messed up auto loan

[pvcik]

On 03/06/2024, I financed a 2019 Mustang GT. My credit needs work as I am young and simply have not established credit. Anyway, I was approved, signed all the paperwork, and made a nice downpayment. The rate I signed for was 17% for 48 months, and this was through Westlake. I had to have the car shipped as I got it from a small dealership that's across the country. The first payment was due on 04/08/2024, and I was going to make it. But when I went to make it online and put in my SSN and name, the app said no loan/account was found, so I got a little worried because at the same time I have not received anything from them in the mail. However, just today, I got an email from the bank requesting that I resign the contract, and when I looked at it, the rate changed from 17% to 20%, and I'm not willing to sign that. I'm just really confused as to why this would happen this way and what all I should do because at the end of the day, I will NOT sign on 20%. Do I have a free car? Will I lose the car and my downpayment? I'm not willing to call the dealer because they have been shady throughout the whole process.

Could you please help me understand my options in this situation? Thank you.

[GZG]

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@pvcik wrote:

On 03/06/2024, I financed a 2019 Mustang GT. My credit needs work as I am young and simply have not established credit. Anyway, I was approved, signed all the paperwork, and made a nice downpayment. The rate I signed for was 17% for 48 months, and this was through Westlake. I had to have the car shipped as I got it from a small dealership that's across the country. The first payment was due on 04/08/2024, and I was going to make it. But when I went to make it online and put in my SSN and name, the app said no loan/account was found, so I got a little worried because at the same time I have not received anything from them in the mail. However, just today, I got an email from the bank requesting that I resign the contract, and when I looked at it, the rate changed from 17% to 20%, and I'm not willing to sign that. I'm just really confused as to why this would happen this way and what all I should do because at the end of the day, I will NOT sign on 20%. Do I have a free car? Will I lose the car and my downpayment? I'm not willing to call the dealer because they have been shady throughout the whole process.

Could you please help me understand my options in this situation? Thank you.

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unless I'm unaware of something, you have two choices:

sign the contract and accept that they are trying to gouge you out of more money than they already are

return the car and get your money back

accept this gift as a glory of all that is good, give them the car back, get your money back and use your downpayment to buy a car for however much your downpayment was until you have enough money saved up to buy that car outright.

they don't get to keep your money just because they won't honor the financing they originally let you drive off the lot with

repo lots right now are graveyards of cars that look just like yours of people paying 20% interest on $50k cars they had no business buying.

[Shooting-For-800]

Call the bank and see what they say.

It may be a simple error.

Otherwise, I would just sign the 20% and get the deal done.

Lesson learned.

Checkwith credit unions and tried to get refinanced for a better rate and better terms.

GL!

[CorpCrMgr1]

@pvcik  you need a daily driver. Find a economy car to drive until you are able to buy a reasonable vehicle.  I'm a car guy. I've owned three Mustang including a GT, which was traded in for an economy car after three years. It took me that long to realize the payments, the cost of fuel, and insurance was breaking me. I now own a customized 1955 Thunderbird. My daily driver is an economy car.  

Work on your credit for a year or two. Your car will wait. Good luck!

[pizzadude]

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@pvcik wrote:

On 03/06/2024, I financed a 2019 Mustang GT. My credit needs work as I am young and simply have not established credit. Anyway, I was approved, signed all the paperwork, and made a nice downpayment. The rate I signed for was 17% for 48 months, and this was through Westlake. I had to have the car shipped as I got it from a small dealership that's across the country. The first payment was due on 04/08/2024, and I was going to make it. But when I went to make it online and put in my SSN and name, the app said no loan/account was found, so I got a little worried because at the same time I have not received anything from them in the mail. However, just today, I got an email from the bank requesting that I resign the contract, and when I looked at it, the rate changed from 17% to 20%, and I'm not willing to sign that. I'm just really confused as to why this would happen this way and what all I should do because at the end of the day, I will NOT sign on 20%. Do I have a free car? Will I lose the car and my downpayment? I'm not willing to call the dealer because they have been shady throughout the whole process.

Could you please help me understand my options in this situation? Thank you.

---

You do not have a free car, but there's nothing stopping you from refusing to sign a loan at 20% and calling the dealer to tell them where they can come and pick up the car.    You'll get your downpayment back eventually, but I don't know how long that would take.  

Did you pay out of pocket to have it shipped or was this rolled into the loan?   How much more per month would your payments be at 20% versus 17% ?

[youngandcreditwrthy]

@pvcik  have not read the other repliies but SADLY this is VERY VERY COMMON. its a shady tactic.

DONT SIGN.

ask for the "original contract you signed" lie to them since they lied to you and tried to commit fraud you. There's the FTC you can threaten to report them to for a starting point. Refernece that youd "prefer not to get third parties involved" in a polite manner

second, this is WHY its GOOD to use a CREDIT CARD for  downpayment or even a DEBIT CARD if you can. If they commit fraud (and make no mistake.. it would be fraud to increase yoour rate and TRICK YOU) you can dispute the downpayment.

dont EVER get attached to a car EVER. Tell them to change the GD paperwork or they can pick up their car at their own expense.

if you used a check, a money order or any other method to pay the downpayment... you can get it back.. the only thing you CANT get back is CASH.

Please start building your credit card limits if you haven't already. Please let us know how this pans out. This happens every day to good people and they just get away with it. this HAS TO STOP!!!!! 

[youngandcreditwrthy]

@Shooting-For-800  BRO NO

the lesson the op learned is a good one.. READ THE PAPERWORK.. the lesson is.. CALL OUT THE DEALER.. THE DEALER MARKED UP THE BUY RATE. 

the DEALER will get that extra 3%.

Westlake is Carmax if I recall correctly... oh wait I think its carvana...

carvana is DRIVETIME..

DRIVETIME.. has been involved in fraud and the garcia family runs BOTH. 

The lesson the op should be learning is not to buy cars from them EVER. 

I pray to the good lord the op gets the rate corrected or disputes the downpayment for fraudulent practices and gets their money back.

[keekers]

This is a terrible deal; run away from it ASAP.

[youngandcreditwrthy]

@CorpCrMgr1  I have had three mustangs and they were all hunks of junks. I drove BMWs for ten years and maintenance was crazy but usually covered and I learned that lesson.

so far, the benz c class is very reliable german car. I WISH mustangs were better than they are I really do but they aren't. heh

@pvcik  if your budget is 15-20k, look at BMW 2 series coupes.

better yet, go to a FORD DEALER not Carvana.. who just bragged that they are only doing 900 worth of rehab work on each of their trade ins and making like 6000 GPU (gross profit per unit) all the while losing hundreds of millions of dollars and being ran by a LITERALLY LEGIT CRIME family GARCIAS.

Carvana tried to scam me about ten months ago 27% interest with a 600+ score for a 25 k car.

i went to Mercedes deal, got a 7% rate on a 65k car. payment the SAME. 

wanna know what carvana did to me? They ILLEGALLY took over 7 GRAND from my bank account before I hit purchase online, and it took them TWO MONTHS to refund my money. 

Captive financiers (the car brands financing arm) is almost always the best way to go when buying any car @pvcik  seriously. Go try the ford dealer. Dealers are suffering BAD RIGHT NOW. 

Westlake has a rep also for not giving people their titles after the loans are paid off and their accounts disappearing from online. wild stuff. so glad I avoided that mistake. 

apologies for the rant, but this is LITERALLY the difference between getting your score to 700 in a few months or having a repo on your record bc you got a bad car. 

[CorpCrMgr1]

Wife purchased a 2001 BMW 330ci convertible. Came with the M3 wheels. The car had everything. Only one time she was complimented on her car.