Car Buying Game

A couple came into the dealership to purchase a new vehicle. They traded in their current vehicle to be put towards the down payment on the new vehicle. They signed the contract and paperwork and were happily on their way home. The next day, the dealership called to inform them that their low credit score disqualified them from the very low interest rate quoted to them when they were purchasing the vehicle the day before. They would have to come back and resign all their paperwork and their interest rate was not 7% but 17 %.

Of course, they were very upset. They decided that they did not want the new vehicle; they just wanted to return the new vehicle and get their old vehicle back. Well guess what, management had already sold their vehicle at auction so it was long gone. After a lot of “discussion” between management, myself and the customer, the vehicle was repurchased from auction, bought back by the dealership and the customers got their car back. Most of the time the customer is stuck with the vehicle and the high interest rate. This happens on new and especially pre owned vehicle purchases. This practice is illegal but happens all the time.

Just remember, when you drive off the lot, the vehicle is yours. In many states there is no “right of rescission” or “I changed my mind time.”