SekZee

iTrader: (1)

well...

they pretty much tricked her into coming to a dealership... like she was not gonna give the car back or something...

ruah_23

OK I reread the contract and it stated below.

State law does not provide for a cooling off or cancellation period for this sale. After you sign this contract, you may only cancel it if the seller agrees or for legal cause. You cannot cancel this contract simply because you change your mind.

I understand this part but I dpn't really get what the next one means:

The APR may be negotiable with the seller. The seller may assign this contract and retain its right to receive part of the finance charge.

So does this mean the only way to get approved by the bank for loan is with using higher intrest,I have to agree with that interest no matter what??

EddieJr

You are getting screwed is what it means.... I'll say it again get your credit score, without knowing what it is you are at their mercy on what they stick you with. If your score is decent and you don't know it, that dealer will pad the interest and get a nice kickback. That's what that phrase means.

It's your responsibility to read the contract before you sign it ,not afterward. With that phrase in the contract I would have ran out of there.

capnfrantic

Did I say call a lawyer? If not, then call a LAWYER!

350Zenophile

iTrader: (20)

I disagree with the previous two posts ruah, there is no law or contract that requires you to finance with the dealer. Read the section on finance in the link I sent previously, secure financing with an independant bank and go back to the dealership check in hand. Done deal.

General rule of thumb is, if you can't afford a 20% down payment, then you can't afford the car. If this is the case you probably should sell the car and buy something much more affordable until your credit rating and bank account get back into shape. You will take a small loss now, but in the long run, the additional finance charges, insurance and possible damage to your credit rating from missing payments are too great IMO.

Your credit rating is everything these days...corporate america is more and more starting to use this as a basis of not only your credit worthiness but, as we've recently seen your insurability!

ruah_23

Well abt the credit score, as far as I know, mine is not good enough.
I just gotten my ssn 1,5 years and so far only have one cc and no late payment dues.Besides that I cosign with my mom to build my credit on her car last Sept.So i don't think my credit is really good as what it said on the credit report.

As far as my dad's he just got his SS,so I think he's considered as a first time buyer.

We bought this vehicle as a joint party and me again as a cosigner,That's why I've been getting loan rejection letters from the bank.

capnfrantic

What do you mean? He needs to know all his rights... Unless someone here is a lawyer familiar with Georgia law. Plus the fact that he still has to face the music at the dealer. I (JMO) think in this case the more he knows the better this will end.

seanrulz

WORD. SB Rulz! lol.
I assume you bought the car from Tom Woods Nissan in Indy? Because that PPW Performance Coupe has been sitting there sine last September. My friend was trying to buy a PPW Z and I visited Collins Nissan and Tom Woods Nissan, but neither of them could find a 5AT Touring, so she ended up getting it in Nissan dealership in Columbus, IN.

I go to IU in Bloomington, IN, and also got SB Z from Jan, 2003. (The first one in my town lol.) Purchased it in Collins Nissan in Indy. (They were the only dealer who didn't ask for 'markups' at the time when I ordered it in Oct 2002.)

Anyway, enjoy your new car! Although you will have to live with swirls/ scratches with SB. I've been babying my Z for first 6 months, then I stoped. There are simply too many rock chips/scratches to keep it mint anymore.)

ruah_23

OK guys here's the update of my situation.

Went to the dealership today.The finance guy said that I need to show them the prove of income , and I said I don't have it since I work for my mom's bussiness and get paid cash every wk.They said that they can't do the deal without the prove of income, so I said ok..Give them back the car..and now I am zlesss....LOL But it's easy as I thought..No problem nothing.

Now my q as to what car shld I get next, I'm thinking in the line of STI,Z conv or evo.
The guy at Hiipordome Nissan quoted me at 31,957 including everything for 05 roadster enthusiast.I think it's a damn good deal!!what do y'all think.

As far as the STI, I've yet to visit the dealership tom.They quoted me at 32,870 excluding fees...I was hoping to get that price including everything so wish me luck.

Thanks y'all for the advice btw!!

350Zenophile

iTrader: (20)

I mean, we already informed him of his rights...retaining the services of an attorney at this point would be an unecessary expense, expecially when it sounds like he may not have been in the best financial position. Now, if they refused financing from another bank or did not allow him to exchange his original vehicle...that's when you bring out the big guns.

Ruah, How can you now afford the car again?! I'm confused...sounds like Mom's cash business must pay pretty well. Maybe if you evade your taxes for a few more years you can just walk into the dealership next time with a briefcase full of cash and pay for the car in full.