Bought a new car -- can't keep it; can't return it
April 27, 2012 11:27 PM Subscribe
I've been denied for a car loan retroactively. What are my options? There are complications.
posted by robotyoshimi to Work & Money (21 answers total) 1 user marked this as a favorite
I leased a Honda Civic last Saturday for my son to take to college and was so excited because I thought it meant that my hard work rebuilding my credit over the past 4 years had finally paid off and that my bankruptcy of 2008 was no longer going to be a hard no on any loan I tried to get. My son drove it all this week and then on Wednesday managed to slice his tire on the notoriously pothole filled streets of our city, necessitating a brand new tire. My ex-husband bought him a new tire - not the same brand because the tire store didn't have that tire, because the tire store didn't have that, but one of equal quality.
On Thursday I got a call from my salesperson saying that the dealership needed me to come back in to sign another paper for the bank and that I need to talk to the business manager but that he was out that day but that I needed to talk to him asap. Today, I spoke to the business manager and he told me that my bankruptcy hadn't shown up on the credit check they had done at the dealership, but that honda had run one and it had shown up there and that all they could offer me in terms on financing was some terrible deal where they sold me the car at list price and financed it for 6 years at 7.75%, which ends up with a payment of $100 more than I was planning on paying. This is more than I can afford, and, based on my calculations, more than i would have paid if I had leased for 3 years and then gotten a 2 or 3 year loan to buy the car at the end of the lease.
When I said I didn't want to take the deal, he told me that then they would have to charge me for the mileage my son has incurred and the fact that car was no longer in new condition. This strikes me as extremely unfair in light of the fact that I explicitly asked the finance manager if there were any more steps or if we had a done deal and he told me we had a done deal.
It also seems like the manager is probably bluffing since I don't see exactly how he could get that money from me without taking me to court. However, taking me to court would undo everything I've worked so hard to build up in the last 4 years. In short, I'm panicked, unable to think clearly, don't have enough information and need the rationale thought and experience of the hive mind. Oh! And I have to give them an answer by tomorrow morning because they must have a done deal by the end of the month, which is Monday.
An added stressor is that I work in high-tech and a software product I'm working on is going live Monday so taking time off on Monday to go down to the dealership to deal with this would be looked up unfavorably to say the least and I'm unable to go down there on Saturday because I'm 200 miles away at an ice skating competition with my daughter. They are closed on Sundays so that they may worship the Lord. The dealership is 25 miles from house and 50 miles from my work and I picked them because my sister told me they were the only place that had ever treated her right. Oh, the irony.