I bought a NEW car on AUGUST 28th 2014. The contract was written for 2.9 interest rate for 84 months. I received a call yesterday 10SEPT2014 and got a voicemail to call them back. So I did, got in touch with the operator and she sent me to finance dept. only to ring and get voicemail. I called back again promptly and got the operator again and said “I got the voicemail can you get me to a representative” she stated “Ill take a message and have them return your call”. They did not call me back again until the next day 11SEPT2014. I got in touch with one of the guys in finance and he said, “we need you to come into the dealership, (MOSSY NISSAN of National City, CA) we were unable to approve you for the 2.9 interest rate that you signed on the contract.” So, I went in and spoke with the manager (RAY) and he said our finance dept will not approve you for the rate we promised you on your contract. We need you to call Navy Federal (my bank) and get approved for the same loan in order for us to finance your loan. (He was not sure if he would be able to get me approved for the 2.9 interest rate on the contract or the 12.6 interest rate they had approval for.) I said ok fine. I called Navy Federal and got approved for a 11.49 interest which is still crappy but still better than the 12.6 they offered me AFTER they said they can’t approve me for the 2.9 interest rate. I said them are you not liable for holding your end of the contract, this seems extremely fishy and unfair? He said we have the right to CANCEL the contract if they are unable to get one of their financial institutions to accept it. SO here is EXACTLY what the CONTRACT states WORD FOR WORD.
SELLERS RIGHT TO CANCEL
a. Seller agrees to deliver the vehicle to you on the date of this contract is signed by the Seller and you. You understand that it may take a few days for the Seller to verify your credit and assign the contract. You agree that if the Seller is unable to assign the contract to any one of the financial institutions with whom seller regularly does business under and assignment acceptable to seller, Seller may cancel the contract.
b. Seller shall give you written notice (or any other manner in which actual notice is given to you) within 10 days of the date of this contract is signed if Seller Elects to cancel. Upon receipt of such notice you must immediately return the vehicle to Seller in the same condition as when sold, reasonable wear and tear excepted. Seller must give back to you all consideration received by Seller, including any trade-in vehicle.
c. If you do not immediately return the vehicle, you shall be liable for all expenses incurred by Seller in taking the vehicle from you, including reasonable attorney’s fees.
d. While the vehicle is in your possession, all terms of the contract, including those relating to use of the vehicle and insurance for the vehicle, shall be in full force and you shall assume all risk of loss or damage to the vehicle. You must pay all reasonable costs for repair of any damage to the vehicle until the vehicle is returned to seller.
Now my questions and concerns are as such:
1.) I like the car very much and have done modifications to it such as putting a hole in the bumper for BACKUP SENSORS and BACKUP CAMERA.
2.) Despite the seller stating they are able to cancel the contract, it says in section (b) that they must “give written notice (or any other manner in which actual notice is given to me within 10 days of the date this contract is signed” I signed the contract on the 28th of AUGUST and they called me on the 14th with no answer and me returning the call with no answer. They got in touch with me on the 11th of september and myself going in to give them approval notice from navy federal that I got approved. AM I STILL ON THE HOOK TO RETURN THIS CAR SINCE IT WAS ON THE 14TH OR 15TH DAY I GOT PHONE CALL NOTIFICATION)
3.) they said I am liable for replacing the bumper even though i put backup sensors and backup camera into the car because they won’t be able to sell the car as NEW with those items attached.
Please Help. I am so lost on my rights and have no idea what I am able to do on my end.