I think the key thing here is that you are talking about a car that is not all that common. If it were a 90's Taurus I would not buy a salvage vehicle at any price, there are too many other cars out there that have regular titles. I'm not even sure that a Mustang is rare enough for me to change my mind but assuming that it is then I'd consider it at half price, certainly not at a higher price than that.
The first thing that came to mind was just like the other guys. 1/2 price of the clean car. There is just no telling what will go wrong with that vehicle.
Folks are saying retail 50% ... but I think that is technically wrong, as long as wholesale is 50%. Because markup is usually a fixed amount. I mean, a dealer isn't marking up $100k cars 10% and $1k cars 10%.
I actually owned one for two years and there is more than a title with red marks.
My insurance co sent me questionaires at least twice per year asking for the VIN.
I have an excellent driving record and they didn't want to lose me, but we're concerned to say the least as to why I had "that" 98 GT Mustang. I'm 59 and this was 7 or 8 years ago.
I got it on a trade from a guy that dealt in airbags and converters who hadn't retitled it so it wasn't marked in red, but some insurance money was paid out on it.
It was correctly repaired and I never had a problem with it. Actually I really liked the car and it showed in maintenance and shine. However, there was always this cloud with insurability and value.
When the tires got thin (rears mostly) and it needed traded in I went to the Honda store. He saw some sign of repair and offered $5k. I left quickly flipping the Pilot keys to the salesman.
I then went to Toyota and traded it for a 4 Runner going along with the salesman who was more interested in getting the sale in before 6 PM than having the car checked out. I asked for $10k and got it. That was Mack's Store in Virginia Beach by the way.
There is the good and bad of salvage as I found out. 50-60% is about right, but you have to really like the car or you'll be disappointed.
Dealers also buy vehicles from the auction. They have same selection to choose from as any brokers because they go to the same auctions. However they will not buy oddball combination models unless they have a solid buyer for one (ie buyer with a deposit), or unless they can pick it up really cheap.
If you hire a broker, then you may be limited to where and when you can test drive it (some auctions let you drive it in their compound, some don't). Also a broker might ask you for a non refundable deposit, because once you buy an auction car, you can't return it unless it was misrepresented.
If I were you I'd go and deal with a reputable dealer that has the vehicle you want in stock. Especially if you're dealing with a long distance dealer, make sure they have good reviews, and good reputation. This way they will be upfront with providing you all the info on the vehicle, so when you arrive to get it there won't be any surprises.
The 50% I suggested would depend upon the car and the repair. First of all, I would have to get bids from wholesalers as it would probably wind up on a buy here pay here lot. If it was a $30,000 car it would be a bigger hit. There is only so much you can do with a 10k car.
I see the argument for 50% but as you say, it doesn't quite make sense to presume markup is the same for every type of car.
with lower priced cars, it's my impression (please feel free to challenge this) that a salvage car is more attractive than an original shabby "beater".
In other words, I came in here under the conception (or misconception) that the pecking order on lower priced cars--ALL IDENTICAL in year and equipment--- is like this:
So if the Mustang shopper won't pay $10K for a pristine used one, and he refuses the salvage car at $7K, he may have no attractive choices whatsoever in the $5000 range, just high mileage beaters.
I will tend to agree with you here because presentation is king. How a vehicle presents itself (shows well) is most important as that's what makes the first impression on a buyer and most buys are emotional rather than rational. After that it's the vehicle's history that counts.
We were talking earlier about repainted cars. In this case a repainted old car will fare better than an exact same beater, but only if the beater has no paint left or looks like it was washed with steel wool. Otherwise a repainted car that's only 5-10 years old and which under normal circumstances had no reason to get repainted would raise red flags and be put at the bottom of the pecking order due to suspicious history.
I've always had the feeling that selling salvage car starts off with "quelling the panic" with assurances. You never start off smoothly selling a salvage car---it BEGINS with suspicion and nervousness.
So lowering the price is one way to calm this nervousness, and showing photos of prior damage is another---but still, that term SALVAGE TITLE is burned into your forehead.
"Whatever gets you into a car cheap comes back to haunt you when you sell".
From all your comments, I'm thinkin' that the higher priced the car, the newer it is, the more luxurious and complex it is, the greater the percentage of penalty for salvage title. Does that seem like a fair statement?
In other words, salvage 2008 Jaguar vs. salvage 1995 Toyota---the Jag is taking the bigger hit both in percentage of book value and in actual dollars of course.
From all your comments, I'm thinkin' that the higher priced the car, the newer it is, the more luxurious and complex it is, the greater the percentage of penalty for salvage title. Does that seem like a fair statement?
I would tend to agree but I've seen many examples where a luxury salvage title car is only about 30% cheaper than a non salvage vehicle. But that's just based on asking prices not actual selling prices. And there are always plenty of buyers wanting a fancy car for a low price, no matter what it's history is, as long as it's presentable.
One of my friends was recenlty looking to buy a late model luxury vehicle. One of the ones he considered was a 2 year old rebuilt Infiniti M35 I think. The price was only about $10k less than a non rebuilt ($20k vs $30k). Keep in mind this is in Canada so prices are more in general than in the US.
I told him it sounded like a great deal but with a vehicle this complex you just might be running into way more trouble than with say a rebuilt compact older car. And that $10k price difference can even out if the vehicle was not rebuilt properly, or if it had other issues before it was rebuilt, and now warranty won't cover it. Not only that, reselling it will be a problem too.
On the other hand I did own a rebuilt Civic for about 4 years. It was a 93 Si coupe. I put the equivalent of about 50k miles on it and the only thing I needed to fix was to replace the clutch. I even drove it from Vancouver BC to LA in crazy august heat, and it didn't cause me any trouble at all like overheating, or stalling. But then again this was a simple vehicle with crank windows, and very few electronics.
a salvage title on a relatively new car is the kiss of death. On a early or mid 90s low end car, it is not going to make much difference as the price is already pretty insignificant. A dirty beater of that vintage will be priced lower than a nice salvage title. Of course, warranty and financing are not a consideration.
You'll probably laugh, but my biggest worry with a salvaged high dollar luxury car would be horrible squeaks and groans that I'd have to listen to forever, and water leaks from seam cracks, or slightly distorted windshield opening.
I was wondering how much room there is for negotiating the price on a CPO vehicle. The asking price is about 26,495 with ~26k miles. It is a CPO. It seems that CPO vehicles are priced higher due to the "additional warranty" but how much of a margin is added and how much is it safe to go lower by so dealers still make a profit?
The markup on a CPO car, as on any used car, will vary from make to make, car to car, model to model, dealer to dealer, day to day, and any other possible way. The markup is driven by market conditions, how long the dealer has had the vehicle, and many other things. The best thing to do is research prices, fair market value, shop competitors and make an offer based on what you have seen and read.
I don't have further info, but I figure they're looking for the traditional car shopper who is looking for a new (previously untitled) vehicle.
MODERATOR /ADMINISTRATOR Find me at kirstie_h@edmunds.com - or send a private message by clicking on my name. 2015 Kia Soul, 2021 Subaru Forester (kirstie_h), 2024 GMC Sierra 1500 (mr. kirstie_h) Review your vehicle
Ok, time for a new question. One that's sure to raise the hackles of the dealers/salespeople.
I went to see a CPO midsized SUV. Nice car, very clean, it's a 2006 but only has 18K on it. I like it, but I don't love it, mainly because it is silver and my present SUV is silver and I wanted a change, and also because it doesn't have leather. I think leather makes the interior of many cars.
I negotiate a little bit, nothing cheapskate/drastic. One offer and one counter offer. I get their asking price of 27K down to 25.8. I sign the contract, sign for them to do a credit check, sign authorizing them to obtain credit for me, and put $500 down on my CC. The salesman was originally asking for 2K down!
I had a little problem with the finance guy. I was told by him that my credit was top tier, over 800. He then started mentioning rates of 7.9%. I didn't confront him on it too much, but I knew he was 2-2.5 pts. too high based on what I had seen on line. He told me those were good rates for a 2006. He said the rates went up as the model year got older.
The salesman and the finance guy were also pushing me to take delivery ASAP. I was originally looking to wait two weeks because I have some money coming and am putting 20K down and financing only $8500. They told me I could have the car ASAP, just come back and pay them the 20K when I get it. Upon questioning the salesman about how this was possible, I learned that there would be two loan contracts, and then when I delivered the 20K in two weeks, one contract would be destroyed.
I am now having second thoughts about the wisdom of spending 26K on a used vehicle and on the whole process, which seemed a little sleazy (mostly the finance guy). I am wondering if I wouldn't be better off buying a smaller crossover SUV from a competitor that I can get new and fully loaded for 26K.
I called today (this all happened yesterday) to question the loan rate.The finance guy was off, as was my salesman. I left a message for the GM, who was "on the phone". When he didn't call me back in about 40 minutes I drove up to see him. A salesman went in the back to get him. After about ten minutes the GM came out to the floor, shook my hand, and kept this salesman at his side. He knew what I was buying. He admitted that it sounded like the finance guy was trying to make an excessive profit. He spoke to the 'senior finance guy", told me to get the best rates I could find for 2006 vehicles, and bring them with me when I picked up the car. He said the dealership would either match the best rates or come very close.
Like I said, I like the car, but don't love it. I wonder about their sales and finance practices, and I wonder if I would be better off with a brand new smaller car. The CPO has 7 yrs/100K warranty on the powertrain, but only 3 mos./3000K on the rest of the vehicle.
The only thing I see on the contract that might allow me to cancel it is a provision that states that if I allow the dealer to help me obtain financing, and the terms are not agreeable to me I can cancel the deal and get my deposit back (Truth in Lending, regulation Z). I also did not get one of the multi-colored snap out copies of the Retail Buyers Order, just a one sided photocopy. The copy says that I agree to the terms on the back, even though there are no terms on the back!
So, walk? Get the GM to unwind it? Tell them that any loan terms they get me are unacceptable to me? Certified letters?
I looked on line for any rights that I might have as far as cancelling the contract, and it seems that I have none. There is no "cooling off period", at least not in NY. But there is talk of GM's being able to unwind deals. This is a large dealership (but empty, at least the two times I was there on weekday afternoons). It is also owned by a large, publicly traded corporation, if that makes any difference.
To make a long story short, technically, no you can't unwind it, and technically they may keep your deposit. And no there is no colling off period on anything anywhere at any time. You guys should know that especially after hanging out in Edmunds car sales forums for so long!
The bottom line is, you weren't sure about the car but you drove it, negotiated on it, and signed a deal on it, and bought it. If you weren't sure you shouldn't have bought it. Now you want to make excuses to back out. Excuse like the finance guy wasn't nice or whatever. That's not a legit reason to cancel anything unfortunately. Ask them to work with a different finance guy if that's the case.
He admitted that it sounded like the finance guy was trying to make an excessive profit.
I find that hard to believe because nobody in any business is ever going to say "yeah my guy was making too much money on you sorry" but I wasn't there with you so I'll let you have the benefit of the doubt and just pretend like it did happen.
He spoke to the 'senior finance guy", told me to get the best rates I could find for 2006 vehicles, and bring them with me when I picked up the car. He said the dealership would either match the best rates or come very close.
So technically your finance rate and handling of your finances is the issue you brought up with them and they are doing everything they can to make you happy. Including offering to match rates you can get on your own.
By the way 7.9% on an 06 model is about right. Don't compare real numbers to advertised stuff you see online because there are stipulation involved with every loan ad. Maybe you can score 5% apr if you finance it for 24 months. Would those payments work for you over 24 months?
Look Chuck. We all make mistakes and buy stuff we're not sure about. With cars it's different cause it's harder to back out. If you ask nicely, then maybe the GM will unwind the deal for you. But if he won't want to play ball then don't be surprised either. Nobody made you sign.
PS: Maybe make up some story that you gotta leave town on emergency work trip for 6 months or you're relocated or something. A deal is not done till you drive over the curb.
Like Boom said in his last line, until you sign the real papers and drive away, the deal is not done.
and frankly, if you aren't sure about the car or the deal, you shouldn't sign anything in the first place. But from your perspective, it is better to back out and figure out what you should do before you are stuck with the wrong car.
just tell them you aren't comfortable after all, and you want to put everything on hold and get your desposit back. And maybe technically they can keep it (although you seem to have found some technicalities!), but in my experience, delaer's almost never try to.
Other than some of their time, you haven't cost them anything, and it is generally a bad business practice (and reputation to get) to force buyers into cars they don't want, and to skate deposits.
Anyway, it isn't like you had them custom order a new pink SUV without AC that they won't be able to sell! In that case, they should keep your deposit.
Oh, and not that it really matters, but I can't think of too many 2006 MY mid size SUVs with a cloth interior that could possibly be worth anything near 26K
Thanks guys. I see your point of view. I wouldn't complain if someone called me a jerk or whatever.
I really would like to just take a step back and wait until the end of the month when I have my 20K in hand and can get my own financing in place.
As far as the price of the car, check out Toyota 4Runners and you'll see the prices. This is a mid level Sport model with V8 and moonroof. Although it's hard to compare used cars, the price is in line with others in my area. It's avehicle with no real competition as far as it's drivability, off road ability, and bullet proof reliability. The Pilot is unibod construction and more of a people hauler. The Cherokee, Pathfinder and Explorer suffer from poor reliability. That said, I am convinced that I will never find a cleaner one with less mileage. I went over the Carfax and it was a local vehicle that went approximately 6000 mles every year as documented by the NYS inspection. It certainly looks like it was garaged too. There is a scratch on the side of the rear bumper, about 6 or 8 inches long, and the tires are half worn. So it dosen't look like it was doctored up.
I know it's a lot for a 2006 vehicle, but with only 18K on it, one owner, and the CPO program, it's not out of line. I must sound like Mitch with his Stealth/Accord with the sheepskins!
I never said the finance guy "wasn't nice". He told me Chase was 7.9, and a credit union that I can join was 7.9. Both of these are untrue and they are quite a bit lower. He was actually very nice, he had a good sense of humor. Everyone I dealt with there, salesman, finance guy and GM had excellent people skills.
The GM asked me what rate the finance guy quoted me. I told him 7.9. He looked a little shocked and asked me if I was quoted that rate after Mr. Finance ran my credit. I said yes. He kind of chuckled and said something to the effect of "he may be trying to make a little extra money off of you, people need to eat", something like that.
1. Let's say I just don't show up to take delivery, stop answering their calls, what can they do?
2. Isn't it strange to let someone drive off owing 20K and telling them to "come and pay us when you have the money"? The GM said they do this for people with excellent credit, and another Toyota salesman from another dealership told me the same thing on the phone. Contrast this with dealers usual attitude of "we don't want a Capital One bank draft, that's not a real check, we have to submit paperwork to be paid".
And yes, all I brought up today was the interest rate, and the GM addressed it. But I would really like to take a step back, wait two weeks for my money to arrive, secure my own financing, and start over. I just have a bad feeling about the deal, not really the car, but the deal, because of their desire to have me take the car ASAP, the finance shennanigans, the fact that they won't even tell me who the lien holder is for me to tell my insurance company. The salesman said just to have the insurance company call him. It just doesn't seem like everything is being done above the board. Am I wrong?
well, if yo uthink you are getting a run around or some kind of flim flam, then you really should take a step back. They won't tell you the lender they want to use? Makes no sense, unless they are really marking up the rate, and don't want you to cross shop them!
THere are also plenty of used cars out there, so another 4runner will come along. Maybe even one in a color you want, with the leather you want!
If you are going to back off until you feel ready, unwind the deal, and get your deposit back (and if they balk, you can dispute it with the CC company, and they will pull the payment).
As to #2) THey do spot deliveries all the time. And you really aren't getting the car without paying. Remember, they plan to have you contracted for the 20K on a loan. They probably hope you never come in with the 20K, so they can get thekickback on the bigger loan!
Thanks again stickguy. The rates they were quoting me seemed aboout two and half points higher than I have seen from the credit union, capital one, bank of america, chase etc.
As to the spot delivery, yes that's what the salesman called it. But he didn't even explain to me that there were two loan contracts, or one loan for the full amount of the vehicle. He just made it sound like I was financing $8500 and when I got the 20K I just showed up and paid them. It wasn't until I specifically asked if there were two loans that he admitted it.
Again, it's the deal. I like to know who I'm getting into bed with. If they told me, "Look, we can get financing for you, but it's gonna be a half a point or a point higher than if you got it yourself" I could live with that, make my decision, and respect them.
If they explained spot delivery, I wouldn't feel that they were trying to pull the wool over my eyes.
I don't want to feel that I'm being mislead or taken advantage of. I was born at night, but not last night!
Ok, So if I want to "unwind" it, what's the best way to do it? Do I have to go back and see the GM? Is it better to send a certified letter? Do I have to do anything except not show up to sign the bill of sale? From what I've read this Retail Buyers order is not a bill of sale.
I have been looking around the web and some of these legal advice website say the contracts are uneforceable, as long as the person hasn't taken delivery. I can't see a dealership suing me to force me to buy a common, popular car.
Im not a pro, but I have been around here for a long time! It sounds like the web sites have it right.
I have in the past been in the sam eboat. Signed a buyers order of some type, and decided after further thought it was a stupid idea. ALl I ever had to do was call and tell them I changed my mind, and they put the car back on the lot and scrapped the paperwork. They should agree to put a credit through on your card, and if you wan to be safe, call the CC company to have the charge removed.
The reason they wanted you to take it on the spot was because most people who buy quasi-upscale SUVs, especially with a V8 demand that it has leather. So this may be an odd model that they know is hard to sell, or already has been sitting on the lot for a while.
Also another good reason they want to roll you on the spot is because there's decent gross in the deal, and since you have prime credit, they know you won't flee without paying.
So 1: oddball hard to sell model with cloth, and good gross in the deal = on the spot delivery.
Talk to the manager and tell them you really want to explore your finance options but can't do that until you get your cash, and that won't be till month end, and you don't want to tie up the vehicle if they have another buyer for it. So until then you'd like to get your $500 back. It might require a bit of effort on your part (going there in person, talking with manager, GM, etc) but it's doable.
They will ask you waht they can do to make the deal sweeter. So you might end up with even better deal than now if you want to go ahead. Good luck.
I've been reading that "buyers remorse" is quite common, LOL.
I don't think I've had such a hard time making up my mind in along time. A few things bug me about the deal, and one or two things bug me about the car, but overall neither category is that bad.
I guess the thing that bugs me the most is that when I went in to see the car the first thing I told the salesman is that I wanted to close the deal around the 28th-30th of the month. This was my first priority. He then went into the spot delivery, drive it home today mode. When I was shopping a new Honda CRV, no one cared when I finalized the deal and picked it up, as long as it was by the 30th. A $500 deposit was all anyone wanted to hold the car.
I know the salesmans/dealers interests are not necessarily aligned with mine. They have to make a profit to make a living, and they make that profit off me. I have no problem with that. But it seems that their interests shouldn't be completely opposed to my interests. The salesman, who is still in his 20s, even told me that at the price I was paying the dealership was only making $200 on the car because they had to certify it. I find this very hard to believe.
I've only met two salespersons in person on this car buying experience, but I spoke to four others on the phone. The best one was the person that seemed the least interested in selling me a car. She had a wall full of plaques for saleperson of the year, Honda Gold Club, blah, blah, blah. She knew her product, but there was no haggling and no real sales pitch, no word games, no "come on down", no "we'll do whatever we can to make this deal happen". She seemed at times disinterested in selling me a car at all, LOL. I just find this pretty amazing. Maybe it is a reverse psychology thing. She has been selling cars for 24 years, 21 at this Honda dealer. It was like-test drive the car, here's the colors I have in stock, here's the price. She was about $100 higher than other Honda dealers, but she was the only one that I felt comfortable with. and no, it wasn't the power of the "V", LOL!
I would still love to hear from other salespeople/dealers. Is this "unwinding the deal" thing common? What would you if someone just refused to show up and take delivery? Do dealers ever take legal action in this situation?
There is also some doubt as to what I signed. It is a contract, but it is not a bill of sale. It is called a Retail Buyers Order.
The laws/rules/regulations seem to hinge on actually taking delivery, signing the final bill of sale, application or title, registration etc., and then driving off in the car. That seems to be the moment that the deal is written in stone.
There are also issues with what paperwork I was given copies of, including getting a copy of only one side of this Retail Buyers Order, when all the fine print is on the back., and there were clearly three or four carbonless copies of different colors and I probably shoulld have been given one of those.
Sounds like a bad case of buyer's remorse. I don't think I have ever bought a car that I didn't get a case of the "wudda, shouldda, coulddas" the next day. Usually the hindsight second guessing fades away as I start enjoying the car.
In the end you have to do what you think is best but if it were me I'd take the car and enjoy it. If you don't like the finance rate check out what is available elsewhere and re-finance when you get your 20K.
If I decided to pull out of a deal like yours I would let the dealer keep at least some of the deposit for his trouble. How much depends on your sense of honor.
2019 Kia Soul+, 2015 Mustang GT, 2013 Ford F-150, 2000 Chrysler Sebring convertible
You're trying to rationalize it but what you are trying to do is break a contract. You're not the first to do this and you won't be the last, but all the wriggling and semantics won't change it. Note that I'm not judging you in any way, just telling it like it is.
In all likelihood you will be able to have the contract set aside and your deposit returned, but I doubt that just not showing up for delivery or not answering your phone will do it. I think the dealership will expect to have you feeling awkward, standing in front of them before they will return your deposit.
Do I think you should follow this course of action? Yes, I think that you are unhappy enough about several aspects of the deal that you should attempt to unwind it. Actually I think you should unwind it even if it means losing your deposit, you're never going to be happy about your experience or with the car, and you should be.
I would still love to hear from other salespeople/dealers. Is this "unwinding the deal" thing common? What would you if someone just refused to show up and take delivery? Do dealers ever take legal action in this situation?
If you do this, it shows that you have a really weak backbone and no character.
Little things I see. If you can get a lower rate - go get it.
If you do want the car and want to want for the $20K, tell them you'll be back in two weeks with the cash and the check from your bank.
Perhaps they want to get the deal done by the end of the month so they can earn some sort of bonus. Further, they don't want you to walk away in two weeks because the car will be off the market for two weeks.
That is exactly why we only take non-refundable deposits. That is the trade off for the dealer taking a valuable asset off the market. The buyer's order is actually a legal document. Most consumer's (including me) have had buyer's remorse. I would also say try and get better financing (Chase Tier 1 is lower) and do the deal. Obviously the car and the price were OK or you would not have done the deal.
Yes, that's exactly all it is, a case of buyers remorse. And you're right, I know from experience that if I take the car, after a week or so I'll be enjoying it and this will all be water under the bridge.
My sense of honor? Well, to be honest, I feel that the salesman and the finance guy have mislead me and led to me since I entered the showroom.
Grandtotal-great insights. You hit the nail on the head.
Thanks for not judging me, but you're right, I'm trying to break the contract.
I think you're right about unwinding it too. I would be driving that car for the next 6 years or so and saying to myself "I should have waited for one in white or black with the leather".
I guess I would get over the color and the cloth interior, but I would always feel like I would not deal with that dealership again. Not that they ripped me off terribly or sold me a lemon, but just that they tried to take advantage of me and seemed less than honest.
I think it shows that my character and backbone are in the same class as the finance guy and the salesman, and, unlike them, it's my $28,500 on the line.
I'll own up to it if I father a child. Doubt there is much to "own up" to here as far as buying a car and changing my mind. You're making it sound like I killed someone with friendly fire or because I was DWI.
Wait a minute - in your reply to oldfarmer you say that if you take the car you will soon be over it and to grandtotal and me you say you will not get over it. Which is it? By the way, from the factory most 4Runners have cloth seats. Leather is standard on the Limited but you will find a few Sports (like my 06) and SR5s with either factory or add on leather. Although the presentation was way wrong it is the dealer's job to make money front and back and to get the car over the curb.
Well go with your explanation then. I thought you just wanted someone to stir up the pot.
I thought you said that you wanted to buy a car and then signed contracts saying that you would. Now you want to back out but don't want to tell anyone. You just want to hide and hope the problem goes away. Is that not an accurate assessment?
Just go to the dealer and say you changed your mind. You would like your deposit back. The few times I've done that there was never a problem. They returned my deposit in friendly manner. Good for business. You didn't have anything customized on the truck so no harm. Did they lose a sale? I suppose it's possible but there is no way to prove that unless someone was waiting for it. You could also leave the deposit and work with them to find another vehicle that you like. Tell them you want a great deal on another used car and work with them for a few weeks. Then if no sale ask for your deposit back. You each give each other another chance to make a deal.
"...I feel that the salesman and the finance guy mislead me and led (lied) to me..."
Of course the question here is why would you do business with people who lied and were dishonest? Why not walk? Or was it that you only realized that they were lying after you got home and thought about the deal?
I've had most salespeople lie to some extent on every deal I've ever done. Some, like lying that the loan rate was 1/2 of what it really was, was despicable. Some other stuff like the old "I'm not making any money on this deal" is mere puffery. The bottom line is, buyer and sellers BOTH lie, it's human nature.
As to your sense of honor, just because someone else is sleazy doesn't mean you have to be. If you think these people were total slimeballs give them very little of your deposit or none, it's up to you. However, if you are killing the deal just because you got cold feet, well you get where I'm coming from.
2019 Kia Soul+, 2015 Mustang GT, 2013 Ford F-150, 2000 Chrysler Sebring convertible
I have been looking around the web and some of these legal advice website say the contracts are unenforceable, as long as the person hasn't taken delivery.
Not true, if you signed a contract and all the elements of a contract are present then it is a legally enforceable contract regardless of if you took delivery or not.
Look at it this way, if you showed up to take delivery of the car and the dealer said no deal what would you think?
That being said will the dealership go through the costs and trouble enforcing it? To be honest the costs won't be covered by the benefits.
2011 Hyundai Sonata, 2014 BMW 428i convertible, 2015 Honda CTX700D
Just spoke to the salesman. He is killing the deal for me. He told me that I didn't need to speak to the GM. He didn't even sound upset. he asked why and I told him that I really wanted a Limited. I told him that my old Pathfinder has leather and the Bose system, and now I want a 4Runner similarly equipped.
I didn't mention my deposit, and neither did he. If I have to tackle that seperately, I will. It's not like I wasted a lot of his time, I was with him maybe an hour, and the place was literally empty of customers.
He agreed to talk to the used car manager or whoever it is that goes to auctions and ask them to keep an eye out for an '06 or '07 Limited with under 40K. He also told me to expect to pay more for it, LOL. But even if it's more expensive, I can walk in in two weeks with cash and financing in place, and the only thing to negotiate is the price. There can be no financial trickery.
These Limited models are hard to find, at least by me.
Actually Moo, I could turn that around and say that if I let them push me into a deal I didn't feel comfortable with, whether it was becuse of the model, the financing shenanigans, or the "must take delivery witin 48 hours" clause (but we like you and we'll give you 3-4 days), THEN I would have no backbone.
I only hid for a few hours, to clear my head, LOL. It took me three days to reach a rational decision about what I really want.
BTW-Car dealer must have some clout if they have managed to keep the cooling off laws out of their business. I guess there are a lot of dealership owners playing golf with politicians. I mean, this is the second biggest purchase most people make.
I kind of suspected they were misleading me/outright lying in the dealership. But I kept my powder dry until I could check my figures. If I followed there "must take delivery within 48 hrs." rule, I would probably be flaming them right now on dealerrater and Edmunds dealer section.
Instead, I thought about for 3 days, realized that I made a mistake (regardless of whatever they did), called them, and quashed the deal.
Now I'm happy, and maybe they will find me the low mileage Limited I really want. And at least I know, with this dealership/these people, I better come in with the cash and financing in place.
Oldfarmer-BTW- I don't lie in my dealings with people. I may not be as old as you, but I'm old enough to realize that most lies come back to bite you in the [non-permissible content removed]. And if you do lie to someone, that person will always be suspect of anything you tell them, even when you are telling them the God's hones truth.
I have had people tell me they negotiated better deals by playing dealer against dealer and lying about the other guys price, but I honestly would not do that. I believe everyone deserves to make a living and if someone tells me that something is their best price, the price is competetive, I haven't caught them in any lies, and the dealership is convenient, THAT to me is a done deal (provided it has the leather, and preferably in black or white!)
Comments
As for your wishlist M35, if it is a rare type there may not be any anywhere.
Wanting a specific used car is often an exercise in frustration.
Quick equation to demonstrate:
nonsalvage Mustang = $6k wholesale; $10k retail asking
salvage Mustang = $3k wholesale (50%); $7k retail asking (70%)
Taking it a step further:
nonsalvage Mustang = $8k selling
salvage Mustang = $5k selling (62.5%)
'11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S
My insurance co sent me questionaires at least twice per year asking for the VIN.
I have an excellent driving record and they didn't want to lose me, but we're concerned to say the least as to why I had "that" 98 GT Mustang. I'm 59 and this was 7 or 8 years ago.
I got it on a trade from a guy that dealt in airbags and converters who hadn't retitled it so it wasn't marked in red, but some insurance money was paid out on it.
It was correctly repaired and I never had a problem with it. Actually I really liked the car and it showed in maintenance and shine. However, there was always this cloud with insurability and value.
When the tires got thin (rears mostly) and it needed traded in I went to the Honda store. He saw some sign of repair and offered $5k. I left quickly flipping the Pilot keys to the salesman.
I then went to Toyota and traded it for a 4 Runner going along with the salesman who was more interested in getting the sale in before 6 PM than having the car checked out. I asked for $10k and got it. That was Mack's Store in Virginia Beach by the way.
There is the good and bad of salvage as I found out. 50-60% is about right, but you have to really like the car or you'll be disappointed.
2013 Mustang GT, 2001 GMC Yukon Denali
If you hire a broker, then you may be limited to where and when you can test drive it (some auctions let you drive it in their compound, some don't). Also a broker might ask you for a non refundable deposit, because once you buy an auction car, you can't return it unless it was misrepresented.
If I were you I'd go and deal with a reputable dealer that has the vehicle you want in stock. Especially if you're dealing with a long distance dealer, make sure they have good reviews, and good reputation. This way they will be upfront with providing you all the info on the vehicle, so when you arrive to get it there won't be any surprises.
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
with lower priced cars, it's my impression (please feel free to challenge this) that a salvage car is more attractive than an original shabby "beater".
In other words, I came in here under the conception (or misconception) that the pecking order on lower priced cars--ALL IDENTICAL in year and equipment--- is like this:
1. Clean "virgin" cars
2. Clean salvage cars
3. dirty old beaters
So if the Mustang shopper won't pay $10K for a pristine used one, and he refuses the salvage car at $7K, he may have no attractive choices whatsoever in the $5000 range, just high mileage beaters.
2. Clean salvage cars
3. dirty old beaters
I will tend to agree with you here because presentation is king. How a vehicle presents itself (shows well) is most important as that's what makes the first impression on a buyer and most buys are emotional rather than rational. After that it's the vehicle's history that counts.
We were talking earlier about repainted cars. In this case a repainted old car will fare better than an exact same beater, but only if the beater has no paint left or looks like it was washed with steel wool. Otherwise a repainted car that's only 5-10 years old and which under normal circumstances had no reason to get repainted would raise red flags and be put at the bottom of the pecking order due to suspicious history.
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
So lowering the price is one way to calm this nervousness, and showing photos of prior damage is another---but still, that term SALVAGE TITLE is burned into your forehead.
"Whatever gets you into a car cheap comes back to haunt you when you sell".
From all your comments, I'm thinkin' that the higher priced the car, the newer it is, the more luxurious and complex it is, the greater the percentage of penalty for salvage title. Does that seem like a fair statement?
In other words, salvage 2008 Jaguar vs. salvage 1995 Toyota---the Jag is taking the bigger hit both in percentage of book value and in actual dollars of course.
I would tend to agree but I've seen many examples where a luxury salvage title car is only about 30% cheaper than a non salvage vehicle. But that's just based on asking prices not actual selling prices. And there are always plenty of buyers wanting a fancy car for a low price, no matter what it's history is, as long as it's presentable.
One of my friends was recenlty looking to buy a late model luxury vehicle. One of the ones he considered was a 2 year old rebuilt Infiniti M35 I think. The price was only about $10k less than a non rebuilt ($20k vs $30k). Keep in mind this is in Canada so prices are more in general than in the US.
I told him it sounded like a great deal but with a vehicle this complex you just might be running into way more trouble than with say a rebuilt compact older car. And that $10k price difference can even out if the vehicle was not rebuilt properly, or if it had other issues before it was rebuilt, and now warranty won't cover it. Not only that, reselling it will be a problem too.
On the other hand I did own a rebuilt Civic for about 4 years. It was a 93 Si coupe. I put the equivalent of about 50k miles on it and the only thing I needed to fix was to replace the clutch. I even drove it from Vancouver BC to LA in crazy august heat, and it didn't cause me any trouble at all like overheating, or stalling. But then again this was a simple vehicle with crank windows, and very few electronics.
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
That, and those electric hard tops....
MODERATOR /ADMINISTRATOR
Find me at kirstie_h@edmunds.com - or send a private message by clicking on my name.
2015 Kia Soul, 2021 Subaru Forester (kirstie_h), 2024 GMC Sierra 1500 (mr. kirstie_h)
Review your vehicle
I went to see a CPO midsized SUV. Nice car, very clean, it's a 2006 but only has 18K on it. I like it, but I don't love it, mainly because it is silver and my present SUV is silver and I wanted a change, and also because it doesn't have leather. I think leather makes the interior of many cars.
I negotiate a little bit, nothing cheapskate/drastic. One offer and one counter offer. I get their asking price of 27K down to 25.8. I sign the contract, sign for them to do a credit check, sign authorizing them to obtain credit for me, and put $500 down on my CC. The salesman was originally asking for 2K down!
I had a little problem with the finance guy. I was told by him that my credit was top tier, over 800. He then started mentioning rates of 7.9%. I didn't confront him on it too much, but I knew he was 2-2.5 pts. too high based on what I had seen on line. He told me those were good rates for a 2006. He said the rates went up as the model year got older.
The salesman and the finance guy were also pushing me to take delivery ASAP. I was originally looking to wait two weeks because I have some money coming and am putting 20K down and financing only $8500. They told me I could have the car ASAP, just come back and pay them the 20K when I get it. Upon questioning the salesman about how this was possible, I learned that there would be two loan contracts, and then when I delivered the 20K in two weeks, one contract would be destroyed.
I am now having second thoughts about the wisdom of spending 26K on a used vehicle and on the whole process, which seemed a little sleazy (mostly the finance guy). I am wondering if I wouldn't be better off buying a smaller crossover SUV from a competitor that I can get new and fully loaded for 26K.
I called today (this all happened yesterday) to question the loan rate.The finance guy was off, as was my salesman. I left a message for the GM, who was "on the phone". When he didn't call me back in about 40 minutes I drove up to see him. A salesman went in the back to get him. After about ten minutes the GM came out to the floor, shook my hand, and kept this salesman at his side. He knew what I was buying. He admitted that it sounded like the finance guy was trying to make an excessive profit. He spoke to the 'senior finance guy", told me to get the best rates I could find for 2006 vehicles, and bring them with me when I picked up the car. He said the dealership would either match the best rates or come very close.
Like I said, I like the car, but don't love it. I wonder about their sales and finance practices, and I wonder if I would be better off with a brand new smaller car. The CPO has 7 yrs/100K warranty on the powertrain, but only 3 mos./3000K on the rest of the vehicle.
The only thing I see on the contract that might allow me to cancel it is a provision that states that if I allow the dealer to help me obtain financing, and the terms are not agreeable to me I can cancel the deal and get my deposit back (Truth in Lending, regulation Z). I also did not get one of the multi-colored snap out copies of the Retail Buyers Order, just a one sided photocopy. The copy says that I agree to the terms on the back, even though there are no terms on the back!
So, walk? Get the GM to unwind it? Tell them that any loan terms they get me are unacceptable to me? Certified letters?
I looked on line for any rights that I might have as far as cancelling the contract, and it seems that I have none. There is no "cooling off period", at least not in NY. But there is talk of GM's being able to unwind deals. This is a large dealership (but empty, at least the two times I was there on weekday afternoons). It is also owned by a large, publicly traded corporation, if that makes any difference.
The bottom line is, you weren't sure about the car but you drove it, negotiated on it, and signed a deal on it, and bought it. If you weren't sure you shouldn't have bought it. Now you want to make excuses to back out. Excuse like the finance guy wasn't nice or whatever. That's not a legit reason to cancel anything unfortunately. Ask them to work with a different finance guy if that's the case.
He admitted that it sounded like the finance guy was trying to make an excessive profit.
I find that hard to believe because nobody in any business is ever going to say "yeah my guy was making too much money on you sorry" but I wasn't there with you so I'll let you have the benefit of the doubt and just pretend like it did happen.
He spoke to the 'senior finance guy", told me to get the best rates I could find for 2006 vehicles, and bring them with me when I picked up the car. He said the dealership would either match the best rates or come very close.
So technically your finance rate and handling of your finances is the issue you brought up with them and they are doing everything they can to make you happy. Including offering to match rates you can get on your own.
By the way 7.9% on an 06 model is about right. Don't compare real numbers to advertised stuff you see online because there are stipulation involved with every loan ad. Maybe you can score 5% apr if you finance it for 24 months. Would those payments work for you over 24 months?
Look Chuck. We all make mistakes and buy stuff we're not sure about. With cars it's different cause it's harder to back out. If you ask nicely, then maybe the GM will unwind the deal for you. But if he won't want to play ball then don't be surprised either. Nobody made you sign.
PS: Maybe make up some story that you gotta leave town on emergency work trip for 6 months or you're relocated or something. A deal is not done till you drive over the curb.
Good luck!
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
and frankly, if you aren't sure about the car or the deal, you shouldn't sign anything in the first place. But from your perspective, it is better to back out and figure out what you should do before you are stuck with the wrong car.
just tell them you aren't comfortable after all, and you want to put everything on hold and get your desposit back. And maybe technically they can keep it (although you seem to have found some technicalities!), but in my experience, delaer's almost never try to.
Other than some of their time, you haven't cost them anything, and it is generally a bad business practice (and reputation to get) to force buyers into cars they don't want, and to skate deposits.
Anyway, it isn't like you had them custom order a new pink SUV without AC that they won't be able to sell! In that case, they should keep your deposit.
Oh, and not that it really matters, but I can't think of too many 2006 MY mid size SUVs with a cloth interior that could possibly be worth anything near 26K
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
I really would like to just take a step back and wait until the end of the month when I have my 20K in hand and can get my own financing in place.
As far as the price of the car, check out Toyota 4Runners and you'll see the prices. This is a mid level Sport model with V8 and moonroof. Although it's hard to compare used cars, the price is in line with others in my area. It's avehicle with no real competition as far as it's drivability, off road ability, and bullet proof reliability. The Pilot is unibod construction and more of a people hauler. The Cherokee, Pathfinder and Explorer suffer from poor reliability. That said, I am convinced that I will never find a cleaner one with less mileage. I went over the Carfax and it was a local vehicle that went approximately 6000 mles every year as documented by the NYS inspection. It certainly looks like it was garaged too. There is a scratch on the side of the rear bumper, about 6 or 8 inches long, and the tires are half worn. So it dosen't look like it was doctored up.
I know it's a lot for a 2006 vehicle, but with only 18K on it, one owner, and the CPO program, it's not out of line. I must sound like Mitch with his Stealth/Accord with the sheepskins!
The GM asked me what rate the finance guy quoted me. I told him 7.9. He looked a little shocked and asked me if I was quoted that rate after Mr. Finance ran my credit. I said yes. He kind of chuckled and said something to the effect of "he may be trying to make a little extra money off of you, people need to eat", something like that.
1. Let's say I just don't show up to take delivery, stop answering their calls, what can they do?
2. Isn't it strange to let someone drive off owing 20K and telling them to "come and pay us when you have the money"? The GM said they do this for people with excellent credit, and another Toyota salesman from another dealership told me the same thing on the phone. Contrast this with dealers usual attitude of "we don't want a Capital One bank draft, that's not a real check, we have to submit paperwork to be paid".
And yes, all I brought up today was the interest rate, and the GM addressed it. But I would really like to take a step back, wait two weeks for my money to arrive, secure my own financing, and start over. I just have a bad feeling about the deal, not really the car, but the deal, because of their desire to have me take the car ASAP, the finance shennanigans, the fact that they won't even tell me who the lien holder is for me to tell my insurance company. The salesman said just to have the insurance company call him. It just doesn't seem like everything is being done above the board. Am I wrong?
THere are also plenty of used cars out there, so another 4runner will come along. Maybe even one in a color you want, with the leather you want!
If you are going to back off until you feel ready, unwind the deal, and get your deposit back (and if they balk, you can dispute it with the CC company, and they will pull the payment).
As to #2) THey do spot deliveries all the time. And you really aren't getting the car without paying. Remember, they plan to have you contracted for the 20K on a loan. They probably hope you never come in with the 20K, so they can get thekickback on the bigger loan!
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
As to the spot delivery, yes that's what the salesman called it. But he didn't even explain to me that there were two loan contracts, or one loan for the full amount of the vehicle. He just made it sound like I was financing $8500 and when I got the 20K I just showed up and paid them. It wasn't until I specifically asked if there were two loans that he admitted it.
Again, it's the deal. I like to know who I'm getting into bed with. If they told me, "Look, we can get financing for you, but it's gonna be a half a point or a point higher than if you got it yourself" I could live with that, make my decision, and respect them.
If they explained spot delivery, I wouldn't feel that they were trying to pull the wool over my eyes.
I don't want to feel that I'm being mislead or taken advantage of. I was born at night, but not last night!
Ok, So if I want to "unwind" it, what's the best way to do it? Do I have to go back and see the GM? Is it better to send a certified letter? Do I have to do anything except not show up to sign the bill of sale? From what I've read this Retail Buyers order is not a bill of sale.
I have been looking around the web and some of these legal advice website say the contracts are uneforceable, as long as the person hasn't taken delivery. I can't see a dealership suing me to force me to buy a common, popular car.
I have in the past been in the sam eboat. Signed a buyers order of some type, and decided after further thought it was a stupid idea. ALl I ever had to do was call and tell them I changed my mind, and they put the car back on the lot and scrapped the paperwork. They should agree to put a credit through on your card, and if you wan to be safe, call the CC company to have the charge removed.
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
Also another good reason they want to roll you on the spot is because there's decent gross in the deal, and since you have prime credit, they know you won't flee without paying.
So 1: oddball hard to sell model with cloth, and good gross in the deal = on the spot delivery.
Talk to the manager and tell them you really want to explore your finance options but can't do that until you get your cash, and that won't be till month end, and you don't want to tie up the vehicle if they have another buyer for it. So until then you'd like to get your $500 back. It might require a bit of effort on your part (going there in person, talking with manager, GM, etc) but it's doable.
They will ask you waht they can do to make the deal sweeter. So you might end up with even better deal than now if you want to go ahead. Good luck.
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
I've been reading that "buyers remorse" is quite common, LOL.
I don't think I've had such a hard time making up my mind in along time. A few things bug me about the deal, and one or two things bug me about the car, but overall neither category is that bad.
I guess the thing that bugs me the most is that when I went in to see the car the first thing I told the salesman is that I wanted to close the deal around the 28th-30th of the month. This was my first priority. He then went into the spot delivery, drive it home today mode. When I was shopping a new Honda CRV, no one cared when I finalized the deal and picked it up, as long as it was by the 30th. A $500 deposit was all anyone wanted to hold the car.
I know the salesmans/dealers interests are not necessarily aligned with mine. They have to make a profit to make a living, and they make that profit off me. I have no problem with that. But it seems that their interests shouldn't be completely opposed to my interests. The salesman, who is still in his 20s, even told me that at the price I was paying the dealership was only making $200 on the car because they had to certify it. I find this very hard to believe.
I've only met two salespersons in person on this car buying experience, but I spoke to four others on the phone. The best one was the person that seemed the least interested in selling me a car. She had a wall full of plaques for saleperson of the year, Honda Gold Club, blah, blah, blah. She knew her product, but there was no haggling and no real sales pitch, no word games, no "come on down", no "we'll do whatever we can to make this deal happen". She seemed at times disinterested in selling me a car at all, LOL. I just find this pretty amazing. Maybe it is a reverse psychology thing. She has been selling cars for 24 years, 21 at this Honda dealer. It was like-test drive the car, here's the colors I have in stock, here's the price. She was about $100 higher than other Honda dealers, but she was the only one that I felt comfortable with. and no, it wasn't the power of the "V", LOL!
I would still love to hear from other salespeople/dealers. Is this "unwinding the deal" thing common? What would you if someone just refused to show up and take delivery? Do dealers ever take legal action in this situation?
There is also some doubt as to what I signed. It is a contract, but it is not a bill of sale. It is called a Retail Buyers Order.
The laws/rules/regulations seem to hinge on actually taking delivery, signing the final bill of sale, application or title, registration etc., and then driving off in the car. That seems to be the moment that the deal is written in stone.
There are also issues with what paperwork I was given copies of, including getting a copy of only one side of this Retail Buyers Order, when all the fine print is on the back., and there were clearly three or four carbonless copies of different colors and I probably shoulld have been given one of those.
Sounds like a bad case of buyer's remorse. I don't think I have ever bought a car that I didn't get a case of the "wudda, shouldda, coulddas" the next day. Usually the hindsight second guessing fades away as I start enjoying the car.
In the end you have to do what you think is best but if it were me I'd take the car and enjoy it. If you don't like the finance rate check out what is available elsewhere and re-finance when you get your 20K.
If I decided to pull out of a deal like yours I would let the dealer keep at least some of the deposit for his trouble. How much depends on your sense of honor.
2019 Kia Soul+, 2015 Mustang GT, 2013 Ford F-150, 2000 Chrysler Sebring convertible
You're trying to rationalize it but what you are trying to do is break a contract. You're not the first to do this and you won't be the last, but all the wriggling and semantics won't change it. Note that I'm not judging you in any way, just telling it like it is.
In all likelihood you will be able to have the contract set aside and your deposit returned, but I doubt that just not showing up for delivery or not answering your phone will do it. I think the dealership will expect to have you feeling awkward, standing in front of them before they will return your deposit.
Do I think you should follow this course of action? Yes, I think that you are unhappy enough about several aspects of the deal that you should attempt to unwind it. Actually I think you should unwind it even if it means losing your deposit, you're never going to be happy about your experience or with the car, and you should be.
If you do this, it shows that you have a really weak backbone and no character.
Is this what you're looking for?
You're a big boy. Own up to it.
If you do want the car and want to want for the $20K, tell them you'll be back in two weeks with the cash and the check from your bank.
Perhaps they want to get the deal done by the end of the month so they can earn some sort of bonus. Further, they don't want you to walk away in two weeks because the car will be off the market for two weeks.
My sense of honor? Well, to be honest, I feel that the salesman and the finance guy have mislead me and led to me since I entered the showroom.
Thanks for not judging me, but you're right, I'm trying to break the contract.
I think you're right about unwinding it too. I would be driving that car for the next 6 years or so and saying to myself "I should have waited for one in white or black with the leather".
I guess I would get over the color and the cloth interior, but I would always feel like I would not deal with that dealership again. Not that they ripped me off terribly or sold me a lemon, but just that they tried to take advantage of me and seemed less than honest.
I think it shows that my character and backbone are in the same class as the finance guy and the salesman, and, unlike them, it's my $28,500 on the line.
I'll own up to it if I father a child. Doubt there is much to "own up" to here as far as buying a car and changing my mind. You're making it sound like I killed someone with friendly fire or because I was DWI.
The price is OK/fair.
The treatment has been terrible-deceptive, rushed and totally against my interests and expressed desires/wants/needs.
I think I'm walking.
Although the presentation was way wrong it is the dealer's job to make money front and back and to get the car over the curb.
You may just have to live with the car.
Well go with your explanation then. I thought you just wanted someone to stir up the pot.
I thought you said that you wanted to buy a car and then signed contracts saying that you would. Now you want to back out but don't want to tell anyone. You just want to hide and hope the problem goes away. Is that not an accurate assessment?
Of course the question here is why would you do business with people who lied and were dishonest? Why not walk? Or was it that you only realized that they were lying after you got home and thought about the deal?
I've had most salespeople lie to some extent on every deal I've ever done. Some, like lying that the loan rate was 1/2 of what it really was, was despicable. Some other stuff like the old "I'm not making any money on this deal" is mere puffery. The bottom line is, buyer and sellers BOTH lie, it's human nature.
As to your sense of honor, just because someone else is sleazy doesn't mean you have to be. If you think these people were total slimeballs give them very little of your deposit or none, it's up to you. However, if you are killing the deal just because you got cold feet, well you get where I'm coming from.
2019 Kia Soul+, 2015 Mustang GT, 2013 Ford F-150, 2000 Chrysler Sebring convertible
Not true, if you signed a contract and all the elements of a contract are present then it is a legally enforceable contract regardless of if you took delivery or not.
Look at it this way, if you showed up to take delivery of the car and the dealer said no deal what would you think?
That being said will the dealership go through the costs and trouble enforcing it? To be honest the costs won't be covered by the benefits.
2011 Hyundai Sonata, 2014 BMW 428i convertible, 2015 Honda CTX700D
Does that clarify my feelings/words? LOL
I didn't mention my deposit, and neither did he. If I have to tackle that seperately, I will. It's not like I wasted a lot of his time, I was with him maybe an hour, and the place was literally empty of customers.
He agreed to talk to the used car manager or whoever it is that goes to auctions and ask them to keep an eye out for an '06 or '07 Limited with under 40K. He also told me to expect to pay more for it, LOL. But even if it's more expensive, I can walk in in two weeks with cash and financing in place, and the only thing to negotiate is the price. There can be no financial trickery.
These Limited models are hard to find, at least by me.
By standing up for what I want, I'll be happier.
BTW-Car dealer must have some clout if they have managed to keep the cooling off laws out of their business. I guess there are a lot of dealership owners playing golf with politicians. I mean, this is the second biggest purchase most people make.
Instead, I thought about for 3 days, realized that I made a mistake (regardless of whatever they did), called them, and quashed the deal.
Now I'm happy, and maybe they will find me the low mileage Limited I really want. And at least I know, with this dealership/these people, I better come in with the cash and financing in place.
I have had people tell me they negotiated better deals by playing dealer against dealer and lying about the other guys price, but I honestly would not do that. I believe everyone deserves to make a living and if someone tells me that something is their best price, the price is competetive, I haven't caught them in any lies, and the dealership is convenient, THAT to me is a done deal (provided it has the leather, and preferably in black or white!)