New car really mine?

[newrideowner]

What is the name of your state (only U.S. law)? IN

Hello,

On Feb 11, 2014 I went into a dealership to purchase a new car. I basically said this is what I want to pay and if they couldn't help I wasn't interested then. After several attempts to get me to pay more money they finally agreed to what I wanted. I was paying what I wanted each month as well as putting some money down and using my current car as a trade in. All contracts were signed and after 5 hours we were free with new car.

Fast forward 2 weeks later they call and said that I had to come in and sign a paper that I missed. After taking me into office they informed me the paper I was signing was a paper raising my interest rate and raising my payment amount because they changed banks on me. I said nope this is not what I signed for and this is not what I agreed on. I told them they can have the car back and that I wanted my trade in back, my down payment and all the money I put into the car already (spare key, remote, car mats). They informed me that my trade in was already sold. At this point they are trying again to negotiate on the monthly payment. In the end nobody agreed to anything and they basically said they didn't know what they were going to do. We left after 2 hours with the car. They stated they were going to give me a call first thing in the morning with a solution and that was almost a week ago. So they haven't called me nor returned my phone calls.

Any advice on what I should do? My first payment is coming up here within a week and I'm not sure what to do as no bank is financing me right now.

 

[justalayman]

what do you mean: is it really mine?


do you mean at the deal struck or without paying for it?


If you have a binding contract (can't read it from here), then you have the car at the deal struck. They cannot modify it unless there is something in the contract that would allow for a modification.

How can your first payment be coming up if nobody is financing the purchase?

 

[newrideowner]

what do you mean: is it really mine?


do you mean at the deal struck or without paying for it?


If you have a binding contract (can't read it from here), then you have the car at the deal struck. They cannot modify it unless there is something in the contract that would allow for a modification.

How can your first payment be coming up if nobody is financing the purchase?

Thanks for replying! The statement of the car being mine was meant to mean it doesn't feel like its mine, almost like I'm still test driving it after they threw this curve ball at me.

I do have a binding contract that reads my exact monthly payment amounts, who the bank was, my trade in value and down payment received. I signed that along with all the other misc paperwork. I did sign a paper that was a 5 day notice about if the bank doesn't take me they can take the car back and I would be refunded 100% but it was for 5 days only.

I had a first payment due date when I left the first time with the car on the 11th. That bank is the one that is no longer financing. I just feel like I owe someone, I'm a responsible payer and don't like to be in limbo. I'm almost afraid that someone will repo it.

 

[justalayman]

I had a first payment due date when I left the first time with the car on the 11th. That bank is the one that is no longer financing. I just feel like I owe someone, I'm a responsible payer and don't like to be in limbo. I'm almost afraid that someone will repo it.

yes, you do owe someone and at the moment, it would appear it is the dealer for the time being. They sell the contracts to the bank. If a bank doesn't buy the contract, the dealer is stuck with it.

I would tender the payment to the dealer and see what they say. Make sure you get a receipt.

 

[newrideowner]

Okay that would make sense. Thanks!

 

[newrideowner]

Hello,

I'm back! New info. Offered dealer payment and they declined, said they are still working it. Today they call late evening and said that the car needed to be returned tomorrow and if not they will charge me $100 a day. They offered $1500 for my trade in that they cant reclaim. What am I to do now? I'm sorry but I won't be able to find a reliable car with $1500 as well as try to find one within a day so I can get to work, and take kids to school. I had a reliable car that I traded in that I had no payments on. I walked into the dealership thinking if they can't meet my monthly payment amount that I was fine walking away with my car because it still was a good car.

Any info on next step?

 

[OHRoadwarrior]

Get your own financing.