May have gotten in a Pickle!

[Schoolbuskid]

Exactly thats the way i feel...i mean its a nice car and all but the payment quoted is too high!

Well we probably are going to see this honda salesman because she likes the civics! He thinks we are in good condition as far as the vehicle not being sold to us yet! Either way we would still trade the car in! I know we will be carrying negative equity but with whatever car she buys the payment has to be lower!

[Schoolbuskid]

Well one reason they are holding off until she close on the house is because the mortgage company told her not buy the car until she closes! So the dealership agreed to wait!

[Anonymous]

My heart goes out to you schoolbuskid. But, I think you are still focusing on the wrong issue. They can play with the payments all they want till they make you feel comfortable. Payments are meaningless unless you have agreed upon a price. There is no such thing as one stop shopping which I believe is what the Hyundai dealer sold you. What you are looking at is 3 financial transaction. 1) You are buying a new car, 2) You are selling them a car, 3) You are also buying financial services. It would be easier on you and your mom if you can get a rate quote from your CU then you would not deal with shady F&I guys as such at the Hyundai dealer. However, your task at hand should be getting your mom's Impala back. Just take the Hyundai back and be done with it. Then, make sure you have a price written down for the Civic, the trade, only after that you will talk about financing. The best thing to do would be to get the Impala appraised at Carmax or something similar and not accept anything below that. It is not like there is a shortage of Honda dealers so I would skip the one you visited already. You are giving them the upper hand by volunteering too much information but whatever you do take the Hyundai back and get the Impala in your driveway. Good luck

[Schoolbuskid]

I know we need to return the car but they wont let us...and we are not the type of people to get hostile...but then again maybe thats what we should do!

My mom called the salesman today to tell her she was returning the car...again he said the same to her as he did to me...then he told her that once she closes to call them and they said they will do what it takes to keep her in that car even if it means they lose money! I'm tired of the drama!

I'll keep you all updated!

All scores increased except EQ, they are now TU-657, EX-680 EQ-550!

They could do better on the interest rate if they use another credit score...but they only pulled EQ.

I see what you mean by giving them the upper hand by giving to much information!

Thanks wish us luck! Thanks for all the advice!

[Anonymous]

Schoolbus, you've GOT to get rid of that car and walk away. You're paying almost twice the car's value! NO STINKIN' WAY.

Call them back,. with that recorder function I told you about, and get them on tape saying she can return the car and walk away. You're in NC, so you don't have to have their permission or knowledge to record the conversation. Then take that car back and WALK OUT.

You have GOT to be the "type of person" to be hostile if that's what it takes. They are trying to hold you by the peanuts by mentioning messing up the closing on the house. Well, unless they suddenly put it on your CR, they can't. The inquiries are already going to be there. The longer it takes them to secure financing, the more they are letting other banks put inqs on your Mom's CR. So really, they're messing up the closing by forcing you to stay in the car while they bombard the CR with inquiries.

The car is not worth it, mechanically or financially. Get it on recorder that they'll elt her return it, and then RETURN IT. Do it mid-day, with lots of customers around. It takes GUTS, but you must do it or your Mom will be in an even bigger financial bind than she already has been. My pmt is $500, and that is for a pimped-out Rendezvous SUV with leather and SUEDE interior, alloy wheels, navi system, real wood trim inside, Bose sound system, etc. No way should she pay the same amount for a Sonata.

Bring the recording with you and DON'T be afraid to play it if you have to.

I had to grab my guts and tell the mgr of the salon that butchered my hair that I was going to dispute the transaction and contact the BBB if she tried to charge me for the cut/color, and it was HARD. My heart was pounding when I talked to her. But it was worth it. I got ALL my  money back because she realized I wasn't going to be walked over.

[Anonymous]

TAKE IT BACK NOW.

[Schoolbuskid]

I bought a microphone last night we have to get them recorded for we can return so that we will have proof!

What if they got us a payment where we wanted do you think we should keep it?

[Anonymous]

Take that car back! Who cares what the payment is?????? You can do much better at a more reputable dealership! All they are going to do is stretch you loan out over a longer period of time and I think the max on auto loans is 84 months. Sounds like you or your mom don't even know the sale price of the car, correct? You need to find out what the sale price plus tax title & license is by calling the salesman. Then go to bankrate or edmunds and do a calculation and see the numbers for yourself as to what you are going to be paying in interest for that car over 60,72 or 84 months.... then come back and say that payment is worth it because it's NOT! Also look at the reviews for that car, they have lousy resale values and don't normally last the duration of your loan even if you don't finance 84 months. You have come here like the rest of us for advice, you need to take the advice offered on here and get your Impala back and get out of that car.

[Anonymous]

This past saturday my mom and i went looking for cars....make a long story short we ended up going with a 08 Hyundai Sonata...interest rate is 16.9 according to the dealership they have not secured financing yet...so can we still back out of the deal?

The payment is 554. My mom is going to try to get her credit union to secure the financing...the payment is still too high...she likes the honda civics...and one honda dealership told us they use Transunion and that score is 653, (it was 667) does anyone know what tier that might fall in?

Another why the payment is so high is because of her trade-in which had to much negative equity!

We bought the Sonata for 24k OTD. im afraid she will be upside on this vehicle as well if she try to trade it in. KBB says it worth $12,425...im afraid we may have messed up!

She closes on her house this week  as well, do you think we may have interefered with that?

Thanks

SBKid,

You and your mother are getting raked over the coals! I bought my car at Bryan Honda in NC also and it wasn't a pleasurable experience either! The dealer tried to pull a fast one on me by not signing my contract. I called Honda Financial to get my payment info and they didn't have anything on my loan, no application nothing! I told her that my contract wasn't signed ( my opinion was so they could change my interest rate ) by the f & I director and she immediately called the dealership to find out why and I had a copy of my contract faxed with the f & I directors signature that day! Luckily my loan went through and my rate didn't change but it was so stressful for me. Here is a break down on your loan with the information you have provided. And the max auto loan duration is 84 months.

24k for 84 months @ 16.9 apr is payment of 489.07 total interest paid 17,082.16 so

17082.16 + 24K = 41,082.16 for a car that kbb value is $12,425

24k for 72 months @ 16.9 apr is payment of 532.57 total interest paid 14,344.96 so

14,344.96 + 24k = 38344.

Now go over these numbers with your mom and both of you ask yourselves do you or your mother want to buy a $12,425 car for the price of $41,082.16 or even $38,344.96? Personally I wouldn't pay that much for a BMW, Lexus or any other car for that matter because. Sad thing is your mom may have already jeopardized her mortgage because everyone of those inquiries are going to appear on your credit report and if the under writer pulls another CR on her before closing they may deny her mortgage. I hate to sound mean but at some point common sense has to come into play! If I were a LO and told your mother not to make any purchases or take out new credit before closing and she did anyhow and look at this purchase in detail because its going to raise her DTI, I would deny the mortgage. But then again I'm not a LO nor a car salesmen ( thank god, I'd never get any sleep ) so it's not my call. But you need to take the sound advice from the members on this forum and take that car back and get your Impala back, I think it was Mel that said, drive it in the ground til it don't run any longer!!!! The only way you are going to get the payments down to 400 per month is if they lower the interest rate and I find that doubtful with her scores.

Message Edited by Bran9192 on 07-03-2008 07:42 AM

[Schoolbuskid]

Wow, im blown away! If this info does not make her want to take the car back then she's crazy!

The LO didnt tell her that from the beginning...it was too late once we found out! But yea common sense should have come in long time ago!

 But what about the documents we signed? Couldnt they throw that in our face?

Message Edited by Schoolbuskid on 07-03-2008 10:57 AM