I had no idea car dealers were still trying this trick...

Don the Radio Guy

G-Bb-A-D
Donator
Mar 30, 2006
69,628
5,081
568
Wyoming
#1
So as I've mentioned a few times, I bought a car a couple weeks ago. It was a used car (2 years old with 38k miles), and it was a decent price for being at a dealer. Against my best instincts I decided to go for it and finance the car. Got a good rate at delivery, and took the car home. A couple days ago, I get a call from the dealer saying that my original deal fell through, and that my interest rate almost doubled to something ridiculous like 14%.

Needless to say, I took the car back today and told them to shove their new rate up their asses. Took my trade in home, and here's where I'm really pissed. They claim that they'll send my down payment back to me in the mail. I really have a feeling that I'm going to end up in small claims court for this. Some research finds stories of dealers even keeping the trade, forcing the poor sap buyer to either sign the new contract or walk home.

Anyway, if you're thinking of buying a car, watch out for this. It's called yo-yo financing. And once again, my theory that paying cash for cars is the best policy is proven right. If you absolutely must finance, get your own loan. Car dealers are fucking scumbags.
 
Jun 2, 2005
15,516
4
0
Dallas
#2
I would be shocked if you didn't get your down payment back in a timely fashion. Car dealers are scum bags, but they're very careful to not out-right steal or do grossly illegal stuff, as they know no one will ever be on their side and they'll have the books thrown at them.

But you did the exactly correct thing by returning the car and sticking to your guns. I've had to take cars back for friends who're too pussified to do it themselves when shit like this happened. Cell phones too.
 

Don the Radio Guy

G-Bb-A-D
Donator
Mar 30, 2006
69,628
5,081
568
Wyoming
#3
But you did the exactly correct thing by returning the car and sticking to your guns. I've had to take cars back for friends who're too pussified to do it themselves when shit like this happened. Cell phones too.
I think they were shocked that someone actually stood up to them. I told them right up front that there was no chance of me even keeping the car at the original rate once they tried pulling this trick on me. I'm actually relieved in a way. As nice as the newer car was, it feels nicer to make the general manager of a large car dealership look like a complete asshole in front of everyone in the building. Now I can spend more money on camera equipment over the next 3 years.

These assholes are lucky I don't have a regularly scheduled show anymore. I'd spend an entire 3 hours tearing them a new asshole on the air. My boss did that to Disney and ended up getting a full refund on his $3000 vacation.
 
Jun 2, 2005
15,516
4
0
Dallas
#4
Yeah, sales managers are all false bravado. If you lay into them hard and accurately enough in public they'll generally crumble like new boots meeting a drill instructor for the first time.
 

MetalBender

I like fistables.
Dec 20, 2009
1,308
111
198
New Orleans....Iowa
#5
At what age does one learn to never enter into a large purchase without financing already in place? In the sticks of Missouri they taught us this the first couple weeks of Home Economics. I only signed up for the class to hang with the chicks and still managed to take something away from it that I have used my entire life.

Two years ago after purchasing a new WR250 for close to $7k it took the dealer over the 30 days to provide the clear title so they sent a new temporary tag. After 55 days a title arrived showing the bike actually being an '09 rather than a '10 model. Upon returning to the dealer a resolution was found in a check for $2200 that was promptly cashed. So in the end it was a much better deal than what could have been made at the time. Another time the RV dealer actually quoted me the cost of an RV that I immediately accepted knowing he had a obviously made an error in my favor, wrote the check and left. They wouldn't return my calls about when it would be ready to pick up all week so I returned the next weekend to be informed that they couldn't do the deal because they would lose money. Unfortunately(for them) I already had the title transferred to my name and had the plate and registration with me along with the title. It meant nothing to me that they had another buyer signed and financed to pick up the RV that afternoon. They handed the keys over with little protest.
 

Chino Kapone

Yo, whats wrong wit da beer we got?
Jun 10, 2005
16,959
2,196
608
#8
You financed your car?

Dave Ramsey is a disapoint.
 

MetalBender

I like fistables.
Dec 20, 2009
1,308
111
198
New Orleans....Iowa
#9
When was the last time that excuse ever worked?
I didn't use it on the chicks. Even the teacher was hot. It was either that or basic math as I had all my requirements met and wasn't allowed any more shop classes or study halls. Once they got into the Suzy Homemaker stuff I'd just read Hot Rod or Popular Mechanics and eat the cookies when they were done.
 

Don the Radio Guy

G-Bb-A-D
Donator
Mar 30, 2006
69,628
5,081
568
Wyoming
#10
You financed your car?

Dave Ramsey is a disapoint.
I learned my lesson, that's for sure. Plus I got out of it. Let's just hope they don't try to steal my down payment. I'm just surprised they're still trying to pull this shit. How can everybody not know about tricks like this by now? It's as old as the "let me ask my manager" crap every time you make an offer.
 
Jun 2, 2005
15,516
4
0
Dallas
#11
At what age does one learn to never enter into a large purchase without financing already in place? In the sticks of Missouri they taught us this the first couple weeks of Home Economics. I only signed up for the class to hang with the chicks and still managed to take something away from it that I have used my entire life.

Two years ago after purchasing a new WR250 for close to $7k it took the dealer over the 30 days to provide the clear title so they sent a new temporary tag. After 55 days a title arrived showing the bike actually being an '09 rather than a '10 model. Upon returning to the dealer a resolution was found in a check for $2200 that was promptly cashed. So in the end it was a much better deal than what could have been made at the time. Another time the RV dealer actually quoted me the cost of an RV that I immediately accepted knowing he had a obviously made an error in my favor, wrote the check and left. They wouldn't return my calls about when it would be ready to pick up all week so I returned the next weekend to be informed that they couldn't do the deal because they would lose money. Unfortunately(for them) I already had the title transferred to my name and had the plate and registration with me along with the title. It meant nothing to me that they had another buyer signed and financed to pick up the RV that afternoon. They handed the keys over with little protest.
You financed your car?

Dave Ramsey is a disapoint.
I learned my lesson, that's for sure. Plus I got out of it. Let's just hope they don't try to steal my down payment. I'm just surprised they're still trying to pull this shit. How can everybody not know about tricks like this by now? It's as old as the "let me ask my manager" crap every time you make an offer.
Financing through the dealership isn't always a bad idea, especially if they're running a 0% promo. If you're not too up to speed on finance, it might be a good idea to take a calculator or a friend who knows more about it than you do, and it's definitely a tricky negotiation, but it's not always bad.
 

Party Rooster

Unleash The Beast
Apr 27, 2005
40,304
7,454
438
The Inland Empire State
#12
At what age does one learn to never enter into a large purchase without financing already in place?
Someone who thinks getting and establishing credit is for suckers. :icon_roll

Seriously, how do you not walk into a car dealership already pre-approved from your bank or credit union? I still don't see how they think they can get away with this. Wouldn't you walk out with a binding contract with the interest rate, length of term and payments spelled out on it?
 

Sinn Fein

Infidel and White Interloper
Wackbag Staff
Aug 29, 2002
31,489
2,174
818
Florida's Nature Coast
#13
Just saw something in the past few weeks on one of the local news broadcasts about how car dealers rip you off and the main thing they talked about was yo-yo financing. It's apparently running rampant now because of the shitty economy and whatnot. They are resorting to every trick in the book.
 

THE FEZ MAN

as a matter of fact i dont have 5$
Aug 23, 2002
42,195
9,464
848
#14
what no true coat?
 

notmikeh

don't get any cucks on your wee
Jun 8, 2006
3,916
4
313
.
#15
These assholes are lucky I don't have a regularly scheduled show anymore. I'd spend an entire 3 hours tearing them a new asshole on the air. My boss did that to Disney and ended up getting a full refund on his $3000 vacation.
Your boss has a radio show? I thought you were a trucker. /Scratches head...
 

JoeyDVDZ

That's MR. MOJO, Motherfucker!
Aug 20, 2004
29,024
5,663
763
#18
So you were paying over 7% on the original deal?
I pay only 4.9% and that's with a bankruptcy 2 years ago.

You were getting ripped off to begin with.
This here. My wife & I recently bought a 2008 Nissan Rogue, and with fair credit & a couple of old bankruptcies on her side, we managed to get locked in at 4.9%. They were originally promising us 2.99%, but couldn't make the numbers work. Meh, it's all shell games anyway. We told them we would not be paying more that X number of dollars a month, and they fudged the numbers to make it work.
 

THE FEZ MAN

as a matter of fact i dont have 5$
Aug 23, 2002
42,195
9,464
848
#19
Last car I bought was 2% I refused to pay a penny more.
 

Dikbag

Registered User
Dec 11, 2004
3,344
247
558
NW Ohio
#20
last 2 cars I bought were in the 3% range. I've financed 6 cars and the last one I bought, My 08' Ridgeline, was the first time I didn't have to make the dealer redo all the paper work b/c they added gap insurance without asking.
 

Chino Kapone

Yo, whats wrong wit da beer we got?
Jun 10, 2005
16,959
2,196
608
#21
Is gap insurance a scam?
 

DanaReevesLungs

I can keep rhythm with no metronome...
Donator
Jun 9, 2005
9,134
2,536
681
Louisiana
#24
Is gap insurance a scam?
Yes and no. If you don't total the car before it's paid off then yes because it's pure profit for the dealership. I totaled my 2005 ZX-10R and didn't have gap insurance on it. Me and the wife were out about $7K after the insurance company valued the bike at $3K.
 

MetalBender

I like fistables.
Dec 20, 2009
1,308
111
198
New Orleans....Iowa
#25
Yes and no. If you don't total the car before it's paid off then yes because it's pure profit for the dealership. I totaled my 2005 ZX-10R and didn't have gap insurance on it. Me and the wife were out about $7K after the insurance company valued the bike at $3K.
This is why you never finance a toy.