I'm Stuck Between a Rock and a Hard Place (long post sorry) Need Opinions - ModernCamaro.com - 5th Generation Camaro Enthusiasts
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post #1 of 22 Old 12-18-2010, 09:45 PM Thread Starter
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Angry I'm Stuck Between a Rock and a Hard Place (long post sorry) Need Opinions

Maybe a dealer or 2 can chime in as well as everyone else's opinion.

I really don't know what to do right now. My dealer Lied to me about 2 VERY important things related to the financing of the vehicle i just bought. Here's the situation. My credit is not quite what it should be but i make enough by far to pay the payments on the car. so i had a family member "co-sign" for me. Well i get told over the phone (mind you this is certified used not new) my interest rate will be 5.9% i said, ok cool.... we get to the dealership and i asked again. yup. 5.9% we get over to the finance employee's desk, and suddenly she says "ok which of you is _____ Insert Family member's name here" alright we have all the paperwork all set, i'll just need a few signatures from you. i said well i'm the co-buyer.... she goes "no your not. this is based solely on HIS credit, not yours, so your name can not be on any of the documentation or title" i said "what about the place on the bottom of the GMAC sales contract that has places for buyer, co-buyer, and other owner which i know is a non financially responsible party" she goes "oh, well we don't use that line, anyone on the title has to be based on credit." i got angry knowing I was in the right and walked away for 5 minutes to calm down..... whatever i still get my camaro, right? well i didnt see him sign the GMAC contract....he signed it at 6.49% not the 5.9 i was promised. oh. AND THEN. i couldnt transfer my plate, cuz it wasnt being titled in my name at all, and im losing discounts for multi-car on my insurance cuz its not in my name. the list goes on.

Heres my situation. im well past the 3 day return u get with certified used vehicles, if i could i probably would just throw the keys at someone's head there. A dealership 5 miles from my house just got a IOM 2LT/RS configured just how i wanted one.... of course its 5k more even at preferred pricing than i got my certified used Rally Yellow 2LT non RS for. I couldnt find one within 300 miles of me and suddenly AFTER i buy one this pops up. im SOOOOO angry...

Advice? Legal Recourse on the dealership? anything????

Car Came home 12/9/2010
2010 2LT M6 Rally Yellow A9100165
Planned Upgrades: RS Style Spoiler✓, Halos/HID's, Body Color XM Antenna. Yellow Accent Panels Upgrades Later: Cat-Back Exhaust, Ground FX, 21" Wheels, Yellow Stitching, SS Bumper

Last edited by meb885; 12-18-2010 at 09:47 PM.
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post #2 of 22 Old 12-18-2010, 10:09 PM
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Sorry to say but you are stuck with the car that your family member bought.

I too had a similar experience. I was promised 5.9% in my name only. When it came time to sign the papers, they said my husband would have to cosign for that rate. We both wanted the car, so we agreed. Next thing you know it's Mr. X's car not mine. They even changed my name on the papers to his name which I have never used. Because it was Mr. X's car, I was unable to pick it up from anyone other than my dealer who knew it was mine. I also wasn't able to request my refunds without his signature, etc.

The situation irritated me so much that I refinanced the car with USAA at 2.9% solely in my name and paid the car off with GMAC. Now the lien title has only my name on it, but when I go to the dealership, it's still Mr. X's car.
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post #3 of 22 Old 12-19-2010, 04:41 AM
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too late now, but ya shoulda walked as soon as they started the "but we can't do it like that".
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post #4 of 22 Old 12-19-2010, 05:09 AM
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Maybe Anna would be the one to respond, since she may know Michigan laws better than I... Sounds to ME like the dealership put you in a "straw" purchase...by having someone else "buy" the car....what you may want to do is call Ally Financial (previously GMAC) and tell them the dealer forced you into it, and the purchasers were changed by the dealership. The COULD pull the financing off the deal, in which case, the dealership would either have to re-apply or say bring the car back.


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post #5 of 22 Old 12-19-2010, 05:28 AM
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This is a easy one. Just walk away. Never put yourself in a situation, especially when making a purchase, that you cannot walk away.
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post #6 of 22 Old 12-19-2010, 07:16 AM
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Quote:
Originally Posted by Envy View Post
Sorry to say but you are stuck with the car that your family member bought.

I too had a similar experience. I was promised 5.9% in my name only. When it came time to sign the papers, they said my husband would have to cosign for that rate. We both wanted the car, so we agreed. Next thing you know it's Mr. X's car not mine. They even changed my name on the papers to his name which I have never used. Because it was Mr. X's car, I was unable to pick it up from anyone other than my dealer who knew it was mine. I also wasn't able to request my refunds without his signature, etc.

The situation irritated me so much that I refinanced the car with USAA at 2.9% solely in my name and paid the car off with GMAC. Now the lien title has only my name on it, but when I go to the dealership, it's still Mr. X's car.
I believe refinancing with another bank would work. It was funny as I was talking to a finance professor recently about how he got one over on the dealership. To give him all these discounts he had to finance the car. Then there is no law (in Michigan) that states he can't pay the loan off early. So that is exactly what he did. I guess the dealer was shocked that he did it, but again it is well within your right to do that.

If you refinance with another credit union/bank etc, you can most likely get the lower interest. The original loan is paid off, and you won't be stuck paying the extra interest to the dealers preferred bank.
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post #7 of 22 Old 12-19-2010, 07:16 AM
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Quote:
Originally Posted by Envy View Post
Sorry to say but you are stuck with the car that your family member bought.

I too had a similar experience. I was promised 5.9% in my name only. When it came time to sign the papers, they said my husband would have to cosign for that rate. We both wanted the car, so we agreed. Next thing you know it's Mr. X's car not mine. They even changed my name on the papers to his name which I have never used. Because it was Mr. X's car, I was unable to pick it up from anyone other than my dealer who knew it was mine. I also wasn't able to request my refunds without his signature, etc.

The situation irritated me so much that I refinanced the car with USAA at 2.9% solely in my name and paid the car off with GMAC. Now the lien title has only my name on it, but when I go to the dealership, it's still Mr. X's car.
"Now the lien title has only my name on it, but when I go to the dealership, it's still Mr. X's car. "

LOL!!!! Good for you Envy!!!! I hate that crap!!!!

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post #8 of 22 Old 12-19-2010, 09:05 AM
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Wow IDK they could do that to any one, when I bought my/our truck I did it all on my own., later when I refinanced to buy our home, I went to my bank & they were going to give me 7.9% vs 12.9% I started with, I was happy to reduce it but my broker told me to put my wife on the loan to get a better rate -k- because she has better credit than I do, because I payed off all her dept's before we bought the house, now shes the primary owner of the house and we refinanced the truck on her as primary owner so we got the truck to 5.4%, credit goes to her mostly but we save money. Sad part of this is I checked our credit scores not to long ago, mine has not moved at all maybe even dropped a few points down while hers has gone up drastically.
I'm the one that shops smart & pays off the bill before its doe, she on the other hand goes wild & takes her sweet time to pay her bills and keeps adding to our dept.... the places love her.

Sorry meb885 that you have to go through this crap, maybe go to that new dealer that has the camaro you want and trade it in w/you as the primary borrower ? Good luck, keep us posted on what you find out.



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post #9 of 22 Old 12-19-2010, 10:45 AM
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Ther is no reason you can't refinance the vehicle immediately with someone else on your terms.

Check with local Credit Unions in your area. They usually offer the best finance rates.

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post #10 of 22 Old 12-19-2010, 11:00 AM Thread Starter
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It's not that i want to get rid of the car guys, I did negotiate a killer deal with them i think i just need to refinance it. i dont think getting the IOM camaro is a smart move. yeah its a 2011 with no miles on it but i dont think the RS package, IO interior, and Polished rims is worth a 5k + upcharge from what i paid, AND even if i got what i paid for it on trade in, id be eating almost 2k in taxes.

Car Came home 12/9/2010
2010 2LT M6 Rally Yellow A9100165
Planned Upgrades: RS Style Spoiler✓, Halos/HID's, Body Color XM Antenna. Yellow Accent Panels Upgrades Later: Cat-Back Exhaust, Ground FX, 21" Wheels, Yellow Stitching, SS Bumper
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