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Questions About Financing New Vehicles

2253 messages,  Last post on Nov 18, 2009 at 12:07 PM

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#2154 of 2253 Re: Problems at MetroHonda (NJ) [npumcrisz] by kyfdx HOST Oct 16, 2007 (7:43 am)
Replying to: npumcrisz (Oct 15, 2007 8:46 pm) I could be wrong, but I think a couple of your assumptions (or information from the dealer) are wrong.   1) You probably won't get a check back for those four items. In almost every case, extras that are added into the finance contract, then canceled, are paid to the bank to reduce the outstanding loan amount.   2) Your payment won't change, but with the lower loan balance, your interest payments will be less, and your loan will be paid off sooner, saving you the finance charges.   If your dealer told you differently, then I think he is misinformed. The refund of those four items will likely occur just as you wanted it to.   regards, kyfdx visiting host Replies to this message: wlbrown9 (Oct 16, 2007 1:30 pm) npumcrisz (Oct 17, 2007 6:25 am) npumcrisz (Oct 17, 2007 6:18 am)
#2155 of 2253 Re: Problems at MetroHonda (NJ) [kyfdx] by wlbrown9 Oct 16, 2007 (1:30 pm)
Replying to: kyfdx (Oct 16, 2007 7:43 am) You might be able to refinance elsewhere after getting the canceled items credited back into you original loan. If you do that then the dealer will probably get a chargeback (lose their commission if loan is paid off within 90 days is the usual situation quoted by sales folks in "Stories from the Sales Frontline" discussion.) That might be the best way to handle things. Replies to this message: npumcrisz (Oct 17, 2007 6:25 am)
#2156 of 2253 Re: Problems at MetroHonda (NJ) [joel0622] by npumcrisz Oct 17, 2007 (5:56 am)
Replying to: joel0622 (Oct 16, 2007 6:52 am) If the contract I sign clearly and explicitly states Simple Interest and I am given a copy of the contract with the same wording, it's plain wrong to use compound interest.   Of course some of us would sit down and calculate for verification purposes, just as I did later on.   Deceiving the customer is considered in the State of New Jersey as Misrepresentation and may possibly be grounds to void a contract.
#2157 of 2253 Re: Problems at MetroHonda (NJ) [kyfdx] by npumcrisz Oct 17, 2007 (6:18 am)
Replying to: kyfdx (Oct 16, 2007 7:43 am) The Sales Manager at MetroHonda refused to eliminate the four extra charges but as a courtesy for misrepresentation on the part on the employees > deducted $700 from the loan amount which was applied to the loan amount. Thus deducting it and hence a new contract signed. Still not satisfied for the reasons below.   I tried in vain to remove the four extra services from the loan amount. This is were the case now stands.   "I am not convinced the computer program was configured to compute in compound interest......", his exact words.   Since I was writing down the names of everyone including him, he isn't prepared to go to court as the loan contract can't be void for some reason I have to call the NJS department for consumer affairs to clarify.   NB I'm not trying to back out of the contract nor am I trying to return the vehicle because of either a technical error or willful misrepresentation on their part.
#2158 of 2253 Re: Problems at MetroHonda (NJ) [wlbrown9] by npumcrisz Oct 17, 2007 (6:25 am)
Replying to: wlbrown9 (Oct 16, 2007 1:30 pm) Thanks for this information.   I was planning to paying it off after 4 install from the bank.   My reasoning was void the contract the first time these four items are presented to me withen 30 days of receiving the respective documents from the four agencies. Thus they either return the check to me or towards the loan amount.   Now I have to change my plans, thanks again for the information.
#2159 of 2253 Financing a new car by ott123 Nov 02, 2007 (10:05 pm)
Hi, I'm looking to purchase a new car soon and I had a question about financing the car. If I'm the only one that is going to drive the car and the car was going to be financed under my wife (who doesn't have a drivers license), will the dealer allow the car to be financed by my wife even though she doesn't have a drivers license? Thanks for your answers. Replies to this message: tidester (Nov 02, 2007 11:30 pm) lrguy44 (Nov 03, 2007 4:26 am) volvomax (Nov 03, 2007 8:00 am) ott123 (Nov 04, 2007 12:39 am)
#2160 of 2253 Re: Financing a new car [ott123] by tidester HOST Nov 02, 2007 (11:30 pm)
Replying to: ott123 (Nov 02, 2007 10:05 pm) I don't know what a lender would do in that situation but I suppose they would mostly be interested in the creditworthiness of the borrower. I can imagine similar scenarios where, for example, an unlicensed parent would finance a car for a teen driver or an unlicensed person would finance a car as a gift to a friend or relative.   Good luck!   tidester, host SUVs and Smart Shopper
#2161 of 2253 Re: Financing a new car [ott123] by lrguy44 Nov 03, 2007 (4:26 am)
Replying to: ott123 (Nov 02, 2007 10:05 pm) The banks here require a valid driver's license with the deal I have ever had to try and get an exception, but since you are married they may be able to. Why don't you go on the deal with your wife? It may make it easier
#2162 of 2253 Re: Financing a new car [ott123] by volvomax Nov 03, 2007 (8:00 am)
Replying to: ott123 (Nov 02, 2007 10:05 pm) Probably won't fly. If your wife has no license, then she has no insurance either. NO lender is going to let that fly. The car buyer MUST have a valid license and insurance. She could co-sign.
#2163 of 2253 Re: Financing a new car [ott123] by ott123 Nov 04, 2007 (12:39 am)
Replying to: ott123 (Nov 02, 2007 10:05 pm) Thanks for the replies, I'll have her co-sign with me.

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