Dealership backout the deal since I am paying off..need help

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Sep 19, 2007 | 01:19 PM

Dinomon

Thread Starter

Pole Position

Joined: Jul 2006

Posts: 300

Likes: 1

From: TX

Dealership backout the deal since I am paying off..need help

On Friday, I went to the a local Texas dealership and got a $18,000 Driveout deal for 2007 Civic LX for my dad. But that day, they didn't have the car, so they had to get it from another dealership. So I gave them $1000 deposit and I went back to get the car 4 days later. In the meanwhile, when I went to my bank, I found a better new auto interest rate (2% less than dealership quoted APR), so I took the loan check from my bank to the dealership and they didn't give the car since I am not financing with them anymore, So is there anything I can do? I still have the paper I signed with the price, tax, total, depoist, etc. The manager said he assumed that I would finance with them. Thanks a bunch.

Sep 19, 2007 | 01:46 PM

redjeeper

Intermediate

Joined: Mar 2001

Posts: 419

Likes: 14

From: Mississippi

I don't see how they can back out on signed contract because you chose a different source of funding. I say you make them legally honor the contract if you really want the car.

Sep 19, 2007 | 01:59 PM

92 SC400

Lead Lap

Joined: Sep 2005

Posts: 3,593

Likes: 5

From: CA

Tell them to match the rate and you'll finance through them.

Sep 19, 2007 | 02:34 PM

Lil4X

Out of Warranty

Joined: Aug 2001

Posts: 14,925

Likes: 13

From: Houston, Republic of Texas

They probably made the deal based on your financing with them, cutting you a "lower price" knowing they would make it up on the financing. You outsmarted them by getting bank financing and they are caught with little profit in the deal and want to weasel out. If they won't deal, get your deposit back and walk.

On a cash sale you hold all the cards. Find the car you want, tell them what you will pay IN CASH, RIGHT NOW for the car. If you catch them toward the end of the month you can make a better deal than you might think. Some dealers get a little desperate at the end of the month and would rather have a sale, even at minimal profit than no sale at all.