Need Help Fast PLEASE

J

jeremysoca

New member
I purchased my beloved 05 se about 3 weeks ago. I have terribly credit hence the 16% interest I am paying. I get a call today from the dealer mentioning they are having problems with the financing.

Can they take my auto back at this point? I signed all the required paperwaork at the dealership.

Is there anything like case law protecting me?

Thanks for all your help
 
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from what i've read, this is a pretty typical scam the dealership uses to try and make even more money after the sale. i don't think it's legal for them to do this. do you have financing papers stating the interest rate you received at the time of sale? 16% already is pretty high! that's more than credit card interest rate..

you could always try to find your own financing at this point, give them the car back, accept the new interest rate they say you qualify for, or threaten to sue them. it sounds really shady though...
 
they mentioned toyota financed me now saying toyota declined offering me financing.

I did agree to the 16% so that is not the problem. I think they want the truck back period.
 
You need to contact a lawyer right away.
If you can't afford one go to the nearest legal aid society. In the phone book.

Not a fan of lawyers but you need assistance, today!

p.s. Initial consultations with a regular fee lawyer are usually free also.
Might be worth even $100 bucks to find out your rights and obligations.
 
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OMG! 16% FOR AN AUTO LOAN!! I TROUGH THE HIGHEST BANK CAN CHARGE YOU FOR AN AUTO LOAD IS 14%?:eek: GIVE THEM THEIR 4R BACK AND TELL THEM TO SHOVE IT UP THEIR AZZES!! BECAUSE THAT IS HIGHWAY ROBBERY!!!
 
Give them the truck back...

Not to be an arse, but if you have that kind of credit you have no business buying a vehicle and forcing yourself to get that kind of interest rate...
 
actually 16% was the lowest I could find (on any manufacturer). I figure after 1 year, Ill do an auo refinance to a lower rate. I was in big time debt with a business I had to shut down hence the bad credit.

This lawyer talk has me a bit nervous. I think for my protection, it is some sound advice though, thanks
 
sharp4runr

Not to be an "Arse" back but I make more than enough $$ to make this payment without a sweet.

If I was looking for that kind of answer, I would have asked my mother
 
I took Toyota credit for my wifes car. They rung back a week later and said they were having trouble because of our credit rating (new to the US).

We had ample to pay for the loan, just not the credit history.

They wanted us to change to another loan at a higher interest and pay a greater deposit, and not with Toyota.

I said, give me the details.

They got back a few days later and said they were still having problems. They also asked if I would be willing to pay a much larger deposit. I said no, the paperwork has been doen already. I am happy with the way it is.

I said to them, "Yup, its your problem".

They gave up and I still have the car. In six months from purchasing the car, we will switch to another loan with lower interest as our credit rating is climbing quickly.

In short....tell them to work it out...its their problem. They will probably back away despite the bad credit rating, as long at the $$$ are there to repay. I doubt they could take the truck back unless you fail to pay your monthly instalments.

Good luck.
 
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jeremysoca said:
sharp4runr

Not to be an "Arse" back but I make more than enough $$ to make this payment without a sweet.

If I was looking for that kind of answer, I would have asked my mother
Click to expand...

Hey no sweat off my back as I didn't call you out on your inability/ability to pay the payments. You may be able to make the payments, but at 16% would you want to?

Your cash and you're probably an adult if you're making the payments at 16% so its up to you.
 
jeremysoca said:
sharp4runr

Not to be an "Arse" back but I make more than enough $$ to make this payment without a sweet.
Click to expand...

jeremysoca

I don't know your credit situation, but I can say from my experience the credit rating system here in the US sucks. I started with a zero credit rating when I arrived here despite top level ratings in both Australia and Hong Kong. I had letters from bank executives both financial and personal, employment letters and contracts, a stable work history for both my wife and I, and no-one cared to even consider looking at them. In that case, I'll just keep my cash overseas! So much for encouraging business.
:mad:
 
04Runner said:
jeremysoca

I don't know your credit situation, but I can say from my experience the credit rating system here in the US sucks. I started with a zero credit rating when I arrived here despite top level ratings in both Australia and Hong Kong. I had letters from bank executives both financial and personal, employment letters and contracts, a stable work history for both my wife and I, and no-one cared to even consider looking at them. In that case, I'll just keep my cash overseas! So much for encouraging business.
:mad:
Click to expand...
I know exactly what you are talking about. Took me years to get a decent rating. They just dont care here about your history anywhere else in the world.
 
Re: 04runner

jeremysoca said:
Thanks for all the info. It really helps.
Click to expand...
Honestly the Toy dealer tried the same BS with me. When I bought the 4R I juast said I can get 4% (that was 2002 before the nice interest rates) from my credit union at that time. They then agreed to give me 4%. The next day they called me that they need me to come back for different financing, can give it to me at that rate with my credit score. Need a deposit ( I didn't give them any), blah, blah. Same BS as with you.

I just called the sales manager and said, if I drive back today to the dealer I will just come get all the paperwork and leave the car on their doorstep and walk away.

Amazingly they resolved the issue. Once the paperwork is signed, it is a legally binding contract which cut both ways. You can't just go drop the 4R off, because you dont like it and financing is their problem now.
 
i would be careful. remember all the fine print in the paper work you signed? neither do i. i do know that when you sign for financing, they are making a judgment based on information that is available to them at the time of purchase, real time information is not available. for this reason they have a back-door, in case you did not disclose all pertinent information (such as applying for another loan at the same time). unfortunately, some dealers have used this back door as a scam to try and get more money from the customer - but the paperwork is on their side and you signed it. to make matters worse, if you do return the truck, you will most likely have to pay for mileage and wear and tear on the vehicle (this is explicit in the contract). sorry to hear about your situation. credit in the u.s. has become a necessary evil where too little is known about the system and, as a result, many people are taken advantage of.
 
Law will vary by state. If the truck had plates, or temp plates, it is probably yours.


Try credit unions, ask around all the banks. Bad credit is not rare, somone will point you in the right direction, to a good lender.
 
Read the fine print

Well, as i lay in bed wondering what is going to happen I get out my sales contract. One the back, there is some fine print regarding a recession clause. This clause allows the dealer 10 days to finalize financing. If they are unable to line up financing, by law I would have to return it to the dealer and in turn, get back down payment monies and/or trade in.

I bought her on 3/10 and its now 3/22.....those bas7ards are SOL
 
did they contact you within the first 10 days originally to tell you the problem?

in any case, good luck and i hope everything works out.
 
slowginjoe said:
did they contact you within the first 10 days originally to tell you the problem?
Click to expand...

See what the first letter was dated.

When I bought my first 4Runner (at 19 years old, so not much credit history) I was approved for financing at the dealership and drove it home that day. A few days after I had payed my first bill, I received a letter stating that my application for credit had been denied. I ignored the letter and tossed it. Never heard another word about it and I am now on my second 4Runner.
 
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