Part of the scam is that their trade in has already been sold.
HELP! The car loan was denied after I already bought the car!?
- Thread starter dogememe
- Start date
Have you signed a hard contract yet and seen the final financing disclosure?
The dealer says this but you have to believe they're being honest.
I bet a customer, properly lawyered up, could convince them to "find" it.
Not so. All the dealer is obligated to do is pay you for the trade-in, they don't have to produce it. It should be spelled out in the spot delivery paperwork that was signed.
Yes they would have to pay the trade value listed on the contract.
All but the worst dealers aren't going to touch the trade car until the financing is bought.
I've been looking at Volts...
Most 1st gen Volts I see are being offered from around $6k to $12k. 2015 is the newest of the 1st gen, so the higher figure seems more correct.
I've seen several people on the gm-volt forum talking about dealers offering around $1500 for their Volts if they are having problems that suggest battery issues. Some owners have sold newer 1st gens with battery problems for as much as $4000 to peddle.com, but I think those were pandemic pricing.
Few, if any 1st gen Volts are under battery warranty. A "rebuilt" battery from Greentec is $6000 or 10,000 with an 18-month or 36-month warranty. New batteries are not available. I'm not sure if GM is even selling batteries currently, but I believe they were also rebuilt.
It's often said that Volt batteries are expected to fail at around 10-15 years of age. Also, they aren't quite as easy to work on as Prius batteries.
Despite all this, I'm still thinking about getting one! I'm blessed to have skills and a place to work on cars, so I wouldn't be afraid to dig into one and try to fix its issues if it started to act up. And in the worst case, if I had to walk away from a "bricked" Volt, the loss would sting, but we would survive. For the OP, though, this sounds like it could potentially be a nightmare.
I am assuming the OP is getting the used electric vehicle tax credit of 30% of the purchase price (note it is a nonrefundable tax credit). Might even be available on the Leaf.
As an update, still nobody knows anything. I went to the dealer today and they said everything is OK and that they sent the required info to the finance company on the 13th and "they just haven't funded the loan yet" so I called the finance company and they said they have contacted the dealer repeatedly, the latest time being this morning, and have yet to receive the info they needed?
Go back to the dealer, record the conversation, and insist they provide them the information they need to finalize the deal.
Keep your phone on the table and let them know you're tired of dealing with it, and that you consulted an expert in this field. Have them contact the finance company while you are there, have it on speaker, and get them the information they need ASAP.
I would be inclined to believe the bank and not the dealer. The bank will come after you, not the dealer. So it's in your best interest to get this sorted out. Perhaps get something in writing from the bank, an email maybe? Then you can present that to the dealer.
The CU seems to be telling you that you are paying more than the vehicle is worth, so their exposure isn't worth it to them. Its their money after all, they don't have to loan it out.
Why would the bank come after him? They haven't funded the loan and don't have a dog in the fight. The dealer would be the only ones coming after him.
Further update, after nagging the dealer on a daily basis they figured out the number they put for my income was higher than my pay stubs (which I provided) and so the bank kicked back the loan and was requiring a higher interest rate. I told them I’m not going to pay more for the same car so either they do something about it or I can bring the car back and take my trade in home. They took $700 off the price of the car and we rewrote the deal. I reviewed everything very carefully and compared it to the original document to make sure they weren’t tweaking anything else. So I think this saga is over. Appreciate everyone’s input!
Thanks for following up. Kinda hard to get my brain around that but sounds like a typical dealer error.
Totally unrelated but when I bought one of our cars (new) the dealer spelled my name wrong on some registration form they submit to the state. Well WA DMV changed my name in their system to that spelling. I had to pay the DMV ($20?? IIRC) to correct it!!
Totally unrelated but when I bought one of our cars (new) the dealer spelled my name wrong on some registration form they submit to the state. Well WA DMV changed my name in their system to that spelling. I had to pay the DMV ($20?? IIRC) to correct it!!
Seems the loan company is the god in the transaction.
If you mean they make the final determination, why shouldn't they be ? They're the ones putting up the money.
That's awesome but it kind of shows you didn't or couldn't advocate for your own best deal. By lying about your income to the bank the dealer was trying to milk you for more than you're worth, then they backed down.
Not a slam, just an observation for the next time you go car shopping.
Not a slam, just an observation for the next time you go car shopping.
Time for you and your wife to look for another car.
Why so many silly games from finance company ?
