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Started By
Message
Did I just get a free truck?
Posted on 9/16/14 at 12:54 pm
Posted on 9/16/14 at 12:54 pm
A little over a week ago I went and bought a new truck. I financed it at the dealership, they got me a great interest rate though a local credit union. Well a few days later I get a letter in the mail from the credit union stating that there's something wrong with the loan and they wouldn't buy the contract, but made a counter offer that I'm not agreeing to.
Basically they want to extend the term out so they can make more money on interest.
I have called the finance manager at the dealership more than 10 times now and left him 3 messages asking him to call me back and stating that we need to work on alternative financing because this option isn't going to work for me. He's not returning my calls.
I traded in a vehicle, they have already paid it off from what I can tell.
Do I just keep driving this truck until they get back to me? What are the ramifications of me doing so?
Technically, I don't own it right now. I can go turn it back in. If it takes them 3 months to get back to me and I have 5k miles on the truck, I'm not willing to finance what I was for a truck that has 5k miles on it. What should I do?
Basically they want to extend the term out so they can make more money on interest.
I have called the finance manager at the dealership more than 10 times now and left him 3 messages asking him to call me back and stating that we need to work on alternative financing because this option isn't going to work for me. He's not returning my calls.
I traded in a vehicle, they have already paid it off from what I can tell.
Do I just keep driving this truck until they get back to me? What are the ramifications of me doing so?
Technically, I don't own it right now. I can go turn it back in. If it takes them 3 months to get back to me and I have 5k miles on the truck, I'm not willing to finance what I was for a truck that has 5k miles on it. What should I do?
19
Posted on 9/16/14 at 12:55 pm to Austin Cajun
You didn't sign loan papers?
Posted on 9/16/14 at 12:56 pm to Austin Cajun
Yeah I don't see how they can back out of the contract yall agreed to
Posted on 9/16/14 at 12:56 pm to Austin Cajun
quote:If you found it in LP your pic is floating around the interweb
Did I just get a free truck?
ETA: BTW, nice jersey
This post was edited on 9/16/14 at 12:57 pm
Posted on 9/16/14 at 12:59 pm to Austin Cajun
quote:
Technically, I don't own it right now. I can go turn it back in. If it takes them 3 months to get back to me and I have 5k miles on the truck, I'm not willing to finance what I was for a truck that has 5k miles on it. What should I do?
Not be a scumbag for one.
Posted on 9/16/14 at 12:59 pm to ForeverLSU02
quote:
If you found it in LP your pic is floating around the interweb
ETA: BTW, nice jersey
It's not blue and it's not a Chevy haha
I did sign the loan paper work. I can call the credit union and try to tell them they need to honor it. I don't care if they do or not. I have a bank I deal with on a regular basis ready to go at an even better interest rate and they are willing to give me gap insurance for free.
Posted on 9/16/14 at 12:59 pm to mylsuhat
quote:
Yeah I don't see how they can back out of the contract yall agreed to
Because he signed a form saying that financing had not been completed and he would have to return the vehicle if the financing fell through.
Posted on 9/16/14 at 1:00 pm to Austin Cajun
The finance terms both parties agreed to work both ways.
You agree to pay, they agree to the terms.
I would make the payments on the schedule you agreed to on the finance paperwork to protect your credit.
If you have a bill of sale, you are the owner with a lien from the CU.
You agree to pay, they agree to the terms.
I would make the payments on the schedule you agreed to on the finance paperwork to protect your credit.
If you have a bill of sale, you are the owner with a lien from the CU.
Posted on 9/16/14 at 1:01 pm to Austin Cajun
Same thing happened to me years ago. I had put a number of miles on it by the time they would get back to me and I offered to just give them the truck back. I guess they figured that they couldn't sell it as new any longer and decided to honor the original agreement.
Posted on 9/16/14 at 1:02 pm to BruslyTiger
What I don't get is why can't OP just agree to the terms credit union offered and prepay to where he pays no extra in interest than he would have with original terms?
Posted on 9/16/14 at 1:04 pm to LNCHBOX
quote:
Not be a scumbag for one.
I'm not. I've reached out them every single business day since I left with the truck and they haven't returned a call. At some point, responsibility has to fall on them. It's not my fault the finance manager doesn't answer his phone or return messages.
Posted on 9/16/14 at 1:04 pm to mylsuhat
quote:It's called fine print. If the bank doesn't pick it up, you will finance the vehicle some other way.
Yeah I don't see how they can back out of the contract yall agreed to
Why don't you just pay more down payment so the terms don't have to be extended?
This post was edited on 9/16/14 at 1:06 pm
Posted on 9/16/14 at 1:05 pm to LNCHBOX
quote:
What I don't get is why can't OP just agree to the terms credit union offered and prepay to where he pays no extra in interest than he would have with original terms?
Because why the frick should he have to alter his financial plans because they are trying to back out of a mutually agreed upon contract?
Posted on 9/16/14 at 1:05 pm to Austin Cajun
The finance manager is going to have to find another source to finance it. If they don't and the original credit union bounces the contract back, they will call you to get the vehicle back.
You do technically own it because you signed paperwork and those contracts have no cooldown period (return policy) on them.
They will contact you, but they don't have to. The credit union could fund the contract and everything would be done.
You do technically own it because you signed paperwork and those contracts have no cooldown period (return policy) on them.
They will contact you, but they don't have to. The credit union could fund the contract and everything would be done.
Posted on 9/16/14 at 1:05 pm to Austin Cajun
quote:
I traded in a vehicle, they have already paid it off from what I can tell.
What is making you think this?
Posted on 9/16/14 at 1:05 pm to Austin Cajun
quote:
I'm not. I've reached out them every single business day since I left with the truck and they haven't returned a call. At some point, responsibility has to fall on them. It's not my fault the finance manager doesn't answer his phone or return messages.
If you don't think you should pay the price for a new truck because you drive the new truck for 3 months, you kinda are.
Not saying they are any better, but you're not entitled to a reduction in price for miles you put on it. That's preposterous.
Posted on 9/16/14 at 1:06 pm to LNCHBOX
quote:
What I don't get is why can't OP just agree to the terms credit union offered and prepay to where he pays no extra in interest than he would have with original terms
True, just make the required payment, and send in the difference of the first payment and new payment towards principal
Posted on 9/16/14 at 1:06 pm to Rickety Cricket
quote:
Because why the frick should he have to alter his financial plans because they are trying to back out of a mutually agreed upon contract?
Well, what I suggested in practice doesn't alter it.
Posted on 9/16/14 at 1:07 pm to LNCHBOX
quote:
What I don't get is why can't OP just agree to the terms credit union offered and prepay to where he pays no extra in interest than he would have with original terms?
he didnt say it but they could be wanting a higher rate and longer term
if they lengthened the term but didnt increase the rate, he's dumb for not accepting the counter, but they are dumb for making that counter, so i doubt thats what happened
Posted on 9/16/14 at 1:08 pm to LNCHBOX
quote:
What I don't get is why can't OP just agree to the terms credit union offered and prepay to where he pays no extra in interest than he would have with original terms?
Because going to a longer term also increases the interest rate. Even if I payed the same amount each month that I agreed to, I'd still be paying more, which I'm not willing to do.
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