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Thank you to anyone who takes the time to read this and provide any input.
4 days ago I financed a vehicle at a dealership based on incorrect information so now the dealership is offering to switch my car to a lease.
They are requiring that I submit a second credit app to get a second loan ASAP for the lease and said the original finance loan will be removed in 15-30 days.
Is doing this likely to create some type of nightmare credit issue or will this not be a big deal for someone with a relatively thick file?
In the long term I will have less revolving debt since the lease is smaller loan than the finance of the entire vehicle but I don't want to trigger some major AA across all other lenders.
Thank you again!
Moving to auto loans for better visibility
What was the error or omission on the paperwork?
So I went into a dealership telling them I was going to lease a particular vehicle (Subaru) so that way I would have the option to sell it at any time to a Carvana-type 3rd party dealer and they proceeded to tell me some story about how I couldn't do 3rd party lease buyouts with Subaru and that the rules recently changed, which is all completely false.
They told me i would have to buy my lease out before selling it, which would make me liable for the entire sales tax when the truth is that I would only have paid tax on the depreciation and then pocketed the difference selling it since 3rd party dealers are sales tax exempt, which was my original plan. I ended up just financing it because of their incorrect info.
So I called a day later and told them I checked again and Subaru still allows 3rd party lease buyouts and that this never changed recently like the finance manager tried to tell me. The general sales manager told me there was nothing they could do, to enjoy my new car and that I could also have backed out of the deal and never signed. I told him small claims court was also an option and then he offered to switch me to a lease but said they would need me to take out a separate loan for the lease in addition to my finance loan and then they would remove the finance loan within 15-30 days.
On a side note, they have refused to answer simple questions about MF on the lease deal and have been dragging their feet almost like they don't actually want to do this so I may just keep this as is and try suing them in small claims for misrepresentation or fraud. Even if I don't win I just really don't like the way they are treating me.
@inth3moment I would NOT submit another application. Your credit report should be good for at least 30 days and further more they told you a lie. I would either tell them to take the car back and get the car elsewhere or they use the credit report that they already have. I would also freeze or lock your reports just incase they try to do it without your permission.