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  1. #1

    Default Price on Car Financing Contract Higher than Agreed Sales Price

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

    Long story short I was naive and trusting when purchasing my first new car. During the haggling process my salesman and myself (and husband) came to an agreement on a price for a new car, which was to include tax, title, etc. While speaking with the financing guy I'll admit I trusted that the paperwork was legit as the dealership is well known. We agreed upon adding a few additions to the contract, namely a protective coating to the car. I thought the numbers sounded high when we discussed the munthly payments (and voiced this concern) but the guy assured me that was the amount I had agreed upon with my salesman so I signed the paperwork.

    Fast forward 3 weeks and I still don't have the coating on my car, though I had dropped the car off at the scheduled appointment with the service department to install the sunroof, which I might add took two attempts and over 12 days to complete. So anyway, I looked at my paperwork to make sure that I had indeed purchased the paint coating when I noticed what I believe are several mistakes. For one, the initial base price excluding a down payment, taxes, the coating, etc is $3000 over the msrp...and defintly not the price I had agreed upon with my salesman. SO obviously once you add on all those things the car cost is way over it's value. Secondly the protective coating is charged twice on the paperwork. Several of the other numbers don't seem to match between the financing paperwork and the dealer contract as well, though I could be reading that wrong.

    So yes I know you're thinking- stupid woman for not reading the contract before signing- trust me I've thought that myself many times. I realize that I probably am stuck with the contract, but I'm fishing for any ideas to get out of it completly or get the price adjusted to at the very least the MSRP though preferably the price I had signed for with my salesman. It just makes me sick to think that the $20,000 car is going to end up costing me $30,000 after all is said and done- we defintly can't afford to throw $10,000 away. I owe more than it's worth and it is a brand new car!

    An advice would be appreciated.

  2. #2
    Join Date
    Sep 2005
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    Behind a Desk
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    98,846

    Default Re: Price on Car Financing Contract Higher than Agreed Sales Price

    Do you have any documentation that you negotiated a lower price?

    What did the dealership say when you asked about this?

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