Buying my first used car? Little help please?

monkeyddrakemonkeyddrake Member Posts: 12
edited May 2016 in Nissan
Hey so I'm financing a used car and went to a dealership on Saturday and applied through them and got approved for a loan to get the car I wanted. I am to go this Friday and put my down payment and sign for the car and etc etc.

I then decided to go through my bank as I'm more comfortable with them and they gave me a list of dealers. On this list I found a much better deal for the car I want and I intend to buy this one instead.

My concern is this, I have NOT YET signed for the car in the first dealership, I haven't put any money down, not even to "hold" the car with a small incentive. I didn't buy into any of that. (Cars still there). So since technically, nothing is binding me to that car, no contracts or anything, can they still bill me for making license plates? Or can they charge me for any dealership fee's?

Today I am going to the dealer I chose through my bank, and I'm going for that car. So I would like to call the first dealer and inform him that I am no longer interested in the car and would like to just cancel everything ( there's really nothing to cancel, but out of courtesy). I'm just afraid he'll say that he already started some kind of process and I'll have to pay for license plates or something?

Thanks in advance!

Comments

  • isellhondasisellhondas Issaquah WashingtonMember Posts: 20,338
    Why don't you level with the first dealer and at least give them a chance to match that price?

    If the price is legit they should be able to match it in order to save the deal.

    This is exactly what happens when a dumb store fails to "roll" the car. The "buyer" shops the deal and the store that did all of the work loses the sale. If the loan was approved they should have spot delivered the car. They should have known better. If the bank rate was less, ask them to match that too. If they can't do this, just finance using your bank. The store can handle that too.

    That store spent time with you. At least call your salesperson and give them a chance to save their sale.
  • cmhj2000cmhj2000 Se, Pa.Member Posts: 381
    If there's no money down and nothing has been signed, it should not be an issue. But a phone call will answer your questions or see if they try anything. Y'u've already learned one lesson, shop thru your bank..
  • isellhondasisellhondas Issaquah WashingtonMember Posts: 20,338
    Shopping through your bank isn't always best. Stores that give banks a lot of business can often match or even beat the bank's rates.

    " It should not be an issue"

    Unless a person values the sincerity of a handshake. The poster should give that store a chance to save the sale.
  • monkeyddrakemonkeyddrake Member Posts: 12
    Well the reason I'm leaning away from the first one, and the reason I don't think he'll be saving the deal is cause of this.

    1st dealer:
    Car - 2013 Nissan Altima - $12,500 - 52k miles - 1500 down payment (puts me in a small bind financially, nothing to serious, but would delay some other things)

    2nd dealer:
    Car 2013 Nissan Altima - 10,995 - 27k miles - 0 down, fully covered by my bank for cost of vehicle, fees, taxes, plates, etc etc) (Meaning I can breath a little better knowing I can take care of everything without stretching my wallet)

    So even if the 1st dealer were to match everything, I still have to drop 1500 that I could better use elsewhere, and the car has nearly double the miles too. It doesn't make sense to buy his car.

    Any thoughts or advice on that? Thanks again.
  • monkeyddrakemonkeyddrake Member Posts: 12

    Shopping through your bank isn't always best. Stores that give banks a lot of business can often match or even beat the bank's rates.

    " It should not be an issue"

    Unless a person values the sincerity of a handshake. The poster should give that store a chance to save the sale.

    I agree to an extent with you, but no hands were shaken. It was in the spur of the moment. He ran my credit, I got a hard inquiry, I got approved. Nothing went beyond that. He gave me til friday to get him the down payment which I can do and planned on doing. But now I'm going for a better option and do intend to call to inform them I'm no longer interested.
  • isellhondasisellhondas Issaquah WashingtonMember Posts: 20,338
    Shame on me for not reading your post more carefully! I missed the USED part!

    Makes this a different ball game UNLESS the second store lowballed you. This happens.

    I don't think you are on the hook for anything. Just call them and tell them you've change your mind.

    This is EXACTLY why smart stores ALWAYS "roll" the cars they sell AT the time of sale!

    Good Luck!
  • monkeyddrakemonkeyddrake Member Posts: 12

    Shame on me for not reading your post more carefully! I missed the USED part!

    Makes this a different ball game UNLESS the second store lowballed you. This happens.

    I don't think you are on the hook for anything. Just call them and tell them you've change your mind.

    This is EXACTLY why smart stores ALWAYS "roll" the cars they sell AT the time of sale!

    Good Luck!

    Thanks! What does "roll" the cars mean? And the 2nd store hasn't lowballed or anything. They're price for the car is 10995 before any negotiation or offers or anything. It is already cheaper and half the miles of the first dealer.
  • isellhondasisellhondas Issaquah WashingtonMember Posts: 20,338
    " Rolling" the car means delivering it at the time it's sold. Then the deal is sealed and the car has it's new owner.

    If the car isn't rolled at the time of sale there is a 90% chance at least that "something" will happen.

    Some "friend" or neighbor will tell the buyer that they should have bought a different kind of a car or that they paid too much or the buyer will simply get cold feet and cancel the sale. Happens most of the time.

    I would be a bit suspicious of the second car and not just buy it because of the miles. I would want to see a clean Car Fax and maybe even pay to have an independent shop or dealer give it an inspection. It could be a great deal or priced below market for a reason. It's probably fine but just for the peace of mind.
  • monkeyddrakemonkeyddrake Member Posts: 12
    edited May 2016



    I would be a bit suspicious of the second car and not just buy it because of the miles. I would want to see a clean Car Fax and maybe even pay to have an independent shop or dealer give it an inspection. It could be a great deal or priced below market for a reason. It's probably fine but just for the peace of mind.

    Oh I see, well as far as suspicion goes, the first dealer is an independent dealer, and the 2nd dealer is an official Nissan dealership which also makes me feel a lot better about my overall experience when considering where to buy from. Both are 1 owner cars, both have clean titles and such.

    To me I view it as Buying a used iPad or iPhone on craigslist for the first dealer, and buying it straight from like target or an Apple store for the 2nd dealer. I feel much more peace at mind with the 2nd one.
  • isellhondasisellhondas Issaquah WashingtonMember Posts: 20,338
    OK, I feel more comfortable now! Do ask to see the Inspection Report that their shop hopefully did.

    I will say that you might want to move quickly on this. Sounds like a car that won't stay on the lot long!
  • monkeyddrakemonkeyddrake Member Posts: 12
    edited May 2016

    OK, I feel more comfortable now! Do ask to see the Inspection Report that their shop hopefully did.

    I will say that you might want to move quickly on this. Sounds like a car that won't stay on the lot long!

    Yes I agree completely, I'm heading over there today! I get off work in an hour and im heading straight over! Thank you for consistently getting back to me and thanks for helping out and clearing somethings up for me! You're awesome!
  • monkeyddrakemonkeyddrake Member Posts: 12

    OK, I feel more comfortable now! Do ask to see the Inspection Report that their shop hopefully did.

    I will say that you might want to move quickly on this. Sounds like a car that won't stay on the lot long!

    Hey I was wondering if maybe you could take a look at this? You most likely know more about this than I do lol. http://www.carfax.com/VehicleHistory/p/Report.cfx?vin=1N4AL3AP4DC269962
    That's the car, it says something about a recall. So I read up on all the recalls the altima has had and this one falls under the under the hood latch.
  • isellhondasisellhondas Issaquah WashingtonMember Posts: 20,338
    Happy to help!

    Most recalls amount to very little "A tempest in a teapot" in most cases.

    Probably a hood latch that "could" fail meaning the hood "could" possibly fly open at high speed and block your vision. I guess that could be risky.

    On safety related items such as the current Takata air bag nightmare, a store can't sell the car until the recall has been fixed. This COULD be the case with the hood latch recall.

    So, I'm guessing the store has already fixed the problem and Car Fax hasn't had time to correct their reports.

    Car Fax often makes mistakes too. Be sure to ask about this.

  • monkeyddrakemonkeyddrake Member Posts: 12

    Happy to help!

    Most recalls amount to very little "A tempest in a teapot" in most cases.

    Probably a hood latch that "could" fail meaning the hood "could" possibly fly open at high speed and block your vision. I guess that could be risky.

    On safety related items such as the current Takata air bag nightmare, a store can't sell the car until the recall has been fixed. This COULD be the case with the hood latch recall.

    So, I'm guessing the store has already fixed the problem and Car Fax hasn't had time to correct their reports.

    Car Fax often makes mistakes too. Be sure to ask about this.

    Perfect, thanks again. I feel much better going in now haha. These last 25 minutes can't go by any slower xD! I'm really glad I made the forum account and sought out help! I'll post back tomorrow with whatever progress I can make today for anyone interested. Thanks again!
  • isellhondasisellhondas Issaquah WashingtonMember Posts: 20,338
    You're very welcome!

    Good Luck and let us know how things turned out!
  • monkeyddrakemonkeyddrake Member Posts: 12
    edited May 2016
    .
  • monkeyddrakemonkeyddrake Member Posts: 12

    You're very welcome!

    Good Luck and let us know how things turned out!

    So I went to the Nissan Dealer yesterday, gave them my pre approval loan documents and all. I got to drive it around for a while, they prepped it up for me and then had me sign some of the documents. I got to take it home with me, I drove around for like 3 hours last night just to enjoy it. Needless to say I love it! I have to go back in today after work to finalize the paper work and then I'm set!
  • steverstever Guest Posts: 52,454
    Sweet! Congrats!
  • monkeyddrakemonkeyddrake Member Posts: 12
    So I was checking my account on Credit Karma, and I see that I have a bunch of new inquiries? They ran my credit like 7 times? What the hell? Can I dispute this? Is this normal? ?!?
  • carpersocarperso Member Posts: 148
    Apparently multiple hard inquiries are run by dealers to get the best rate. All these within a month period count as one loan to credit companies. Nothing to really worry about
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