Shady financing practices at the dealership?

flipperman2a2wflipperman2a2w Member Posts: 2
edited July 2015 in Jeep
So, my wife and I are moving from New York City to North Carolina on August 1. We did not own a car and decided that it would be in our best interest to go ahead and purchase a vehicle in North Carolina, so it would be waiting for us when we arrive. (Otherwise, we'd be shelling out $700 per week on a rental car, until we find a car we want to buy, and we didn't want that added pressure). We didn't want to buy a car in New York City, due to the temporary cost of parking, potential registration issues, and considerably higher sales tax.

We found a 2015 Jeep Wrangler at a North Carolina dealership with all the add-ons we wanted, and it was even in the color we wanted. If we closed the deal, the dealership agreed to hold the car for us, until we could pick it up on August 2.

After agreeing on a price with the dealership, we put half of the down-payment on our credit card over the phone. We agreed to finance through the dealership and got a decent rate (2.9%) with our exceptional credit scores. The dealership sent us the paperwork via FedEx, and we signed/notarized everything.

After sending the paperwork back to the dealership, it has been very difficult to get in touch with anyone. We never received any information from the bank that issued the loan through the dealership, so we have no way of making our first payment on the car, which will be due July 30. I contacted the dealership today and was told to call the bank number that they gave me. When I tried calling the bank, they had no record of our social security numbers on file, so they could not locate a loan... I informed the dealership and have not heard back from them...

Did the dealership just drop the ball on the financing paperwork or should we be worried that something shady is going on? Half of the down-payment is on my credit card, so I could always dispute that charge. The paperwork we signed looked good and had the right APR listed with nothing funky (like balloon payments or anything like that). I'm hoping this is all a big misunderstanding and that the bank just never received the paperwork for the loan from the dealership.

Since our first car payment is due a few days before we pick up the car, I hope I hear back from the dealership/bank before then... I assume they will eventually want the other half of the down-payment and that someone will eventually want to get paid for the car and will get in touch with me... Am I being scammed???


  • flipperman2a2wflipperman2a2w Member Posts: 2
    I should have also mentioned that this is a reputable Dodge, Jeep, Chrysler dealership, NOT a used-car lot or anything like that...
  • steverstever Guest Posts: 52,457
    edited July 2015
    My guess is that it's just still "in process" although someone at the dealership or bank may have dropped the ball. I'd keep bugging the dealer and if they continue to ignore you, write a Dealer Review. Sometimes that gets more attention than a text or phone call or email.
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