Step Down of a loan.

eddymvp · ‎03-28-2008

I was pre-approve for $12500 loan at 10.45% rate for 6 years. I went to the dealer "Woburn Toyota" to get the sale paper so I can go to the bank and get the check. The guy had already filled out the sales paper work and when I went to pick it up they wanted me to put a $100.00 down payment so they can hold the car.

I was going to give them the check on Monday for the whole balance and they said that they couldn't hold the car for me if I didn't put any money down. I told them that I didn't have any money with me and that I wasn't going to put any money since I was going to pay it in full on Monday.

The Rep insisted that I had to put a down payment so I told them that I will go somewhere else to buy the card. I don't think they are smart enough, They lost the chance of selling that vehicle for not wanting to wait until Monday.

missgamecock · ‎03-28-2008

Did you want the car????? That's how it works. If you WANT the car, you put a down payment on it for them to hold it for you. What will happen on Monday if they sell the car tomorrow. Why are you so confident they won't? Has it been sitting on the lot for months and months. Are they not open on weekends and you intend to be there when they open. If I have a customer that says I'll pay on Monday, he can find a car elsewhere and not come back. So I am going to sell it to the first person I can that will put a down payment on it. I think you took a gamble on a car that you wanted.

eddymvp · ‎03-28-2008

@missgamecock wrote:
Did you want the car????? That's how it works. If you WANT the car, you put a down payment on it for them to hold it for you. What will happen on Monday if they sell the car tomorrow. Why are you so confident they won't? Has it been sitting on the lot for months and months. Are they not open on weekends and you intend to be there when they open. If I have a customer that says I'll pay on Monday, he can find a car elsewhere and not come back. So I am going to sell it to the first person I can that will put a down payment on it. I think you took a gamble on a car that you wanted.

it was a 50/50, I want a new car and that's the card I wanted. I also have a Honda Accord EX 1999 that I let my fiance to use it. She is 5 weeks pregnant and I think she is having twins because the belly is too big. The ultra sound will be on April 10. She wants me to get a 2004 Rav4, but those cars are in the range of $18K and I'm only willing to spend $13K in a new car. Currently I'm driving a 1995 Honda Civic Couple. I've been driving that car for 2 years and is time to get a new car. I'm thinking of waiting for another 3-6 months and buy the 2004 Rav4.

MidnightVoice · ‎03-28-2008

My Toyota dealer held a car for 2 days while I thought about it!

Complain to Toyota HQ

The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid

Anonymous · ‎03-28-2008

Eddy- What the sales person asked you to do is normal procedure. Now if you have a report with the dealership/salesperson one could take your word. Coming off the street to buy a car one would expect to put a depo down if you wanted the dealership to hold the car.

Anonymous · ‎03-28-2008

Yeah, putting a deposit down is normal. If you change your mind, they give the money back.

By the way, you should think twice about taking out a car loan at 10% for 6 years; there is a good chance you might end up upside down in the car.

Message Edited by watchnerd on 03-28-2008 06:28 PM