topic Re: I did something so stupid - any way out??? in Auto Loans

I did something so stupid - any way out???

DeeDee642 — Thu, 01 Jul 2010 11:10:51 GMT

Hi Everyone,

I was having some problems with my automobile and didn't want to put any more money into it. So like an idiot and went to "look" at a new car. I ended up signing a purchase agreement/contract. It involves a trade in. They asked for my title; however, I did not have it on me. I also did not take delivery. I was really tired, they had me waiting until 10:30 p.m (I get up at 4:30 a.m.) and I kept asking and wondering why they couldn't just call me the next day and I would come in when they had everything in order. I know it was so stupid. Do I have any recourse. I emailed the car dealer and also left a message last night (1:00 a.m. I couldn't sleep and tried to do research). I simply stated that I had not taken delivery and could not find my title that shows the lienholder had been removed and that I cannot afford the vehicle. I am trying so hard to clean up my credit and not have to work the two demanding jobs that I am currently working just to make ends meet. I don't know what I was thinking. I swear I need counseling (not just the credit kind). I am so upset. Have not slept all night. Have to be to my first job at 6:30 a.m. and will probably walk through the door at 10:30 p.m. tonight from my second job. If anyone has ever been in this predicament and has any advice I would be so grateful. I read something about "curbside" and "not taking delivery" may make it possible for me to void the agreement. There is no such thing as a "cooling off" period in WI. (I honestly thought the whole time I was doing this that I would be able to use that). I also do not want to try to "confront" the sales manager, or anyone else because as you can tell, I will buckle under pressure and I am sure they know way more tricks than I do. I know that I signed the paperwork and it was my mistake. I am just distraught and would really appreciate any feedback. I will thank everyone in advance for their advice.

Janice

Re: I did something so stupid - any way out???

Anonymous — Thu, 01 Jul 2010 13:20:04 GMT

Hi, Sorry to hear about your situation. Like yourself, I was also under the impression that WI had a three-day cancellation window for car purchaes. But I guess not:

WI DOT Purchase Cancellation Info

It looks as though you can still cancel if you're willing to pay a penalty (which can be up to 5% of the purchase price). Other than that, sorry I don't have any other suggestions....it's a binding contract so your only other option is to state your case and see what can be worked out.

Re: I did something so stupid - any way out???

BungalowMo — Thu, 01 Jul 2010 15:34:17 GMT

Ouch!!! I'm sorry to hear about this as well! Even if you say that you cannot find the title, they can likely order another if you signed the vehicle off as a trade in.

Try & contact the dealership again today. If they don't answer, drop in on them. Let them know that you'd simply been up far too long to make a rational decisionat 10:30 pm! (I know...I get up at 4 & can't imagine buying a car that late at night!)

Whatever you do....do NOT drive away in that car! You do not have to buy it or drive it away.

Check around for consumer advocate groups. Call & see if you can get a free consult with an atty. There may be a loophole where he can get you out of the contract.

But....

This might be one of those instances where you have to bite the bullet & use it as a pricey, but effective, learning experience. If you don't mind my asking...how much was the purchase price of the vehicle (add in your trade in value too)? I'm not sure how this 5% repayment would work, but it's better than paying 30k for a 20k vehicle, that just may end up repo'd because you cannot afford the payments.

Good luck & let us know what you find out!

Re: I did something so stupid - any way out???

DeeDee642 — Fri, 02 Jul 2010 02:44:06 GMT

Everyone,

Thanks for all of your kind words. I have not slept since 4:30 a.m. Wednesday morning and am on my way to my second job (because I am trying to pay down bills). Yeah, I know so why buy a car!!! I actually emailed the D.O.T. of Wisconsin. They have a special division that oversees dealerships. Luckily they emailed me back, so at least I knew where I stood. Apparently there is no "cooling off" period. That is only if they come to your door and solicit. She also indicated that I should just talk to the sales manager and explain the situation and see if they would do a "good will" type of thing. She also indicated that they could assess a 5% fine. Ouch! The vehicle was about 20,000. So I would be looking at $1,000 fine. That would be my most expensive "impulse shopping" lesson to date.

I spoke to the sales manager and he just keeps saying, "we already submitted all of the paperwork", "the car is in your name", "the title work has been processed". Or, "what can we do to make it easier on you?" Do you think that is true if I didn't provide a title. I did; however, sign a Wisconsin title & license plate application.

The woman from the D.O>T. Office emailed me back again and said that if a specific box was checked off regarding my intention to secure financing (either on my own or through them) was checked off, that I could walk away without a penalty. I am anxiously awaiting a reply and further clarification. Don't get me wrong I'm thrilled, it's just I was up all night doing research and my interpretation was that this was a way to get out of a contract if the dealership tried to change the terms of financing after running a credit check and after the initial contract was signed. I hope she gets back to me soon. The dealership wants me to meet with them tomorrow at 1:30 p.m.

I also need to know because I have an 8:00 a.m. Appointment to fix the problems with my current car that I should have just went and did instead of losing my mind and purchasing a car.

I'm hoping I can just avoid them. I read online where one dealer tried to deliver a vehicle to a persons home - to say they had accepted delivery! I wish I had a garage. I wonder if they could just take my vehicle because I signed it over as a trade in? I will have to remember to ask the D.O.T office that.

You know what is really sad, I have been so good about not having any inquiries, and asked if they could do a "soft" but they had to do a hard hit. It has already showed up on my scorewatch. Seriously, I don't know what possessed me.

Thanks again for all of your support. If anyone has any suggestions for this type of impulse buying (I know this is a rather extreme case) I would really appreciate it!

I'll keep you all posted.

Janice

Re: I did something so stupid - any way out???

dznen1 — Thu, 01 Jul 2010 21:30:32 GMT

Janice,

I am definitely keeping you in my prayers, that GOD gives you favor with HIM and with whomever you need it with at the dealership. I so know how you feel as I am also working very hard trying to get out of this mess I have mad. I have learned a very hard lesson and don't ever to get myself in such a mess again.

I have faith it will work out for you.

Sandra

Re: I did something so stupid - any way out???

DeeDee642 — Fri, 02 Jul 2010 02:39:54 GMT

Sandra -

Thanks for your kind words. I had said that I was dealing with the Attorney General. Opps, it is actually the Department of Motor Vehicle and their is a department that monitors dealerships. The woman who I have been working with said,

“Acceptable to you” means the customer can review the credit terms at the time of delivery, and accept or reject the whole vehicle transaction without penalty. You will find additional information on the financing on the back of your Motor Vehicle Purchase Contract. If you had already taken delivery, had this been a cash deal, or had you already accepted the dealer’s proposed financing, the contract would be final."

If I am interpreting this accurately, I think I have an out. I am so stressed out because I actually made an 8:00 a.m. appointment to get my old car fixed. I don't want to spend $1200 and then be forced to go ahead with this deal. Do you think I have to show up in person to "reject the whole vehicle transaction"? I know they would really put the hard sale or guilt trip on me.

I hope we both find a way out of our messes.

Re: I did something so stupid - any way out???

dznen1 — Fri, 02 Jul 2010 03:05:12 GMT

Hi Janice,

Do you have the contract to read? Do you have someone that is stronger than you that can go with you as support? If noone, then I don't know if I woud go alone.

GOD will give you the strength to get past this. I don't believe you have to take it, the car, according to what this says. If you have to, change the appointment with the deal until you can get better intepretation. If you are afraid to face them, then I would do it over the phone. State your reason again as you have already told them and don't budge and don't argue with them. Try not to be pressured into this. You know your situation better than anyone else. It looks like you have been given an "out". I have been praying hard for you and will continue to. Prayer is powerful.

I do understand the stress , been there and it can be terrible but you will get through this.

Keep us posted. Be strong. You will get through this, I have no doubt.

Sandra

Re: I did something so stupid - any way out???

Minato08 — Sat, 03 Jul 2010 00:06:43 GMT

Typically there is a clause regarding financing. It is contingent upon you finding the terms satisfactory. You can simply say that the interest rate is not to your liking.

First and foremost, originally it seemed as if you didn't give them any money or anything, but then you gave more information saying that you signed DMV documents. Originally, I wanted to just tell you to call and tell them you changed your mind. In order to get you to pay, they would have to sue you. More than likely, they would not do this because 1) that costs money and a cost-benefit analysis shows that it is not worth the effort to go through the trouble for a measley $1,000; and 2) dealerships are in business mainly to have happy customers, not alienate potential repeaters.

I'm in NY, but it is interesting to know that there is no 3 day period where you can rescind a contract without penalty in WI. Anyway, I hope you learned your lesson about signing things before thinking it through. You may also want to look into that counseling that you mentioned.

Re: I did something so stupid - any way out???

DeeDee642 — Sat, 03 Jul 2010 15:38:44 GMT

I did call and tell them I did not want the car. They keep calling me and asking when I am going to pick the car up and we can talk about it. I finally just turned my answering machine off. My question was, do I have to tell them in person that I do not accept the finance terms. Which by the way were very good. I just should not be buying a car. I already paid the $1200 to get my car fixed. It is a terrible time for such an expense, but in the long run it makes more sense than buying a new car. I thought there was a "cooling off" period too. It only applies if someone comes to your home and solicits a sale. It is a holiday weekend and I can't get a hold of anyone at the D.O.T., so I am afraid to speak to them and say the wrong thing. Or send an email and write the wrong thing.

Thanks,

Janice

Re: I did something so stupid - any way out???

Tazman81 — Sun, 04 Jul 2010 14:53:42 GMT

Here is what you need to do. You need to stop avoiding them. You made a mistake and now you need to try to take care of it the best and legal way that it can be done. As far as saying you don't like the interest rate, that will not work if you already signed the bill of sale because that has the interest rate on it. That means you agree to the financing that they got for you. I suggest talking to the sales manager to see what they can do for you. See if it is possible for them to just goodwill you out of it. Is it a reputable dealership? Yes this was a mistake, but if you keep avoiding the dealership, what is going to end up happening is that you are going to have a financed vehicle in your name that is going to be repossed by the bank because you are not making payments on it.

Please understand that I am not trying to be mean or discouraging, but we cannot sugar coat this. You have to just take it as for what it is. Maybe you can cut back on some other stuff, or possibly may have to take extra time to pay off your other debts. I would make sure that you check with the dealership before you repair that car. There is no need to repair your car if you are not going to be keeping it. Unless of course they are going to increase the value of your trade in by more than the $1200 you are putting into the vehicle.

Once again, please understand that I am not trying to be uncaring about your situation because I have surely found myself in some tight spots, but avoiding the sales manager at the dealership is not the way to go. I do recommend taking someone with you, either a friend, and/or a family member for some additional support in speaking with them. I would not argue with them, but just try to see if they can bring in the finance manager as well and see what can be done about this.

Re: I did something so stupid - any way out???

Minato08 — Thu, 08 Jul 2010 04:42:35 GMT

NO. You do NOT have to talk to them in person. You already told them no. You can have someone to talk to them on your behalf, if you want to. This can be anyone and you don't need any writing to do it. Just have them say that they're calling on your behalf or as your agent. Remember though, you do NOT have to go anywhere to talk to them in person. A telephone call is perfectly suitable to say no.

Also, you never took delivery on the vehicle so it is highly unlikely that a loan is out there requiring your monthly payments. They probably want you to come in so they can put the keys in your hand.

Re: I did something so stupid - any way out???

Minato08 — Mon, 12 Jul 2010 22:39:53 GMT

Due to the lack of any news from the OP, I'm guessing she ended up with a new car.

Re: I did something so stupid - any way out???

Tazman81 — Tue, 13 Jul 2010 17:40:50 GMT

@Minato08 wrote:
Due to the lack of any news from the OP, I'm guessing she ended up with a new car.

+1 ---- unfortunately....

Re: I did something so stupid - any way out???

DeeDee642 — Tue, 13 Jul 2010 20:30:08 GMT

No I did not buy a car. I was able to tell them that I did not agree with the terms of the financing and did not accept delivery. They have stopped calling. I am angry, though, because I gave them permission to run my credit. I even asked them if there was anyway they could do a "soft" inquiry because I am always trying to watch that. So, they couldn't do a soft hit, and I allowed the inquiry. However, there are THREE separate inquiries being reported by Transunion. Two on the day I was at the dealership and another one for a later date. I think I am going to try to dispute the extra two.

Janice

Re: I did something so stupid - any way out???

BungalowMo — Tue, 13 Jul 2010 23:07:18 GMT

I'm SO happy that you got out of the contract!!!!

While it would be nice to get those 2 extra pulls removed, if they refuse....I'd still be counting my lucky stars that I'm not sitting there with a big ol car payment.

It's all relative, and that's a relatively cheap lesson learned. Agreed?

And now you know what not to do next time!

I'm happy for ya....that payment would have killed ya!

Re: I did something so stupid - any way out???

Anonymous — Tue, 13 Jul 2010 23:27:14 GMT

woohoo! congrats!

I've been silently pulling for you.

Re: I did something so stupid - any way out???

dznen1 — Wed, 14 Jul 2010 00:45:21 GMT

I was pulling for you too. I'm very happy that the weight has been lifted from you.

Re: I did something so stupid - any way out???

DeeDee642 — Wed, 14 Jul 2010 11:46:52 GMT

Thanks for all your kind thoughts. Once I came to my senses, I realized, of course that a one time repair cost of $1200 was way better than getting tied up with those monthly payments. The dealership has stopped tryng to contact me. I have not heard from them since July 6th. My biggest fear is that I am going to find a big fat envelope with monthly payment coupons in my mailbox from Nissan. Then, when I don't turn them in, they will report me. Hopefully, that will not happen. It was a lesson learned the hard way. But, it could have been so much worse. Crossing my fingers that my 2003 Oldsmobile holds out for another 30,000 miles or so! My scores have been going up and I have been making some real progress, hopefully, their repetitive inquiries won't hurt too much.

Thanks again for your thoughts and suggestions. I'm off too teach summer school.

Janice

Re: I did something so stupid - any way out???

BungalowMo — Wed, 14 Jul 2010 12:05:32 GMT

@DeeDee642 wrote:
Thanks again for your thoughts and suggestions. I'm off too teach summer school.
Janice

Give them a "freebie" course in FICO-nomics! It's never too early or late to learn!

btw...the 6th was my b-day, so I have good vibes about no coupon book in the mail! Sending the good mojo your way!

Re: I did something so stupid - any way out???

Anonymous — Wed, 14 Jul 2010 15:13:46 GMT

@DeeDee642 wrote:
No I did not buy a car. I was able to tell them that I did not agree with the terms of the financing and did not accept delivery. They have stopped calling. I am angry, though, because I gave them permission to run my credit. I even asked them if there was anyway they could do a "soft" inquiry because I am always trying to watch that. So, they couldn't do a soft hit, and I allowed the inquiry. However, there are THREE separate inquiries being reported by Transunion. Two on the day I was at the dealership and another one for a later date. I think I am going to try to dispute the extra two.
Janice

Disputing hards is a good way to end up with a fraud alert. They had the PP to pull.