If you aren't familiar with the term "deficiency judgement", I suggest you look it up. Basically, it means he's still responsible for the difference between the balance owed, and the portion they recover from the resale, PLUS any costs associated with the repo and resale.

bill

 

Good luck. I would probably do some sort of ritual involving boiled skulls and snakes before heading over to the dealership.

 

in ohio i am pretty sure its 3 days, you been up there yet im interested to see how this turns out

 

OP keep us informed on what happened.

 

The dealer might take it back.....for $15k Unless your dealership is very understanding and don't care for making money, then you might as well enjoy your Z or bring plenty of lube...

 

So what happened? You have had the car since 31 Jan 09???

 

If ITS A HYUNDAi, hhahaha lol Good luck buddy.

 

so, what ended up happening, today is Monday and no post yet from the OP?

 

I wonder a few things.
1. Is selling someone else's car consider grand theft?
2. Is signing someone else's name called fraud?
Just how old is the OP under 18 then he might have a chance of getting the contract null and void, but if older think there is no chance, IF MOTHER IS TICKED the OP could be sitting in jail facing charges
If so i would not like to be in his shoes, that is a good way to get disowned and kicked out of family home.

 

Interesting thread. I'm curious how it will turn out. I've seen it work both ways.

 

hm. id love to see what the dealership told him.

 

they will probably tell him tough **** or allow him to pick a different car on their lot, and may or may not charge him the depreciation for driving it home (they can always say the miles on the car were test drives, no one would have a way of knowing)

I am going with the tough **** option, we'll see

 

Whats up all, sorry for the delay, been moving also. Dealer would not just take the car back, no big surprise, although if they wanted to I think they could. They did take the car back in full, and apply my trade value to anything on the lot. I got an 09 armada at 10K off sticker. Not to bad, but I bet I could have got it for maybe 12k off if it was from the start.

Still love the Z, maybe as a weekend car if possible. Got to run I'll give a little more info later. Thanks.

 

curious to hear how the numbers worked, how much of a hit you had to take on the Z, and how they tried to disguise it by giving you a discount on the other car (that everyone else probably gets too since they aren't selling)

 

+1

Not that it's technically any of our business, but I'd really like to see how the numbers worked on this one.

 

California law doesn't offer a cooling off period, so once you sign a contract and you take delivery of the car it's yours. If the banks won't finance you then you have to return the car and the dealership takes a hit (that's why dealerships will do anything to make sure the deal sticks).

Either way, the vehicle you drove off the lot would be sold as new but it's called an unwind. (for various reasons the financing for the vehicle didn't work out), So being that the vehicle is already at a loss dealerships are willing to bargain more on these vehicles.

Our dealership actually offers a three day exchange period on used vehicles, but it doesn't apply to new.

 

The Z was returned in full. I asked if they would resell as new, but the gm said they could not. Which I think is bs. I'm wondering if the trade not being signed over made the deal void, or non existent? They did have to call the regional manager to take the other car back. My guess is the car is going to be sold as new.

I think the GM was BS as much as possible because I could have returned the car. Maybe I should have pushed more and see what happened? The all new transaction papers were 6500 for old my trade, which was the same. 09 armada at invoice, minus holdback, minus 4500 dealer cash. It was a completely new deal not involving the z. I bet I could have returned it for my old car if I pushed. If I see them reselling it for new, wonder if I should call out the GM about BSing, because I did say I wanted my old car back.

 

I say let it be. you're lucky enough that they let you give the Z back scott free, that was really cool of them. it's really not a big deal if they sell it as new, because it is technically new .. is it really their fault you are fickle? it's not like you abused the crap out of it in the 20 miles you had it, right?

why do you sound discouraged when you just got extremely lucky? I'm surprised they let you do what you did.

 

If the car has be titled, its used. So its not when you drive it off the lot, its when it gets registered. it can have 1500 miles on it as a demo and be sold as a new car. In Fl if you take delivery of the car, its yours. The 3 day cooling off period does not exist if you came to them to buy the car. If the salesman knocked on your door to sell the car, you would have 3 days to return it.

 

Nope, babied it, although I think the clutch or trans has something off, the finance manager did a quick test drive and agreed. Really just wanted my old car back. Thats why I was wondering if i should have demanded it. It would have been cool of them to do that.