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Smart Shopper Buying Tips - How Do I Get the Best Deal?
5169 messages, Last post on Oct 29, 2009 at 11:33 AM
You are in the Smart Shopper Forum. Your Hosts are kirstie_h & tidester
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">link titleI had a similar situation with my mother in law. Find out who the loan company is. Then, call the dealerhship and tell them that you are contacting the loan company about the contract to tell them exactly what happened and that they are about to have a "1st payment default" because of it. Tell them that they can process and fund the dealership if they want, but they will be sending the used vehicle with a month's worth or miles to the auction to lose thousands. Ask to speak to the loan officer involved with the transaction if possible. Keep in mind, normally the dealership will then take back the car. Either way, don't let this happen. Car Buying Tips
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Replying to: blackmba (Jun 04, 2007 9:01 pm) You don't really give a whole lot of details here, yet everyone is running with this like it's the worst thing the dealer could have done. For all we know, this is a 5,000 used car, she signed the purchase and loan agreements, put 1000 down and bought plates/registration, and has had it for a week and put 750 miles on it. Without really knowing any of the details, I think it's hard for any to really give an opinion about what is really fair. We don't know any specifics about the car, the value of the car, the price she paid, what paperwork she did sign and commit to, how long she had it, etc.
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Replying to: usedcarsonly (Jun 05, 2007 11:17 am) They will probably tell you to make sure it is first payment default because the dealer will be on the hook for the whole thing, you will then have a repo in your bureau and get to pay 22% interest on your next car if you can get it financed. Not real stellar advice IMO |
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Replying to: kiawah (Jun 05, 2007 12:09 pm) |
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Sorry for the lack of detail It was a 2001 Volvo C70 with 40k miles on it. She called me when she was at the dealership and said that they offered her the vehicle w/ $2000 down payment and payments for $315/month. I asked her what the full asking price was for the vehicle, and she didn't even know. She had to go back and ask them so that she could tell me ($18k). I immediately told her to just walk away...and her response was "OK." Didn't want her making a purchase based off emotion rather than rationalization. Now, did she walk away like her brother told her? Of course not! And now she's stuck with that payment and a car that she didn't necessarily want for the next 4 years. The dealership is possibly willing to exchange it for another, less expensive vehicle through THEIR dealership only (which is understandable). I'm sure some of the value will be knocked off, but hopefully she can work something out. I really wish that I could catch a flight out to L.A. to help her out (as I currently live in GA).  kiawah - She only kept the vehicle overnight, and tried to return it the following day like the salesman told her.
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Replying to: blackmba (Jun 05, 2007 4:04 pm)
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Replying to: blufz1 (Jun 05, 2007 4:11 pm) Ya it will go something like this Lawyer: You said she could bring it back Dealer: Where does it say that. All we have is a contract she signed. Lawyer: My client was given a verbal promise Dealer: Where does it say that? All we have is the contract she signed. Lawyer: Your Sales Person told her that she could bring it back if she does not like it> Dealer: Where does it say that? All we have is the contract she signed. I don't condone there action. If that is the whole story and what really happened then I feel bad for her. But she bought a car. If she does not know enough to get things in writing in any contract then she has just learned. Car Dearlers, Plumbers, Accountants, Lawyers, Police Officer, Most real good, a few crooked as hell.
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Replying to: joel0622 (Jun 05, 2007 5:36 pm) |
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Replying to: blackmba (Jun 05, 2007 4:04 pm) |
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Replying to: joel0622 (Jun 05, 2007 5:36 pm) Lawyer: You said she could bring it back Dealer: Talk to our lawyer Lawyer: My client was given a verbal promise Dealer: Talk to our lawyer. Lawyer: Your Sales Person told her that she could bring it back if she does not like it> Dealer: Talk to our lawyer. |
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