Very detailed situation - possible free Z?
 

Ok, I just got my Z about 6 days ago. I originally had a lease on a 2005 Chevy Cobalt and the dealer said they could buy-out the lease. GMAC (the GM leasing company) said they don't sell directly to dealerships. The dealership that I bought it from said 'don't worry, we have people we know at GMAC..we'll take care of the lease and take it off your hands'. It's been about a week and still the Cobalt is at their lot and still in my name. I called in and they said they're still working on it.

The day I got my Z they asked me for my pay stubs, I told them they never told me to bring my paystubs...mine nor my mothers (who co-signed for me). They said it's OK, we'll just tell GMAC that I worked at my job for 3 years (which I haven't) and that my mom makes $4500/month (which she doesn't). I take my Z off the lot that day and drive home the happiest guy in the world.

I phone back yesterday, to see what's happening with my Cobalt (because it's still in my name and I JUST had to pay $261 for the monthly fee for the lease. I told them this and they said.."Don't worry about it, it WILL be done, we're just working on it. We'll write you a check for the refund of the payment you had to make. BUT we're actually going to need your proof of income now...I know I said I didn't last week but we actually do."

So they need my proof of income...but if I don't give it to them...won't they get in **** for lying to the bank? (because they lied a lot to get me this car).

And if I don't give in my proof of income to them, they can't take the car back can they? because it's been transfered into my name, the insurance is in my name, it's all mine...and now they're phoning me saying they need my proof of income. If I don't give it to them and the bank finds out they're lying..won't the bank be like.."Too bad, you lied to us. This is your problem now."

I mean I don't care, I will give it to them but I told them not until the Cobalt is out of my name because I don't want to be stuck paying for two cars.

So if I don't give them my proof of income, won't that mean they'll get in **** for lying and I get my Z for free?

ooooooh, this will be an interesting outcome.. its yours.. good luck though, they'll fight you for it.. do you have proof they didnt ask for income stubs etc?? get all your paper work together on this and you might end up very happy.. g/l

The asked for my pay stubs when we were 98% finished the sale..I said.."Oh..you didn't tell me to bring those..I can always bring them tomorrow"

Then he said..."Well, the bank said they don't need it this time." and then i was off the lot.

Now they're calling me back saying they need it. What I'm thinking is these guys are nothing but con-artists. Lying to everyone and they better not be lying to me about taking my cobalt off my hands.

The bank approved me for the finance right?...but now if they deny me for it because I'm not bringing in my pay stub...it's not like the dealership can be like.."ok we need our car back." right? LOL

I doubt the bank approved this.. they probly just put it off in order to get u in the car.. you have every right to hold fast to that car untill they compensate you enough to bring it back in.. stand your ground.. they got caught flying with there pants down...

if you don't prove your income your car will be taken back, sounds like there were some communication gaps:eek:

+1

1) the dealer needs to actually secure a loan with a bank after they have all the paperwork. and it looks like they are having some hard time doing this in your case...
Probably thay will try to negotiate => increase your rates, or ask you for a bigger down payment... if not they will take the car

2) you signed the contract and your bear the responsibility => you agree with all information regarding your income.

If you have no approved loan, then the car is not yours.

I got $20 that says they press mom for more cash.

http://www.davidlockcartoons.com/ima...-cartoon02.jpg

+1.. All the wishfull thinking in the world won't get you the deal unless the proper documention is furnished and approved...

dream on man...you're going to have to give the car back if you dont secure the loan. Dealership can just claim fraud on your part.

You don't get your Z for free. If the bank denys the loan at the agreed upon rate, you have 2 options. Accept the increased down-payment/increased rate or take the car back to the dealership (and get your Cobalt back).

If you choose to take the car back, you're not required to pay for the miles driven on the car ... so, my advice is to drive it and enjoy it as much as you can. Hell, that's good advice even if you're gonna keep the car! :D

Co-signing without your own credit FTL...

He probably is around 17/18...

19

It's not the credit that's the problem. It's the fact that I haven't been at a job for over 2 years, I'm already approved. I can easily just fax the stubs and get everything done. Just waiting for my Cobalt to get out of the way, until then I'm not giving them my stubs.

Hahha...the car's not paid off right? So it's probably not in your name (pink slip). When you receive the pink slip with your name on it, then you know it's yours to keep. Until then the dealer ship owns you! Or your car I mean.

But what I was trying to ask is...does the bank own the car, or does the dealership..pre-loan. That's the MAIN thing I'm asking.

Because if it's the DEALERSHIPS car, and the finance is the bank giving the dealership the money. The bank finds out the dealership was trying to fraudulently take money from them by lying about a customers income (I would get approved either way, they just wanted to make it look good because I just got a new job..been here for 3 months) won't the bank be like..."You lied to us?" I mean, the bank can only take the car away after I get approved and a problem should arise, right? pre-approval what can they do? Nothing has been done, and the car was transfered into my name.

is the pink slip "Transfer of ownership"? :P

me working at a dealership and having these problems before, you are not going to get to keep the Z since the bank loan is most likely not finalized. Worse case scenerio, you will have to just bring back the car.

Usually smaller dealerships know how to cut corners and lie about jobs and income or saying that you are student to get you a loan. Pretty sad but true.

Well, I was doing some researching...and apparently the "we'll take over your lease" is a scam.

Scam #3: "Forget To Pay Off Your Trade In" Scam

"How the scam works: We saw an increase in complaints of this scam in 2005. You trade in your old car which you still owe money on, and the dealer is supposed to obtain a payoff figure and payoff the loan for you and add that payoff amount to your new car purchase. But something horrible happens. Two months later your are shocked to hear the new car dealer did not pay off your old car loan as promised. With this scam dealers effectively pay you less for your trade than they promised or steal it altogether. When the bank calls, YOU are responsible for the loan, not the dealer. The car loan is still in your name, until the dealer pays it off. As far as the bank is concerned, they have a loan with YOU, not a dealer and it's in your name until paid off. Now your credit gets dinged with late payment alerts from your bank. Sue the dealer, the judge will ask to see your contract with the dealer obligating them to pay off your old car loan. Of course there is none."



What I'm saying is, I don't give them my pay stubs, the bank doesn't give the dealership the money for the car, the car is in my name (I've got the pink slip)...the dealership guy text messaged me asking me to lie to the bank (i have proof on my cellphone..the text message).

I heard I could sue the dealership if I can get it in writing that they'll pay off my loan and they don't.