Shoot, what happened to that GT?

 

This is the reason you goto the dealership with your financing already!!

That way you know you've got the best deal....

 

^^^^exactly i can not stress this enough. do not leave it up to the dealer to get you financing. go yourself and get your own before going to the dealership. also do not inflate your income if your a csr rep making 60 to 80k a year is is a bit suspicious. please do not result to shady tactics to get your loan.

do some research i would suggest visiting bankrate.com it is a small tool to help you out to see who offers better financing. the way your debt to income ratio works is based on your credit report. if you have 10k worth of debt you have to see how it affects your income. you have to take all of your debts on your credit report and add all of your minimum payments monthly and see where you stand it gives you a good indication of what you can or can not afford.

 

Try a local bank in the area, they are always ready for the business. These big banks and finance companies always want you to jump through hoops with crazy finance charges. One of my friends had the same thing happen to her and she traded in two cars. Three weeks later they wanted the car back and they had already gotten rid of the two cars she traded in.

 

Was a quick decision to drive straight to the dealer from the repair shop after getting the $800 repair estimate from the old car. Not a lot of thought went into financing before we got there.

Still no word from the dealer (but it is 4 in the morning). Day is young.

 

I have bought cars in a number of states and they vary. Some states require proof of insurance before you can roll out of their lot. Others just require you to acknowledge that it will have or that you have insurance in place. Dealers here will also tag and title the car or you can do it yourself in either event all the state asks is that you sign a diocument that states there is liability coverage on the vehicle, if not you have to pay a waiver fee. The state will do random checks and your insurance comapny will also report if your policy changes or is removed and you have to verify coverage with the DMV.

 

Dealer called. They want another $2000 down, which we do not have. We're fully prepared to take the truck back tonight.

Do we have any leg to stand on at all here? The dealer F*ed up. Paperwork was signed, etc, etc. No idea why debt:income is an issue because there is almost no debt. We don't want to walk away, but we definitely will if we have to.

 

If they insist on the return, so be it they own the truck ... the fact that they seem to be unwilling to find the financing would make it easy for me to just walk away and take my business elsewhere. Make sure they are handing you back your trade in ownership and keys

 

Wow.

Dealer called back once we said we're not giving them another cent. Said they knocked $2k of the price of the truck (which raised the interest a point - so the lender still gets their money) and the payment went down by $30.

All in all, we've got a better deal than we walked out with - which is nice, considering all the stress the dealer put us through.

 

But if you can get ahead on payments, you'll save a lot more money with the less interest. Good to hear this ended well...

 

Yea - was actually a time when I was actually looking at giving my Infiniti back to the bank when I couldn't afford the $600/month payment. They settled on 2% interest with a $215/month payment for 8 years (redic). Paid double each month and paid the thing off faster than the original loan would have allowed for.

 

2% !@!? Wow, that's a cool bank! Who was it, I'll have to remember to finance my car with them next time around...

 

This is a tough spot, you don't have an extra 2k to plop down, so my thoughts, let them find you another vehicle without needing the extra 2k - dealers are hurting for sales - they'll put you in a truck...

 

There you go, the golden rule of negotiation: Be ready to walk away. Before you know it, they sweeten the pot!

Congrats for sticking to your gut!

 

And hopefully this outcome further seperates the positive and helpful feedback in this thread from the....well, everything else.

Thank you for helping demonstrate what should be done and how it ultimately worked out for you! Worst case, you would have returned the truck.

 

The bottom line is that dealers do not want to lose a sale - especially once papers have all been signed and they know you're willing to give them your business.

For anyone else in this situation, my suggestion would be to just be fully prepared to give the vehicle back, and be sure the dealer knows it. Chances are good that if the dealer approves you, and the lender does not, there is a relatively small gap between the dealer's "yes" and the lender's "no." Stick to your guns. The dealer will likely have room to bend to suit the lender's requirements to keep you in the vehicle and keep their sale (thus, the dealer's ability to knock $2k off the sale price to please the lender and keep the sale).