Question about an auto loan?

about 3 wks ago i bought a car at mossy nissan, because of my poor credit i had to have a co-signer , and have to pay a very high interest rate. yesterday i got a letter in the mail from a bank who picked up the loan, but in the letter it says the picked it up but not on the original terms and conditions i requested. the letter says to contact mossy nissan where i bought the car to find out what the counter offer is. i have had the car for about 3 weeks now. is the contract i signed when i drove off the lot legal, my question is do i have to agree to the terms of the bank that is trying to change the contract i signed at mossy the day i drove it off the lot.

Question about an auto loan?

Auto finance is what I do for a living and the answer is yes.

What the dealer did is called a spot delivery, this is when they go ahead and put people in cars based on what they think they can get approved not what is actually approved.

Then when they get the final approval from the bank they have to call the customer in to re-contract.

Your only other option is to give the car back to the dealer.

I do not advocate this because of the ill will it generates, but it is legal.

Question about an auto loan?

i don't know about it.

Question about an auto loan?

car dealers are notaries for taking advantage of people.

What you need to do first of all is call the lender and ask them what kind of term and month payments your account reflects if it is different that what you agreed tell them and they will take it up with the dealer and in most cases not fund the loan so you should be in the clear.

Do you have a copy of your contract?

ryan@robertscreditgroup.com

Question about an auto loan?

Follow SPIFIMANS advice, he da man and he knows!!

Or you can bring it back and tell them the color doesn't match your wife's eyes. Bring her along and have her give the dealer dirty looks, that should scare em.

Question about an auto loan?

Give the car back. Go out and find a cash car. It'll get better gas mileage if its not dragging a payment book behind it.

Put what would have been your payments in the bank.

No payments = cash in the bank.

collect interest. Don't pay interest.

Debt free is the way to be.

Question about an auto loan?

It is legal, it's just shady. I had that from a dealer one time. Got a call and was told %26quot;we cannot offer you the 2.9 interest%26quot;. I told them to have a check for my down payment ready and I was on my way in with THEIR car.

Somehow, the 2.9 interest was ok after that.

You have to be really careful with dealer financing, some of them are shady as hell and enjoy playing the games. I t can be a sales tactic for some. They get you out in the car for a few weeks and then all of a sudden they want a higher payment out of you.