Hey guys, I have a problem for u guys to try and solve. I am financing my car and doing ed on 10/10 as some of u may know. The check from my local credit union is due this Saturday.
Issue #1: The dealer made a mistaking adding up vehicle cost+tax+title+other fees-$1k deposit. His final figure came up $1k short of what I should owe. I think he subtracted my deposit twice, thus lowering it by $1k. On the invoice the dealer gave me it has the correct figure but the purchase order has all the itemized cost on there and that's the one I presented to my credit union. Here is where I run into trouble. My credit union totaled all the cost up and subtracted my $1k deposit and they also came up $1k short when compared to the final figure on po sheet. The credit union wants me to get another po from the dealer accounting for the missing $1k between listed cost and final figure but if i were to do that i would end up paying $1k more. The reason why she is unable to process my loan is because the computer is spitting out $1k more than what is on the final $ amount on po sheet.
Issue #2: I tried getting a quote from capital one since they issue blank checks but they quoted me over 7% and put me on "customized finance plan" which only approved up to $25,000, well short of what I need. In july when i put in for a loan it was only 5.35%. Nothing has changed dramatically as far as my finances. They said I had a 20-1 Debt/Equity ratio, which was different from my earlier quote. I would now have to rule out capital one. I have a credit score of 720. I don't understand how it could go up that much with nothing changed.
Please direct me to another financing institution so I don't have to go to my dealer and tell him he made a mistake and give him $1k. Please hurry bc I need the check in my hand by this Saturday. thanks
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| Reply » dealer mistake and finance dilemma |
I had problems when arranging financing because Banks etc. wanted the car in the USA before they would finance it. I ended up going through BMW Financial Services. I'm refinancing that loan now that I have the car sitting in my garage dreaming of its homeland.
I would just get the PO re-done, sooner or later the dealer will realize he made the $1000 mistake and he'll find a way to get it from you.
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| Reply » dealer mistake and finance dilemma |
it's already signed by me and him, so it's binding. can he refuse to redeliver the car when it get's to us? I snuck the po by the credit union, at the top it says euro delivery and that's it. i don't think she realizes it bc i did call earlier to confirm but they adamantly said no to financing ed just like in ur case. please give me other avenues of financing with a blank check. thanks, i forgot to mention with the mistake the dealer is making $1k profit, if he were to correct it his profit would be $2k. I think $1k for an ed sale should be more than enough.
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| Reply » dealer mistake and finance dilemma |
Quote: | it's already signed by me and him, so it's binding. can he refuse to redeliver the car when it get's to us? I snuck the po by the credit union, at the top it says euro delivery and that's it. i don't think she realizes it bc i did call earlier to confirm but they adamantly said no to financing ed just like in ur case. please give me other avenues of financing with a blank check. thanks, i forgot to mention with the mistake the dealer is making $1k profit, if he were to correct it his profit would be $2k. I think $1k for an ed sale should be more than enough. | Once you take delivery in Freimann it's yours.
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| Reply » dealer mistake and finance dilemma |
Something like this happened to me a few years back, but in my case the dealer's mistake was $3k in my favor. I wrote the check and drove off. Two days later the dealer called saying they made a $3k mistake and wanted their money, I feined ignorance. I then contacted a lawyer about the issue and they said that if the dealer can show they made an honest mistake and that I had indeed agreed to the pricing that the dealer could legally force me to pay the $3k or to return the car. He suggested I agree to come pay the $3k but ask for some freebies prior to doing so. I ended up with a free alarm, lojack, and window tinting, after having written the $3k check. I didn't really ever expect to keep the $3k, but it was tempting, not to mention that I felt that had the situation been done in reverse the $3k wouldn't have been coughed up as easily... But a deal is a deal, think about how PO'd you'd be if the mistake wasn't $1k in your favor.
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| Reply » dealer mistake and finance dilemma |
Quote: | Something like this happened to me a few years back, but in my case the dealer's mistake was $3k in my favor. I wrote the check and drove off. . | Was the paperwork wrong, or did they just "ask" for the wrong amount?
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dealer mistake and finance dilemma