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Old 08-21-2012, 11:28 AM
 
13 posts, read 72,022 times
Reputation: 11

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I took the vehicle on saturday itself and took it from their space.

The Honda dealership is Route 22 Honda, Hillside, NJ.

And finance dealer told me yesterday, I cannot go anywhere else since the application had already been applied.(not signed though)
And in case if I go out from there, the rate of the vehicle is going to go up. It is not going to be the same as what I had signed for.

Things were pretty bloated up by the finance guy and he told me I can do a re-finance again in 6 months. And when I re-finance, I can get back all the invested money on those incentives and that too compounded.

I guess I am ripped here.

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Old 08-21-2012, 11:34 AM
 
1,041 posts, read 3,004,718 times
Reputation: 775
Did you sign a long pink/white buyers agreement? It will state something like....

"Buyer agrees to make 60 payments of $547 at an interest charge of X.X% payable to First Niagra Corp...."

Did you sign that? If you did, the car is yours. He is saying wait 6 months, because i believe the finance manager can not get paid on the contract unless the buyer makes a minimum number of payments. If buyer pays early, then the finance manager doesnt get paid the commission on the contract.
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Old 08-21-2012, 11:37 AM
C8N
 
1,119 posts, read 3,212,649 times
Reputation: 778
If you did not sign the finance contract... there is nothing binding you to Honda Finance.
I think this guy is taking you for a ride assuming the finance papers are not signed as you stated.

However, as someone else has already mentioned... I do not know of a dealer that will let you take a car off their lot if the finances have not been settled. Not to mention and someone can correct me if I am wrong... your insurance company will also want to know the lien holder before they issue the insurance card.
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Old 08-21-2012, 12:13 PM
 
14,780 posts, read 43,539,935 times
Reputation: 14621
Quote:
Originally Posted by cormalado View Post
I took the vehicle on saturday itself and took it from their space.

The Honda dealership is Route 22 Honda, Hillside, NJ.

And finance dealer told me yesterday, I cannot go anywhere else since the application had already been applied.(not signed though)
And in case if I go out from there, the rate of the vehicle is going to go up. It is not going to be the same as what I had signed for.

Things were pretty bloated up by the finance guy and he told me I can do a re-finance again in 6 months. And when I re-finance, I can get back all the invested money on those incentives and that too compounded.

I guess I am ripped here.

DO NOT SIGN THE UPDATED AGREEMENT...with that said, here are a couple of questions/statments:

1. Did you sign a finance agreement yet? Look through all of your paperwork and see if there is anything that says anything about financing. It must state the company you are financing with, the rate and the term. IF YOU DID NOT SIGN THAT PAPER, then you can get out of the deal. If you don't have that paper, then what you most likely have is a "condition agreement" which will be another smaller piece of paper that allows you to take the car on the condition that you are waiting for final financing. By law, the paper states that the financing is conditional on being accepted by both parties. If that is what you have, drive the car back to the dealer, hand them the keys and tell them to go pound sand.

2. If you did sign the finance agreement, do NOT take the modified deal. First off, "forcing" you to buy additional coverages is absolutely against the law, your interest rate has nothing to do with that other stuff. If they can agree to the lower interest rate then you are under NO obligation to buy the additional coverages and items. If they balk and say they can't remove those items, get copies of all the paperwork, hand them the keys and go contact the attorney generals consumer fraud division. If you don't want to go down that path, then what you do is stick with the original agreement for 10%. As soon as it's official, immediately go and refi at your credit union. This will screw the dealer out of his cut on the financing and you'll get the rate you deserve without spending thousands on coverages and BS warranties that are putting money in the dealers pockets.

Regardless of the outcome, you should report them to the attorney generals consumer affairs division.

New Jersey Division of Consumer Affairs
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Old 08-21-2012, 12:24 PM
 
1,041 posts, read 3,004,718 times
Reputation: 775
Quote:
Originally Posted by C8N View Post
If you did not sign the finance contract... there is nothing binding you to Honda Finance.
I think this guy is taking you for a ride assuming the finance papers are not signed as you stated.

However, as someone else has already mentioned... I do not know of a dealer that will let you take a car off their lot if the finances have not been settled. Not to mention and someone can correct me if I am wrong... your insurance company will also want to know the lien holder before they issue the insurance card.
Some dealerships will most certainly "spot" cars without financing in place, it gives the buyer the impression its a done deal and cant be brought back. This is typically done on deals with a lot of gross, like this one.

Since the Dealership is trying to let you off the hook and trying to force you to buy the extra warranties, i think financing ISNT in place yet.
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Old 08-21-2012, 01:25 PM
 
14,780 posts, read 43,539,935 times
Reputation: 14621
Quote:
Originally Posted by TonyStarksNJ View Post
Some dealerships will most certainly "spot" cars without financing in place, it gives the buyer the impression its a done deal and cant be brought back. This is typically done on deals with a lot of gross, like this one.

Since the Dealership is trying to let you off the hook and trying to force you to buy the extra warranties, i think financing ISNT in place yet.
That's what I'm thinking as well, if they were able to rewrite the agreement so much. They most likely let him take the car on a "condition agreement" pending financing. Since the OP is making such a large downpayment they were able to inflate the interest on the first offer to give themselves a nice payday while keeping the payments in OK territory. Since he balked on the interest rate, they brought the interest rate down, but are now putting in tons of "extras" while still keeping the deal under an acceptable LTV do to the size of the downpayment. They are really trying to screw him over.

If this was me, I think the best thing to do assuming you are on a condition agreement is just take the car back to the dealer, hand them the keys and get your deposit back. They will scream and howl over it, but I wouldn't do business with them at all and there are plenty of other good Honda dealers to take your business to.
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Old 08-21-2012, 01:36 PM
 
1,041 posts, read 3,004,718 times
Reputation: 775
Quote:
Originally Posted by NJGOAT View Post
That's what I'm thinking as well, if they were able to rewrite the agreement so much. They most likely let him take the car on a "condition agreement" pending financing. Since the OP is making such a large downpayment they were able to inflate the interest on the first offer to give themselves a nice payday while keeping the payments in OK territory. Since he balked on the interest rate, they brought the interest rate down, but are now putting in tons of "extras" while still keeping the deal under an acceptable LTV do to the size of the downpayment. They are really trying to screw him over.

If this was me, I think the best thing to do assuming you are on a condition agreement is just take the car back to the dealer, hand them the keys and get your deposit back. They will scream and howl over it, but I wouldn't do business with them at all and there are plenty of other good Honda dealers to take your business to.
I agree, do this.

Cancel the check, drop the keys off.
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Old 08-21-2012, 01:53 PM
 
2,535 posts, read 6,647,087 times
Reputation: 1603
Quote:
Originally Posted by TonyStarksNJ View Post
I agree, do this.

Cancel the check, drop the keys off.
I have to say I have never heard of that(a car leaving the lot without financing), but it definitely sounds like the case here. I stand corrected, sorry for my misleading statement. Bring the car back TODAY!
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Old 08-21-2012, 02:21 PM
 
Location: West Orange, NJ
12,546 posts, read 21,350,868 times
Reputation: 3730
psecu.com has 1.49% on loans <36 months. You can do better than 4% even.

And if you walked off the lot with the car...you financed it somehow.
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Old 08-21-2012, 02:29 PM
 
1,041 posts, read 3,004,718 times
Reputation: 775
Quote:
Originally Posted by bradykp View Post
psecu.com has 1.49% on loans <36 months. You can do better than 4% even.

And if you walked off the lot with the car...you financed it somehow.
not true. I have friends in the car biz. A lot of the sleezier places will most certainly spot cars without financing in place. A clueless buyer comes in, you cant get finincing traditionally through the internet, they need to call an actual loan rep at the bank, but its saturday night, no one to call. So they SPOT the car, tell the guy to comeback Monday to finish the paper work, giving the buyer the impression its a done deal. They don't want they buyer to walk to another dealership and get slightly less raped and end up taking the other dealerships deal.
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