I purchased my 2004 SCREW Oct 15. The dealership and I agreed on a price of the truck and were working on a finance rate.I held out for two days and they called me back with a rate that I found acceptable.I went and signed all the paperwork and took the truck home. I was called 5 days later and told that I needed to come back in to resign the contract due to a box being initialed for the GAP insurance that I was not getting (by initialing the box it was thought that I wanted tha insurance and it was not added into the contract).When I arrived I found out that the rate we had agreed on and that was on the contract was not what FORD agreed to finance the truck at. The rate was going to be a half point more.Not really a big deal because it only raised the payment $9 more a month,plus I got the gap insurance for free,lifetime oil changes and one free detail. All this after hours of me complaining how could they change the contract after it was already agreed to signed by me and five days had gone by.They told me they had never signed the contract therefore it was not binding.

CAN THEY DO THIS.OR WAS THE 1ST CONTRACT ACTUALLY BINDING

I did resign the new contract with the extra's .

I will never buy from this dealership again although our sales guy was great and was not the one who made the screw up.(it was the finance manager)
I will use a different dealeship for warrenty work.
I will only use this dealership for the lifetime oil changes.



MR

 

You will recieve a questioner in the mail shortly
This means Big Bucks To the Dealer and salesperson
it has to be marked excellent all the way across the board or they get zip .
even where it say would you buy from this dealer again if u marked probably instead of For Sure Yes they get a Failing Grade
Its very usefull for cases such as yours

 

Good question. I think you're the second person on this board that got "approved" at a dealer and then got a call saying Ford somehow unapproved the financing. Seems bogus to me.

The last two times I refinanced my house, the broker screwed up the paperwork and the deal fell through. My interest rate didn't change either time, but the contract that I signed was technically invalid due to the error. So I guess it's possible.

 

They can't do it if you don't let them. I would have them go back to the original rate and keep the oil changes, etc.

I am finance manager at a dealership. It takes a whoping two minutes to redo the contracts. $9 / month times how many months? Every dollar is worth something. If they got a certain percent for you and then marked up rate by 1/2 percent. They get paid off of that 1/2 percent. That is more money in there pocket. The Gap is great but they probably told you it was worth many $100's of dollars...your's for free. It cost them about $90 - $100 for Gap. Oil Changes - not bad. A Detail - a good one is about two hours worth of work for someone in their shop which is being paid just slightly above minimum wage.

Weigh your options out.

It's hard to believe that they never signed the contract! Did you look at your copy? If they didn't, I would hold that contract out and place it directly in front of the OWNER and ask what kind of business is being run here!!! You should not have to suffer because of the incompetency of his/her staff!!!

 

This is getting interesting. I also got called back into the Ford dealer, where I bought my truck 3 days ago, "to correct a paperwork error". I went in this afternoon, and although they didn't really change any figures....payment actually went down by a few cents, they did tell me that Ford Credit wouldn't take my deal for 72 months so they got it through Chase Financial.

I am surprised by all these "after the fact" contract changes I am hearing about here, and experienced myself. I have been trading vehicles every couple of years for well over 20 years and this is all new to me.

 

I have also been buying vehicles on average every 3-4 years and I have never had anything like this happen to me (I have always purchased GM products). I did purchase my first Ford in 1998 an F150 that I had problems with from the start (broken body mounts and paint pealing on the roof and behind the cab)I traded it in 2yrs later for a GMC Jimmy. I swore that this would be my first and last ford product.So when I started looking this year for a new truck I was at the Chevrolet dealership but hated the new light and grill set up.Then I saw a 04 Ford and figured it would be worth giving Ford another chance and so far I love the truck.

MR

 

I “was” usually buying vehicles every few years. Here is the deal as far as contracts go:

If it is that “actual” loan contract, the one with the percentage rate, loan payment amount, etc then that is the FINAL legal binding contract. If you and the dealer sign it that is it PERIOD, it is binding and NOTHING the dealer can do about it.

If the dealer screws up by adding GAP insurance or what ever then it is now a FREE gift to you. The dealer is chit out of luck for their prior oversight.

NEVER, repeat never go in a re-sign a contract UNLESS it is going to lower your payments, interest rate etc. In other words if its in YOU’RE best interest then by all means go in and re-sign it otherwise tell the dealer to kiss your butt and good luck figuring out what they are going to do.

Now, the possible aftermath. Ill regardless what a dealer may say as a scare tactic such as “Ford will not accept your payment” do NOT listen to them. Always send in your payment when due. If Ford does indeed decline to accept it and sends it back KEEP it in a safe place with the envelope etc for future use.

If you follow what a dealer may say and not send in any payments then Ford has the RIGHT to come and repo your new truck.

The bottom line is once the deal is done and the contract is signed it is the dealer’s responsibility to figure out how to get out of their own mess, not yours, your only responsibility is to make your payments on time.

If the dealer continues to call and bug you simple warn them not to call you any more or you will have them charged with harassment…

 

I signed the contract but in the block where the dealer signs they had the dealership name typed in there when I questioned the finance manager who worked the deal with me and he said that there wasn't an actual signature on the contract by them

 

Never finance anything through the guy selling it to you.
The dealer always has a vested interest in the financing
and makes additional money on every deal.

I got better financing (3.9 % for 6 years) through my Credit
Union and was offered 3.85 % from Capital One for six years.
(For the .05% I'll support my small & local CU.)

 

Not unless there are incentives.
I got 3.99% through Capital One/AAA
I got 0.9% incentive through Ford, not to shabby.