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07-02-2013, 04:38 PM | #15 |
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touche, allow me to add the caveat of never sign anything with a balloon payment either lol
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07-02-2013, 04:51 PM | #16 | |
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Quote:
i.e. READ YOUR PAPERWORK and see if you need to go back in and renegotiate, or you may end up with something much, much worse. |
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07-02-2013, 05:15 PM | #17 |
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I read it all . We are back at this point because I can only do 60 months If 1 use the degree So If I want to do 72 I cant use the degree. . Mind you. .. out of the 500 $ rebate I only was able to use about 240 because they taxed the rebate. . So if I go with cash I can still add on to my down payment. ...
Sorry about the caps I was using the spen on my note 2 (it does what it wants to) lol |
07-02-2013, 07:09 PM | #18 | |
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It is almost always better to make less payments to save on interest as a general rule, however, with auto loans and a decent credit score, the difference of another 12 months interest is almost a non-point. I would say, if they press you and you cannot maintain your current agreed purchase terms, take the 72mo payment (assuming you plan to keep the car for more than the payment term) and see if they will toss in some floormats or something idk, free shit in general. |
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07-02-2013, 07:55 PM | #19 |
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I have 72 but they want to Redo the contract so that with the degree I can only do 60 instead of the 72 I'm doing now. ... basically re sign that I'll pay more. .. I doubt I will and I doubt they want it back with 800 miles on it lol. . I wonder where it will go from there
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07-02-2013, 10:21 PM | #20 |
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what is the difference in payments? $20 a month?
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07-02-2013, 10:44 PM | #21 |
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It's a 500$ rebate your talking about either scrap the rebate and put the 500$ out of pocket or just don't use the rebate or use the rebate and pay 20-50$ more a month either way its not a big deal
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07-02-2013, 11:11 PM | #22 |
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Got it worked out. .just going to put another Grand down
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07-03-2013, 12:50 AM | #23 |
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In my experience with working in a dealership, one thing you may want to watch out for is that a lot of times, finance people cannot get the bank or credit union they were planning on to buy the loan, so they well make up some sort of discount/rebate to get you to come back in, and sign for different payments, terms, etc, while pretending its not about the fact that they can't sell it to a lender, but instead that your new payments and higher APR are better for you, so that they can sell it to a different lender.
In your case, it looks like they probably wrote the paperwork thinking that they could use the college grad on 72 mo, but realized after they tried to approve it through toyota financial services, that they needed it to be at 60 months, and called you in. We ran into that a lot at my dealership, the finance managers didn't seem to care much about learning toyota's incentives. I post most of this to warn anyone else who finds this in a search that might be applicable to this situation, as you have figured out what you are going to do on your deal, and are most likely signed at the time i am writing this. Everyone else, keep in mind that if your finance guy is not going through TFS, most dealerships haven't contacted any lenders when they write your deal. They use a chart of rates vs credit score from each bank to properly place you in a certain lenders program. (unless you go to a dealer that shoots your credit pull to all 40 of their lenders, for an individual inquiry each. That right there screws you). If they miscalculated, or found that your income isn't what was on your application, etc, the lender they chose will refuse to buy your loan from the dealership. They are then forced to have the dealership foot the bill and "finance" the car for you, they can repo it from you, OR they can find a new lender, convince you to come in and sign a new contract with the new lenders terms. SO at that point, you are now contracted to a payment and terms, that the lender they were planning on will not take. So you can hold them to that contract, and they will have to find a way to honor it or take your car, you can hand the car back and say "thanks for the free drive!" or, more doubtful, you have a position of negotiation power somehow, you can use that to get the terms, or free floor mats, or whatever you want. Generally, the only position of power that you can throw at them, is that you might walk away and they will lose the car deal. Keep in mind that many times, it is because of the buyers income, credit, etc that the original lender will not buy your loan, so that won't likely be a power play for them. My whole point here is that technically, yes you are in a binding contract. But, if the entity that you are contracted to cannot hold their end of said contract, you are not really obligated, unless they can find a way to finance the terms in your original agreement. So yes, you can come back in, look over the new agreement, and if you don't like it, say no! Tell them they can honor the original terms, or take back the keys. And you've had your free ride. Most buyers that this happened to, that I have seen, have become emotionally attached in the day or three that they have had their car before the finance guy calls them, and will sign whatever they have to, to get it back. Which is fine by me, but at least take a step back, observe the situation, and negotiate for some free mats or a tank of gas, or something, for "your troubles." Before you sign any contract, make sure that ALL of the terms are truly okay for you! Let me just say that I am by no means a lawyer or expert on finances, but have worked with them long enough in multiple industries, and have seen the ins and outs of a toyota dealership and how they work, to try and offer this advice to anyone who needs it. If someone who reads this has the credentials to "stamp their seal of approval" or correct me in anything i am wrong about, please go ahead and do so! I have no problem being wrong or corrected when necessary, as I will learn from it and remember it as well as anyone else reading along. @KslayFRZ, you are going to love this car, as i'm sure you already know! Plus, don't let anyone convince you otherwise, Asphalt is the best color haha Anyway, this is a long-ass post, and all i was doing was scrolling through the off topic lounge to find the random pictures thread and get some laughs after a long day lol
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Last edited by Batman; 07-03-2013 at 12:50 AM. Reason: I didn't realize actually how long this was until I posted, sorry! |
07-03-2013, 01:14 AM | #24 |
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I appreciate the info. . But by the time I go back in o will have put 500 miles on the car... so would that be in my favor? Or should I just bring in more money for my dp Lower my bill and just bite that bullet?
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07-03-2013, 07:42 AM | #25 |
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this thread is full of win
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07-03-2013, 08:14 AM | #26 |
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Lol
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07-04-2013, 02:28 AM | #27 |
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Sorry, i haven't checked back. I would say that 500 miles or not, they will still be able to sell the car just fine, probably call it a demo.
If i were in your spot, and nothing in the new contract is going to hurt you, put down the money to get to the payment you want, and keep driving. Miles on a new car to me are not a big deal, because I've put all those miles on myself, i know how its been driven and maintained, etc. So as long as your payment is within your budget, you have enough down payment to get there, and you love the car.. sign it!
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07-04-2013, 02:30 AM | #28 |
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You'd by a new car with 800+miles on it?
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