jakecat22

check the paperwork from the dealership and see if they had you sign a "spot agreement". basically it says that you have not been approved for a loan but they are spotting you the car in anticipation of the loan being approved. Unless you have absolutely perfect credit, every dealership does this, it is common practice.

howarmat

is this a joke?

how much did you owe on the evo

evo2stang

i owed on it
i owed $29K the blue book was $28K

but they only gave me $24K

the mustang was $21K add $4K plus all the crap fees taxes ect i was close to $28K

allj

Thats why you bring your own financing... Go to Lending tree or some place like that and get your own loan.... If it doesn't workout demand your car back and the cash. If you go that route they will probably try to charge you mileage... If you do go... Don't take the car..... That sucks I can't imagine how that feels. Sorry.

offrdmania

It happens all the time. It is called a "rollback".

jakecat22

You are the unfortunate victim of "not knowing your stuff".

You bought a Mustang for 28K, used, that was probably only worth about 20k. Now, common sense says that unless you put some serious cash down, like 5k + and have absolutely perfect credit, the loan would be hard to approve.

The dealership knew this, so the put you in the car on a "spot agreement" knowing it would not get approved. They have let you fall in love with the car, and now are calling you back to do one of 2 things:

Get you to put more money down to get the loan approved
or
put you in a different car they they can get the bank to loan more money on: IE and newer car that is easy to hide upside/down money in.

Good luck.

explict

I guess this brings more meaning to the term "stealership"

tientran

You signed the contract before you left the dealer. It is done.They can do nothing to you. You don't need to see them. Just tell them that the contract was signed. That is it.
Seven years ago, I bought a Honda at Anderson Honda at Palo Alto, California. After a month, they called me and told me that I was not qualify for the rate of 3.9% like I signed in the contract. The rate would be 6.9%. I told them it was their problem, not mine. A contract is a contract. That is it. Then, everything was OK. The rate was 3.9%.

Boozshey

Spot on, your loan to value is way to high on that man. Most loans will only give at a max 125% loan to value, you are looking at nearly 150%.

A new car is worth more initially so like jakecat said, it's easier to hide the upside down money.

That's why whenever I buy a car, I put in the contract that I am only driving the vehicle pending a mechanics approval. So that if anything ever happens I just say it's not mechanically sound and I owe nothing!!!

You are going to be at their mercy here and pretty much they got you by the nuts, cause THEY WILL ask you to pay mileage if you ask for the Evo and Cash back. Not only that, but the Evo is long gone.

Just tell them you want a GT. If you think about it, it has to be a $30k+ car in order for them to roll in your other moneys or like I said above the "loan to value" won't allow it.

Just be cool about it. I always find that if I act like I don't know what's going on, people try harder to help me, then when I sense they are taking advantage of me I let them understand I'm really not a moron. It usually works a lot better.

Also goto lending tree and try and get your own financing right now!!! Then go in with it tomorrow and say "BAM, here fools!!!"

tripc

Everything is Conditional on the bank approval for your loan... These guys are right.. I am a finance manager and we do it all the time.. If it came down to it .. Talk to the GM and complain like crazy.. Tell him to call the bank aSK FOR A FAVOR...... he can get it done...Unless your credit is jacked..