Nforce1

iTrader: (2)

So a friend of mine went in to purchase a car by herself. She purchased the car on 1/4. She just told me about it today and I asked about the details about the financing... bottom line, shes getting royally screwed.

She went back in today to ask her way out of her car and back into the car she traded in (which she purchased there as well). They told her that they wouldnt do it, and to come back tomorrow to try to re-work some of the numbers when the finance manager was there.

She wants me to go in with her tomorrow to try to get her out of the deal. This is going to be a hard thing to do because the state of Nevada does not have a 72 hour right of recision for car deals. I am going to do the best I can to try to get her out of this new car and back into her Z. If they do not allow her out, then Im going to do the best I can to re-work some numbers for her. They qualified her without verifiying income and based on credit score alone. (Which apparently, she has a good enough credit score to finance her without income verification, but still giving her a 19% rate?!?! ... yeah, I know!)

Does anyone have any suggestions for a way out of this deal? Anything that I can try and say or empty threats that I can pull(probably wont do that, but if they **** me off enough, I might)?


Cliff Notes: Best way to try to get out of a car deal?

Zivman

iTrader: (19)

I had a friend of a friend that wanted to get out of a car deal and basically they are SOL if the docs are signed and she has taken delivery of the car.

In the world today it is buyer beware... I hate to see people taken advantage of, but who's fault is it really? Did they force her into a 19% interest rate lone?

jaspendlove

iTrader: (3)

If she is stuck. Go to a different bank/credit union and refinance.

slapthemonkey

She signed a contract. It's totally up to the discretion of the dealership as to let her back out or not. After 4 or 5 days, the title paperwork is probably already in the works, so I doubt they will do anything.

Best bet is to refinance.

And, just FYI, very, very few states have a 72-hour clause allowing you to back out of a car deal. It exists for other things, but there really isn't much in the way for a car deal. It's signing a contract, and once you do that, most states hold you to it.

davidv

iTrader: (2)

I would suggest throwing a hissy fit in the middle of the showroom with lots of bawling like a baby.

bailey bill

Right answer!

Since she apparently has strong credit, she needs to go to a bank or credit union, arrange a more favorable loan, and pay off the original loan.

She will probably have to pay some added costs, but after all, she really is responsible for her own bad decision.

bill

M_parallel

If she purchased back end product such as warranties, service contracts, or uninstalled ad-ons like paint sealants and lojack, those can all be cancelled.

You can also finance through a different bank, as others have said.

Ziggyrama

iTrader: (15)

I always said education is expensive. It sucks and this may sound harsh but let this be a lesson for your friend. Understand what you're buying and read what you're signing. Good luck with the refinancing, I hope it works out well for her. 19%...damn. I had a 6.5% loan and i just refinanced it to 5.25% and I still think I should do better. Again, good luck.

slapthemonkey

5.25% is awesome these days.

Ziggyrama

iTrader: (15)

Thanks. I'm cheap so if I can pay less, I will My wife works in a credit union so if a good rate comes along, I know about it right away. Another nice perk is that we get processed fast because she's an employee. We get bumped to the top of the stack so I can get the whole thing processed in a day. Not bad.

I think some guys already said this but going with a credit union will be your best shot at getting the bets rate around especially if your friend has a good credit score.

bagwell

Have capitalone.com overnite a check - easy as pie!

also -- if you want to get completely out of the deal, you might try bringing in a crisp $100 bill to bribe sales mgr or finance manager to unwind it. (I actually RETURNED a Mercedes after 9-11 doing this)

slapthemonkey

Capital One sucks.

I wanted to refinance because I don't like my bank.

They offered me 6.5% higher rate, and a year longer term.

Bleh.

Ziggyrama

iTrader: (15)

Well....what's your credit rating?

I just topped my 5.25% rate (that was for my wife's Rav4). I just refinanced my Z for the same term I had left (27 months left on the loan) but I'm down to 4.99%. So, it can be done. Shop around for a good rate and you won't be sorry.

slapthemonkey

It's good...

It's a used car, so it's harder to get a decent rate. 8%'s pretty good on a used car, it's not the rate I don't like.

Just the bank in general.

CRYSTALBOY

Any luck?

psssshtgsx98

i dont know if nevada is anything like pa, but we can only hold like 1 or 2 pts of interest. if its like our laws, she cant have too good of credit to get 19%.