Car dealers and loans, ranting and questions

[formula4speed]

Okay so here's the deal. A little over 2 weeks ago I bought an 02 Nissan Frontier from Porter Nissan at one of those off site sales at Caldor (this is in delaware). Anyway I couldn't afford it in cash so I decided to finance. I traded in my old escort, made a $6,000 down payment, signed my life away and took the truck home. On saturday I get a letter saying they won't approve my loan with a cosignee. Keep in mind they have the title of my old car and they cashed my check already. I told them right up front I didn't have any real established credit and they still didn't see it as a problem since I've had a steady job for about 3 years now. My parents will probably cosign if they really need to, but is this normal? It seems like crap to me that they can take my car, my money and then say I'm no longer approved. I'm gonna call the bank and see what they have to say to me, but what would you guys do?

[Tru2Chevy]

Well, it's a crappy situation, but if they didn't guarantee that you would be approved, I don't think there is anything that you can do.

Good Luck though!

- Justin

[BigAls87Z28]

Go down there and have the contract ripped up and have them give you back your old car. Something similar happend to a coworker of mine.
He was going to buy a 02 Altima and they settled on 350 a month. When he got his first statement, it said $765!!! So he grabbed his lawyer and went down to the dealership. They said to rip up the paperwork and give him back his old car before he sues the dealership.
He had everything in writing. I suggest you ask a lawyer what to do on this. So many dealerships are looking for the sale now that they will skip over a lot of stuff. I had almost the same problem when I got my Maxx. I will NEVER go to a Pine Belt dealer for any other car. Very pushy and very relentless.

[TheWraith]

i'd personally get the car and all my money back and break the deal, but that's me.

[formula4speed]

I really don't want to get my old car back, but I may do so out of principal on this one. I don't think there is really anything I can do aside from raise hell to them. Like I said my parents would probably co-sign and everything would be fine I'm just not happy they would put a customer in this situation. Not everyone has parents who could co-sign a car with them.

[Oddball]

This is either an old scam or they genuinely were careless. Either way tell them to go f-themselves. Either they honor the financing they gave you on sale day or give you back your car and the down payment.

If they were not in their regular offices they should have people able to qualify you for a loan or not on hand for it. They baited and switched you to get the sale as someone pointed out. Now that you have the car you are more likely to do a lot more to keep it than if you had to do the same up front.

[formula4speed]

The only reason I am hesitating is because I already spent $400 on accessories that I won't be getting back and I'm not too happy about that. I'll let you guys know how it all works out.

[9secfirebird]

come to my dealership, ill hook you up

mike

[formula4speed]

I just went through all the paper work I have and basically all it says is they have the right to bend me over the table and screw me. I hate car dealerships...

[formula4speed]

Well guys its all taken care of. The dealership went to bat for me and got the loan approved as I signed for it without having anyone co-sign so all is well in my universe right now. Thanks for all the advice and support.

[Tru2Chevy]

Originally Posted by formula4speed

Well guys its all taken care of. The dealership went to bat for me and got the loan approved as I signed for it without having anyone co-sign so all is well in my universe right now. Thanks for all the advice and support.

Glad to hear that the dealership actually backed you.....2 cool points for them.

- Justin