Car Buying Problem - Help!

Messages
341
Location
Upstate, NY
Allright, I think I may have made a mistake and I want to know what I can do about it. I started the purchase process on a car whice payments may be a bit above my ability to handle comfortably. What I need to know, is when can I back out of the deal? No financials have been signed, no registration or loan paperwork has been signed or completed yet. What I do have is a carbon copy of a form that says: Congradulations on your purchase! The following documents are necessary for completing your registration and loan: I need to show a utility bill, paystub, the rest of the down payment. I put $100 down so far. I understand the terms of this agreement and realize that this deal is pending financial approval as well as verification of my trade payoff. (My Initials). I did initial this form and I did put $100 on the car. What are my rights at this point? Thanks everyone.
 
Messages
1,187
Location
Southern Vermont
No cooling off period in New York. See http://www.aaany.com/membership/representing_you/FAQ/story.asp?xml=automobile_purchases.xml I don't think that what you signed constitutes a "contract", but I am not a specialist in New York law. Do you still intend to buy some kind of car? How many days ago was this? What do you think would happen if you called the dealer, told them that you really cannot afford this purchase, and are interested in something a bit less pricey? Apparently the "sale" is contingent upon you receiving a loan. I would not submit the income verification data.
 
Messages
24,382
Location
Central Florida
If no loan or financial paperwork has been signed...... YES, you can back out of the deal . You might lose your deposit. Just tell the dealer you got a "better deal" somewhere else and walk away. The salesman will be mad....but you are not obligated to purchase the car. Situations like this happen thousands of times everyday. Ten years ago I put a deposit on a car, I got a better deal somewhere else and got my deposit back, end of story. [Cool] [ February 18, 2005, 10:15 AM: Message edited by: LT4 Vette ]
 
Messages
39,805
Location
Pottstown, PA
Salesmen make their living off of you. It's a preditory environment. They're also pressured too ..so no one gets out of the mania. I've watched it many times ...the high pressure ..the not letting you leave without buying the car ..the hype ..the this and that. The first trick is to ask "How much do you want to spend a month". Whatever figure you say ..let's say $300 ..the salesman leaves ...goes and pretends to talk with his manager ...comes back and says "We can put you in this for $58-$79 more ...going on the presumption that if you want to spend $300 ...you may be talked into spend almost $400. I walk in ..say that I'm not buying today ..I'm not going to tell them how much I want to spend ..and that I'll find my own financing. That usually shoots about 3 holes in their assault. They mask a bunch of sales insentives in financing and stuff. I've had some so deflated that they don't even seem interested in selling the vehicle. I go elsewhere. My buddy wanted a VW GTI black with black interior. The first dealer's salesman just said "You can't get it that way" because he wanted to sell existing stock ONLY and figured that he could snooker them into one on hand. He left went to another dealer ..ordered what he wanted and got a decent deal on it. Another friend went to a high volume Honda dealer for her Civic. The guy was over bearing and made it sound like he was doing her a favor ..saying that he couldn't process the sale without a $1200 deposit. She left ..got a call a few days later asking when she was coming in to follow up on her purchase. She had already bought it from another Honda dealer and basically told the guy that he was a real "JO" and that she wouldn't buy anything from a clown like him. They count on you being "nice and polite". It's a combo between chess and poker and they've sat at the table longer than you have.
 
Messages
4,844
Location
Saskatchewan
quote:
Originally posted by Gary Allan: The first trick is to ask "How much do you want to spend a month".
When I was shopping for my last car, I cut them off immediately at that point and told them I'm only interested in hearing the full cash purchase price and the financing structure. Even if I do buy there, I'm not necessarily going to finance through them. Those are two separate deals. Even after the deal was done, they were still trying to convince me that it's not too late to get the undercoating, paint protection, fabric protection, extended warranty, etc.! [ February 18, 2005, 02:27 PM: Message edited by: rpn453 ]
 
Messages
39,805
Location
Pottstown, PA
quote:
Even after the deal was done, they were still trying to convince me that it's not too late to get the undercoating, paint protection, fabric protection, extended warranty, etc.!
That's usually handled by ...hmmm..I forget the term ..not tag team...hand off ..something like that. After the salesman gets done with you ..he swaps out with the fresh sales guy who attempts to sell you the premium gravy. My friend, who was in sales for years, walks into the dealerships and asks "who's up?" ..knowing that it's someone's "turn".
 
Messages
4,643
Location
The Garden State
I find out what the dealer invoice is for the vehicle I want, usually have to order it, and then offer $200 above the invoice. No games no di*kin around. Give me a simple answer, yes or no. I tell them they are getting to keep the entire 3% hold back(?) that a dealer is allowed, by Ford in this case, for financing assistance while the vehicle is on their lot. So they're not suffering one bit [Big Grin] . It worked for my 1996 Contour and 2002 F-150. Infact it worked for my wifes 2002 Explorer which she bought off the lot. The dealer only had it for a week so he got to keep most of the 3% hold back. Plus I get all the rebates applicable. I financed mine through the dealer because they were less expensive than my bank [Roll Eyes] . My wife went through her bank, it was less expensive. No pressure to buy anything else or even finance through them if I didn't want to. I might have gotten it cheaper if I haggled but I hate to [Dummy!] . I hate buying vehicles. It's a waste of time and MONEY! Maybe that's why I hold onto them until they rust to the point I'm embarrassed to be seen in them [Roll Eyes] . I get my monies worth out of my new vehicle purchases [Wink] . That's why I don't bother with used vehicles. Last used vehicle I bought was a 1972 Mustang in 1974. It was a dog that I bought from a Ford dealer [Mad] . Whimsey
 
Messages
7,775
Location
Oklahoma
Since women like to shop, I let my wife handle it. She finds the car we want, calls dealer X for price quote. Calls dealer Y and ask if they can beat that. They usually do, not by much. Then call dealer Z to beat dealer Y price. Then go back to dealer X and see if he wants to beat dealer Z price, BUT at that time she tells them she wants like the spoiler or factory front bra thrown in for free. Kind of like math: XZ, then Z
 

Clement

Thread starter
Messages
341
Location
Upstate, NY
Thanks guys! I also spoke with the NYS Attorney Generals office just to be sure of my rights. Spoke with the dealership and canceled the deal, and the down payment will be refunded. I'm too new to this whole dealership buying experience. I'm on my 7th car, but only one of those was bought at a dealer. I feel like I need to take a shower after talking to those people. Thanks for your help!
 
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