Have you ever financed a car and been asked for more money just a week and a half later? 🚗💸 What should you do in this situation? Here are some insights to help you navigate this issue smoothly.
#carfinancing #additionalpayment #carloanwoes #financialquestions
## Why Are They Asking for More Money?
If you’re wondering why the dealership or financing company is requesting more money after you’ve already financed your car, there could be a few reasons for this unexpected request. It’s essential to understand the motivation behind the additional payment before taking any action.
## What Are Your Options?
When faced with this situation, it’s crucial to explore your options and decide how to proceed. Here are some steps you can take:
– Review your finance contract: Make sure to go over your car financing agreement carefully to see if there are any clauses that allow for additional payments.
– Contact the dealership or financing company: Reach out to them to seek clarification on why they are asking for more money. Ask for detailed explanations and information.
– Consider seeking legal advice: If you believe the request for additional payment is unjustified or violates your agreement, it may be worth consulting a legal expert for guidance.
## Moving Forward
Navigating unexpected requests for additional payments on a car loan can be challenging, but with the right information and approach, you can handle the situation effectively. Remember to stay informed, ask questions, and explore all available options before making any decisions.
What steps would you take if faced with a similar situation? Share your thoughts in the comments! 💬 #carfinance #financialadvice #moneymanagement
Go to the dealer, have someone drive you in a different car. Tell them you will return the new car and take back the old one as soon as they refund the $500.
Make sure you leave the new keys at home.
Return it. They are scamming you.
Unless you provided them a pay stub or W2, they have no way to truly verify your income.
If any documents were signed you can ignore them or do whatever you want.
The contract is what you are held to, and NOTHING else.
How am I not surprised that a car dealership is scamming someone? Probably because they will almost always find a way to get more money out of their customers. Especially used car dealerships. This is why the smartest people will take pictures of anything they have to sign. So that they can go over it again if need be.
Get thee to the DMV and report them because they are doing shady things and the DMV does not like that.
I used to be a location manager for CarMax. The paperwork we submitted 90% of the time was right, but if we had someone approved through an alternative bank other than CarMax, the other lender had the right to review the paperwork within 14 days and determine if they were willing to approve/fund the loan after reviewing the paperwork themselves. This happens for a variety of reasons and I hated when we had to call someone to either add more down payment or provide additional documentation, but unfortunately when you are not paying cash and borrowing- the lender has the right to determine under what conditions they will lend the money. I’m sorry this happened.
Its not necessarily a scam but more than likely a sloppily run store. It’s very common for dealerships to let a customer sign a contract and take a car under the assumption they will get you financed under the conditions they contracted you for: term, rate, down payment, LTV, etc alongside info off of your credit application (job time, monthly income, etc) – sometimes they are not able to get financing secured and they will then call a customer back to the dealership to try to get the customer to meet the banks conditions. Your options are simple: Sign a new contract under the conditions presented, or refuse to sign the new contract and return the keys/car and get your money back..
(There’s a million factors but sometimes income being short 300 a month can make a big difference on a car deal in the banks eyes because of program tolerances)
Source: 20 years in the car business.
Tell them to bring you your trade in and $500 to your house and pick up their car.
I’ve financed 4 cars in my life & never once did I need to verify my income. I simply stated my income & they believed me on the spot no issue after checking into my credit score. However you have 1k down on a 19k car. That is extremely risky to a lender, I’m shocked you could even drive off the lot before they verified your income. You purchased way too much car honestly. If you can only afford to put 5% down on a car, you need to be looking at used cars at least half the value. You should be able to afford minimum 20-30% down. There are plenty of used cars under 10k, but you’re stretching for a nicer car than reasonable.
You do have to oblige to return the car or come up with the money – there is usually a clause in the loan agreement where the dealer has 30 days to cancel the contract even after driving the car home. They can come and repossess your car if you don’t deal with this.
Google Yo-Yo financing.
They are scamming you.
Return the car, get your money back and find a car that is in your budget. Google has a calculator that shows how much car you can afford with your income.
This sounds like a shady tote the note dealership although most dealerships are shady if you let them be. Take the car back and cut your losses.
They usually do this to the most vulnerable people as most scumbags do.
get a lawyer this is an obvious yoyo loan scam. you don’t need to give them more money in most situations.
Why do you all get finance from dealers? They always have the worst rates, arrange it separately first and look around before you even step foot in a dealer.
Return the car and walk away if you don’t have a signed contract. If you do, ignore them.
Finance manager here. Your income is short and the lender can and does verify on their own if they feel they need to based upon the credit profile. They give conditional approvals with stipulations all the time. The dealership WANTS to sell you the car and will generally do anything they can to make that happen. It is however entirely driven by lenders when you’re dealing with poor credit situations. The problem with you loan is you’re likely adding 2k in taxes and fees to it which your down payment doesn’t cover. You likely need to be at 95% of left hand book on a sub prime lender and that’s why you need the extra down payment.
To buy a car. Any car. Have your own financing. That’s what a bank/credit union is for. Always get the paperwork. Plates, registration and insurance are known costs. You should also have this as part of your financing, before completing a transaction.
Don’t do a purchase unless it’s cash for entire car on a friday before the DMV closes. If this is a work issue, & you have a good supervisor, OK job. Keep them in the loop. Nothing like being allowed to take a long lunch to sort things out, to reduce stress!