15k/13%/7yrs=22,800 15k/3%/7rs=16,600. since you did not get low interest i hope you got the rebate from manuf instead. did dealer take it?
OP, you need to take the contract and any associated paperwork to your local JAG office, and you need to do it ASAP! Most JAGs have a deep aversion to businesses preying on military folks; your case could be one of many involving this dealership. Don’t try to fight this battle alone.
I’m retired Air Force and spent 15 years as a paralegal. One of the roles of the legal office is to help you with personal, civil legal matters. They will be glad to assist you.
Thanks for your service, and good luck.
Cliff
ditto on the bait and switch. it depends on how much of your life you want to waste on these guys. you are in the right I think, and ultimately they would be held liable for the monetary difference, but is it worth it to you? I d consult with an attorney, JAG if possible, you should be held harmless at the very least, even for your mods. they likely engaged in fraud.
ditto on the thanks as well,
wes
If military, I agree with the JAG office. I don’t see how this is a bait and switch since what benefit is it to the dealer to take the car back after two weeks? They couldn’t arrange financing so the deal is off. How has the dealer benefited getting a used car back instead of a new one? I agree the aggreement is not very professionally written, but in the bitter end, a judge has to rule on whether its calendar or business days and business days is pretty much a universal understanding. Plus what is the dealer supposed to do if financing can’t be found? The car has not been paid for. Somehow the car has to be paid for whether calendar or business. I’m sure at this point they’d be happy if a check for $20K was given them to pay for the car but at this point where is the money coming from?
Like I said, even at 3%, this is not a good deal for 7 years so take the opportunity to get out of it. Honda is still offering .09% and some are down to zero. Credit unions are still at 3% or less. 12% at this point is userous, although it used to be the standard bank rate for good customers. Take it back.
I’m not sure this is bait and switch either. But I think the dealer made a mistake is allowing you to take the car without first securing financing first. That’s a big mistake. Now they want to refinance you at a much higher rate. I haven’t seen a car loan that high in over 20 years.
The question that remains is how good is your credit. The only time I’ve seen rates like this is because the person had real bad credit.
Do what @Bing suggested…and check with a local Credit union. Their rates are usually better then banks. My Credit union has car loans at 1.49%. 11% is near what a loan shark is asking (not that I know about such things).
too bad it is a car. state has title. title says LIEN. you need insurance. you need tabs. you could refuse to do anything but than the repo man might show up and haul car away. that would get messy. they would demand you pay any fees for disallowed finance deal. dealer assumed you had good credit and qualified for low interest. i see ads all the time that say “low APR IF you are golden”.
Chicago Ben is correct about the dealer pretty well knowing what’s what on financing even before the papers are stacked and presented to the buyer for their signature.
Quite often the dealer has a credit report pulled within 5 minutes of the customer entering the lot.
It may be through subtle means like seeing a driver’s license before a test drive or what have you.
They know what’s going to happen with the interest rate while the customer and salesperson are still standing out on the lot with the doors open and kicking tires…
Cavell In my state the dealer is required to handle title and registration which they add to the total purchase price. My insurance Co. has a 14 calendar day grace period to switch policy to current vehicle. If OP paid these fees they could be losing even more money. On the other hand in my state once a new vehicle is registered it can no longer be sold as new. This could nullify the dealers argument that they could no longer sell the vehicle with bumper modifications as new. I was able to pay cash for my current vehicle but out of curiosity I asked if they could get my credit score. It took all of 5 minutes using my drivers license number. I don’t know what an extended warranty has to do with a lower interest rate. I’m pretty sure the dealer was using an interest rate they already could have provided as bait in order to sell the warranty. Overall this “great deal” stinks.
One comment, as others have said, do NOT wait for the dealership to take action against you, INITIATE the action. Be the plaintiff, NOT the defendant. See your JAG office NOW!!!
The contract says that any fees or whatever paid by the OP will be returned so really the only thing he/she would be out is the bumper damage. I suspect they were using some of the profits from the extended warranty to pay down the interest rate is all.
I’m sure you’ve seen guys take all of their re-up money and buy a new flashy car. Then they were back in for four more years and at the end would have no money and a four year old car. Kinda sad and they would be so proud of the new wheels sitting in the parking lot. So I’d say why didn’t you just invest the money, and they’d say, Oh man. Take it back and be happy.
7 years at 12%…OUCH…You must want a new truck very badly…Who has the 2008 model now? Were / are you still making payments on that one?
I have to think that the OP does not really understand their credit situation. If he applied for a loan you are allowed to see your credit report. Also if they do get to return the Frontier they need to stand in front of a mirror and repeat 100 times ( NEVER AGAIN WILL I CONSIDER A 84 MONTH VEHICLE LOAN)
I still think that when the smoke clears the OP will find that they are legally on the hook per the contract they signed. It doesn’t hurt to pursue the issue of course.
Those types of contracts are conditional and the signature of the buyer agrees to those conditions no matter what the outcome may be. That’s why it best to have it completely sorted out before being handed the keys and leaving the lot with the car.
It might be noted that cars sales can be a brisk occupational field around military bases for one reason. Many young people in the military with a paycheck larger than what they may have been accustomed to in civilian life can and does lead to things like this…
For what it’s worth, what has happened here happens every day all over the country to people who are not in the military.
“and business days is pretty much a universal understanding.”
I disagree
If business days are not specifically written down in the contract, then days are calendar days
@MILGUNNER, you are broke and this truck will make you broker. Give it back, pay off your other debts, take control of your life.
OK…just got back from legal office and dealer. Dealer was forced to lock in rate for face legal action with the JAG based of contract. I am locked in at 2.9 interest with a JAG officer on it. Went to the dealer and Finally got REAPPROVED for a 2.9 … sheesh what a headache…but glad its over.
oh and FYI… it is NOT business days unless it specifically states in contract. AS PER LEGAL OFFICE.
oh and for that idiot that says I’m new at buying cars…dont assume as much… this is my 6th car i bought. 3rd at a dealer and first with over an 8 grand downpayment so stop judging on things you don’t know. Fill your head with facts and stop making assumptions.
I only give info on what care to release.
This was military targeting according to certain individuals… It had nothing to do with my credit rating. Its the fact that military has guaranteed paycheck and they try funny business to make more money off of you because of your guaranteed pay…its not the first time this happened with military and still happens to this day. They pull this on junior ranking guys all the time, sometimes they get away with it…Myself being in for 7 years has seen it a few times with the guys that work for me just nothing like this has ever been pulled with me. As I stated there is nothing wrong with my credit… .I just have 20K worth of debt and a 49K year paycheck… I took on the debt of my wife when i got married…LOVE IS LOVE.
I don’t see where someone says you are new at buying cars. But I do see where someone else thinks a 84 month loan is just plain dumb. Military personnel are subject to transfer all the time. The last thing you need is to be overseas and have a long term loan in the states.