No good EVO kill

[CollinsT]

I just had one of my Friends buy a 03 EVO for 30900. HE drove it off the lot with 3 miles on it. HE and I were both stoked that we had awesome ass cars that have no parrallel ( excpet maybe the STi but EVO is better). WE cruised together blowing mustangs and cameros, civic, accords AWAY. Today the 2nd of March the dealer ship called him back. He got there and had to give the car back to them because the Bank ( golden 1 credit union) wouldnt finance him because he didnt make enough. That is horse shiet. They said that he couldnt claim his tips as part of his income. So he is stuck with his old car a 96 GT Mustang. Im sure he is gonna fight this. I am gonna help out with this as well. Anyone else have this problem.

So a story of an EVO kill but not a good one.

[nebolic]

i thought when you signed the paper for the finance that its pretty much final, you can sue the dealership for 1. fraud because intially if his income did not qualify his applicatin would've been rejected on the spot. Need more details and I can tell u whats the dealio.

[warpspeed]

Yep. As far as I know, once you sign the papers, the dealership's finance company is obligated go through with the deal. If not, sue them for misrepresentation (I think?) and you can get a free Evo. Ask Nebolic, he knows a good lawyer.

[brwnrice]

in any case that a person's bank for some reason cannot finance the member the dealer is obligated to find that person a financial institution.

[TheJANG]

I think the dealer is not obligated to continue the deal with the financier originally selected, if said financier is unable to follow through with the loan. I'm pretty sure they are, however, supposed to shop around for a credit service that will fill the loan, at an equal or lower interest rate.

[559EVO]

I have a co-worker who wanted an EVO,He test drove it and applied for a loan and they denied him.He then moved on to the next biggest bang for the buck NEON SRT4,He was approved and drove it home for a day.After 24 hours he was called to return it cause they refused to finance him.He ended up settling with a SENTRA SER SPEC V.He likes his car,but he really wanted an EVO.

[nebolic]

basically the point is his friend drove off the lot with his Evo. that being said, there is an agreement that the car is already his, note that they even say it once you sign the dotted line there is no cooling off period the car is yours. Obviously for that to happen the bank "pre approved" the borrower on the basis on the info that the dealer gave him. Trust me, the dealers will do anything to sell that car.

FIrst hand expereince.
My brothers gf couldnt buy a regular lancer because she didnt have enough credit. My brother didnt have no job, but they told him to co sign her and they said we'll put you down as making $30K/yr full well knowing that he does not have a job and is still a student.
Does that not tell you that the dealers do some shady stuff just to get the deal.

In my opinon there was something said or done by the dealer at the point of negotiating with the credit union that made the credit union believe the deal was good enough. If anything, the dealer has to eat it, or finance the car themselves because of a stupid mistake.

Honestly can you drive the car off the lot and a week later say "hmm i dont think i can afford this, so i'm going to return it" so why must the opposite be true.

If you ask me, something is really fishy here. Regardless a contract is a contract, he was pre-approved on the basis of the info and if he did not lie about his info then there is no basis for rejection unless the middle man i.e dealer up played the numbers to get the deal through.

On a side note.... now that the car is returned it has to be to sold as "USED" he can go back and buy the same car and get a better deal.

[vtluu]

Dealer f*ckup aside, can your friend really afford the Evo? It's not an expensive car but it's not exactly an econobox either. I mean, usually when a bank refuses a loan it's because they don't think you'll be able to make the payments. They might be wrong, but they make their livelihood on guessing right--and the millions and billions that are at stake are a fairly strong incentive for them to get it right.

[Evil EV0]

Hmmm...You know what, Honestly I dont know if you can sue them. I dont want to start a big heated debate, but that is not the first time I have heard of that. Basically they gave him the car based on his income, so yeah it was "pre approved" after dojng some digging they realized some of his income was tips, which isnt guaranteed money so to speak. In their eyes he doesnt make enough to afford the car, right or wrong. Car dealerships do that left and right, they dont care they just want the car off the lot.

This in a way happened to me. When I went to buy my EVO I applied for the loan over the phone, so that way when I got there everything would be done already. Well about 10 mins later they call me up and say come pick up your EVO, so Im like ok im on the way. Once I get there, they get some more info from me and are on the phone with the bank again. Im like WTF?? I thought I was approved, the finance guy goes no you were pre approved. So im like you better not have wasted my time, and he says oh we do this all the time. Anyways to make a long story short, he got me down there and had the car washed and ready for me without a final approval. Luckily my credit is pretty good, and didnt have any probs, but it does happen alot more than you think.

[EvolvedDSM]

Honestly can you drive the car off the lot and a week later say "hmm i dont think i can afford this, so i'm going to return it" so why must the opposite be true.

Honestly, I've had friends do just that. Purchase a car, drive it for a few days and return it once they found out they really didn't like it. Perfectly legal in OH, but unsure how it goes here. This isn't the first time I've heard of a dealer asking to bring a new car back either.

[vtluu]

http://www.csaa.com/global/articledetail/0,1398,1002010200%257C1334,00.html

California law does not provide for a "cooling off" or other cancellation period for vehicle lease or purchase contracts. Therefore, you cannot later cancel such a contract simply because you change your mind, decide the vehicle costs too much or wish you had acquired a different vehicle. After you sign a motor vehicle purchase or lease contract, it may only be canceled with the agreement of the seller or lessor or for legal cause such as fraud.

[VadersSTi]

Wow, that sucks. I cant believe he had to give it back.
NO EVO at the end. :(

[BluEvo]

here's my .02. the dealership will do anything to make a sale. even it isn't a sure shot. the in-house finance manager takes a look at the deal to make a pre-approval decision and(or) an overview of what might fit into a lenders criteria. never take this for a final approval. the lender is the final say, not the finance manager. you should only take delivery of a vehicle only if you ask the ultimate question. "has the loan been approved by the lender/creditor?" if the answer is "yeah, sure it will be ok" that is a "no". if it was a sure thing they can tell you the lender/creditor that is financing you. had an experience back in the day, and heard many stories of that same situation. dealerships can and may be shady, so it up to you to follow through. as for legal stuff, don't know. you can make a claim to the better business bureau?

[kataklyzm]

they "paper trip" the car first, hope to get financing and sort it out later, if theres a problem, they call you back to take the car back or try to get you to drop a bigger down. happened all the time when i worked for capitol mitsu, and i am sure 99% of all other dealers do this as well....

another reason you should be careful about signing is MAKE SURE FINANCING IS DONE!!! while working at mitsu i have seen countless people screwed by assuming the finacing is done, and they will have you sign a different contract (looks the same as normal, but called something different) that means if they cant get you the ate you agreed upon, and if you drive the car off the lot, you are stuck with whatever interest they can stick you with pretty much..just be careful

[MitsuMan]

dude the same thing happend to me at cap mistu I took the car on a sunday fronted hard saying"I have a trustfund coming don't worry about the money" ha ha so no money down and no trade in I and an evo then on tues. that week they said sorry we can't finance you. So I got the Allied Credit union hook up and Financed it my damn self w/4.9% whats up now Cap mitsubitchy The only part that sucked was the credit union only came up with the sticker msrp and we all know they're not gonna let an evo go without getting theirs off the top Good luck future evoniers