I traded in my car last month and got a new GMC. Got financing through their financing department, which used a third party credit union. My first payment was scheduled for 2 months out. Come to find out this week that the credit union turned down the loan because they won't do first payments more than 45 days out. The guy I worked with at the dealership has since left (or been fired). His replacement has been calling me to come in and just sign an adjusted loan contract to move the date up to that 45 days. Now, does the 45 days vs. 60 really matter to me? Not much. But it isn't what I had agreed to. So my question. What kind of leverage, if any, might I have to renegotiate anything else? Not that I'm talking about reducing my price by thousands of dollars, but there might be a couple of things I'd like to change.
I would just go in and sign the paperwork, then start shopping for a lower rate to refinance with elsewhere.
The contract is no longer valid. This has happened to me before. I went in and said I no longer wanted the car due to the hassle. They asked me if there was anything they could do to keep me in the car and they ended up knocking some more money off the price and then I signed. It's kinda of db thing to do but it's business. I recommend OP to try.
Why isn't it valid? What if the fine print said something like "your financing may be declined, if so, you need to come back..."
In looking through my paperwork it isn't clear. The actual contract for the car... I honestly don't think i even signed... but that may be because it references the note. In the Signature of Buyer section, it is definitely blank. this is a carbon copy mind you, so maybe for some reason, this signature didn't pull through... but it did on all the other paperwork. That said, if it is because it references the note, the key section there reads: "All payments required hereunder shall be made at the place of business of the Seller, and all balances shall be evidenced by note or notes, payable to Seller, or order, secured by chattel mortgage properly executed on Seller's regular form." Though to be honest.. not that helpful. What i definitively want to accomplish is a couple of things: 1. Cancel some of the extra warranty type stuff. For example, the $300 replace a key program. I agreed to this because i have 3 young kids and honestly I may lose a key at some point. But in retrospect, it's too expensive. I understand you can get replacement keys aftermarket very cheap. Also, this contract is cancellable anyway, but on a pro-rate basis less an admin fee. I'd get say $270 of the contract back normally, whereas here I just want to say let's take it off from the get go. I want to dial the warranty back a couple of years also, which should lower price. 2. Just see if I have the type of leverage SacTown referring to.
I know a few people with GM vehicles, and based off of thier experiences (which is limited, I know) I wouldn't dial back the warranty coverage one bit.
