new car 6 mos ago 2 contract- no payments-no plate

[Anonymous]

We purchased a new car 1-5-12 the contract was signed with 1.9% apr, 2 weeks before payment was due called the dealer and they said don't worry about it the bank is just getting set up with Fiat.  to make a long story short we resigned a contract 5/9/12 1st payment was due 6-23-12 we have not received info to pay we have not received a new temp tag for the car.  We do not know which way to turn, how many temp tags can we have already have had 4?  what can we do about getting the contract to actually start, the dealer has been giving us the run around and we do not trust what they are telling us. 

[webhopper]

Does the new auto loan show up on your credit report yet?

[webhopper]

Tell the dealership that if they don't quit giving you the run around they are going to get the car back.

[Anonymous]

It shows up as a inquiry in January then I also have 5 other inquires in April from the same dealer.  This was done without our knowledge and dropped our scores about 70 points.  We have since frozen our credit. 

[JM-AM]

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@Anonymous wrote:

It shows up as a inquiry in January then I also have 5 other inquires in April from the same dealer.  This was done without our knowledge and dropped our scores about 70 points.  We have since frozen our credit. 

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In my opinion it sounds to me like the dealer never aquired financing that is the reason to rerun your scores. 

Inquiries should not drop your scores 70 points, I would look at my credit report and see if something else has happened to cause such a major drop.

[pizzadude]

So you have had this car for 5 months already and haven't made any payments ??   I agree that you should go back to the dealer, go straight to the manager and don't leave until your financing is completed.     Don't let them increase your interest rate or change your terms beyond what  you originally agreed to.

[webhopper]

Call the General Manager and talk to him about your situation.... Its likely that the finance manager and your salesperson have not communicated upstream on their screw up

[LittleCat]

Two things can be going on-as one person already mentioned it seems like they did not secure financing and are still trying to do so. The other thing is what happened to me. I bought a new Toyota Matrix in 2007, put money down blah blah blah. Since I knew my first payment was due 45 days from signing I called the dealership because I hadnt heard from my financer. Gave them my info and they said they'd look into it and call me back. They called back and asked me to come and resign the papers and would not give me any info over the phone. I went in, they wanted me to just resign. I refused to unless they told me what was going on. Turns out one of thier finance people was busted for fraud. He was taking peoples down payments, not submitting the finance papers and stuffing the signed contracts in a drawer. With that info, I requested them to take $1000 off my balance and then I would resign. They agreed, I signed. Dont be afraid to ask for something for your troubles, as long as 'you' arent the trouble.

[sbluejean]

I wouldn't count on that, I work for a dealership. Trust me, that deal is on the daily doc's as a "Contract in Transit" or on the daily heat sheet. I can almost assure, everyone from the Comptroller on down is painfully aware of that deal.

Eight years as Finance Director tells me they spot delivered the vehicle without an upfront approval and the application was denied (most likely by their OEM captive finance source because of the 1.9% subvented interest rate), or they had an approval but couldn't meet the lender's stips on the deal approval. Either way, that contract hasn't cashed and these folks are riding free.

I would also add that in most states, and because these contracts are assignable by the dealership, until the contract is assigned to a lender and cashed, the dealership is, for all intents and purposes, your lender and can require that you make your payments to them. Not a position any dealership wants to be in, I can assure you. At the very least, that deal has hair all over it, a Finance Manager's nghtmare.

[Anonymous]

Finding a best dealership is a hard thing.