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Taking my car from me WTF!!

Balto

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Hey guys, I'm sorry to bother you but I need some advice. I got my car last week, and today I got a letter in the mail saying that they couldn't get the financing we agreed to, and that I must return the car. I'm extremely depressed about it, but that's life and, yelling/screaming/throwing a temper tantrum solves nothing.

My issue is, will I get my down payment back? I put 1500$ down and I'm nervous they won't give me my down payment back. I have already put 1k miles on the car (love it and have been driving it everywhere). Any advice? Anyone been through this before? My parents are just taunting me telling me that they 'told me a lease was a bad idea' so they aren't much help.



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hondo

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Can you line up financing from another bank on your own? I got a good rate from PNC.
 

Jay Jay

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Wow that's crazy! i never heard that before, how can they give you a car then take it back? i mean if they didn't agree with your financing situation they should never let you leave with the vehicle in the first place. I mean you have signed contract , they should respect it! Unless you are declaring bankruptcy.
 

ChrisR16

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I've never signed a lease so I'm of no help. How can they do that though? If you already signed the lease agreement before taking possession of the car, I would have thought that this would be a binding legal document. Unless however you violated some terms laid forth in the agreement.
 

whaaaaa

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this is extremely weird. never heard of this happening before. they should not have let you drive away with it if everything hadn't been approved. closely read ever piece of paperwork that you signed and look for anything that mentions 'pending approval' or something similar.
 

mno86

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I'm a bit confused. I just leased for the first time with this. Even with those "Sign and Drive" leases you'd think they'd make sure they ran your credit and secured someone to finance the car before they let you leave with it.

I'd check with local banks or credit unions if all else fails. But I'd highly recommend reading your lease paperwork over very thoroughly. If they signed off on it, I'm not entirely sure if they have a case. That's like the first thing they do when you start the buying process is run your credit with several agencies to secure the 'best' finance rate.

Apple Valley? What dealership in the Twin Cities did you go to, out of curiosity?
 
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Balto

Balto

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Hey guys, sorry for long response I was driving to work.

I really don't understand it either. I have had the car for 7 days now. Appearantly they can cancel it within 10 days of the sign of the lease, it says so on the back of the lease agreement. It honestly makes NO sense to me. They won't be able to sell it as a new car, so they are going to take a HUGE hit on it.

Yes all the paperwork was signed correctly, it's pretty lame but it is what it is. Does anyone who live in SoCal know a dealership I can go to that won't play games? I was thinking of going to Pasadena Honda or Norm Reeves.

My credit is 747 btw.

I got the car from Valley Hi Honda.


I'm really going to miss this car. I really hope I can get into another one.
 

whaaaaa

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or a little cross country drive? "sorry, can't turn it in today. i'm visiting friends in new orleans. will be back in a week!"
 
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Balto

Balto

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I understand where you guys are coming from, but I would like to be mature about the situation and just simply give it back. I actually washed it today, and cleaned out the interior with wipes. Despite the dealer being asshats, I still love the car and want to take care of it, and will do so until the bitter end.
 

inv4zn

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Did you actually call the dealer to ask? They confirmed this is the case?

Please confirm if you financed your car, or leased it.

If you financed, read on; if you leased, I've no idea what's going on.

What might have happened is that the dealer "shotgunned" your application to different banks. I don't know what your state/country laws are but in Canada if you are accepted/denied the creditor is required to mail something to you telling you of the outcome.

It could be that dealer sent application to banks A, B, and C; A and B approved it, and you drove off with approval from B because they had a better rate than A. C denied your application for whatever reason and sent you a letter.

Another possibility is that the dealer is scamming you for "spot deliveries" or "yo-yo financing" - which are essentially the same thing. Google will explain better.

What I would do, if you haven't already, is call general manager at your dealer, and maybe also reach out to Honda. You can also visit local banks to get your own financing and walk into the dealership with your pre-approved financing that you got so you just sign a few more things and get to keep the car.

Good luck, and keep us posted!
 

whaaaaa

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Did you actually call the dealer to ask? They confirmed this is the case?

Please confirm if you financed your car, or leased it.

If you financed, read on; if you leased, I've no idea what's going on.

What might have happened is that the dealer "shotgunned" your application to different banks. I don't know what your state/country laws are but in Canada if you are accepted/denied the creditor is required to mail something to you telling you of the outcome.

It could be that dealer sent application to banks A, B, and C; A and B approved it, and you drove off with approval from B because they had a better rate than A. C denied your application for whatever reason and sent you a letter.

Another possibility is that the dealer is scamming you for "spot deliveries" or "yo-yo financing" - which are essentially the same thing. Google will explain better.

What I would do, if you haven't already, is call general manager at your dealer, and maybe also reach out to Honda. You can also visit local banks to get your own financing and walk into the dealership with your pre-approved financing that you got so you just sign a few more things and get to keep the car.

Good luck, and keep us posted!
Wow, never even heard of yo-yo financing before now. Incredible, and sounds entirely possible that's what's happening here.

http://www.autoblog.com/2013/08/28/protect-yourself-from-yo-yo-financing/
 
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Balto

Balto

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I leased the car. I have to go in tomorrow for some things on the car anyway, so I'll talk to them then. And the letter was signed and dated by the GM of the dealership.

[Edit]: I had tried to call twice but it went to voice-mail.
 

inv4zn

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I've never leased but my understanding is that when leasing no banks are involved, only Honda. Maybe somebody else can chime in.

This thread should also be useful: https://www.reddit.com/r/LifeProTip..._if_after_financing_a_car_and_driving_it_off/

I would call your bank, other banks, and Honda Financial Services, in that order.
FWIW, the American Honda Financial services seems to be very poorly rated compared to the Canadian one; I've had nothing but good experiences with Canadian HFS.
 

Billy4202

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F**k dealers that play games like this...call Honda directly, work something out. This is bullshit.

Too many games, I would never lease.
 

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