May have to give my Vibe back:(

[lazerus06]

Hey all,I just got my 05 Vibe last Sunday. I get a call tonight(Friday) from the dealer saying the lone they told me I was approved for, didnt go through. I told them I signed a Fifth Third(the bank who we thought approved the loan) document with the interest rate and the amount. They told me that they fired the finance manager because of this and he should of told us that it wasnt approved yet. Then why the hell did we drive off the lot with it?Now they are telling us that a different bank can do 12.5% interest at $435 a month. Almost doubled! Is this legal?I may now have to go turn the car in. I am heart broken.

[Mavrik]

I never knew a car dealership that would let you leave before you got approved and if you were told you were approved and the bank told the dealership you were approved and now all thats changed then this seems to be a legal issue. I would recommend calling a lawyer for some advice since you did not sign any contract for that higher interest rate.

[joatmon]

that's aweful. I have no idea if it's legal or not, but to be honest I don't think a Vibe is worth $435 a month, and 12.5% sounds high to me.If they want the sale, they will find a way to honor the agreement. If they won't honor the agreement, then don't let them pressure you into concessions. Don't let having the car for a few days make you put up with crap you wouldn't put up wiith if you hadn't already started to think of the car as your own.

[millster]

Every car I've ever purchased was run through in this manner. Nothing unusal about it at all. In fact, the same thing nearly happened with my Sebring when the dufus finance manager wrote the wrong interest rate down. Sadly, this sort of thing can happen. It's sad though.

[lazerus06]

Thats not unusual? Seems weird that a dealership would tell me that I would get it for X price at X interest rate, then let me leave and call me a week later and tell me its doubled. I even have the form My wife and I signed with it on it. They want me to come in tommorow(Saturday) but I told them I want to wait and talk to my lawyer on Monday. This is a bummer. I am groing attached to the car:(

[millster]

The thing is that it's just a pre-approval according to the dealership. Until the bank approves it, nothing is final. The week wait is a bit odd, but that's not likely the dealership's fault, more likely the bank. The dealership finance department can pre-approve you but it's the bank who makes the final decision. The bank has a right to decline credit based on the terms suggested by the dealer if they don't feel it works with your credit situation.I don't know what else to tell you. I'm sorry this had to happen. I know it hurts and it is unfortunate, but I have a horrible feeling that hiring an attorney will just cost you money. I'm really not trying to bring you down here, I apologize if it sounds that way.

[Pigs]

That sucks man, they're always trying to screw people with crazy finance charges.

[tnpartsguy]

It's called Spot Delivery. The dealers do it to get you in their car, to keep you from shopping any further. Is it legal, yes.....is it ethical.....I'd say not... I would go back and ask to speak to the owner of the dealership, and see if he is willing to do anything to keep your goodwill, or is he willing to let you tell EVERYONE that will listen how you were mishandled by his dealership? Talk gently, not threatening, and explain how you really watned to do business with his store, and you won't hold that F&I person's bad move against him, if he will assist you in keeping the deal you made, or help you find financing closer to what you signed. If all else fails, make sure they ERASE this deal from your credit history, so it doesn't affect you finding a reputiable dealership to deal with.

[lazerus06]

Even though the finance manager never told us it was a pre approval?Well, I guess noone can make a bank give us money. I enjoyed my short time I was on here, thanks for all the advise.

[03VibeGT6Spd]

I have seen this done before where a bank changes it's mind on a loan, the dealership doesnt want this to happen but it does.It usally happens when the bank finds a Lie on the application or wrong info.it could be something the F&I manager said or even the salesman, but fault is usally on the Buyer.

[lazerus06]

Nothing wrong on our end.It seems like if it was pending approval, they would have mentioned that. The guy even told us when we should get the plates and where we could pick them up at.

[jeffgtx]

are you sure it doesn;t say something to that effect in the fine print on that mega long sheet that you sign?

[lazerus06]

Positive. My wife and I have combed over it.It mentions that we agree to the above said terms

[millster]

Quote, originally posted by jeffgtx »are you sure it doesn;t say something to that effect in the fine print on that mega long sheet that you sign? In my experience, it's always been a seperate sheet that has to be signed that says "I understand the vehicle is on loan to me from the dealership pending bank approval of the loan. Sign here". Or some such nonsense. Sounds as though this was not the case here.It is, in my mind a very unsound thing to do. People are excited when they buy a car and normally don't pay attention to every little detail. The item that bit me the first time I got hit with this is a lack of credit experience. At 19, I tried to buy my second car. By the dealership's vision, my credit was perfect. 2 years of perfect payments on my previous car, 4 months perfect payment history on my house, and more than enough disposable income to cover the nominal increase in my car payment. However, I had only owned a car up until the point I bought my house. No credit cards, nothing. When the bank saw a 19 year-old applying for a car loan with so little experience (even though I owned a house!) they laughed and rejected my loan. I had to take the car back to the dealer. By a stretch of luck they happened to try one more time with another bank and just before I got there got a loan approved.Lazerus, you might try getting private financing before giving up. Try going to a bank and see if you can get a loan directly from them. That would eliminate the dealership as a point of issue, if in fact they are.

[cohocarl]

Quote, originally posted by lazerus06 »Now they are telling us that a different bank can do 12.5% interest at $435 a month. Almost doubled! Is this legal?Almost doubled? Even 6.25% sounds like robbery.I'd get some more facts from the dealer/lawyer and see what really happened.

[Pick]

This is not unusual. The people that get hurt by this are ones with a trade-in, you "sacrifice" the trade-in to them for below market value and then the deal falls through, now you have lost money on your trade-in and you have no vehicle. Happens alot, it's legal, just not ethical.

[Raivis]

a friend of mine went through a similar situation and he kept fighting and got it pretty close to the original interest rate and payment keep fighting and see what u can do. dealers are always trying to screw people

[JohnC]

Similar thing happened to me about 20 years ago, when they first started offering GMAC financing at a reduced interest rate. I just took the car back and demanded my trade-in back. They had already sold my trade-in though. I would not accept the higher interest loan they were offering, so finally the dealership chipped in the $800 difference in financing. A few years latter this dealership was on the news after it was uncovered that this was a common practice for them to try to pull off. After that I have always paid cash or had preapproved credit union finacing. Good luck with your situation and don't forget there are alot of other Pontiac Dealers and Vibes out there.

[tnpartsguy]

Quote, originally posted by JohnC »Similar thing happened to me about 20 years ago, when they first started offering GMAC financing at a reduced interest rate. I just took the car back and demanded my trade-in back. They had already sold my trade-in though. I would not accept the higher interest loan they were offering, so finally the dealership chipped in the $800 difference in financing. A few years latter this dealership was on the news after it was uncovered that this was a common practice for them to try to pull off. After that I have always paid cash or had preapproved credit union finacing. Good luck with your situation and don't forget there are alot of other Pontiac Dealers and Vibes out there.Another dirty tactic they pull; they do $1,000 worth of 'repairs' and 'reconditioning' to your trade-in, and when you take their car back, they demand you pay them for their services. Refuse. "." It's a scam. If they did the work on a car that wasn't cleared to them, too bad, it's yet another of their mistakes, and you don't have to pay for it. I still stress to you that talking to the dealer on this matter may yield better results than anything, the guy is a businessman, and in the current car sales world, even a sale than looks like he is loosing money on paper, is less floor-plan interest that he won't have to pay next month. Plus the added bonus, in some states, he will have to resell that Vibe as 'USED', if they applied for a new title. Lastly, talking to him might shake-up the sales staff, because a lot of these dealers get snowballed by their GSM, and F&I people, and have no clue what is really going on.

[JohnC]

tnpartsguy...excellent advice.

[Mavrik]

If you have a signed contract, unless the dealership decides to be an (removed) and void the deal, its their problem. You have a document signed with specific information. They can't just change that. And if they want the car back... well I'd suggest you let them come get it and you buy somewhere else. And like tnpartsguy said. Get your old car back from them if they have it and don't accept any bills.

[lazerus06]

Thanks tspartsguyI got a little bit of good news this morning. The general manager told me that he was trying to get my GMAC fianancing with a lower interest rate then I had. The only catch is that there was a $1000 rebate that I wont get becasue of the lower financing. My payments would be like 62 cents more a month which I can live with. I should know by Monday. Sucks because now I have to wait and I dont want to drive my/their car and get even more attached to it.Luckily my wife has been awesome and fighting them tooth and nail(she is a redhead mind you). She keeps telling me that they are NOT getting the car back. Gotta love her!Thanks guys for all your input. This is by far the most helpful and friendliest board I have ever been on.

[Mavrik]

Greet news man, and a high five to the red blooded... I mean red headed wife.

[tnpartsguy]

Hope it works out for you, please know we are pulling for you.PS Congrates on the redhead!!

[Vibe_dude]

has there been anymore news???? i really wanna know how this turns out....kinda like a soap opera...but know i would not give the car back either..did ur lawyer tell u anything good?? hope it works out for ya.

[cohocarl]

Quote, originally posted by lazerus06 »(she is a redhead mind you). She keeps telling me that they are NOT getting the car back. Better yet...drive up to the front of the dealership, pull up on the handbrake real good, take your foot off the foot brake, mash the gas, and don't let up till the tires pop. Then give the keys back.

[AKLGT]

Quote, originally posted by lazerus06 »Thanks tspartsguyI got a little bit of good news this morning. The general manager told me that he was trying to get my GMAC fianancing with a lower interest rate then I had. The only catch is that there was a $1000 rebate that I wont get becasue of the lower financing. My payments would be like 62 cents more a month which I can live with. I should know by Monday. Sucks because now I have to wait and I dont want to drive my/their car and get even more attached to it.Luckily my wife has been awesome and fighting them tooth and nail(she is a redhead mind you). She keeps telling me that they are NOT getting the car back. Gotta love her!Thanks guys for all your input. This is by far the most helpful and friendliest board I have ever been on. he he he... ya us stubborn wives are good for something every now and again. but let us know how it all works out. like several others have said, it's not uncommon for the dealerships to let you leave w/ a pre-approval. but if so, there is another form you sign like millster mentioned, that goes over this. i've bought several cars this way without hassle. the sube this last time, due to some credit issues from my divorce, cost me a lot on the interest rate. but in a few months, i'll refinance it with both mine and phil's names so we can rebuild. i want a house next year, and so we both will be getting history and so forth....good luck and stay on them. the dealerships will usually take a hit when they must in order to save face with the general public. believe it or not, i don't think that all dealers are really out to screw you over, it's just that the ethics issue can get a little convaluded when there are several people's hands in the commission pot for one sale.

[lazerus06]

Hey guys, thanks for the support.I got all my paperwork finished tonight. I didnt get the $1000 rebate but I got a lower interest rate so it all worked out. I also got them to give me two cargo nets and a cargo floor mat. I'll post some pics of the car tommorow.

[AKLGT]

great news! see... you're "living" up to your name now. thought the vibe loan was dead and whatdya know, it's resurrected! lol.. sorry. had to be a little corny.

[lazerus06]

LOL thats true

[Vibe_dude]

good job.glad to hear the good news.