Conditional delivery agreement ??

[jmontes77029]

I went to a Toyota Dealership and left out of there with a 2011 Toyota Corolla. The gave me a monthly payment amount but have not told me which bank is financing the deal I did however sign a conditional delivery agreement and also there is a form that states on the top "Motor Vehicle Retail Installment Sales Contract Simple Finance Charge". I also signed the title transfer paperwork and the lien has Toyota Motor Credit as the lien holder. My question is Is Toyota Motor Credit the financing company, because I have not been informed it is, and also the Finance Manager stated the banks are closed Saturday. Also, would a dealership let you leave the lot in a car if they dont think they can obtain financing? BTW I'm in Texas.

[Anonymous]

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@jmontes77029 wrote:

I went to a Toyota Dealership and left out of there with a 2011 Toyota Corolla. The gave me a monthly payment amount but have not told me which bank is financing the deal I did however sign a conditional delivery agreement and also there is a form that states on the top "Motor Vehicle Retail Installment Sales Contract Simple Finance Charge". I also signed the title transfer paperwork and the lien has Toyota Motor Credit as the lien holder. My question is Is Toyota Motor Credit the financing company, because I have not been informed it is, No and also the Finance Manager stated the banks are closed Saturday. Depends on the time your deal went through Also, would a dealership let you leave the lot in a car if they dont think they can obtain financing? No. BTW I'm in Texas.

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Facts:

1- Every financed car purchase has some type of conditional clausing. Mainly due to the amount of time that passes between the paperwork being signed and the deal actually being funded/money changing hands from the financing institution.. 

2- banks are open on Saturday, just not all day. So at some point yes, esp EST banks are closed while a store is doing business.

3- Most applications for financing are computer approved and do not require human involvement/counter offers or discussion. Some do though. If the bank is closed they cannot contact the bank and argue/modify the final financing and terms.

4- if the dealership did not think they could get you financed they would not give you a car that you would be putting miles on and possibly get into a car accident in.

5- that does not mean though that come Monday you are 100% assured financing, or 100% guaranteed the rates they expect you can get. You may actually get a few points higher or even lower then you are currently being lead to believe.

6- you will be required to go back to the dealership and sign paperwork at the actual bank and rate and terms you get.

[jmontes77029]

Thanks for your input. Kinda what I expected.

[vbozzo1]

Hi, It sounds like this would not constitute a completed sale until you return to sign the paperwork correct? Else, why would they even need to ask you to return right? I am also from Texas and took conditional delivery of a vehicle have since found that the seats are BRUTAL on my body and cannot therefore complete this sale. Am I correct that the sale is not final until I return to the dealership to sign the actual sales contract?! I am also from Texas.

[Hammer23]

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@vbozzo1 wrote:

Hi, It sounds like this would not constitute a completed sale until you return to sign the paperwork correct? Else, why would they even need to ask you to return right? I am also from Texas and took conditional delivery of a vehicle have since found that the seats are BRUTAL on my body and cannot therefore complete this sale. Am I correct that the sale is not final until I return to the dealership to sign the actual sales contract?! I am also from Texas.

I would carefully read your contact. In Ohio you have no "cooling off period" and the only person who can cancel the sale is the Dealer. The sale is only conditional on the dealer's ability to obtain financing at the terms you agreed to in your contract, not if you like the car or not (genreally, some may be different. 

Usually once the loan is approved not even the bank can stop the transaction once you have signed the documents. 

You should never sign contracts for a purchase you are not 100% sure you agree to and are comfortable with. 

[vbozzo1]

Hey thanks for the response. I have not signed nor even been presented with a sales contract. I was only given a conditional delivery slip and was instructed by the dealer I needed to return to the dealer in order to finalize the purchase. So I guess I answered my own question or maybe not. Feel free to respond but I think the link below makes clear that the purchase is not considered final until the sales contract is signed by both parties which it is not in this case.

http://www.justanswer.com/consumer-protection-law/7lm48-purchased-vehicle-2-26-13-good-interest-rate...

Scroll to the bottom as the legal expert explains what makes a deal final.

[juggalo9er]

you could however claim you do not like the terms they are presenting you with!!!!

[Remember0]

Yeah if you agreed to something and they pull you back and ask you to resign to worser terms, just say no. Here's the keys. Tell them you know exactly what spot delivery is.

Of course, if you haven't even agreed to an APR yet, you could just say no, I don't agree to those terms. Have your keys back.

[Hammer23]

Sounds like they "puppy dogged" you, or put you out on an extended test drive. You should be able to get out of that by just saying no. If you had signed a buyers order and installment agreement it could be much more complicated.