Questions on buying Toyotas/Potential Car Salesman Shenanigans

[moondogg]

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It happens. Trade-ins are not supposed to be sold until the contract has actually been funded by the bank. They slip thru the cracks every now and then though. It can get ugly especially if we can't get the guy approved for anything. In that case, you just negotiate a value for the car and realize that guy will hate you forever and you'll usually end up in court defending yourself. You can only recover the value of the car as long as no fraud was involved. In most cases, the dealership will bend over backwards trying to make the customer happy when this stuff happens.

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What dealership do you work for, so I can be sure to stay the hell away from there?

[Bostaevski]

In Washington State the dealership can't do anything with your trade in (aside from getting it ready to sell) until the deal is finalized. Of course, shady dealerships probably sell the car out from under the buyer all the time, or else park it at the sales manager's house, or just put a tarp over it and leave it on the lot.

[spentrent]

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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.

[OrigamiSensei]

This happened to my wife before we were married. She negotiated and held them off for as long as she could and then simply threw the car back. The dealership wasn't very happy about it but they screwed up. Meanwhile my wife got to drive a new car for a few weeks.

[gusmahler]

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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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That's odd. If a dealer put my through that, I wouldn't hesitate to give the car back. Then I'd buy a similar car from a different dealer, and set up the financing up front from my bank.

[pokeraz]

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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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That's odd. If a dealer put my through that, I wouldn't hesitate to give the car back. Then I'd buy a similar car from a different dealer, and set up the financing up front from my bank.

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The thing is, if you are ever in this position, it is because you have bad/questionable credit and you will face the same issues no matter where you buy your car. We all use the same banks and buy our cars for the same price from the same manuf. If you don't pay your bills on time and want to finance, you lose some bargaining power.

[pokeraz]

BTW, if the bank (not the dealer) called for six references, that deal has most likey been approved and they are just lining up a way to find your sister when she stiffs them on payment.

[Ray Zee]

someone with so -so credit probably doesnt have much money. what is she doing buying a new car thats going to depreciate in a day more than she likely has saved up in her lifetime.

but dont worry after she puts a bunch of miles on it they dont want it back. have her stand firm and only respond to written requests and do or say nothing over the phone. good luck.

[Peter Harris]

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someone with so -so credit probably doesnt have much money. what is she doing buying a new car thats going to depreciate in a day more than she likely has saved up in her lifetime.

but dont worry after she puts a bunch of miles on it they dont want it back. have her stand firm and only respond to written requests and do or say nothing over the phone. good luck.

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Yeah, i mean i am surprised they think they have the leverage in this situation. A dealership in the UK does not want a used car returning to them. Once you drive it off the forecourt, you have the aces. If they leant on me i'd tell them to enjoy selling a used car at a much lower price.

[RunDownHouse]

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Once you drive it off the forecourt, you have the aces.

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What does this mean?

From context it seems like, "Once you drive the car from the dealership, you're stuck with it," but I've never heard the "aces" part used that way.