DAMN!!!!!!!! DEALER MAKING ME RE-SIGN CONTRACT!
 

Elmore toyota just called me and they are making me come over and re-sign the contract to raise my interest rate!!! I got approved for 5.40% and they said they are gonna raise it to 5.80%! this is BULL____! He said he will make it up to me by giving me a $100 scion gift cirtificate to use on parts. should i go and re-sign it?? If i dont, can they do anything about it?

im ____ed! :nope:

read your contract. thats the only way you can find out if this is legit. Dealers have in the past (not necessarily scion dleaers) dont this and they just keep the extra part.

However, it is not always a scam - sometimes the bank they put you at approved you for a car loan when they ran the request but then once the final buyers order its them the LTV (loan to value) is too high for your approved loan.

Thats just 1 of a lot of options, but it lets you know there may be a legit reason for this,

But like I said, make sure you read your contract first!

Well, the issue is this. All persons signing the contract also sign a disclaimer stating that the contract is subject to final credit approval by Toyota Motor Corporation. Its entirely possible that you didn't qualify under the original interest rate. Thus, if you want to keep the car, you HAVE to sign the new contract. Ask questions before signing anything. And whatever you do, don't take the car down there. Otherwise, if you don't sign the new papers, they might try and hold your car on the lot by blocking it in. Guerrilla tactics, yes, but legal.

Re: DAMN!!!!!!!! DEALER MAKING ME RE-SIGN CONTRACT!
 

why dont you just resign, get the gc and then refinance with a lower interest rate through a credit union.

sounds like a win win to me, unless you don't have solid credit or something.

I think it's legit, because dealer has some time to lets call it review whole contract, and change smth, read your papers. When I got my car after reading everything, I've understood they have some time to make changes before fully closing the deal.
I'm not sure if other dealerships will help you much on this one(still goes through Toyota Financing), but you could try, other than that, to sign new contract or not is up to you, don't know how much you finance if you think it's worth to you, do it.

The dealer can't just randomly raise your interest rate. Scion interest rates are fixed based on your credit and the length of loan you choose. There must be some reason they gave you.

b4 i got my car, i resarched a lot about dealer scams and such, i say F it and go to another dealer.

Why can't he just return the car? Tell them raise my rates and you can have the car back.

NJTrout

It's a scam.

www.carbuyingtips.com

Read the scam section there.

its not a scam. the dealer makes no extra money just because you have to pay more in interest.

scion has flat rate financing as im sure you know, and recently tfs recently raised interest rates.

unfortunately for you, you fell btwn the period in which they raised rates.

buckeye is right in that there is a scam that exists, but that isnt even close to being the case here.

just sign the damn paper get your gc and then refinance...it really isnt that difficult.

You signed the contract for 5.4, if they want to raise it to 5.8, give em the car back, then go through the lot and get a RS :p

I had to go back and re-sign the whole paperwork again because the smart asses at my dealer gave me the wrong VIN number the first time so I "technically" bought a Toyota Echo!!! hahahaha :silly:

-Emo

The Echo had better fly me to the moon if they put an Echo VIN on my sales papers. :rofl:

^^^^ hahaha...toyota echo vs. a tC? so you practically paid 17k for an echo? thats funny...

What? still thats their own fault putting the echo vin into your contract! this is not an excuse at all! thats BS! :no:

I know it's their fault but I wasnt gonna leave my paperwork signed for an Echo...

-Emo

Re: DAMN!!!!!!!! DEALER MAKING ME RE-SIGN CONTRACT!
 

Don't get ____ that quick. I'll show you...

Let say you're currently financing $17,000 @5.4% Now, they want to raise .4% to 5.8% and they'll give you $100 gift certificate.

Therefore, .4% * $17000 = $68 compare with $100 gift.
You just make = $32
So, why not plug it in and see if you make any money?

:P

0.4% on a 16,000 car isn't worth trying to scam people. Dealers want to increase their margin on the car, but the contract to buy the car and your contract with TFS are separate unless you signed something saying otherwise. You could walk in with financing from your rich uncle roberto tomorrow and buy the car if your TFS finance contract is invalid. Since you're paying interest to TFS and not the dealer, I doubt the finance manager at your dealer sees a dime of the $50 that your 0.4% is worth.

Some dealers try to blur the line between the purchase contract and your financing. By doing this they can shift the numbers on your purchase price, your rate, your options, and your trade-in in a way that benefits them and, pretty much always, screws even savvy customers. With scion, purchase price and options aren't particularly negotiable. The way for dealers to get ahead is to shaft you on trade-in (if possible).

Others might have more insight into this.

If you're still uneasy, just call a different dealer and see what rate they'll offer you. It'll take 10 minutes to give them your info, and if you don't have a rate by the end of the phone call, you will by the end of the day. It's crappy, and it's an inconvenience, but that's about it. I don't think most dealers would offer you the gift card, so I think in this case you're in good hands.

Also, a credit union beating the rate TFS offers is by no means a sure thing. With my credit history, TFS was the only way I could finance for under 5%.

thanks, i guess .4% isnt that big of a deal. ill go sign it, get the $100 gift card and use it get my car lowered! thanks! :D

^^^^^ this whole thread made me :rofl: :rofl: :rofl: :rofl:

.4% and you're complaining.

This is a common thing anyhow, the sales tend to "approve" financing before it's officially financed/approved by the bank.

dealerships also know what tier financing you're going to be set at the moment your credit score hits the paper.

they will work you over for higher financing when they can... if it's enough to make them a profit or a quota with a lender.