Results 1 to 8 of 8
  1. #1
    Join Date
    Jun 2011
    Location
    Arizona
    Posts
    4

    Default Yo-Yo Car Financing, Spot Delivery Scam

    My question involves a consumer law issue in the State of: Arizona

    On 6/25 went into a dealership and purchased a Nissan Altima for $22000. Gave a 2004 Honda Civic in trade (wholly owned car) for consideration of $5500, plus put $1500 down. I have a credit score of upwards of 800. Dealer put me with financing through NMAC to receive the promotional rebates.

    Got a phone call Tuesday (6/28) saying I needed to come in right away as some paperwork needed to be re-done. I'm thinking that they may try to pull a spot-delivery scam.

    What are my options if they, in fact, pull this stunt?

    Thanks, in advance.

    Additional note, they did also successfully coerce me into signing an arbitration agreement.

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,844

    Default Re: Yo-Yo Car Financing, Spot Delivery Scam

    I suggest starting by calling them and asking them what paperwork needs to be redone and why.

    Assuming they are claiming a financing issue, ask them if your Civic is still on the lot - if they're going to try to undo the transaction based upon a claim that financing fell through, it will help to know if you can drive home in your Civic and shop for a new car elsewhere.

    If you want to keep the car, one thing you can do is line up financing of your own. With an 800+ credit score that should be pretty easy to do. Then when they stick a ridiculous financing contract in front of you, you can indicate that you're borrowing the money from your own bank and have no need of their loan. That will not only undermine any scam, but will cost them whatever commission they were supposed to get from the financing company.

  3. #3
    Join Date
    Jun 2011
    Location
    Arizona
    Posts
    4

    Default Re: Yo-Yo Car Financing, Spot Delivery Scam

    Thank you!

    I really like your latter option, because I do like the car and I got a SMOKING deal on it (2011 Nissan Altima 2.5SL for $22000 is incredible).

    My credit union has some great offers right now as well. I'll post any further info as it comes along.

  4. #4
    Join Date
    Jun 2011
    Location
    Arizona
    Posts
    4

    Default Re: Yo-Yo Car Financing, Spot Delivery Scam

    Update:

    Of course, no response to numerous phone calls. I figured as much. What I'll probably do is make THEM hunt ME down. I'm thinking I should probably miss our "appointment" on Friday night to get them to respond to me. Then, once I have them on the phone, start asking the questions you mentioned.

  5. #5
    Join Date
    Jun 2008
    Posts
    250

    Default Re: Yo-Yo Car Financing, Spot Delivery Scam

    what ever happen?

  6. #6
    Join Date
    Jun 2011
    Location
    Arizona
    Posts
    4

    Default Re: Yo-Yo Car Financing, Spot Delivery Scam

    Ah! Thanks for reminding me to update.

    So, on Friday I missed the appointment. Numerous calls were not returned. So, since they would not return my calls I went through the weekend without any contact from them.

    On Tuesday (Monday, July 4th, being a holiday) I spoke to an individual who identified himself as the "Finance Director" for the dealership. As a side note: all these titles for this dealership seem to be made up, as everyone is a "Director" this, or a "Manager" that - so keep that in mind. I asked him point-blank, "Is there a problem with the paperwork?" He seemed to be confused at my question and asked why I had the impression that there was something wrong. I explained to him that, initially I called and tried to ask a question of the salesman, and that the salesman's reaction was to call me back and tell me that we had to re-do the paperwork because there was a problem with it.

    The finance director said that he didn't see a problem, but would look into it and call me if he did, indeed, find a problem. In the meantime, I called NMAC to see if the loan had been funded. Unfortunately, at that particular time, it had not been.

    Then, on Wednesday, I called again and spoke to the same finance director. I asked him again, "Is there a problem on the paperwork? Are you SURE that there is no problem? What have your inquiries discovered?" He indicated that there was no problem whatsoever. In addition, I called NMAC again, and found that, today, there was funding information for the loan. Also, on this day, I received a survey request from Nissan corporate. Of course, for the unnecessary worry and trouble this salesman caused me, I dinged them on it within the survey.

    On Thursday and Friday both the salesman and the "finance director" attempted to contact me. So, I ignored all attempts by the salesman, as I was already dissatisfied with his prior service. However, I did talk to the same "finance director". He indicated he got the "Hot Alert" caused by the negative survey and asked if there was anything he could do to make me a satisfied customer. I said, "Once more, I just want to make sure there is no problem with the paperwork." He indicated there was not a problem. He offered to provide me free service for my first service milestone. I turned him down as I do not want that dealership anywhere near this car anymore, and am totally convinced their service would end up being a nightmare.

    Here's what I think happened:
    They were going to run the spot delivery scam on me, but once the application was sent there was no delay in the approval due to my stellar credit rating. They had to have realized that the game was up, that I'd hold them to the contract and so they acted like they never had mentioned anything about the paperwork.

    So to sum it up: lesson learned. I will never take delivery again until I get the loan approval #. Scary few days there, but am glad it ended ok.

    Thanks for your assistance Mr. Knowitall, very much appreciated!

  7. #7
    Join Date
    Mar 2007
    Posts
    9,096

    Default Re: Yo-Yo Car Financing, Spot Delivery Scam

    On your next car, a better course of action would be to simply call your credit union BEFORE you buy the car. Work out the financing and terms you want, and then you just write the dealership a check.

    Yes, the dealership will hate it... but you insure a much better rate.

    The next thing you should do is contact your credit union to refinance your car. I usually do this, by the way. Let the dealership do all it's wheeling and dealing and then flip the loan to the credit union for half the interest rate.

  8. #8
    Join Date
    Jun 2008
    Posts
    250

    Default Re: Yo-Yo Car Financing, Spot Delivery Scam

    thx for update. but yea with good credit go through a credit union

    1. Sponsored Links
       

Similar Threads

  1. Owner Financing
    By ljg17 in forum Buying, Selling and Conveying Real Estate
    Replies: 1
    Last Post: 05-19-2009, 09:11 AM
  2. Car Dealer Financing Fell Through
    By loki84 in forum Cars and Dealerships
    Replies: 1
    Last Post: 03-03-2009, 10:55 AM
  3. Business Finance: Business Financing
    By qzafi2180 in forum Business Law
    Replies: 1
    Last Post: 09-28-2008, 06:08 PM
  4. Financing Declined
    By lilredwitch in forum Cars and Dealerships
    Replies: 4
    Last Post: 01-10-2008, 06:46 AM
  5. Foreclosure: How to get financing to buy foreclosed homes
    By amirahamma in forum Buying, Selling and Conveying Real Estate
    Replies: 4
    Last Post: 09-27-2006, 06:20 PM
 
 
Sponsored Links

Legal Help, Information and Resources