Hi all, I've just put down a deposit on a TSX over the weekend and tonight I found some major flaws to the "receipt" I received. Basically I got a carbon copy of a handwritten "receipt" that states the selling price of the vehicle, lists the equipments, proposed money down, financing period, state tax, registration fees, and money down. Is this correct? It also does not list the delivery date of the vehicle. I'm just wondering, is this document binding?

Just wondering - for all of you guys out there, if you financed your vehicle what do you get after you pay the deposit? I'm a bit unclear as to how the processes work. The dealer I talked to told me he'd get back to me on Monday in regards to my applicable interest rates. I plan to co-sign with someone with an 800 score.

A rather unnerving discovery I might say...

Thanks for any help I can get with this.

 

Law vary from state to state, but generally if you haven't taken delivery of the car yet, the transaction is not complete.

 

It may not be that formal. Pretty much you can back out of the deal right now with no loss. You'd tick off the dealer, but most states have laws for buyer protection.

When my car was on the boat coming over, I got that as well. Car, VIN, equipment, agreed price, fees, etc. So essentially it's a "gentlemen's" agreement that if you walk in there with that piece of paper, they will give you that car for the agreed price. In addition, it reserves one of the cars for your first pick.

Think of it like a rain check. If it comes in and you don't like it, you don't have to accept it.

Once you go through financing, you'll get about 3 pages of long receipts for financing, vehicle ownership, etc. etc.

One other thing, the main reason it probably doesn't have a date, is that the dealer cannot control that. They can reserve a VIN number, but all TSXs come over from Japan. This means a 2week boat trip + 1 day land transport or it could mean 4 weeks + 1 week transport. But they can ususally guess within a a few days or so.

EDIT: What Colin said above. And correct me if I am wrong, but Colin is/was an auto dealer.

 

Did you sign this hand written recipt? If so, that could be a problem. But if the dealer is reputable, im sure they will work with you.

 

unless you signed it i doubt it is binding in any state so sleep easy

 

Maybe I'm missing something but what aren't you happy with? Why do you think you've been had?

 

I signed it...the dealer didn't though. Mine was the only signature on what I presume to be a "purchase order." Nor does it mention anything about rates and such, since I have yet to hear back from them. At the dealership, I insisted that we work out a preliminary interest rate on the spot. He said that he couldn't do it, since the banks were closed at that time.

Thanks for the help on this.

Colin, are there different "purchase orders" for finance vs leasing? I suspect he made me sign a leasing paper. No where on the base form contained the words "financing." I do see a "Payment is subject to prevailing lease rates at time of delivery" line vaguely printed on the sheet. It also states that "All leasese are closed end, business or professional only." However, he did hand-write "FIN 60 Mos" somewhere on the sheet.

Thank you guys so much. I have much love the the TSX and want to make sure nothing goes wrong.

Yet anothing Q: can the dealer draw money from my credit card right now?

 

Dan,
I'm worried because:
1. they may have made me sign a leasing order
2. the purchase order has not been signed by the dealer (some banks require a dealer-signed purchase order if you apply for a loan yourself right?)
3. Delivery date has not been assigned
4. No VIN# was given

Or do I just worry too much?

Thanks for any help I can get!!

 

http://www.massconsumers.org/carsmart/003-5.html

Are the info in this page valid?

 

You're just paranoid. Don't worry too much, i know it's a big tranaction, so you're just trying to be extra careful and nothing goes wrong. The "purchase order" form that you're talking is made by the individual dealerships, it SHOULD have a place where they can check off whether it's a lease or buy, but they could've been stupid. You mentioned that he wrote somewhere on the paper, that it's FIN 60 months, so don't worry too much. When you signed that paper, was it realistic that bank was closed, late weekday or weekends?... finance company do close earlier than the dealerships, so it's ok. And in NY, until you take delivery of the car, you won't be binded by the contract, don't let the dealership tell you otherwise. If they do so, all you have to do is just walk out, call up your credit company, and cancel your credit card. I doubt that they'll even try anything, they just don't want to lose a sale, so they'll say all kinda bullshit to make you worried and so forth.

On the side note, you said, you signed the paper and the dealership didn't. Well, you can get screwed by this. What I mean by this is, the dealership is not binded. so let's just say you got an excellent deal on the car, you're waiting for the car to come in. Once it comes in, it's the only TSX left on the lot, and someone comes in and the saleman sell it for a higher price. He'll just give it to that guy and you're left with nothing. Get my point? That might be the reason why they didn't list the VIN.

I hope you bought the car at a reputable dealership, so that they don't take a whole year to delivery the car to you, because ALL salesmen are good bullshitter, and they'll come up with a reason why the car is not there yet.

IMO, you should first go to the dealership, ask them to sign the paper, ask if they processed your finance paper and got the APR info for you, ask if VIN is available (this might not be available, so take it easy if they don't provide this as long as they write on paper what color car your getting and with what option and so forth), and ask them for estimated delivery. If you're 100% sure about buying this car, you can get a loaner car from the dealership to use until your car comes in, just make sure to take in somebody like me who can talk the "smart talk" with the bullshitters with you when you go in. If anything goes wrong, you can take it to the court, and once again, don't worry cuz I say this, it won't happen 99.9% of the time, but if it does, most judges will side with the customer regarding the REASONABLE estimated time of delivery and etc... just make sure that the contract that you signed doesn't say "customer is binded blah blah blah" bs anywhere. I highly doubt that they would put something like that on their form though. Sorry for the lengthy post, but I feel for people who get all worried, and can't function right... and u seem like one of them right now. Keep me posted on what happens.

 

Thanks a lot Rut! You rock!

Somewhere on the paper it states that "if you do not agree with the financing terms if it is to be provided by the dealership, you can cancel this order and have all deposits refunded"

Where in Jersey are you from?

 

IMO the paper that you signed is a reservation for a unit, they did not put any VIN # because they don't have the specific unit yet. As for leasing or purchasing the vehicle, that will come later if they have the unit that you like.

 

As long as you are happy with the price of the car and you want it you have no worries. But do pay attention when the financing numbers are crunched - many folks get screwed during that process.

 

fatcat, i have a house in central jersey, but most of the time i stay in my apt in north jersey (bergen) because it's closer to my work. I don't know what dealership you got your car from, but in tri-state, the prices are VERY negotiable compared to other parts of the States.
good to hear that you found that statement on the paper, now you can finally relax and enjoy life. Take life easy, and let me know if you need any input regarding anything.
Just so you know, lot of people in this forum are knowledgeable and cool... just make sure to filter out the idiot comments... also it's understandable, but lot of people are biased when it comes to TSX vs. some other car... i guess it's cuz we all own it. But yes, TSX is indeed one of the better cars in the market, and for the money, definitely worth it. Either way, if you wanna throw in NVIC or do watever to your car, let me know, i can get most of the part for about 80% of wholesale. I like my car stock, no into modding too much because of my position at work, i don't people below me looking at me as a little kid with a modded car.

 

After my deposit...I got a receipt for the deposit and a receipt of the TSX that I "ordered" with cost/tax/etc.

 

My deposit (which was only $100 by the way) consisted of writing a a check, which they would never cash even if the deal fell through. I just signed a doc that said the deposit is to hold intrest in the car incase they got it in and someone right there wanted to buy it. So, since I was first in line for the 6mt they were getting in, I got first dibs on buying it. No brainer to me...

 

Hmmm, it seems strange to me to deal for a car that dosent exist yet. And really, I didnt even think about dealing until the car was on their lot. Nor did they offer to do the paperwork at that time either. A lot of things can go wrong in the process of getting that car to the dealership. Matter of fact, the 6MT I was going to get was on a boat still. The dealer was able to find another and have it transfered over.

Dunno, Its probably better to deal when the car is there on the lot. If they have the car on the lot, there going to want to sell it asap. If the car isnt on the lot, I think your "get up and walk out" factor drops significantly.

my

 

Good point Joe. I've studied sites like www.carbuyingtips.com and Edmunds...etc. They do a wonderful job in helping you prepare for the bargaining part but none really goes into much detail on the process flow.

Thanks for the feedback.

 

Try this site: Car info

But take that info with a grain of salt, lots of good info, but a lot of stuff that may not apply. Thats where I got most of my dealing ideas. Just remember that your best weapon is the ability to walk away. And if you search through the posts here, you will see that most people get thiers for about 400 - 600 over invoice. But with the 05's coming, you should do much better. Keep that in mind and use as a barganing chip...

Good luck...

 

nah the date don't matter... same thing happen to me.. the dealer has no contral of the delivery... he can only give u a guess when it will arrive... my deal told me in about a week mine should come in... cuz they didn't have a red TSX.. but itonly took 4 days.. lucky me..