gave my evolution back.
Well, its definitely a weird story, but there isnt anything legally you could do but give it back. I know several people that have signed contracts and then later were not qualified for the loan and had to give the car back. Lol, one of my buddies traded in a 4Runner and they had taken it to the auction aklready, so they had to go find the car before it got sold after they made him bring his new car back.
You would think a contract is a contract, but its not. When I bought my Evo I usually like to qualify over the phone, get everything done, then just go in and sign papers and get out, less of a headache that way. Anyways, I called to give them my info, and they called me back like 10 mins later and said come down and get your car. So I drove 1.5 hrs to get the car and when I got there they were like "ok we have to run your credit again" I was like wtf?? You said I qualified and to come down and get the car. He said oh we pre qualified you. I was like ok whatever, they ran it again or actually called this time and got me the loan, but it just goes to show you the **** they pull to sell a car.
You would think a contract is a contract, but its not. When I bought my Evo I usually like to qualify over the phone, get everything done, then just go in and sign papers and get out, less of a headache that way. Anyways, I called to give them my info, and they called me back like 10 mins later and said come down and get your car. So I drove 1.5 hrs to get the car and when I got there they were like "ok we have to run your credit again" I was like wtf?? You said I qualified and to come down and get the car. He said oh we pre qualified you. I was like ok whatever, they ran it again or actually called this time and got me the loan, but it just goes to show you the **** they pull to sell a car.
Just wanted to give my 2 cents on this. The same exact thing happened to me. I am currently on evo #2. I had purcahsed one and a week later got a call saying they couldnt finanace me. I brought the car back and they tried to get me to write a check for more money so I could keep the car, but after thinking about the deal I got I wasnt that happy with it and wanted to give the car back. They ended up running my credit with everyone the could trying to get me financed.....in the end I drove off in my old car, and they got an evo with 1100 miles on it.
I talked the incident over with my friends dad who is a lawyer, and it is within their power to do so.....(at least in CA). If you read the fine print on the lonng contract you sign your name on a dozen times ther is a tiny clause that states more or less, the dealer reserves the right to cancel the deal within seven days if they cannot receive the financing you signed for. Most of the time they put your info into a computer which tells them what buying category you will be placed in. You sign the papers and drive home. Over the next few days the finance manager will put the paperwork through with the bank, and most will be accepeted. On rare occasions the bank or financing institution will reject it.....then the dealer can ask for the car back.....if it has been over 7 days, then you can tell them to eat your a@@ If not, it is your legal obligation to give the car back.
My friend recently bought a ford ranger, and got an incredible deal....especially since he financed by himself and makes close to minimum wage. He put close to nothing down, and drove off in the new car. 10 days later the finance manager called him up, said the finance company wouldnt finance someone that young (20) with a low paying job......his risk factor was too high. He asked my friends dad (the lawyer) about it, and he wrote a letter to the dealership, the next day his financing was pushed through with Ford. Most auto companies can push through the financing with their own finance company, they just prefer not too if it is a high risk.
Anyways, sorry to ramble but I am on my second evo.....on which I scored even a better deal, and I waited three days to take delivery to make sure that the financing was legit. Just thought I would share my experience.....
I talked the incident over with my friends dad who is a lawyer, and it is within their power to do so.....(at least in CA). If you read the fine print on the lonng contract you sign your name on a dozen times ther is a tiny clause that states more or less, the dealer reserves the right to cancel the deal within seven days if they cannot receive the financing you signed for. Most of the time they put your info into a computer which tells them what buying category you will be placed in. You sign the papers and drive home. Over the next few days the finance manager will put the paperwork through with the bank, and most will be accepeted. On rare occasions the bank or financing institution will reject it.....then the dealer can ask for the car back.....if it has been over 7 days, then you can tell them to eat your a@@ If not, it is your legal obligation to give the car back.
My friend recently bought a ford ranger, and got an incredible deal....especially since he financed by himself and makes close to minimum wage. He put close to nothing down, and drove off in the new car. 10 days later the finance manager called him up, said the finance company wouldnt finance someone that young (20) with a low paying job......his risk factor was too high. He asked my friends dad (the lawyer) about it, and he wrote a letter to the dealership, the next day his financing was pushed through with Ford. Most auto companies can push through the financing with their own finance company, they just prefer not too if it is a high risk.
Anyways, sorry to ramble but I am on my second evo.....on which I scored even a better deal, and I waited three days to take delivery to make sure that the financing was legit. Just thought I would share my experience.....
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yeah my uncle told me a very similar story. never even knew that the fine print stated that they're allowed to take it back if the deal doesnt go through. oh well i gess we all learned something new from this esp my a$$
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My first reaction was "They can't call a car back if you've signed everything and are legit", but I wasn't aware of the fine print. I had worked out my financing ahead of time with my bank; that was arranged before my car was in the US.
I did have a similiar experience one with a used car I had paid cash for, though. I drove past a dealership late on a Friday afternoon and saw a great price on a car's windshield. I went in, drove the car, left a depost and came back Saturday with cash. One of the details written into all of this was that they had to provide me with a new set of license tabs.
Over a month passed and and I still hadn't received my tabs, even after 3 or 4 phone calls. Eventually the business manager from the dealership called and said they couldn't provide the tabs becuase the car had been sold for considerably less than the existing bank loan and they expected me to return the car (and credit my purchase price against another vehicle). I said "No way" and we ended up in a pointless conversation. After I mentioned that the cost of the car+lawyer would still be a good deal he agreed to send out the tabs...
I did have a similiar experience one with a used car I had paid cash for, though. I drove past a dealership late on a Friday afternoon and saw a great price on a car's windshield. I went in, drove the car, left a depost and came back Saturday with cash. One of the details written into all of this was that they had to provide me with a new set of license tabs.
Over a month passed and and I still hadn't received my tabs, even after 3 or 4 phone calls. Eventually the business manager from the dealership called and said they couldn't provide the tabs becuase the car had been sold for considerably less than the existing bank loan and they expected me to return the car (and credit my purchase price against another vehicle). I said "No way" and we ended up in a pointless conversation. After I mentioned that the cost of the car+lawyer would still be a good deal he agreed to send out the tabs...
Evolving Member
Joined: Jul 2003
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From: MidTN
The devil is in the fine print.
When buying a house, a car, or anything else with time payments, bring your own financing. And if the dealer offers to beat the rate you already have, make sure you get a final deal before "finalizing" the deal.
And read the fine print. Many car dealers push "simple interest" loans -- e.g., the entire term interest accrues on day one -- so paying the car off early gains you nothing.
Bring bank financing with you, and a few extra dollars each month pays off principal before it accrues interest, cutting quite a stretch off the end of the loan period.
Insignificant? Well, in four years, would you want to be looking at the new replacements, or another year of payments?
The interest on a multi-year loan is a non-trivial sum. Shop for financing like you shop for the lowest price on the car.
The "drive away today" syndrome leads to nothing but trouble.
Just remember: Americans have been waiting for the EVO for ten years. You can delay three or four days to get a real deal instead of a paper fantasy.
The bold print giveth, the fine print taketh away.
Being willing to walk away is the best way to protect yourself. Anything that looks too good to be true, isn't what it looks like.
When buying a house, a car, or anything else with time payments, bring your own financing. And if the dealer offers to beat the rate you already have, make sure you get a final deal before "finalizing" the deal.
And read the fine print. Many car dealers push "simple interest" loans -- e.g., the entire term interest accrues on day one -- so paying the car off early gains you nothing.
Bring bank financing with you, and a few extra dollars each month pays off principal before it accrues interest, cutting quite a stretch off the end of the loan period.
Insignificant? Well, in four years, would you want to be looking at the new replacements, or another year of payments?
The interest on a multi-year loan is a non-trivial sum. Shop for financing like you shop for the lowest price on the car.
The "drive away today" syndrome leads to nothing but trouble.
Just remember: Americans have been waiting for the EVO for ten years. You can delay three or four days to get a real deal instead of a paper fantasy.
The bold print giveth, the fine print taketh away.
Being willing to walk away is the best way to protect yourself. Anything that looks too good to be true, isn't what it looks like.
Last edited by DGS; Sep 24, 2004 at 08:11 PM.
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From: Las Vegas, NV (originally from So. Cali)
Originally Posted by zmeli
Besides the financing part, this web site also pointed out several other scams the dealer may try and pull and I must say they tried most of them but because I knew about them and what to look for, I was able to call them on it.
A couple of weeks after I got my car, a friend of mine from work went to the same dealership and bought a Montero. Her husband did the financing through Mitsu and a few weeks later they were getting calls that the financing fell through and that their intrest rate was going to go way up. What a bunch of BS!
iSLoOEvolUtion, since the financing fell through on the 04, I would make sure that if and when you go to purchase an 05, you get the money situation squared away with a bank of your choosing first. You and your dad should read up on that web site and calculate what the dealer actually paid for the car. Walk in with a check and the knowledge of how the deal should go and you should be driving home in you new car....with it to stay. Good luck!
This car did not lose 2000 dollars worth of value. It was never titled. The deal was void. So it can be sold as new again. Dealers try to pull stuff like that. They do it to get you attached to the car. Then call you saying they can't get the deal done with the bank. So there has to be some adjustments to the financing. Hoping you are attached to the car you won't think twice about the extra money. I don't doubt this story one bit. Happens more often than people think!
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Joined: May 2003
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From: edmonton
totally off topic, but I traded in my old 1986 prelude with a blown headgasket, when I went and bought a 2003 OZ. they gave me 800$ cash for it that day, i went out and partied.
anyways about 6 weeks later I got a call from the police station asking me to come in and
I guess SouthSide mitsubishi (Edmonton) did not register it or whatever.The cops were wondering why my car robbed a bank. I guess some bank robbers went and stole the prelude off their lot. The car was found right near a robbed bank with a blown radiator!!!!! TRUE STORY ask Man or John at southside !!
B
anyways about 6 weeks later I got a call from the police station asking me to come in and
I guess SouthSide mitsubishi (Edmonton) did not register it or whatever.The cops were wondering why my car robbed a bank. I guess some bank robbers went and stole the prelude off their lot. The car was found right near a robbed bank with a blown radiator!!!!! TRUE STORY ask Man or John at southside !!
B