Re: Questions on buying Toyotas/Potential Car Salesman Shenanigans
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I was a finance manager in a dealership for 10 years.
The laws will vary state to state. I am only familiar with AZ and this is very common here. However, it is not a 'tactic'.
Here, we send people home in cars without having first secured financing. We're pretty good at what we do though and can very accurately judge what banks will approve and what they will not. We'll then write a contract based on that. However, occaisionaly we get it wrong and the bank will require different terms in order to approve a loan. A deal is not a deal until the contract is purchased by the financial institution. So, if the bank approval differs from what the contract is written at, we will need to write a new contract. That often means more money down or a different interest rate or even a change in the number of payments.
Of course, you do not have to sign a new contract. You can give the car back though this rarely happens because as stated above, people fall in love with the car and usually will do anything to keep it.
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Scumbag.
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