01 dealer REALLY screwed up and shorted themselves $2000
Senior Member
Joined: Sep 1999
Posts: 421
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From: minnesota
I would approach them with what you suggested above. Make payments to them over 60 months at the same interest rate you are paying on your truck. They may not like it, but they do need to take some responsibility for thier mistake. If everyone keeps thier composure there should be a way to come to a reasonable agreement.
Brian
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99 red lightning, bassani complete system #1610 of 4000
2001 Lightning, SVO throttle body
2000 super duty v10
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Brian
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99 red lightning, bassani complete system #1610 of 4000
2001 Lightning, SVO throttle body
2000 super duty v10
Cobra "R" #131 of 300
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Member
Joined: Apr 2000
Posts: 99
Likes: 0
From: Webster, NY
BaBolt
My opinion is its there mistake, tell them you would be glad to send them a check every time you make a payment, no interest.
Also just make sure that they are not pulling a scam like the one below, I got that here.
http://www.carbuyingtips.com/scams.htm
Good luck
Eric
SCAM # * FOLLOWS*********************************
Scam #8: The "Bait & Switch APR" Scam a.k.a. "Spot Delivery Scam"
How the scam works: You trade in your old car for a new one, and the "LieNance" manager says he was able to get you a good APR of 9%, and hands you the keys, and you take your on the spot delivery and drive home. Two weeks later after you put 500 miles on the new car, they call you saying "Sorry, you didn't qualify for the interest rate we signed you up for". This is where "subject to financing" clauses on contracts bite you in the butt. Everyone thinks that just because you sign papers and drive off that the deal is done. But it's far from done. They knew what you qualified for before you signed, or they'd never let you drive off with the car. Your credit union will print your credit history within 5 minutes and approve you in 10 minutes. So why the problems with the dealer's bank? There really is no problem, it's a scam. There is a phrase on all buyers orders stating "subject to loan approval". This Jedi mind trick means: "The deal is not final, even though you signed this contract." Most dealers have this phrase on their closing papers. They'll call you and tell you that you must produce an additional $1000 AND your payments would go up $50/month. They usually pull this scam on people with bad or spotty credit, because it's so believable, and dealers will get the least resistance from this Jerry Springer crowd. So why would they tell someone with bad credit that they got them 9% APR when they knew damn well the buyer would not qualify for anything but 18% APR? To sell the car! Hello! Anyone home?
In some cases, people have emailed us that they bought a car with a check from their own credit union. The dealer then called the next day and said the buyer needed to come in and "do another credit application" for a higher APR. Whoever was in charge of that scam was unaware the buyer had financed through their own credit union and NOT at the dealer. In Washington state, they would be breaking the law! But most states have no laws about this. In Washington, they have 3 days to finance your deal or they must give back your trade in, deposit, and take the car back.
How to avoid the scam: This one is very simple to avoid. DON'T FINANCE AT THE DEALER. Read our chapter on How to finance your car or use a credit union instead. By bringing in your own financing, you won't have to endure all the monthly payment quotes and scams, and the deal will be conducted the way it's supposed to be: based on the selling price of the car, not based on the monthly payment. The minute they start negotiating the car by monthly payment, it's time to leave, as fast as your little feet can move you. They are trying to condition to you to a monthly payment, while shielding you from the actual selling price. But if you do finance through a car dealer, leave a deposit on your credit card, and do not take delivery of the car until the coupon book arrives. Once that happens, you know the bank has accepted your loan and processed it. Sure they hand you the keys and say it's all right to drive off right now with the car, but don't do it. Do Not Do It!
My opinion is its there mistake, tell them you would be glad to send them a check every time you make a payment, no interest.
Also just make sure that they are not pulling a scam like the one below, I got that here.
http://www.carbuyingtips.com/scams.htm
Good luck
Eric
SCAM # * FOLLOWS*********************************
Scam #8: The "Bait & Switch APR" Scam a.k.a. "Spot Delivery Scam"
How the scam works: You trade in your old car for a new one, and the "LieNance" manager says he was able to get you a good APR of 9%, and hands you the keys, and you take your on the spot delivery and drive home. Two weeks later after you put 500 miles on the new car, they call you saying "Sorry, you didn't qualify for the interest rate we signed you up for". This is where "subject to financing" clauses on contracts bite you in the butt. Everyone thinks that just because you sign papers and drive off that the deal is done. But it's far from done. They knew what you qualified for before you signed, or they'd never let you drive off with the car. Your credit union will print your credit history within 5 minutes and approve you in 10 minutes. So why the problems with the dealer's bank? There really is no problem, it's a scam. There is a phrase on all buyers orders stating "subject to loan approval". This Jedi mind trick means: "The deal is not final, even though you signed this contract." Most dealers have this phrase on their closing papers. They'll call you and tell you that you must produce an additional $1000 AND your payments would go up $50/month. They usually pull this scam on people with bad or spotty credit, because it's so believable, and dealers will get the least resistance from this Jerry Springer crowd. So why would they tell someone with bad credit that they got them 9% APR when they knew damn well the buyer would not qualify for anything but 18% APR? To sell the car! Hello! Anyone home?
In some cases, people have emailed us that they bought a car with a check from their own credit union. The dealer then called the next day and said the buyer needed to come in and "do another credit application" for a higher APR. Whoever was in charge of that scam was unaware the buyer had financed through their own credit union and NOT at the dealer. In Washington state, they would be breaking the law! But most states have no laws about this. In Washington, they have 3 days to finance your deal or they must give back your trade in, deposit, and take the car back.
How to avoid the scam: This one is very simple to avoid. DON'T FINANCE AT THE DEALER. Read our chapter on How to finance your car or use a credit union instead. By bringing in your own financing, you won't have to endure all the monthly payment quotes and scams, and the deal will be conducted the way it's supposed to be: based on the selling price of the car, not based on the monthly payment. The minute they start negotiating the car by monthly payment, it's time to leave, as fast as your little feet can move you. They are trying to condition to you to a monthly payment, while shielding you from the actual selling price. But if you do finance through a car dealer, leave a deposit on your credit card, and do not take delivery of the car until the coupon book arrives. Once that happens, you know the bank has accepted your loan and processed it. Sure they hand you the keys and say it's all right to drive off right now with the car, but don't do it. Do Not Do It!
Senior Member
Joined: Apr 2001
Posts: 181
Likes: 0
From: Downriver Area, MI USA
Southgate! That just figures! They screwed up my paperwork so bad for my turn-in vehicle that I was about to kill somebody when I went in to straighten it out (for the 4th time). I'll NEVER buy another vehicle from them, I don't care if they're the last dealer in Michigan.
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Stevie-Ray
00 Red L #3460
JL Stage 2 Ram Air
Clear tails
Custom mats
ARE LSII
Bedrug
Keypad entry
Homedics Back Expert 2000
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Stevie-Ray
00 Red L #3460
JL Stage 2 Ram Air
Clear tails
Custom mats
ARE LSII
Bedrug
Keypad entry
Homedics Back Expert 2000
Senior Member
Joined: Jul 1999
Posts: 2,303
Likes: 0
From: Chesapeake, VA USA
After reading Eric Sapp's link on car scams I'm beginning to think you may have gotten away with a dealer scam on the dealer. LOL! If they are anything like those in the link I'd smile and walk away.
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Red '00 Lightning,
Power Surge Performance enhanced,
375 RWHP,
445 RWTQ,
12.974@104.818
Track Videos
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Red '00 Lightning,
Power Surge Performance enhanced,
375 RWHP,
445 RWTQ,
12.974@104.818
Track Videos
Senior Member
Joined: Jun 2000
Posts: 919
Likes: 0
From: At the Gas Pump!
BadBolt, I'd do just what you're doing. You owe them a certain amount of money, and you intend to pay...however, their screwup shouldn't cost you money. I'd go to one of the online debt calculators and find out how much more the payments would be for the full amount. Subtract your current payments, and offer to pay them the difference monthly. Of course, if they want to refinance through Ford Motor Credit at, say, 4.9 or less, I might would go for that. Whatever you do, get all your facts and figures before they try to confuse you (they will try!) Good Luck!
Senior Member
Joined: Jan 2001
Posts: 337
Likes: 0
From: SaN AnGeLo
walk away..they screwed up not you. do you know how many people they must have ripped off? every car dealer in the world pulls a scam of some sort. dont be stupid and pay money for there mistake. just tell them to **** and sorry but your sol!
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97 4.6L F150 Super Cab Lariat
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Soon To Come:
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Far Future:
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------------------
97 4.6L F150 Super Cab Lariat
Current Mods
- Billet Grille
- PIAA 9007's
- APC Euro Altezza tailights
- APC 5 Color indiglo gauges
- trenz billet antenna
- dual exhast
- APC clear corners
- Glowing ford logos (front and back)
- Lighted Pinstripe
- Chrome Wiper Arms
- Ventshades
Soon To Come:
- Wings West Ground Effects
- New paint job with shaved gas tank and handles
- carbon fiber dash kit
- billet aluminum vents and ac/heater *****
- Superchip
- Airforce 1 intake
Far Future:
- 20 inch Titans or T-rex's
- Bagging it
- Hella loud system
Senior Member
Joined: May 2000
Posts: 1,429
Likes: 0
From: SoCal
PFA, BadBolt
Why don't we arrange a Lightning day at Milan or Lapeer....
I wanna get out one more time b4 I start adding mods.
BadBolt....not sure what I would do in your situation. I can tell you that I sure as hell would NOT take the money out against my credit card....it was THEIR fault.
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2000 Red Lightning
95 Saleen S-351 Convertible/Triple Black
97 Kawasaki Vulcan 800 Classic
Why don't we arrange a Lightning day at Milan or Lapeer....
I wanna get out one more time b4 I start adding mods.
BadBolt....not sure what I would do in your situation. I can tell you that I sure as hell would NOT take the money out against my credit card....it was THEIR fault.
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2000 Red Lightning
95 Saleen S-351 Convertible/Triple Black
97 Kawasaki Vulcan 800 Classic
Banned
Joined: Oct 2000
Posts: 570
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From: Florida
BadBolt - I doubt they'd bother to take it to court. What would they be proving if they did, that they can't do math. That's not your fault and they'd look pretty silly. The paperwork is signed and money has changed hands. It's pretty much a done deal.
I guess it will come down to your personal ethics and if you plan on doing business there in the future. You've said you want to make it right and that's commendable. Hope you figure out a way to do it without taking it in the shorts along the way.
Just for fun, ask them if you found that they had made a 2K error in their favor if they'd be as eager to cut you a check. Probably not.
Good luck.
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Rick
SVT Performance
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I guess it will come down to your personal ethics and if you plan on doing business there in the future. You've said you want to make it right and that's commendable. Hope you figure out a way to do it without taking it in the shorts along the way.
Just for fun, ask them if you found that they had made a 2K error in their favor if they'd be as eager to cut you a check. Probably not.
Good luck.
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Rick
SVT Performance
Moderator 2nd Gen Lightnings
White 00 #2236 of 4966
My Mods & Web Page
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Banned For Rules Violations
Joined: Mar 2001
Posts: 1,585
Likes: 0
From: Mobile, AL, USA
Ethically and Morally you're responsible for the repayment of the 2k, but lawfully you're actually not now (paper agreements always overrides verbal agreements). Even so, if you decide to pay them back you are *not* responsible for paying them interest. The real interest gainer here should be through the bank you financed it through, but since you didn't finance the 2k then they don't get it either.
If you feel obligated to pay this back, ask your bank to void out the original loan, and refinance you what you want to pay, and ask that your interest and payments you have made be applied towards your new loan. If they value you as a customer they should not mind doing this. If they do, then put the burden on the dealer to pay off your existing loan and refinance you for the full amount at a lower interest rate for your problems in this.
You owe them 2k on a handshake, and on paper you owe them nothing. Ultimately you win no matter what you do. You got a great deal on a truck, regardless.
Have fun!
BfB
If you feel obligated to pay this back, ask your bank to void out the original loan, and refinance you what you want to pay, and ask that your interest and payments you have made be applied towards your new loan. If they value you as a customer they should not mind doing this. If they do, then put the burden on the dealer to pay off your existing loan and refinance you for the full amount at a lower interest rate for your problems in this.
You owe them 2k on a handshake, and on paper you owe them nothing. Ultimately you win no matter what you do. You got a great deal on a truck, regardless.
Have fun!
BfB
Thread Starter
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Senior Member
Joined: Jun 2000
Posts: 857
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From: Downriver, Michigan
** UPDATE **
Called the dealer today and they admitted that the salesman entered the wrong amount on the check. I called the lender and they said there is nothing they can do about this; the dealer also called with the same answer. The salesman asked if I could get a loan from my credit union to pay them. He said you would pay more interest probably than the great rate you got. They don't care that I will be paying more to correct the wrong. They don't want to amortize a 60 month loan; and, my credit union will not loan me 2K for that amount of time. 18 months is what I could get it for. That would put me at a $125 monthly payment. Sorry, it ain't going to be that way. The salesman told me the dealer would make him pay for it. What a frickin' mess!
Called the dealer today and they admitted that the salesman entered the wrong amount on the check. I called the lender and they said there is nothing they can do about this; the dealer also called with the same answer. The salesman asked if I could get a loan from my credit union to pay them. He said you would pay more interest probably than the great rate you got. They don't care that I will be paying more to correct the wrong. They don't want to amortize a 60 month loan; and, my credit union will not loan me 2K for that amount of time. 18 months is what I could get it for. That would put me at a $125 monthly payment. Sorry, it ain't going to be that way. The salesman told me the dealer would make him pay for it. What a frickin' mess!
Banned For Rules Violations
Joined: Mar 2001
Posts: 1,585
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From: Mobile, AL, USA
It's time for you to call the General Manager of that dealership and lay it on the line. If they want their $2000, they will have to finance you, pay back your interest you have accrued on your current loan, and refinance you for the same rate or better, otherwise you're not legally liable for this. They can take that or leave it. I would assume they would take it.
BfB
BfB
Senior Member
Joined: Jan 2000
Posts: 711
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From: Coal Valley,IL
I really agree with BfB on this one. It was their mistake. If they are 'bent' on making you pay up, it MUST be on YOUR terms. Don't take the salesman's word that the dealer is going to make HIM pay for the difference, I would say that is a scam to 'pull at your heart strings'. If they insist on playing games, you could probably walk away, and leave them with no leagal recourse. Just my .02, with an extra .25 thrown in for good measure. 
Good luck BadBolt.
Jake...
Good luck BadBolt.
Jake...