[tnkrenfro]

Check this out.

Purchased my GTO two weeks ago today. Traded on 04 Jeep Rubicon. Since the two weeks have passed, I have been to the dealer twice. One, the GTO signal lights and reverse lights were not working. Two, to pick up my license plate and registration sticker.

Anyway, received a call from the finance guy at the dealership today. Originally, had a drive out of around 31k (including trade, was upside down in trade) and 60 months 0% financing for pmt of 510. The finance guy stated that they had made a mistake. GMAC was not offering 0% on the GTO. Only 2.9% for 60 months. He wants me to come back in and correct the contract.
He stated GMAC kicked back the financing since the dealer messed up.

Now, the original contract has of course already been signed. My trade payoff amount has been paid. My trade has already been sold by the dealership. And the vehicle is already in my name w/ GMAC showing as the leinholder.

My wife is a loan officer for a credit union that does outside lending for many dealership. (not this one) She says that since the contract was already signed and the vehicle is already registered in my name there is nothing the dealership can do to force my to redo the contract. They are going to have to eat the mistake. They asked me to come in thinking that if I didn't know better, I would sign a different contract, therefore voiding the first one.

My wife says that dealers screw consumers so much and would never let a customer out of a contract once it has been signed. I agree with this.

I told the finance guy at the dealer the only way I would come down is if they agree to correct the problem with no change to the payment on length of loan. They will just have to come down on the original price to correct the
problem. The finance guy said he would call me back but hasn't yet.

Is this the right thing to do. Any suggestions?

 

[2004 GTO]

Stick to your guns! :shutme :agree

 

[05GTO]

My wife says that dealers screw consumers so much and would never let a customer out of a contract once it has been signed. I agree with this.

:agree

 

[westell]

that is UNBELIEVEABLE

GMAC was offering 0% up until end of the 30th September

Dealer CAN backdate paperwork too.

I would call the GM Zone office as well as GMAC and pitch a bloody fit

And if you got signed loan papers, screw'em

I'd register a complaint at the BBB, too

let us know an ending to this nightmare.

 

[LarryM]

I dunno here... I don't mean to sound like a wet sheet, but.. two wrongs don't make a right. Screwing your dealer because some dealers screw their customers is not proper justification.

However, as you stated, you do have a signed, sealed, and delivered contract, but I just wouldn't flip 'em off and let them hang if the story is true. I'd want to work to a solution that both parties would be happy with, and I would certainly think your position puts you in the drivers seat (pun intended).

---Larry

ps. One of my favorite new saysing: two wrongs don't make a right, but two Wrights do make an airplane.

 

[TexasRealtor]

Being that your wife works for a credit union, see if she can find out who is the regional GM finance manager for your area. As for the contract, you had better read the fine print. If the lender won't finance it, it may be null and void.

 

[Neo-GTO]

I would normally think you are under no obligation to re-work the deal. Just be sure there is no provision in the contract that would allow the dealer and/or GMAC to revise the interest rates under these circumstances. If there is not, it looks like the problem is between GMAC and the dealer. Its not a matter of screwing the dealer and having two wrongs make a right. Its simply a matter of the dealer agreeing to a deal on the car and signing the contract, and now after the fact wanting to change terms of the contract. Its too late for that unless you are in a giving mood.

For the sake of good relations with the dealer (you may want to have the car serviced or buy another in the future and don’t want to leave hard feelings) you could work out a deal. Maybe agree to re-working the financing in lieu of lowing the price of the car, or get them to throw in a free lifetime maintenance/oil change program or something that could be mutually agreed to.

Best of luck!

 

[SFLGOAT]

Check this out.

Purchased my GTO two weeks ago today. Traded on 04 Jeep Rubicon. Since the two weeks have passed, I have been to the dealer twice. One, the GTO signal lights and reverse lights were not working. Two, to pick up my license plate and registration sticker.

Anyway, received a call from the finance guy at the dealership today. Originally, had a drive out of around 31k (including trade, was upside down in trade) and 60 months 0% financing for pmt of 510. The finance guy stated that they had made a mistake. GMAC was not offering 0% on the GTO. Only 2.9% for 60 months. He wants me to come back in and correct the contract.
He stated GMAC kicked back the financing since the dealer messed up.

Now, the original contract has of course already been signed. My trade payoff amount has been paid. My trade has already been sold by the dealership. And the vehicle is already in my name w/ GMAC showing as the leinholder.

My wife is a loan officer for a credit union that does outside lending for many dealership. (not this one) She says that since the contract was already signed and the vehicle is already registered in my name there is nothing the dealership can do to force my to redo the contract. They are going to have to eat the mistake. They asked me to come in thinking that if I didn't know better, I would sign a different contract, therefore voiding the first one.

My wife says that dealers screw consumers so much and would never let a customer out of a contract once it has been signed. I agree with this.

I told the finance guy at the dealer the only way I would come down is if they agree to correct the problem with no change to the payment on length of loan. They will just have to come down on the original price to correct the
problem. The finance guy said he would call me back but hasn't yet.

Is this the right thing to do. Any suggestions?

They definitely screwed up at the dealership. You need to read the back of your contract regarding errors or omissions, and maybe have your lawyer take a look at it.

The dealer is not providing financing, GMAC is. First of all, the loan terms have to be accepted by the lending instution. Obviously, when your paperwork went to GMAC, they stated the vehicle was not eligible for 0% and will not write the loan at at 0%. Now you have a vehicle in your possession with no secured financing. If the dealer wanted to bust your balls, they could tell you to bring the vehicle back. If you do not want to come in and pay 2.9 for a rate like the rest of us did, I believe the dealer has the option of either voiding the contract and having you return the vehicle, have you pay the correct rate to obtain GMAC financing, or have you get your own financing. The trade issue further complicates return for him. He has to take back the trade from who he sold it to. (another can of worms,) or I belive he has to give you fair market value. (another can of worms) It is possible he did not sell your trade already, he just wants to make it difficult for you to back out of the deal.

You hold the cards here. The dealer in on the hook and he knows it, That is a big shortfall for the dealer to make up, and it is his mistake. It is his call on what to do. Getting 0% obviously made this car more afforadable and spurred your decision to by it, because at 2.9, your monthly payment would be a quite a bit higher. My suggestion is when he calls, if he wants to have you sign new terms for 2.9 with GMAC, tell him you will be happy to. He is just going to have to eat the difference by adding in his mistake to your down payment (as additional dealer discount) as you want your payment to remain the same. That is the deal in writing the salesman (aka iraqi misinformation minister) agreed to. If he is unwilling and things turn ugly, you can also negotiate something with him such as an additional discount in lieu of the 2.9 so he is paying something for his mistake.

Your call

Good luck and let us know how it turns out.

 

[tnkrenfro]

update...

Update.....

Well, the finance guy at the dealership said he would call back once we said that we wouldn't resign the deal. I decided to wait for the call. I figured the ball was in their court. I was prepared to compromise, maybe paying for 1/4 the difference and having them cough up 3/4 the difference. Well, the dealership never called back. Anyway, 3 weeks past, and then started receiving info from gmac with an account number. Well, called gmac automated line and low and behold, the payment due is the same as the original contract. I guess the figured out a way to make gmac take care of the financing with the 0%.

I know that I wrote earlier that I would not compromise since some dealers screw people without a second thought. Well, after thinking about it, I felt that if the finance mgr at the dealer called and said, "He look, we made a mistake. We take full responsiblity. We can't get this finance at GMAC so the contract needs to be redone. If it isn't, then someone might lose there job over it. Since it was our fault, we are willing to give up a free extending warranty or free lifetime oil change." If they said something like this I would have been more understanding and would have gone in to make things right. Instead, I got "hey, we messed up. you are going to have to come in, resign the contract, oh, by the way, your pmt will go up by 40 a month." And then when I told the guy my wife would call him (she is a loan officer for a credit union that does outside loans for some dealerships). When she called, he told her that I forced them into the 0% financing and they did not have a chance to check it since they were getting ready to close. When he realized the worked at a credit union, he said he would call back, and of course we know how that ended.

of course, in the end, i am glad i got the goat for 25600 and 0% for 60 even though i had to go thru some drama to get it.

 

[djdub]

My dealership messed up and gave me the car for almost $100 less a month than what it should be. But they even said, because I signed the paperwork, there is nothing they could do about it. There are laws that protect consumers from companies that try to do this. These dealerships don't want you to call the BBB.

 

[SFLGOAT]

It's great to see both you guys made out on their stupidity :cheers

 

[heatherGTO]

To check this out

This situation happened to me once when I leased my 2002 Pontiac Grand Prix. I signed the lease contract when I picked up my car and I even made a comment about how the payment was lower than what was quoted to me 2 days ago. So I signed and left with the car. 2 days later the finance guy called me to tell me they had given me the lease rate for a Grand Am and wanted me to come back in to sign another contract. I told them no over the phone and the guy threatend me stating "good luck getting your registration". I never went back to sign and I did get my registration. Once the contract is signed there is nothing they can do. They made the mistake.

 

[TexasRealtor]

The bottom line is the dealer wanted to move the car. I'm sure the salesman and the dealership split the loss and the finance guy got his butt chewed.