IncaPower

I bought my TL 3 weeks ago. I paid 22000 plus fees with no down payment. I drove off the lot in the TL and went home. On Monday the dealership calls me asks me 2 come in 2 speak to the loan manager. When i get there he says that my loan was not completely approved and that they would now need me 2 place a down payment. They now want me 2 leave 1000 before next Wednesday. Can they do this now? Do i have 2 pay, i already drove of with the car and my paperwork that says no money down?

P1zzaman

iTrader: (1)

This sounds like shady dealership tricks. I've heard horror stories where they try to get more money from you to earn commision after you buy the car. Don't do it... consult legal advice first. I don't think tjhey can do that... they need to check everything before you roll the car off the lot. It is their fault.

01tl4tl

Most auto sales contracts where you went with their loans- have a clause that if the loan is not approved for any reason- they dont have to honor the sale!
you have the right to return the car if they wont stay with the deal, or review the numbers with them and see why now it needs a down payment- and if you are getting less sales price on the car to compensate?? or what?

in the overall amount- the bank doesnt care about that 1000 of 20,000!--someone forgot to get the commission from you now! must have been new and desperate salesperson.
No cash down and leave with the car (so you fall in love with it) before finance signed- like on a weekend, is when they realy want to get you in t

BLUE07TLS

When i purchased my car, they made me sign a rider to the contract which stated if the loan did not get approved i must return the car within 72 hours. I didn't have any problems, but the finance manager told me this is something they commonly do to protect both the dealer and the consumer. Loans could take a few days to get sorted out, and the dealer wants you to drive the car during that time so you fall in love with it. If the loan doesn't get approved, they know you will do anything you can to keep the car (high interest payments, more $$$ up front...) It's a one way street though; you cannot return the car within 72 hours if you decide you don't like it (i asked him that as a joke)...

WRXtranceformed

Yeah review your contract completely. It sounds like the situation has the potential for shadiness but it could be that there is a clause in the contract that states that the contract is binding contingent on financing.

mb190

Wow, three weeks ago. You are stuck with the car now...I am thinking "shady dealer", hope I am wrong.
No# 1 scam: http://www.carbuyingtips.com/scams.htm

Blazing GT

car dealers are horrible

Blazing GT

Where did you buy your car?

aSPECtL06

What dealer did you go through?

erdoc48

Bring it back, and thank them for the 3 weeks of free driving (don't be suckered into paying for the brief time you owned the car, as they're calling you back about the down payment). I've never bought a car w/o a down payment, so I'm kind of surprised they sold you the car this way (even a leased car generally has a down payment to start the lease agreement). It seems pretty stupid for any dealership to assume this kind of risk if the loan agreement hasn't been fully ironed out prior to you taking ownership. Usually, for a large loan (mortgage, etc.), they want to be sure they can have your first born if you default on the loan (especially in these days of credit crunch)

MWalsh9152

how is your credit, and who did you finance through? You may want to call the finance company directly and see if they can tell you anything.

A similaar problem happened to a former coworker. He didnt have good credit, but they let him leave with the car over the weekend. When they called him and informed him of the situation they asked for an additional $1500 down, but in turn totally reworked the deal and it was a win win for him.

lars161

ya, most dealers will work a loan while loan offices are closed. They are usually pretty good at knowing what the banks will approve by your credit report. But there are sometimes where they need to redo the loan or get more money down

MAC TL

BEAT THE HELL OUT OF THE CAR HAVE FUN AND RETURN THAT SHYT GO GET ANOTHER ONE GO TO ANOTHER DEALER

TzarChasm

I think a lot of you are missing the fact that it's been 3 weeks. Not a weekend. 3 weeks is WAYYYYYY more than enough time for them to have checked with the bank. This is pure scam, 100%.

To the OP: do one of two things, either go to the bank or somewhere online and finance the car yourself, or tell them no thanks, and bring back the car. They may be willing to work with you because after 3 weeks, you have probably put a couple hundred miles on it and they are probably going to get less people who are going to want that car instead of one with 20 miles on it.

Personally, I would just bring it back, tell them to suck it, and go find a car somewhere else.

IncaPower

I bought it at Paragon Acura. My credit is real good. I already had a loan approved thru my credit union but the dealer matched the APR and i didn't want 2 wait 2 days for the check from the credit union. Can i still bring it back after 3 weeks???

01tl4tl

READ your contract carefully- we can only guess as to what it says
If you want the car- tell them to use your pre-approved credit union finance.
Then make a report to the state licensing borad about the matter!!!
3 weeks is way past time for normal loan papers to process,
and you came in with own finance- they just wanted to jack you with their rates, and they get a commission for referring you .....
Plus- the 'ol- call you and say sales manager needs to see you- then you drive there, wasting your time.... so he can earn an extra bonus and pay for his boat this month!!!
Always take a carload of children (borrow the neighbor kids if needed) when visiting the dealer. They wont be interested in having you stay very long!!!
When you come in with credit union approval- you can leave with the car that day- they work with all the credit unions, and a few salesmen tried to say they could get a better rate from same place - (because they do so much biz with them....)
What some people will say and what some people will believe
ALL that matter is what the CONTRACT says

maharajamd

iTrader: (1)

Totally agree with Chasm, scam scam scam. They had ample enough time to workout the numbers.

I would kindly go in, let them explain, if it seems a slight bit shady, say no thanks flip em your keys and gtfo.

chill_dog

If they just called you, then yes, you can take it back. Do as TzarChasm said, take it back and get a car elsewhere with the loan from the CU.

maharajamd

iTrader: (1)

Hey maybe if you threat to walk out they will give you a better deal...

phee

iTrader: (5)

its a scam, they are just trying to get some mor emoney out of you. 3 weeks is WAAAAY too long, they are just kicking themselves int he ass for trying to match your Credit unions APR.

chill_dog

Also, why didn't your CU give you a blank check with an approved up-to-limit that you could write it out for? I thought that's what all of them did. Whatever you end up writing on the check is what the loan ends up being for...they do it to save their customers from having to wait until business hours during the week to buy a car.

BEAR-AvHistory

I tend never to give them a down payment when I buy a car. I rather keep the money in my pocket as opposed to theirs.

I also generally wait till they are into 0 to 2% interest rate deals to buy. Most guys tend to get real emotional over a car purchase, gotta have it right now, & allow the dealers to stick it to them.

You have to keep it in perspective. Treat it strictly a business deal & be willing to walk away at any time. BTW walking away will generally get you a phone call as how they made a mistake & the price, interest rate whatever is really lower the the original quote.

When i bought the TL the phone call was on my answering machine before I even got back home from Lieth Acura in Cary. That call was worth $875 to me. Doc fee waived & further discount.

If you can't do this bring a friend with you to help you maintain control of both yourself & the situation.

dope!

iTrader: (28)

similar thing happened to me..well i was 19 when i bought my TL...dad wouldnt co-sign and no one else would..so i had to do it all under my own credit. i got "approved" and was fof with my car..by the end of the following week, i got a call syaing that Capital One did not want to approve my loan.

1. i was 19- only had credit history of a lil over a year
2. they put down my "take home" salary rather than my "gross"

once i told them that the salary provided was take home..they asked for my gross and that got my loan approved.

so either you have insufficient credit history, or they dont think you make enough to pay the car. my

p.s. my car was bought through cerritos acura her in SoCal..so its not the dealers fault..they tell u when you buy the car that if the loan does not come through..you must return the car. and i did not make any kind of down payment

Bearcat94

Assuming this is all correct (3 Weeks, Pre-Approved alternate Finaincing & "real good" credit), here's my advice:

Go to the dealer. Tell them to get the deal done and financed as ORIGINALLY agreed or they can have the car back.

If they fold, no problem.

If they balk, even a little, just walk. If they actually let you all the way out the door, go to the next Acura dealer and use your pre-approved CU loan to make a deal.




uhhhm ... one question. Did you have a trade? If so that definetly complicates the "just walk away strategy" 'cause they've got you're old car.

ebs312

Paragon is the worst in the area. They're always pulling stuff like this. return it, if you can and go someplace else.

Oswald Vater

This also happened to my daughter when she bought a new Mazda 6 last year. However, she was notified of the problem with the loan within 3 days of purchase. 3 weeks seems like an inordinate amount of time to me on it being just a problem with the loan.

Krazylegs

Try calling the bank on your paperwork. Ask them if you were apporved or not. I would not shell out the down payment. When you shake hands and say a deal is a deal. That's it.

LuvMyTSX

Paragon.....that says it all. Worst dealership EVER according to what I read on here.

TeamCityLimit

Actually something like this happened to a worker of mine. She has been driving the car for 3 weeks and were told 0% down etc... Well what happened was their laon wasn't approved so they kept trying with different banks to get the finance well after 3 weeks the dealer was out of options and told them to come in and return the car. The dealer wasn't trying to get anything out of her and she actually appreciated the effort put in by the loan officers to try 6 different banks. She'll go back to them later when she has more stable income.

Krazylegs

If worse comes to worse, why not just use the loan from your credit union?

Will Y.

$5 says the dealer will suddenly say, "Oops, bank just approved the loan" if OP IncaPower tells it that he will just pay for the car through the credit union.

stillhere153

iTrader: (1)

paragon? mmmh... they will rob you blind... then leave you naked in the cold

eaglegreen48

sounds like garbage to me. I wouldn't even go back. They don't have a legal leg to stand on.

anx1300c

iTrader: (2)

You do have a 3 day exchange policy with Acura Certified cars, but I'm not sure exactly what it entails.

MinDawg

keep the car. at this point there is no monthly payment I assume. I used to sell cars and this is unheard off. no bank will wait 3wks. sometimes banks do say we will finance if...
But 3wks? no way in hell. they have no right to take car back if dealer signed papers and you have copy. and if they somehow can...drive it till then. it's FREE CAR at this point!
good luck. don't sweat it at all man

MinDawg

to boot, dealer can drop the price and show $1000 down. tell them to do so. if this was used...dealer made $1500-$3000. just go on KBB site and see what trade in value is for it.

black label

This is what the dealer gets for "spotting" a car. Spotting is a bad business practice. Essentially, they contract you at a APR they think they will be able to get you and have you take physical delivery of the car before they have an approval.

The dealer group I work for does not do this as it is a risky proposition for the dealer.

If the dealer had you sign a contract and they had you take delivery of the car, I think it is them who is screwed not you. You didn't steal the car, they screwed up and no they have to eat the cost of the error. This is just a cost of doing business that they must accept if they want to roll cars without bank approval on the loans.

Is the car registered in your name yet?

FYI there is no 3 day exchange policy on Acura CPO cars, that's just a myth.

My old F&I manager once made the mistake of not verifing the payoff on a customers trade in. The payoff ended up being $4000 more than the customer told us it was. Essentially, by contracting him at the erroneous payoff amount meant that once the error was found, it was the dealers problem, not the customers. I think your caser is essentially the same thing.

The dealer f'd up and it looks like it will cost them $1000 not you.

blue.fired

That was extremely funny! .
It sounds really shady, you should go through your contract and then talk about paying extra.

mb190

I am no car salesman, but here is what I think...the financing is "subject" to approval, but the car is "HIS"...a contract is a contract. I think his only option now is get his own financing, if he does not want to get scre^ed by the dealer.

YeuEmMaiMai

if you want car get check from CU and make it payable to them