So i picked up my 07 Z Touring last friday. Made a deal with 4k down, got the interest rate to 8% based on mother and I's credit score. Payments were 548. Signed papers, car got cleaned up, and drove it home. 6 days later (today) 700 miles later =), I went to pick up a check they owed me for my lease, I gave them 2 payments by accident. Anyway the manager and salesman who did the deal werent there. So no one knew about this check and i needed it to get my insurance since the temp runs out tomorrow. Sales manager promised me I could come by in the morning and get it. No biggy i guess, But the finance manager calls me and mom into his office and tells me shocking news. Tells me lowest rate he could get is 12% for us. I almost knocked him out. Put the payment up 90 bucks from 548 to 640. I was goin nuts. He had to get other people signed with their paperwork, i didnt have it out but i had a nice talk with one of the managers. Tomorrow im going back and raising hell. I signed off on that agreement, and they ran my credit, now theyre trying to tell me they cant do it? They better make it work and take a huge hit if they have to, otherwise theyre getting a 7 day old car with 700 miles on it. Theyre ****ing ridicululous people.

 

With all due respect: how bad is your credit score that you were approved for 8% the first time, and then to 12?

 

Dude, I had the same problem with an M3 that I bought, which is now why I own a 350Z. I had already signed on the deal handed over 6,000 and changed my insurance over. I go back to the dealer to take care of a few last min details.
thats when they hit me with it. They try to tell me that they can't finance me for less than 18% unless I put down at least 4 more grand. So basicly I am like these gys are trying to scam me. I told them the deal was done already and they said they couldn't do it. I just got my check back from them and went straight to the Nissan dealership. I think it's over, but it's not. I check my account balance a week later and their check that they wrote me bounced. I had to go back and get another check from them and verify funds with theif bank up front. So I go to their bank to cash it for no further problems and deposit it back in my account. It sucked, and to top it off, they ask me if I am still interested in the BMW and they could give me the original deal that they offered me. After Iwas done laughing, I kindly declined their offer.

 

The dealer didn't mess up. This is a scam to shake you down for more money. This is called a spot delivery scam. If you got a good deal on the car go get outside financing to pay off the dealer. If you didn't give them the car you used for free back and go somewhere else. This is a scam from top to bottom.

 

Check your paperwork. I bet it has clause saying if dealer can't get loan placed he can recall deal....or words to that effect.

It is a common scam in car sales.

 

Agreed, this is something that happens pretty regularly, at least here in Florida.

Dealers will get you in the car before they even get a loan for your car approved. You can go in there and drive a car off the lot without them even running your credit. Eventually they get around to it and hit you with the news.

Take the car back to them. You are not responsible for any mileage on the car. Get your payments/paperwork/etc back.

In the future, I'd suggest getting a separate loan aside from the dealer, especially if you have a co-signer. Capital One has a great auto finance division. I used it for my purchase and it worked out great. That way you don't have to mess around at the dealership and you'll get a little more leeway to haggle since you'll have a check in-hand that the dealer can treat as "cash".

Rob

 

I have had this happen before. I signed off on a loan for 5 years at 5.25% interest and they called me two days later and said they raised it to 7%. So I told the sales manager that he can have his car back. Needless to say they got me that 5.25%. Nothing worse than a car that comes back to the lot after they sell it.

 

They will charge you for those 700 miles as well!

 

Preapproval/prefinancing prior to going in is a must. Then you can tell the salesman to go tell the finance guy to f**k off.

 

I doubt it.

 

seen it many times before.

 

^^^^no you haven't, they can't do it. If anyone actually pays for miles driven then they just got suckered and they are idiots. If you sign for an interest rate and they bump it on you there are three outcomes....they have to honor the interest rate you signed for, you pay the new interest rate (if you are stupid) or you return the car. Honestly...the dealership is lucky if you return the car, you could keep it and make your signed interest rate payments.

THERE IS ABSOLUTELY NO WAY THE CAN LEGALLY CHARGE YOU FOR DRIVING THE CAR!

 

Return the car and stop by a credit union and look for financing thru them. Next time, do a little research before signing a contract.

 

The internet is a great place to find financing, interest rates are much more competitive online. Not many banks/credit unions compete...they just state it and you take it or you walk. Since everything online is so competitive, they just offer you their best deal up front.

 

Negative. You do not own the car, so you are not liable for the usage.

When I bought my Xterra a year ago the finance guy (I went through Nissan then) told me about this young guy that they "sold" an Armada to.

He came in late on a Friday and he "bought" the SUV. They did not plan on running his credit until Monday. Over the weekend he wrecked it and did about 5k in damage. He *was not* liable at all and the dealership was sh!tting bricks over how to pay for the damages. The finance guy said that while he wasn't liable, the guy actually came back a couple of days later and dropped off three grand cash to help cover the cost of repair.

After all that, he couldn't get financed through any lender, so he wasn't getting the truck anyway.

Again, this is Florida, and I don't know if there's some kind of special regulations we have here in this state, but there's without a doubt no way that anyone who takes a car they do not own off the lot with dealer permission be held liable for wear and tear/damages.

It's just like those two or three day extended test drives that some dealers do for their clients just to get them into the car. People end up liking the car so much that the prospect of a sale happening is much better, so it's worth it for the dealer.

Rob

 

In addition to research, get a loan beforehand and bypass this whole mess.

Rob

 

I would have done more research before hand but it was sort of spur of the moment, i didnt expect to get it that day. Anyway apparently i didnt sign any bank paper or anything so they didnt have to honor the deal. They told my mother today i would have to put another 3k down, like i have that laying around to get 8%. I told her i would drop the car off with 800 miles on the car and have her drive me to work. Anyway my brother who used to sell cars came up with the idea, start it as a lease, payments are 525 now and then he said bout 14 months in refi to a purchase, even the finance manager said that will bump my credit way up and make me "tier 1 customer" with nissan, and get a lower interest rate anyway. I said fine i just wasnt going to lease ever again, especially with wanting the nismo exhaust,tints, intakes, system. Just breather mods and "luxury features, my tint and system but still lot of money for just that stuff. Oh and my credit was bad from past collections from medical bills..... yea had double health insurance my whole life idk who i owe money to, im going to find out, so that brought down my moms score when u combined them i guess. And btw fathers credit union offered 8%, was just a ***** to go that route and he works for the gov. Nonetheless, they swapped out the scratched Z bar with a diff car and i have next 3 oil changes free

 

The fact is, research or not, they promised you something and did not deliver... big surprise You can talk to the finance manager and GM- obviously they already know whats going on. If they cant get it down to the 8%, just hand the keys in and walk away. Their fault- their problem. Dont get into a financial debate with those idiots, its not worth your time, stress, or the hassle. You can always get a Z at another dealer who has their $hit together. When I bought my first Z, I went shopping at about 4 dealers, and each one promised a certain rate, out of all of them only 2 could actually get the rate- and the lower one is the one I chose. Good luck with your situation, but as soon as you feel like you are in over your head, just leave and find a better dealer.

 

So in other words you ended up leasing the car?
Or is mom leasing the car, and you just drive it?

 

Worked out to be a lease, payment is 525 instead of the 548 which saves me a couple bucks. Both brother who sold cars and finance manager both told me to make about 14 payments and then refinance it into a purchase to build my credit a bit and establish history with nissan. That was the least stressful thing to do to keep the car, and it will still work out in the end. I'm on the lease and can mod it the way i want. I just made such a fuss because i didnt want mileage restrictions and really want to do light mods. 8th day with 800 miles...... mileage restriction no good for me, got the car with 22 miles on it. I love to drive and this car is amazing. EDIT: I realize i repeated most but thats the bottom line lol, and they extended my temp insurance another week for being *******s.