linuxguy1010
Junior Member
What is the name of your state? Utah
My wife and I couldn't get the $1,000 down that was required by the bank that is working through the dealership. We signed a new contract. New contract terms were 20% interest rate, $500 a month car payment and $1,000 down payment. We already gave the dealership $1,500 down payment. So now the dealership says the "bank" wants another $1,000 down. But we have bad credit and couldn't get the $1,000 down. No one would give us the $1,000 loan.
I just got off the phone with the finance manager and said since we signed the contract we can't return the vehicle back to the dealership.
It does say in the contract that if unable to get financing we have 2 weeks to return the car and pay any mileage fees since driving off from the dealership. It's only been a week since we first signed the contract.
We actually left Saturday night not knowing 100% about getting financed. The dealership came up with these terms and we signed on the contract. But the finance manager himself told us it was hard for him to find a bank that would approve the loan. He told us they all wanted a higher interest rate. He did find a bank but the terms changed.
Again the finance manager told us we can't return the vehicle AT ALL. But he can have us talk to the sales manager and work something out with him.
I don't know what to do at this point.
I hope someone here can help.
Thanks.
My wife and I couldn't get the $1,000 down that was required by the bank that is working through the dealership. We signed a new contract. New contract terms were 20% interest rate, $500 a month car payment and $1,000 down payment. We already gave the dealership $1,500 down payment. So now the dealership says the "bank" wants another $1,000 down. But we have bad credit and couldn't get the $1,000 down. No one would give us the $1,000 loan.
I just got off the phone with the finance manager and said since we signed the contract we can't return the vehicle back to the dealership.
It does say in the contract that if unable to get financing we have 2 weeks to return the car and pay any mileage fees since driving off from the dealership. It's only been a week since we first signed the contract.
We actually left Saturday night not knowing 100% about getting financed. The dealership came up with these terms and we signed on the contract. But the finance manager himself told us it was hard for him to find a bank that would approve the loan. He told us they all wanted a higher interest rate. He did find a bank but the terms changed.
Again the finance manager told us we can't return the vehicle AT ALL. But he can have us talk to the sales manager and work something out with him.
I don't know what to do at this point.
I hope someone here can help.
Thanks.
