payment. If you are worried about the size of the payment without the down, call DCU, I'm sure they will work with you (they are not going to turn down money). 

 

I wouldn't worry too much, you should be fine. One of the nice things about working with credit unions is they aren't soulless faceless blood suckers who care only about the bottom line. 

Message 4 of 14
Anonymous
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Re: Help!! We were those dumb buyers!

So that would allow us the get the monthly payments we were expecting at a 13k loan vs an 18k loan if I'm understanding correctly? Thank you thank you btw
Message 5 of 14
Anonymous
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Re: Help!! We were those dumb buyers!

I'm concerned about the monthly payments. Instead of the 210-250 monthly payments we're budgeted for... The payments at 18k would be too much!
Message 6 of 14
Anonymous
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Re: Help!! We were those dumb buyers!

I did call the new loan department since they're the only 24/7 line. She was really nice and said that we could prob call the loan officer and fix it but couldn't guarantee anything since she's not member services. I don't know if we should chance it. 😢
Message 7 of 14
Anonymous
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Re: Help!! We were those dumb buyers!

I would think that everything should be fine.  Just talk to a loan officer Tuesday and explain situation.  They should be able to rewrite loan for lesser amount.  After all, your asking for less money to be financed. Not more.

Message 8 of 14
elim
Senior Contributor

Re: Help!! We were those dumb buyers!


@Anonymous wrote:
I'm concerned about the monthly payments. Instead of the 210-250 monthly payments we're budgeted for... The payments at 18k would be too much!

  in reality yes...

  1st payment 5k = 5k ahead

  2nd payment $210 = $4,960 ahead

  3rd payment $210 = $4,920 ahead

  etc.

(the examples do not include interest)

 

  Once you are ahead on the loan you are not required to make a payment until one is actually due.  You can just make the $210 a month and chip away ($40 per month) at the 5k you are ahead.  I did the exact same thing on my loan.  I made a monster payment on the first day in case of emergency and i am way ahead. I now am not required to make a payment for several months (but i do) and am way ahead on the loan. Sometimes i make less than the payment set forth by the creditor and this is fine as my "minimum amount due at this time" is $0.

Message 9 of 14
Anonymous
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Re: Help!! We were those dumb buyers!

First congrats on your new car, and the fact that a day later you're still in love with no buyer's remorse. Second relax and stop worrying. This is doing you no good. Like others have said, since you're working through a credit union, you're dealing with people just like yourself who are far more understanding and want to help you the customer-member. They're not out to screw you. I believe you'll be fine and in great shape. Stuff happens. There are always work arounds, from redoing some paper work, refinancing and just applying your down payment. This wil work out fine and is probably a good lesson for both you and your finance. 

 

Buying a new vehicle is so exhilarating and yet frustrating. Last year I sold cars and trucks for three months just to see how it works and see how I would be successful. It was challenging, fun and frustrating. Believe me the credit union and F&I manager can work and get this deal done correctly. 

 

Have a good weekend and go out and enjoy your new baby. 

Message 10 of 14
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