because to make a deal on the spot, the finance manager have to take a guess at what kind of interest you can get. in case you didnt know, bank close at 5-6pm, while dealership open until like 9-10pm.

if you credit isnt perfect, and the bank wont approve you at the rate the finance manager guessed, the deal just simply wont go through, unless you get a co-signer or agree to a higher rate.

 

Its actually a ploy a lot of shady dealerships will use. They say "sure we'll get you a car with a great rate" and the buyer takes the car home (or doesn't in this case) and then come back a few days later to finalize all the rates of the loan. When they come back, a lot of times they're told "we had to give you a higher rate becase ....." and becuase the buyer already has the car - they usually sign.

Becuase your friend didn't qualify, the deal isn't complete. The dealership should return the 1000 dollars (at their convenience though). Just talk to them in person.

 

I had the same thing happen to me, and I didn't even realize the money was gone, until I went to pull out my share of the rent money for that month, and I was sitting $200 in the negative. And then they told me that it was my fault, although I signed a paper saying that the check wasn't supposed to be cashed for another week. And of course, it took them a week to get me a damn check for the money. I was so close to burning the dealership down, RRRRRRRRRR

This was Autowest Mazda-Subaru near Sacramento a few years ago.

 

...

www.carbuyingtips.com

 

that sounds kind of shady? you guess someone's credit rating? how do you do that? by how well they're dressed?

you shouldn't guess someone's finance rates when the amount of difference can be 1000s of dollars.

also, banks aren't open on weekends, either, but tons of cars are sold over the weekends, so that doesn't sound right. also, why couldn't you move cars out of the way if even if you're busy?

Isnt' the finance manager is checking your credit? Loan rates are usually predetermined based on credit ratings. last time i checked, a 750 and 751 score still got the same loan rate. at least, the past 6 cars i've purchased/helped purchase for others used that sort of system.

 

Call up one of the news stations.

Micheal Finny on channel 7 comes to mind.

One day, steven's creek is going to **** me off again, and it'll be some news crew that brings them down.

-Gagan

 

I think he was talking about the interest rate, not credit score (which you can get 24/7). Maybe the person has a boarderline credit score, say 680 or something? And maybe this dealership doesn't work with some giant loan institute that would be available after hour as well? So that might have been the deal. However, I don't know how/why the check was cashed. Either way, I think she is okay, at least by the sound of it, they are willing to work with her.

Good luck!

 

Taken from http://www.carbuyingtips.com/finance.htm

"The "Subject to Financing" clause appears on paperwork of all new car loans. It means the deal is not done, yet you think you are signing a contract. Then 2 weeks later the car dealer calls saying "your new car loan fell through." They knew what you qualified for when you bought the car, a common auto loan scam, usually pulled on people with bad credit. You should not buy a new car first then worry about new car financing. "

The credit rating usually determines the interest rate, so I'd assume that based off that, they could go with what they've already done thousands of times in the past, and that is, come up with an interest rate for the loan.

However, I'm not disagree'ing with you. I hope the O.G. helps his friend get her $1000 dollars back.

 

Cars are sold over the weekend because most banks are open on Saturdays, but they just close at an ealier time. Sunday is when banks are closed..

 

Actually, she bought the car around 3pm on a Friday, so I assume the banks were still open. Anyways, she went to Hopkins Acura in Redwood city and got a better deal on her 06 RSX, i'll just say it was below invoice.

 

sweet gqchynaboy

so she got her money back huh?

 

So in fact your 'friend' found a better deal at another dealership and wants to back out of the first purchase?

 

Bring the volvo to UCKK... we need a new fastest car in the lot

-Gagan

 

You need to read the whole thing. But since I'm nice, I will summerize it up for you.

She can't back out of the deal because there was no deal in the first place. At first they said her credit was good enough to purchase the vehicle. Monday she goes to pick up the car and now they say her credit is not good enough and she needs a co-signer. She wasn't very happy with Mike Harvey of Acura service and the way they handle things so she went to Hopkins. A customer does not own/buy the vehicle until he/she drives it off the lot, which she did not. So yes, she wants her $1,000 back.

 

The dealership broke contract. Thats if she filled out all the paper and signed on all the dotted lines. The contract is now null and void. By them saying her credit is now not good enough and needs a co-signer, they broke contract. I went through the same thing with the mitsubishi dealer in sand city. I signed everything, gave them my old car and a check for money down and drove off with my new car. The next day they called and said they needed more money down. They broke contract. I went back and told them to give me my check and my car back. They weren't happy but the had now choice. The funny thing was when they brought my old car back out, it was already all stickered up with price and such ready to be put out on the lot.

Then I went and traded it back in for my WRX. Sweet.