So I just bought my first car...

[tripods68]

I wouldn't call them as sofar SCAMBUG! They too are trying to make a living. The key is the renegotiation part.

You counter for a much lower renegotiated price. In other words, if their bumping the interest by 2% or $1200 interest cost during life of the financing terms. Use that amount to lower the agreed negotiated price.

In my particular case, they bumped my interest by 1% or $788.00 (5 year term). I asked them to redo the terms and they agreed from $31,500 less $788 = $30,712 new price so that I wouldn't walk away.
If they couldn't do this for you, do the same thing.

[arthurb999]

I wouldn't call them as sofar SCAMBUG! They too are trying to make a living. The key is the renegotiation part.

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I strongly disagree with this statement. Making a living is one thing, not sticking to your word is another.

[disneysteve]

I wouldn't call them as sofar SCAMBUG! They too are trying to make a living. The key is the renegotiation part.

I strongly disagree with this statement. Making a living is one thing, not sticking to your word is another.

I agree with Arthur. This shouldn't happen. You shouldn't have to go back and renegotiate the purchase price AFTER the contract is signed. It is a sleazy, deceptive practice.

[tripods68]

I agree with Arthur. This shouldn't happen. You shouldn't have to go back and renegotiate the purchase price AFTER the contract is signed. It is a sleazy, deceptive practice.

I agree---it's sleazy!

[GREENBACK]

I'll say it again. They are scumbags taking advantage of an opportunity. What they are doing is illegal and they knew they had a "pigeon" they could run this one on. There is nothing honorable here. Somone who does this stuff for a living wouldn't be off on the #'s like they claim to be. If they are, then they are just idiots and should accept their error and learn from this.

[isthisused]

I would return the vehical and demand they return my trade in. I would not want them to proffit 1 dime from me.

[mommyof4]

I just asked my hubby, the lawyer, about this situation. He said that it depends on what is written in the original contract that was signed. Some contracts do state that the terms can be changed upon further investigation into the person's financial situation, and this is becoming more common among many lenders.

[whitestripe]

i am eager to find out what happened!!!???

[disneysteve]

I just asked my hubby, the lawyer, about this situation. He said that it depends on what is written in the original contract that was signed. Some contracts do state that the terms can be changed upon further investigation into the person's financial situation, and this is becoming more common among many lenders.

If that's the case, which is still pretty sleazy IMO, the contract should also clearly state that any trade-in must be returned if the customer does not agree with the new terms. If a deal cannot be reached, the customer should be able to walk away as if the whole mess never happened.

[tripods68]

If that's the case, which is still pretty sleazy IMO, the contract should also clearly state that any trade-in must be returned if the customer does not agree with the new terms. If a deal cannot be reached, the customer should be able to walk away as if the whole mess never happened.

This is exactly what happen in my case. I was angry at first, but at the same, they wanted my business. I have been driving our new 03 Murano 03 for about 4 days when I got the call back from the dealer. Fortunately, they did agreed to lower the price to reflect higher interest cost. If I didn't agree with the new terms I would have walk-a-way.