Quote:
Originally Posted by baitism
I recently purchased a used car from a dealership, which included a trade-in. Everything seemed to have gone well until about a week afterwards. I got a letter in the mail from the credit union the dealer used to finance the loan and it said I was denied because the "Term requested exceeds limits." They counter offered with a 48 mo loan instead of a 60.
I also noticed in the contract that they slipped in $400 extra in dealership fees. Needless to say I was pissed I didn't notice it before signing, especially considering I believe it was added in the final contract and not the ones I looked at before.
Long story short, could I play hardball and tell them to take out the fees or I'll return the car to them and cancel the deal because the financing fell through? Seems they would be out a lot of time and effort over $400, not to mention the dealership is a three hour drive from here and, from what I have read, the onus is on them to rectify the financing situation.
Perhaps someone who has been in the industry can provide me some feedback. Thanks.
Here is a picture of the contract and the "added" fees. Basically, they put $631.50 over the advertised 249.00.
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When I sold cars a while back, it was fairly normal for most lenders not to extend credit terms in excess of 48 months on used vehicles over a certain age (IIRC it was 6 years old). Most of them use age tiers, such as 6-12 years old = up to 48 months, 3-6 years old = up to 60 months, and less than 3 years old up to 72 months. I'm guessing that is the issue with the lender and the reason for the terms request denial for 60 months.
As for the back-end additions to the fees, you really have to check your contract. I'm not sure if you had any additional terms to the purchase such as an extended warranty, paint protection, etc. Seems shady if they have a normal set fee and you didn't change/add anything.