I went thru this exact thing when i bought my car in jan '08 last year. I signed everything and then the second day i had the car, i put 1k miles on it driving it to phoenix and back. While i was down there the dealership called and told me basically the same thing yours told you. I got lucky and they didnt have a clause in the contract for the mileage, which according to my lawyer i wouldn't have had to pay even if there was an excessive clause. Btw, i don't know about your state, but in in nevada a car stops qualifying as new once it passes 300 miles.

when i returned the car to the dealership , they tried making me pay .30 a mile for the miles i put on there. lol they even thought they could forcefully keep me inside the dealership. Normally I'm not a smart guy and I would have just laid the stupid *** out for grabbing me, but i just happened to notice the squad car that had someone pulled over in front of the dealership. long story short, I ended up not paying for any mileage and after some "re-negoating" picked up the car for a little bit cheaper than the original price since i was now buying a "used" evo. I highly reccommend anyone getting into any battles with dealerships to ALWAYS contact a lawyer. don't try and outsmart them, they have years of shady experience on thier side. Always, ALWAYS go the legal route.

 

That funny because none of my cars I bought here in MN, the dealers cared if it were my fiancee or brother. I guess our state law is different?!?!

 

Exactly. There's no point in arguing with them or insulting them. They are experts at this sort of thing, and bitter words only fuel their case. Intimidation tactics don't work when you have a lawyer and all the numbers to the Attorney General of the state and customer relations regarding fraud.

 

Same thing happened to me, I was financed the day of purchase and the leander decided to decline a couple days later the dealership found financing for me else where with a lower interest rate and I also received 50 bucks in gas cards from the owner of the dealership! I had no co-signer and great credit, I more or less think it's a one, two punch; shady banks and even shadier car lots!!!

 

For all the guys blaming the dealership...stop. The dealership loses in this scenario too.

1) The dealership isn't going to make more money because you were declined financing by Mitsubishi Motor Credit. In fact, they make $0.

2) The dealership will wind up with a car with miles on it. They won't be able to sell the car for top dollar. They'll have to take a further loss to sell this returned vehicle.

3) The dealership just had a sale. Why the hell would they want the car back? They wouldn't.

 

Read this
http://www.michbar.org/consumer/pdfs...eryArticle.pdf

It's referred to as the yo-yo scam.

 

In your case your credit was not good enough to get the 0%......get over it or get a better co-signer.

 

730? The issue was my cosigner already has a car loan. But the real issues is that the finance guy didn't bother pushing for my 0% approval. When I went down with my attorney the manager even said that he could probably get me approved since I have 25% down, but I decided to buy elsewhere.

Get out of my thread you troll.

 

You were never approved. The car was spot delieverd.

What they are trying to do if get the deal approved while your driving the car. If your mom has a higher DTI than 40% than tell Mitsu Financial to combine the incomes and base the dti off both as a joint contract. If the underwriter doesn't understand that, well then you are pretty much screwed.

If they still cant give you the 0% and you left no down payment, then simply drop the car off and they will have to take it back.

This is based on my financing knowledge of co-owning a dealership myself for many years now. I deal with banks like this on a day-to-day basis.

 

So how do we avoid this Yo-Yo sales scam? Is it advisable to go to the dealership, have your credit checked, qualify for the 0%, then wait till you get approved for 0%, then actually get the car? How exactly?

 

Ask the dealer if there is a clause in any of the paperwork that you are signing that states they can reclaim the car if they cannot secure financing for you. Its pretty standard. The time frame in which they can actually do so varies from state to state. Find out what that number is. Then you can either drive the car around and assume you dont own it until that number of days passes or leave it at the dealership until same.

Basically it boils down to: You need to put up whatever you are putting up for the deal (trade, cash, whatever) sign all the paperwork, and then wait to be sure the folks on the other end of the fax say "OK". This is usually not a problem when folks buy within thier means, have good DTI and credit scores, etc. HOwever, the days of having a 600 score and being qualified for $25,000 car with 0 down are pretty much over. Companies are actually returning to the practice of being responsible with lending.


<Insert rant here about entitlement, thinking someone owes you something, and ez-mode credit>

 

then wait till you get approved for 0%, then actually get the car?

If you have to worry about your score then yeah the above method would probably be best. Buy and let it sit on the lot until the time elapses or they call and say for sure either way.

 

im getting the same runaround the dealership because I was not approved a month ago with a cosigner (my wive) now I am not eligible because we can't try 2x even tho I only put her name on this deal with 820score and excellent DTI so I went thru my credit union locally and just sent a check mitsubishi finance

 

Yeah, that's what I'd probably gonna do. My wife (760+) will co-sign me (670+) for the car and I'd wait till the finance say "Ok". I'd probably bring it home with me and let it sit in my garage for the time being. Thanks for the info!

What would be a qualified and approved DTI that the finance look for?

 

A high credit score getting turned down means that the bank thinks you can not afford the car.