GenVibe - Community for Pontiac Vibe Enthusiasts

i gotta call yesterday that i didnt answer cause i was working.later i checked my voice mail and it was a manager from the pontiac dealer i went to.it turns out the bank doesnt wanna approve me and they want a co-signer and more cash down. so know they wanna get out of the contract and offer me either a cheaper car (none of which i want) or just my money back.i already put about 300 miles on the car they want me to come in asap but ima keep the car thruout the weekend and then return it.he said he wants nothing more then to sell me the car but the bank is busting his balls.so i might be leaving this community just as i joined it

so they let you have the car prior to getting approved through the bank? That sounds odd to me. I've always have to be aprroved prior to getting the car. Something doesn't sound right about it. You may want to get the bank's contact information just to make sure that they aren't trying to get extra cash out of you.

Quote, originally posted by Wolfman213 »so they let you have the car prior to getting approved through the bank? That sounds odd to me. You may want to get the bank's contact information just to make sure that they aren't trying to get extra cash out of you.+1. Just doesn't sound right. Didn't they make you sit in the hot seat in the finance office (always a joy!) for what seemed like an eternity while they got the bank approval? They're not going to trust somebody to take a new car then get an approval.

I feel your pain! I have been there a time or two. Dealerships do the same thing here. I have however had to sit in the financing office and sign a ton of paperwork. I have bought 4 vehicles from dealerships here in Phoenix and all of them let you drive off the lot without final finance approval. I have always been a little leary about it though because of the fear that I would be denied. There was once though that I did get denied. I attemped to purchase a truck and got to drive it for nearly a month. Then the call came in and I had to take it back and drive home again in my trade in vehicle. It was very depressing.I think the reason they allow you to drive away with the vehicle is one because they have collateral (your trade in) and two it can take a while for them to find a financial institution that will cover the financing. My advice to you is to keep your head up and look for a dealership that does their own financing or can get you hooked up with the manufacturers finance company. For instance, when I bought my Toyota Highlander I got financed through Toyota/Lexus Financial.

Read the fine print - it's all in there.A lot of times the buyer's trade-in has already been sold so the buyer is s-o-l. Has to buy something. I have heard that some dealers do this on purpose but doubt they would pull this on a new car as it's not a good thing for the dealer to now have a "new" car with perhaps 400 miles on it either.Do you belong to a credit union? Can you get someone to loan you enough to make the down payment bigger? Less risk than being a co-signer.

Tell them to give your money and your vehicle back. Simple as that. Take your business somewhere else. They are the ones who "approved" you and sold you the car; the sale was final. Heck, if they are giving cars out for free, I should take a few off their hands too. If these companies are selling cars without approval, there should be a law against it.

Quote, originally posted by Wolfman213 »so they let you have the car prior to getting approved through the bank? That sounds odd to me. I've always have to be aprroved prior to getting the car. Something doesn't sound right about it. This is actually more common than you think. The dealership called me back in the next day to finalize the paperwork and the terms of the loan were actually better than quoted the day before. I have also known folks who were asked to return the car because financing couldn't be completed. They want you to fall in love with the car, show it to all of your friends, so that if it doesn't work out, you'll be too embarrassed to not agree to what ever terms they place in front of you. ps....take the car back now. I also know someone who was in the same spot and they sent the repo man to get the car. It left them stranded at work with no car....at first they thought it was stolen.

wow, i can't believe this goes on as much as it does! Of my 10 cars, 5 were brand new, 3 were used, and two i had got with no financing and not once did I get the car prior to financing being approved and and everything finalized. Guess I've been lucky.Tubaryan12, sounds like you are in a minority of having to go back and actually get a better deal. I think you should start playing the lottery.

Quote, originally posted by Wolfman213 »Tubaryan12, sounds like you are in a minority of having to go back and actually get a better deal. I think you should start playing the lottery.No one was more shocked than I when I got there and they told me the rate on the loan was actually lower.

Its called a bailment... its actually supposed to be used for people who, get their own outside financing at to give, their banks time to fund the deal. In your case, what they did was have you sign up, conditionally basically hoping they could get you approved. I wouldn't worry too much about putting miles on the car, as a car salesman I will tell you this, they are not "just trying to get more cash out of you." The dealer is basically at the mercy of the lender. Which in the lenders case, I can almost guarantee you they are saying that give your situation, they are not wanting to fund the amount your financing because its over the percentage of the cars value that they would finance.... So what has to happen is the finance manager at the dealer has to either "Bump" the lender to lend more, or either "work" you the customer for more money.... There are alot of duckies that have to line up for a car deal to happen... and if anyone of them don't get in line it could case a blowout....

Quote, originally posted by Wolfman213 »so they let you have the car prior to getting approved through the bank? That sounds odd to me. I've always have to be aprroved prior to getting the car. Something doesn't sound right about it. You may want to get the bank's contact information just to make sure that they aren't trying to get extra cash out of you.Chevy did the same with me when I got the SS. They said they expected it to get approved somewhere, luckily it did! lol I guess when they're desperate to make a sale, they will take risks if they think it will work out in their favor.

well i did not have a trade in, so im not worried about that.but o lordy i dont want it to get repo'd.i asked if another $500 would help me out, he said no.the finacing was going thru GMAC and they told me to try something lower, like the $15000s.ima check out there used car lot and see if there is anything good and if not ima try another dealer.

The Kia dealership I bought from is now offering new 2008 base Rondos for $12400.00.....I'm just sayin'.........