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Don't Fall Prey to Spot Delivery Scams and Yo-Yo Financing
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Don't Fall Prey to Spot Delivery Scams and Yo-Yo Financing
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Other times the rate might be higher and even more money down which means the customer has to come back and sign a new contract. Maybe they can't get the deal done at all. But if you were the dealer and a subprime customer wanted to buy a car and you told them that "We need to get an approval from the bank before we can deliver you a vehicle. Come back in a couple days when we have everything all worked out." What do you think the chances are that you'll ever see that customer again? That's right...slim to nil. They'll go to another dealer that will spot deliver the car, and the first dealer just lost a sale. You only need lose a couple deals like that before you'd jump into the spot delivery arena.
So we plan to sit there and tell them that if they cannot give us back our trade, then they're gonna have to do something for us to give us a similar deal to what we had when we drove off the lot. I have a feeling we're gonna end up talking with the dealer's general manager.
How about foregoing a sale if a deal can't be done? Be upfront. Tell me you cannot finance a car for me right now. I don't know about anyone else, but you won't find me running from dealer to dealer if I know I'm not finance-worthy. I'm gonna wait.
In other words, don't make promises you ultimately cannot keep. You might make the sale, but you're gonna end up with one pissed off customer.
Just remember to always take delivery within 3 business days of doing the deal in most states. Usually, after 3 days, it becomes harder to undo a deal if you need to.
Stores pull your credit and they instantly know what your score is and whether or not you're going to be approved. If your credit is bad or marginal, no smart store will deliver the car until they know for sure.
The store where I worked for 13 years never had any kind of a problem.
When the customers were in finance we would have the cars washed and ready to deliver.
We would insist the customer did a walk around to make sure there was no damage and we would have them sign a form so they couldn't come back the next day and blame a scratch or something on us. Never had a problem.
Until a car had been DELIVERED and driven off the lot, the customer can unwind the deal and the stores are well aware of this. Some well meaning friend or neighbor will be quick to tell the customer that they paid too much or that they should have bought something else.
Deal with an ethical store and you'll never have a problem!
Try calling the dealer and tell them you've changed your mind and want your money back. Depending on the response you get, then I'd call the local consumer protection agency or AG's office for advice. Good luck!
Can You Return the Car You Just Bought?
That store will fight like a cornered rat but unless laws vary by state I'm thinking that unless you drive the car off
the lot you should be O.K. Prepare to meet a lot of resistance however!
Three days before closing I am visiting the dealer on a holiday finalizing which car, and ask what I need to bring when I come to get my new one, I mention the 1.9% rate . #2 brother verbally blows up claiming he never ran my credit, I don't qualify for 1.9%, "it's only for special people" bah blah...I was stunned, and beyond angry.
I call the credit union later which BOTH brothers use, and MOST car dealers locally, ask why one says I am qualified, other one says not, am told #1 was 'confident', #2 was 'not confident'...so why promise, then renege in such an ugly way? At first I thought he FORGOT he offered, but why get upset at me? The CU loan officer said ALL their dealer loans are "conditional' on THEM accepting the loan, no matter what the dealer claims..
I wonder if he planned the yoyo finance trick by not asking for my credit info UNTIL he is sending all the loan paperwork to the CU?. Then he can blame THEM if I don't get the low rate. Was this the plan? Let me sit there with NO vehicle anymore, and no option but to drive off with one of his cars?
WHY piss off a customer? I came in as a retiree, a solid buyer, own my home for 17 years, own my car, have no debt, a long excellent credit history, (but am not that active using credit now) and am putting 42% DOWN on a $28K total. #2 ended up getting me the 1.9% but it was a miserable, screaming experience, and CU defended his behavior. In the end I DID NOT buy from him, and walked away.
In small towns the yoyo trick would be well known if he's been pulling it for years, but I wonder if people here are either too unclear on this, or too embarrassed to admit it happened to them, or if he just changed his mind with me.
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2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4
At any rate, a dealer should tell people that they MAY be able to obtain a certain rate providing you qualify. Even retirees with good credit may not qualify for top tier financing.
In any event, you got the rate you wanted so it's probably best to put this behind you now and enjoy your new ride!