Buying a car from the dealership..

Question

I bought a 2009 nissan altima a month ago
the bank did not approve my loan due to lack of employment proof.

Now the dealership wants the car returned and it will be but i put over $6000 on the down payment
its been a month and i drove almost 3,000 miles on.

wondering when I return the car, do I get my full down payment back + taxes or some of it back and charge me cause I used the car and drove 'X' amount of miles on it ?

MPChino · Answer

I bought a 2009 nissan altima a month ago
the bank did not approve my loan due to lack of employment proof.

Now the dealership wants the car returned and it will be but i put over $6000 on the down payment
its been a month and i drove almost 3,000 miles on.

wondering when I return the car, do I get my full down payment back + taxes or some of it back and charge me cause I used the car and drove 'X' amount of miles on it ?

wizardofroz · Answer

If you actually had $6000 saved up, you should have bought a nice USED car with cash and not FOOLISHLY gone into debt. Then you could save the money you would have made in monthly payments to buy a brand NEW car with CASH less than 5 years from now.

For future reference, since I had the money in the bank, I just purchased a NEW car from a dealership by giving them a certified cashier's check about a year ago. And my employment was IRRELEVANT and none of their business, as they were taking no risk with me by getting all their money up front.

I am not knowledgeable about how the banks would handle your situation, but I would recover as much of the $6000 back that I could and follow my advice above by paying cash for a nice USED car. Payments are punishment for impatient, immature people driving a car that you could not afford, and a great way to stay broke.

cpfs146 · Answer

I had  a similar situation back in 2000, I never took the car back, they eventually found a bank that gave me a loan.

cpfs146 · Answer

You should demand your money back!!!

MPChino · Answer

[Quote: Originally Posted by wizardofroz]   If you actually had $6000 saved up, you should have bought a nice USED car with cash and not FOOLISHLY gone into debt.  Then you could save the money you would have made in monthly payments to buy a brand NEW car with CASH less than 5 years from now. &#xD;&#xA;For future reference, since I had the money in the bank, I just purchased a NEW car from a dealership by giving them a certified cashier&#x27;s check about a year ago.  And my employment was IRRELEVANT and none of their business, as they were taking no risk with me by getting all their money up front.  &#xD;&#xA;I am not knowledgeable about how the banks would handle your situation, but I would recover as much of the $6000 back that I could and follow my advice above by paying cash for a nice USED car.  Payments are punishment for impatient, immature people driving a car that you could not afford, and a great way to stay broke.    [/Quote]Yeah lesson learned , the bank already denied my application so its actually just between me and the dealer  [ their car / my $6000 ]Im going there tomorrow and I already think its not going to be easy getting my full down payment back. i understand charging me for &#x27;rental&#x27; fees but not keeping the whole down payment. gonna have to see.

Skipbone · Answer

Get a gun and go on the lam.

phat03 · Answer

I bet they just charge you a fee per mile kinda deal...

Ryno777 · Answer

Just negotiate over the phone.  I did a quick kelly blue book search on a 2009 altima.  The difference between 50k miles and 53k miles is $200. I wouldnt pay more than that...

Ryno777 · Answer

btw, my theory in doing that is because the car depreciated that much while in your possession.  Just my .02 though.

Kellys-K-Gun · Answer

If u put 6k down on a 2009 the dealership will find a lender to get the deal done.

TheGoldenGoose · Answer

[Quote: Originally Posted by Kellys-K-Gun]  If u put 6k down on a 2009 the dealership will find a lender to get the deal done.  [/Quote]Absolutely Car dealers want to move cars.  They certainly don&#x27;t want to take yours back.  You&#x27;ll get stuck paying a higher interest rate, but at least you have the car you want.

MPChino · Answer

Went to the dealer ship today and they sent four application and got one bank to " approve "but the need $900 more down payment on top of my $6000 I put down and they want me to sign papers tommrow and I think interest rate and monthly payments changed. I&#x27;m not with that at all do I have the right to decline this ?

MPChino · Answer

And also they want me to lie to the bank about my employment saying I work for some other company and I recorded the conversation for that.

jsab · Answer

Tell them you are not interested.

cpfs146 · Answer

Yeah, garbage that deal. Take a gun down there and see how fast things start going your way.

DickyR · Answer

[Quote: Originally Posted by wizardofroz]   If you actually had $6000 saved up, you should have bought a nice USED car with cash and not FOOLISHLY gone into debt.  Then you could save the money you would have made in monthly payments to buy a brand NEW car with CASH less than 5 years from now. &#xD;&#xA;For future reference, since I had the money in the bank, I just purchased a NEW car from a dealership by giving them a certified cashier&#x27;s check about a year ago.  And my employment was IRRELEVANT and none of their business, as they were taking no risk with me by getting all their money up front.  &#xD;&#xA;I am not knowledgeable about how the banks would handle your situation, but I would recover as much of the $6000 back that I could and follow my advice above by paying cash for a nice USED car.  Payments are punishment for impatient, immature people driving a car that you could not afford, and a great way to stay broke.    [/Quote]What school of life did you go to pal.Unless you&#x27;re 18 living in your mommy &amp; daddy&#x27;s house WAKE THE FU*K UP.Or I&#x27;ll add making big bucks or independently wealthy.Car dealerships wouldn&#x27;t exist if people were just PAYING CASH.Unless you&#x27;re credit is screwed...The banks are lending money at ALL TIME LOWS. Any loan from any bank or car dealership is basically free money. You&#x27;re gonna wait 4 years save up $500 a month right isn&#x27;t that what you said. Do the math $500x12 = $6000 x 4 = $24000. Meanwhile that money sitting in the bank EARNS YOU NADA. But you just blew $6k on a used shitbox. So what do you tell him when his AC goes or a major repair for thousands happens ? Maybe he should have paid an additional $1500 for a warranty ? No he should pick the car he wants WITHIN HIS BUDGET so he doesn&#x27;t get repo&#x27;d. Now people buying cars not within in their means is an entirely differently story.

mainmanmainman2 · Answer

yay its big bizness, sometimes a fool w. 740 credit walks in and walks out and is looking at a 22% rate on his used car. lol

used car or not, you better hope you are buying a nice car, always look at carfax and see the safety report. good luck in life.

wizardofroz · Answer

[Quote: Originally Posted by DickyR] &#xD;&#xA;&#xD;&#xA;What school of life did you go to pal.&#xD;&#xA;Unless you&#x27;re 18 living in your mommy &amp; daddy&#x27;s house WAKE THE FU*K UP.&#xD;&#xA;Or I&#x27;ll add making big bucks or independently wealthy.&#xD;&#xA;Car dealerships wouldn&#x27;t exist if people were just PAYING CASH.&#xD;&#xA;Unless you&#x27;re credit is screwed...The banks are lending money at ALL TIME LOWS. Any loan from any bank or car dealership is basically free money. You&#x27;re gonna wait 4 years save up $500 a month right isn&#x27;t that what you said. Do the math $500x12 = $6000 x 4 = $24000. Meanwhile that money sitting in the bank EARNS YOU NADA. But you just blew $6k on a used shitbox. So what do you tell him when his AC goes or a major repair for thousands happens ? Maybe he should have paid an additional $1500 for a warranty ? No he should pick the car he wants WITHIN HIS BUDGET so he doesn&#x27;t get repo&#x27;d. Now people buying cars not within in their means is an entirely differently story. &#xD;&#xA;[/Quote]&#xD;&#xA;As a young adult, I foolishly bought way too much car than I could afford, but eventually common sense overcame by immature impulsive ways.  Since when did $6000 equate to having a clunker for a used car?  Quite the opposite is true; with a little due diligence, one should get a nice, reliable used car at that price.  &#xD;&#xA;DickyR, your counterpoints only make a shred of sense if you are a used car salesman, which I think you probably are.

wizardofroz · Answer

[Quote: Originally Posted by wizardofroz] &#xD;&#xA;&#xD;&#xA;As a young adult, I foolishly bought way too much car than I could afford, but eventually common sense overcame by immature impulsive ways.  Since when did $6000 equate to having a clunker for a used car?  Quite the opposite is true; with a little due diligence, one should get a nice, reliable used car at that price.  &#xD;&#xA;DickyR, your counterpoints only make a shred of sense if you are a used car salesman, which I think you probably are.&#xD;&#xA;[/Quote]&#xD;&#xA;my

Buying a car from the dealership..

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