Hey guys, I need a little help or advise especially from those who've worked in the auto sales industry or have some knowledge of it. I was in the market for a car over the past few months and found it difficult due to my crap credit. A month ago, a family member of mine in another state got a dealer here in Dallas to accept $13,000 as a downpayment on an 09 camry le. Before going to finish the deal for the car, I checked w/ another Toyota dealership and they were willing to finance me w/ $7,000-$10,000 as a downpyt and the same interest rate but I was told not to go w/ them by the aforementioned family member. I then went in to dealer A to sign the paperwork a few days later and was told my copies of the paperwork and deal terms would be mailed to me. I took possession of the car at the time. In the past month there has been a ton of miscommunication between the dealership, the bank, myself and my job(for verification purposes). I've also been uncomfortable with putting down that much as a downpyt when I could have put down a bit less and used the rest to settle a number of debts on my credit report. Now dealership A is telling me to come in and re-sign the paperwork so I can finally complete the deal. I informed them that I would like them to re-present the deal to the bank and see if they'd accept $10,000 as a downpyt but the dealership has told me no, and they said if I don't come in and re-sign the paperwork they will repo the car and put it on my credit report while keeping the downpayment. I just want to know if I have any options. Can they do what they threatened-especially since I never received any paperwork for the car, financing terms etc. Is it too late to return the car and get my money back and is it too late for them to change up the terms and present it to the bank again. Thanks guys, any info or advice you can offer is greatly appreciated.
Question: If you have crap credit and are having trouble financing a loan, why are you purchasing a 2009 Camry?
Not my choice. My intention was to put down a fraction of the amount put down for the 09 camry and get a used car but the person providing the funds for the downpayment- my dad, refused to assist with the downpayment except it would be used on a new car. He lives in another country and doesn't really get the American system and credit etc. All he knows is New car=good, used car=bad. I had no choice but to look for a new car with the downpayment he was assisting me with. IMHO, I put myself in the situation w/my credit and I would have preferred to get an 04-06 vehicle and work on fixing my credit so in 2-4 years when I might want to get another car, I would be in a better situation credit wise. Any advise people?
