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I think walked out of the dealership with a car and no financing!!

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Anonymous
Not applicable

I think walked out of the dealership with a car and no financing!!

Hi,

 

I think that's what it is.. I'm not sure what's going on at the dealership (Fitzgerald- the reviews are pretty good on this dealer) with the finance guy. On February 25th that I signed the contract with them with Suntrust Bank, I thought the deal was done but obviously it isnt. About a week and a half after, they called me telling they need my paystubs, the finance guy had told me before he was pretty sure the bank was not going to ask them, but any how I gave them the stubs on Thursday. But the thing is I think they changed my total income when I was filling out the application. They had me sign another application they said it's because I didn't state the right amount in the 1st one ( telling me my calculations of my annual income is not accurate.. go figure).

 

SO, here's the situation, I went in with financing from my bank and the dealer convinced me to get financed through them, the car was a liitle more expensive and the rate they got me was a liitle better so i accepted. But I have been calling Suntrust Bank and they can't even find me in their system. I just left the dealership today, they're telling me all the bank needed is my paystub, that I shouldn't be worried meanwhile, they did another pull on Thrursday with Experian, (PNC Bank) without my authorization. He says I signed the document that said they could do that, but I thought it was only for that specific day the 25th??? This is leading me to think that the deal is not closed with suntrust, I still have my pre approval with my bank and it expires next Saturday, at this point it's either going to be my bank or Suntrust. HE's telling me that at this point I can't use my bank's anymore and he is not telling me why.

 

I'm planning on disputing the inquiry with experian and I gave him until Tuesday to finalize everything with Suntrust.

My question is  can I just return the car and get them to refund me my $1000 that I paid for the downpayment since he's telling I can't use my bank's pre approval. They can't force me to enter into another contract with another bank, I know they get a comission when you get financed though them, but I told them I do not want to go through this again but really I don't like the way this is going.

 

If he can't give me a straight answer by Tuesday I'm planning to go get another car with my bank's pre approval and just leave their car on my parking lot until they decide to come take it themselves. It looks like they won't let me return it and they don't want to use my Bank's financing and I don't think this is going to work with Suntrust. Any advice??

Message 1 of 13
12 REPLIES 12
Hammer23
Frequent Contributor

Re: I think walked out of the dealership with a car and no financing!!

I would not just drop the car off. That is a good way to wind up with a repo. I would suggest you contact the GM or dealer principal and get answers. If not satisfied I would contact an attorney. Most states give a dealership 30 days to perfect a title. Read your paperwork carefully before you do anything



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Message 2 of 13
Anonymous
Not applicable

Re: I think walked out of the dealership with a car and no financing!!

First of all, there is no deal.

 

They are still trying to finalize the deal with suntrust. At this point, the car is not yet financed as I'm not in sutrust's system. I can't keep driving a car that I'm not sure has been financed. it's been 3 weeks already.

Message 3 of 13
pizzadude
Credit Mentor

Re: I think walked out of the dealership with a car and no financing!!

 

I agree that it is probably time to escalate this to the dealership GM.   Dealerships let people drive off the lot without final loan funding all the time, but 3 weeks is a bit excessive.     Also as suggested, check your paperwork to see what time periods are listed there.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 4 of 13
StartingOver10
Moderator Emerita

Re: I think walked out of the dealership with a car and no financing!!

Sounds like the old spot delivery scam.

Especially when they make statements like you can't use your lender to purchase the vehicle. BTW, that is always a huge red flag.

 

Read the contract carefully there is bound to be a provision to charge you mileage if they can't obtain the financing for you. There may be other charges listed in your contract in the event the financing doesn't fund. In addition to the contract, look up your state's statutes governing spot delivery to make sure the dealership has complied. It might be in your contract as "Seller's right to cancel". 

 

In any event, you want to have a written rescission of the contract (or unwinding of the deal) in order to protect yourself from future actions by the dealer. You can't unwind a written deal with an oral agreement. Oral changes are generally unenforceable and are probably prohibited in your contract anyway. Don't leave your car at the dealership without having the cancellation in writing signed by someone in authority at the time you leave the vehicle. There are all kinds of scams that occur in this exact scenario.

Message 5 of 13
Hammer23
Frequent Contributor

Re: I think walked out of the dealership with a car and no financing!!


@Anonymous wrote:

First of all, there is no deal.

They are still trying to finalize the deal with suntrust. At this point, the car is not yet financed as I'm not in sutrust's system. I can't keep driving a car that I'm not sure has been financed. it's been 3 weeks already.


 

I am very sorry that you are experienceing this situation. I hope it all works out for you. I have worked in the auto industry on both the bank side and the dealer side for more than 10 years now. It is a tough spot to be in, but I must strongly stress, if you drop the car off tonight and buy another car with your other approval, then the dealership gets your Suntrust loan funded... you will have 2 cars and 2 car loans. I have seen it happen more then once. 

 

Unless the dealership fails to provide title in a timely fashion (in OH it is 30 days) you really don't have any rescourse without the dealer agreeing to cancel the sale. 

 

I would advise 2 things: 

 

1.) Call the GM of the dealership. Be calm and professional but firm. Let the GM know if the matter is not resolved you intend to take immediate leagal action and file complaints with the state AG office. 

 

2.) Call Suntrust and ask for the "indirect auto loan" department. Many banks have a completly seperate loan department that deals specifically with dealers. They may be able to find your file where the person at the branch can't.

 

 

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Message 6 of 13
Anonymous
Not applicable

Re: I think walked out of the dealership with a car and no financing!!

Thanks StartingOver 10 and Hammer 23!

 

I re-read all the paperwork they had me sign, there is no such close in any of them. (Nothing about a provision to charge me mileage if they can't obtain the financing or charges in the event the financing doesn't fund.) The document I signed stated that the deal was signed with Suntrust Bank at a specific rate and the details about the month;y payment. It does say though that in order to cancel the prurchase I have to get written proof from the dealership that the purchase has been canceled.

But I'm thinking really there was no deal  (and there is still no deal) anyway since the financing is not finalized. I could be wrong, but that doument is probably void since I'm not even in Suntrust's system.

But really I find it ridiculous the fact that they won't take my Bank's financing. Are they really going to prefer to take the car back because it's not financed through them rather than selling it?? it doesn't make any sense to me but anyway, it'll be up to them. I know they probably don't want to take my financing cause they won't get a commision. Also they got me their loaner program for free, because I financed through them, but still...

Message 7 of 13
rynocity
New Member

Re: I think walked out of the dealership with a car and no financing!!

It sounds like you have a solid purchase contract.  If it lists the rate and payments, then they are obligated to honor that contract.

http://www.lemonlaw.com/spotdelivery.html‎

 

Message 8 of 13
juggalo9er
Valued Contributor

Re: I think walked out of the dealership with a car and no financing!!


@ daysStartingOver10 wrote:

Sounds like the old spot delivery scam.

Especially when they make statements like you can't use your lender to purchase the vehicle. BTW, that is always a huge red flag.

 

Read the contract carefully there is bound to be a provision to charge you mileage if they can't obtain the financing for you. There may be other charges listed in your contract in the event the financing doesn't fund. In addition to the contract, look up your state's statutes governing spot delivery to make sure the dealership has complied. It might be in your contract as "Seller's right to cancel". 

 

In any event, you want to have a written rescission of the contract (or unwinding of the deal) in order to protect yourself from future actions by the dealer. You can't unwind a written deal with an oral agreement. Oral changes are generally unenforceable and are probably prohibited in your contract anyway. Don't leave your car at the dealership without having the cancellation in writing signed by someone in authority at the time you leave the vehicle. There are all kinds of scams that occur in this exact scenario.


personally i would agree with this...its not a page in the contract itself it would be an addendum. i had this done to me and i told them to take the car and shove it. the fact that they will not take your pre approval is proof in itself that they are trying to get something more out of the deal. i would quietly wait until 30 days and file a complaint with the state, as someone who has filed under the lemon law against a car trust me they are on your side.

Message 9 of 13
Remember0
Valued Contributor

Re: I think walked out of the dealership with a car and no financing!!

You guys do know this thread is almost two years old, right?

Message 10 of 13
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