Well I got my XB on sunday. Starting looking for unsurance and I got a call from my dealer today. She said that the bank wants proof that I make 1500/month. But when I got my XB they knew I didnt make 1500/month, maybe 1200/month at the most. I got it financed through TFS/Scion Solutions. They said I may need a co-signer since I told them that I only made 12,000 last year on my W2. But I can't get a cosigner, already tried. So I have 2 questions. 1. Will they take the XB back from me if I cant get a co-signer? 2. What can I do to keep the XB? Like I said a co-signer is 100% impossible! Help Guyz!

 

since they already let you drive off with the car, they'll do anything to get you financed

this happened to my co-worker with her Honda-Hondas are very strict with financing



another option is to give it back get your money and get a used XB, theyll finance u

 

since you had already driven off the car, they will finance your car but you might have to pay an exorbertant interest rate ...

 

to me i feel like it's bait and switch, give them hell, dont agree to pay anything


even if you dont win, i'll complain to Scion, dealership management etc....

 

It is, but many dealers send cars out the door with financing contingent upon various factors, like income, co-signers, etc. The buyer may believe that he has made a solid deal, but there are weasel words in the contract he signed that allow the terms to be changed from those that he thought he signed to to others that are far less attractive.

This allows dealers to tell the customer that he will be getting a low interest rate when the dealer knows full well that they won't qualify for that rate. By the time the customer finds out the bad news they are committed to the deal.

For this reason, it is usually unwise to finance a car through a dealer. It gives the dealer yet another variable to fiddle with during the transaction, like adding another shell to a shell game. The customer is better off to arrange his own financing via his own bank or credit union.

 

if they already have you financed thru TFS id contact TFS and scion before giving the dealer any answers... worst case scenario if they f with you tell them to f off. if they can change terms of the deal so can you... its difficult to let go im sure but am also sure you can find a dealer that isnt so shady

 

The dealership where I got financed through tried to pull the something like this on me...They can force you to return the car if you don't provide what they need from you though in most cases, they don't push the situation to that end unless they really can't get you financed through someone else...

Where you need to stay tough and stand your ground will be with the contract refinancing they're going to try and get you to do...Once they have a bank that will take you they might need you to refinance the contract under new terms...If they don't then fine, but if they do, be sure to check out all of the fine print and additional charges if any...In some cases you might even get a better APR and monlthy payment...However, sometimes they'll try and add an additionl year on the finance term, or take away certain additional options you've added on in your contract such as extended warranties, service plans, or Lo/Jack...If this should happen, tell them to keep you under your current contract or no deal...

I'm sure it won't come to that though...They kept my contract the same and gave me some schpeal about how they called in a favor to keep it as-is...They'll probably do the same for you too...Remember your contract is legally binding and they made a mistake letting you out of the dealership thinking you had the car and they didn't actually get you financially approved...Call them on their mistake and keep that car..Oh and whatever you do, don't ever give them back that original contract you signed with them...They take and tear it up and your S.O.L....It sounds childish yes, but they can do it and void your sale that way...They have everything they need on computer and can reprint a copy for themselves if they need it...

Worst case scenario: they take back the car and they return any trade-in or down payment you gave them and you walk away to buy from another dealer who will be more than willing to do business with you...

Best of luck to you bro!!! Hang in there and keep us posted on what happens

DAN

 

Call them on their mistake and keep that car..Oh and whatever you do, don't ever give them back that original contract you signed with them...They take and tear it up and your S.O.L....It sounds childish yes, but they can do it and void your sale that way...They have everything they need on computer and can reprint a copy for themselves if they need it

They pulled the same ____ with my son, they tore up his contract. This was at a Mitsubishi dealership. DO NOT GIVE THEM BACK THAT CONTRACT.

Good Luck

 

Sorry to hear about the situation you are in. I was in a situation almost just like that when i just ordered my xB and a week later they called for a co-signer and my dad didn't want to co-sign in order for the car to be under my name, not his. But, he said sure, he'll co-sign. Later, about 2 weeks after that, i got a letter in the mail saying that toyota financial servicesa will not approve me for a loan considering i already have a loan with them already (i got a 1995 eagle talon from them about 2 1/2 years ago) and i wasn't finished paying off the loan. Boy, i went crazy thinking i wouldn't get my car after all. But i call the guy at scion and he said that it was ok. So now i'm a proud owner of mr new xB.
Ok, I just have one question; What is your monthly payment going to be?? I make the same amount; they should approve you if youcan get a co-signer. Technically, a co-signer can be anyone that has a job, even a friend. You just have to make sure you do the payments each month. Ask a friend! Can a family member help?? If all else fails, would you settle for leasing the car? That might get you it. I hoped i helped. Hope to hear good news later!!

 

How much did you tell them that you made?

 

I'd go on a little road trip tonight or the next day if I were you and put at least a few hundred miles on the car. You would be surprised how their attitude will change if they are faced with the prospect of having a USED car returned to them. Lay it on the line and make sure that they know how many miles are on the car when you go to speak to them. They can either make it happen for you or they can loose a grand trying to sell the car used. The only thing that talks in a situation like this is $.

 

If worse comes to worst...you can always drive it like it's your last day on a lease... :D

 

first rule in financial security. never co-sign.

Unfortunately if you're young or underemployed, there's often no choice if you need it NOW.

To those asked to be a co-signer, keep in mind first, the lender does not have to tell you first they are taking the car back, it can can be a total surprise if they choose - and when they do take it back - you still have to pay for the whole vehicle... which you no longer have or will get back - plus penalties, plus a horrible mark on your credit, basically - screwed coming and going.

co-signing for the person needing it - woo-hoo! you get a car!
co-signing for the co-signer - watch your *** to avoid regretting it later.

 

Sorry to hear that...I've seen it happen myself to a close friend and it's pretty scary to watch...It's like something out of a movie watching these grown men kind of chuckling as they tear up your contract right in front of you and call the whole thing off...

I sincerely hope this poor guy can keep his XB...It's always sad to see someone get screwed over by a dealership...My box is my third car in just over a year, and I know the horror stories people experience at dealerships all too well now...

Again, best of luck

DAN

 

I sure am sorry to hear you all had those experiences. Life is much more stressful when you're forced to rely on others to buy your important things like transportation. It became a goal of mine to avoid loans, and I started saving a little whenever I could, and this time around I was able to write a check for my xB, after almost choking the non-Scion finance toady who would not stop asking to buy extended coverage and warranties and all that garbage. I loved showing him he couldn't squeeze more cash from me with a loan!

It can be hard to stay the course early on, but once you start saving every month for a car, even when you already have one, it becomes a habit. Then you can walk in with the cash up front, and you don't pay that extra couple grand to borrow.

 

There should be a no cooling off period for the dealership as well. They made the decision to let you drive off with the car. So they should deal with it. If I bought the car and didn't want it I'm SOL. And they'd be like sorry guy nuttin we could do about it. That's horse sh*t. There just ____ed they made a mistake and now the manager is all down their ___ and they don't wanna deal with that.

 

I HIGHLY recommend that you go to www.capitaloneautofinance.com and apply online. You will know if you are approved with them within hours. I used them when buying my xB and it was honestly the smoothest transaction I've ever dealt with. They FedEx'd their check for the car, which I received in 15 hours, and then I simply went to the dealership and signed the check to them and drove off.

Read the hundreds of "customer comments" on their site if you don't believe me.
I will use them to purchase all of my future vehicles.

:D

 

I used Capital One Auto Finance also, i'm also very happy with them.

 

Do you realize what a co-signer is and what risks they take?

To refresh you, a co-signer is the person that the finance company is going to go after if you default on the loan. He's putting his head on the chopping block along with yours!

Let's turn the situation around. Your buddy is so stretched out financially that he can't get a loan on a $15K car without a co-signer. He asks you to co-sign for him. Are you really going to risk your financial future, and credit rating if he loses his burger-flipping job, drops his paycheck betting on football, etc.? Let's say he wraps his Scion around a tree and, afraid to face you, skips town. Guess who gets left holding the $15K+ bag? Yep, it's you! You've got nothing, but you still have to pay for it.

Co-signing isn't something to be taken lightly. It's a red flag that says "Maybe you shouldn't be stretching yourself out so far!" If you co-sign for someone else, you may not be doing them a favor by getting them into more debt than they can handle. It's also a way to ruin a friendship or _really_ screw up a family relationship!

George

 

you should give it back and get your $$$ back if they cant work with u save up more$$$ and try it again at a later day. dont listen to anyone saying to give them a hard time it's not them it's the bank.