Reply With QuoteHave they signed the lease/finance agreement?
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Hello all, sorry for posting this here as it's for a car and not a motorcycle but I wasn't sure where to go.
My parents purchased a brand new Nissan Versa 2 days ago with a down payment already taken and they were approved for financing. Both the dealer and my parents signed the Vehicle Purchase Agreement, we have the VIN and the Delivery/pickup date is tomorrow (listed on the VPA), first payment is due on May 8th, 2012, car is registered, plated and already insured. The dealership calls them today and says that Nissan's financial division is now declining the financing because my parents never had a loan over $20, 000 and their credit score is 619, that's what the lady over the phone is saying. It's actually over 700 and they've had several loans which they've paid back over $25, 000 - $50, 000. The car at the dealership even has the SOLD sign all over it, they could have even picked it up today but they couldn't make it due to work so they rescheduled. I'm not a lawyer, but I'm pretty sure the car is theirs, what are their options here?
Also, the dealership told my parents that they can offer a similar car but at 12% interest instead of 0%, what the **** is going on?
Have they signed the lease/finance agreement?
Mina
Yes, the car was ready today and could have been picked up.
That's a weird one, contact the dealership's manager and have a chat with him...
See what he has to say, if that doesn't work then OMVIC will be your next step.
Mina
+1Originally Posted by 2live&ride
If they signed an agreement I would say they renigged on the contract and ask for all money spent (Insurance, registration, plates....) and go somewhere else. If this is happening now whats going to happen in the future.
2001 CBR F4i
" they say at 100mph water feels like concrete ,so you can imagine what concrete feels like " - Nicky Hayden
It sounds like it is Nissan Finance (and not the dealer) calling the shots on this, so suggesting that the dealer is reneging is probably off the mark. Also, you can bet the contract would be conditional on the purchasers meeting credit approval criteria set by Nissan's Finance arm. If you think there is an error in the credit information used by Nissan, get your own report from Equifax and present that to Nissan as a rebuttal to their information source.
Last edited by turbodish; 04-25-2012 at 09:19 PM.
seriously, if you have a signed contract with the finance % clearly listed and they want to back out, then take your deposit back and find out from the next nissan dealer if these guys were full of crap. if yes, then get your versa from the next dealer. if not, then double check why there's a discrepancy between their score and the score you think it should be, because if it really is the lower score, then it won't matter where you go next, you could be sol.
i suggest not buying a versa, personally, but hey, whatever floats your boat.
The answer is in the question.down payment already taken and they were approved for financing/ Nissan's financial division is now declining the financing. Which is it?
It is unlikely they transfered ownership and registered the vehicle without the financing approval so something is not being disclosed and may have been implied but not factual.
If the deal was based on the financing and it was recinded so should the deal be.
The real issue is what does the contract they signed state? Was there a provision for "on approved financing" or is the finance rate cleary stated without reference to Nissan and signed off on? I was once declined by GMAC but the dealer took the financing to make the sale happen.
Sorry to say this but you need to read what was signed and agreed to by both parties. If it is in writing without any obvious clauses stated then you should have your answer. If it states Nissan financing and the financing was declined then you need to see what the penalties are to exit the deal?
You can quickly go on line with Equifax now and get your credit score instantly to confirm if it is 619 or 700+ if that is the only issue in dispute.
You should also have the option,if as you say your parents have good credit and prior loans, to present your own financing (bank) and buy it out right with the deposit already given.
Just some things to consider but you need to review the Purchase agreement as that is what is binding.
*This is my opinion and not to be taken as legal advice
this sounds more like a mistake that can be worked out.
Turbo's instincts are the best in the thread thus far.
This post does not provide any legal advice and readers should consult with their own lawyer for legal advice.
The down payment was already taken and applied to the total of the car, financing had been approved 2 days ago as stated in the VPA at 0% APR, complete total of 235XX.XX, payment amount 12X.XX, 84 months, 182 payments, first payment of 12X.XX starts on May 08 2012. Signed on the VPA, My Parents, Dealers official rep, sales person, supervisor and manager. Car to be picked up today at 10AM, rescheduled to tomorrow at 10AM.
2 days after that the Salesperson(The day of pickup) calls us and tells us that there had been a problem and they can't give us the car because of financing issues with Nissan.
Checked Equifax 705.
If that was the deal breaker it appers the problem is solved. Call as soon as they open and advise your report does not match their claim of 619
Moderator
All of the new car agreements that I've seen, recently, have made the contract contingent upon financing. At this point they should demand all funds be returned to them and go somewhere else. Given that car dealers are begging people to take product off their hands, and that current bank loan rates for cars are a fraction of what was offered, they really don't want to try and go forward with this unless they secure the loan themselves.
http://ca.finance.yahoo.com/news/aut...070230837.html
http://www.financialpost.com/persona...loans-car.html
Morally Ambiguous (submissions welcome)
"Man is least himself when he talks in his own person. Give him a mask, and he will tell you the truth." - Oscar Wilde
Nissan financial people says credit score is 619, never had a loan this size, but...
You say credit score is 705 and previous loans like this one, or larger, have been OK'ed
What about mistaken identity?
Is Nissan checking the right person to process the credit application? Maybe a person who has no SIN number? Maybe a very common foreign name that could be easily confused or misspelled?
Just something to think about
If this is a confusion, it will be sorted out, no problems.
If this is an attempt to squeeze more money from your parents (because it is a possibility), you may want to think about getting legal advice now.
Please keep us posted of what happens next
Security transcends technology
Moderator
It's likely accurate, or should I say 'accurate'? There are several different agencies that might be used, in order to generate a credit score. Did they use Equifax? TransUnion? Not all of them will use the same information and, therefore, will not generate the same score.
Morally Ambiguous (submissions welcome)
"Man is least himself when he talks in his own person. Give him a mask, and he will tell you the truth." - Oscar Wilde
OP if you do some research about shady deals at dealerships, this is a VERY COMMON game that they play....it doesn't seem to be a mistake on their side, they are trying to make more money as they will make not much on 0%. I do have to say that over $20 000 for a versa???? WTF is with that? Did they shop around at all? That is a tiny car, sorry just surprised it is that much. Either way don't take any crap from them, and do some research about this tactic, good luck.
20K for loaded Versa, why not??? Don't fortget, it will include every tax, charge or fee. I don't know about prices in St. Marys, but it would be fairly ok price in GTA, for sure.
Gixxer420...where is the update. What was the final outcome?
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