Car Dealership Attempting to Alter Signed Agreement

[chefdaniel]

Hello, first time poster looking for advice on car financing. Long story as short as can be, I live in Omaha Nebraska and I purchased a brand new car on Saturday, agreed to terms, signed all the papers, turned in my old car to them and drove the new car home. Now today, Wednesday the dealer calls and says they can not get my financing approved at the agreed upon terms and wants me to try and talk to my bank about getting it through them, give them a larger down payment or agree to a higher monthly payment. Terms of the car are 359.98 per month payment, 4.49% interest for 84 months., They gave me 7000.00 for my trade in and a 3000.00 manufacturers rebate. I also gave them a 350.00 down payment. The problem they say is in the negative equity in my trade in which was about 5500.00. I was up front about how much I could afford as a payment, what interest rate I would agree to and they of course called my bank and knew about the amount of the negative equity. I told them if they couldnt make it work I undertood and no worries. I was at the dealer for what seemed like hours and they finally came back with the terms I discribed above. As far as I knew the sale was done even got it insured in my name the minute I returned home on Saturday evening. I looked over every paper in the contract to see if I could find anything that jumped out but of course nothing looked off to me but I am just an average Joe with no real nose for legal things which is why I am hoping some of you can help me to determine my options? Thank you very much in advance for your advice

 

[tranquility]

The question comes up often and the general advice is you can try to resend (return the car) the deal. The trick is the dealer already got rid of your trade-in or some other rubbish to prevent you from doing it. Google "yo yo financing" for how many treat the issue.

 

[Zigner]

The question comes up often and the general advice is you can try to resend (return the car) the deal. The trick is the dealer already got rid of your trade-in or some other rubbish to prevent you from doing it. Google "yo yo financing" for how many treat the issue.

*rescind

 

[tranquility]

Fare enof.

 

[OHRoadwarrior]

Start calling local lenders after checking their rates online. See if you can negotiate your own financing.

 

[chefdaniel]

**UPDATE** so today when I got off work I cleaned out the new car and went to the dealership. I talked with the same finance guy and he of course brought in his manager and they started trying to get me to do 410.00 per month to which I said no sorry cant do it, then they left the room and came back with can you do 385.00 I said no and then said look guys I appreciate the situation but I will not agree to anything different then what we agreed on Saturday, If you cant make that work there is no hard feelings I will just take my deposit and my trade in back and you can have your new car back. They said we don't want the car back and after another leaving the room session they came back and said Merry Christmas sir and rewrote the contract and to make it work they had to lower the total price of the car as well as the interest rate and term of the loan. The payment stayed the same and I kept my shiny new car!

 

[tranquility]

Well played, sir. Great result.

 

[OHRoadwarrior]

Congrats. I beat a dealer up really bad on a truck once. Received $3000 over value on my trade and bought under employee retail. They thought they were going to get me on the financing and offered 1% below the best rate I could find. Went to do the loan paperwork, handing the FI manager a check for several thousand dollars to put down. He mumbled that no one had told him there was going to be a down payment, LOL. Gotta be one step ahead of them!!!