Car leasing scam?

[lr668831]

We leased a car 3 days ago for a monthly price of 390 with a down payment of 4,000, the manager gave us an incentive (3,000), so we put 1,000. We signed the contract without reading everything and found out later that MSRP for the Hyundai Tucson 2016 SE AWD was 33,000. We looked online and is 26,000. The monthly payments that they are charging us are 555 for 48 months, which would total the car. The gross capitalized cost for the car is 37,000. The incentive given to us at the beginning is not in the contract and the residual value is 12,600, which would mean we would have to pay a lot to buy the car. The taxes and other fees are: 2,500. We came the next day asking about the numbers and they said that there’s nothing to do because we already signed it. We asked about the high value of the MSRP and they said it was the system who put that number. I told them we want to buy it right away and they said we had to wait until is registered at the DMV. I told them to stop the DMV process and they said it was done online, so it could not be stopped. What can we do? What are our options? Should we make a complaint at consumer protection? Thank you for your help, we are very preoccupied.

 

[Zigner]

We leased a car 3 days ago for a monthly price of 390 with a down payment of 4,000, the manager gave us an incentive (3,000), so we put 1,000. We signed the contract without reading everything and found out later that MSRP for the Hyundai Tucson 2016 SE AWD was 33,000. We looked online and is 26,000. The monthly payments that they are charging us are 555 for 48 months, which would total the car. The gross capitalized cost for the car is 37,000. The incentive given to us at the beginning is not in the contract and the residual value is 12,600, which would mean we would have to pay a lot to buy the car. The taxes and other fees are: 2,500. We came the next day asking about the numbers and they said that there’s nothing to do because we already signed it. We asked about the high value of the MSRP and they said it was the system who put that number. I told them we want to buy it right away and they said we had to wait until is registered at the DMV. I told them to stop the DMV process and they said it was done online, so it could not be stopped. What can we do? What are our options? Should we make a complaint at consumer protection? Thank you for your help, we are very preoccupied.

1: What US State did this occur in?
2: You negotiated the price and then willingly and freely entered in to a contract based upon those negotiations. Why do you think the contract doesn't apply to you?

 

[justalayman]

The msrp is easily obtained by looking at that big sticker on the window.

What also makes no sense is you state you leased a car for $390/month then later you say your payments are $555/month. Either you signed a contract at $390/month or you signed a contract at $555/month

 

[OHRoadwarrior]

A Lease can really be written at any combination, even if focus is on residual value. You appear to have agreed to the terms even though they were not advantageous. It appears you agreed to full MSRP based on the options as a starting point. What is it you think is illegal about the lease that you feel the deal should be rescinded?

 

[lr668831]

The state is NY, Hyundai of Long island city exactly.

They told us the monthly payments where the total of taxes, all the fees and the maintenance, so we believed him. After signing we noticed that all the fees and taxes are not counted and that we are going to have to pay 26,000 that’s the value of the car.

They told us a lot of lies, and we believed them. It’s our first time leasing/buying a car and they tricked us. There’s nothing to do about the lease, what options do we have here? Is it good to buy the car now with other dealership? (Before it gets devaluated) So at least we are paying, but not giving them the car after.

Can we negotiate the car for less than is in the contract? For the real price? Or do we have to stick to the price they stablished?

 

[STEPHAN]

And you always sign papers without reading them?

Welcome to the real world ....

 

[lr668831]

Yesss.... I'm trying to find a solution here...

 

[Zigner]

The state is NY, Hyundai of Long island city exactly.

They told us the monthly payments where the total of taxes, all the fees and the maintenance, so we believed him. After signing we noticed that all the fees and taxes are not counted and that we are going to have to pay 26,000 that’s the value of the car.

They told us a lot of lies, and we believed them. It’s our first time leasing/buying a car and they tricked us. There’s nothing to do about the lease, what options do we have here? Is it good to buy the car now with other dealership? (Before it gets devaluated) So at least we are paying, but not giving them the car after.

Can we negotiate the car for less than is in the contract? For the real price? Or do we have to stick to the price they stablished?

Your lease is a binding contract. Can you negotiate? Sure, every thing is negotiable. I doubt you will be successful, but it can't hurt to try.

 

[lr668831]

An attorney says we give them a letter explaining every injustice and lie, we leave the car and ask for the refund. We give them 3 business days to cancel the contact, and if they don’t do it we will hire an attorney. Can this work?

 

[Zigner]

An attorney says we give them a letter explaining every injustice and lie, we leave the car and ask for the refund. We give them 3 business days to cancel the contact, and if they don’t do it we will hire an attorney. Can this work?

Sure - it works great (for the attorney).

ETA: In case you don't get what I'm saying...you signed a contract. You were given every opportunity to review said contract and YOU signed it. Making such an absurd ultimatum is extremely unlikely to produce the results you hope for.

 

[justalayman]

An attorney says we give them a letter explaining every injustice and lie, we leave the car and ask for the refund. We give them 3 business days to cancel the contact, and if they don’t do it we will hire an attorney. Can this work?

This can work...


Against you. The dealer can have your abandoned car towed away.


If there was a 3 day right of recission, that had already run out by the time you posted here. (First post you stated you had leased the vehicle 3 days prior to posting)

 

[OHRoadwarrior]

Seek total purchase funding. Ask them the specifics of buying out the lease and instead making car payments to own it at the end. It sounds like that might be your best option.

 

[Zigner]

Seek total purchase funding. Ask them the specifics of buying out the lease and instead making car payments to own it at the end. It sounds like that might be your best option.

They WAY overpaid for the car...they won't be able to get a loan that would cover what they paid.

 

[OHRoadwarrior]

Looking online, the new price is in the 30k range with AWD and other options.

 

[Zigner]

Looking online, the new price is in the 30k range with AWD and other options.

I came up to about $28k with EVERY option checked.