Dealer ever try to pull a fast one on finance?

Just got the bill for my first payment from my credit union.

Used sticker , $29,995. Negotiated down $500.00. New Price $29,495.

$2000.00 down 1000.00 cash, 1000.00 card. Of course I can't find the cash receipt :frusty:

So I'm supposed to be at a balance of $27,495 and my statement

Credit union says I owe 31,572.02.

Now the finance guy tried to get me into buying extended warranty, undercoating treatment and gap coverage it would in total have raised the payment $75.00 a month, told him no way but I'll take the gap coverage.

That can't cost 4k can it Could have sworn it was 5 or 10 bucks a payment? There's nothing mentioned in the payment history about my down payment, maybe I just look stupid or something but I'm pretty ticked right now.

Of course I'll call them tomorrow but feels pretty shady right now.

don't you have the paperwork? It should show on it exactly what you paid, and what is financed....

Plus TTL?

dron_jones said:

don't you have the paperwork? It should show on it exactly what you paid, and what is financed....

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They were supposed to email it to me that night, it never came.

Falconetti said:

Plus TTL?

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Maybe but that seems like a lot. Should have worn my reading glasses that day, but everything seemed legit as he was describing it.

Semi said:

They were supposed to email it to me that night, it never came.

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Huh? that doesn't make sense. Weren't you at the dealership when they were filling it out? Didn't you sign the documents?

dron_jones said:

Huh? that doesn't make sense. Weren't you at the dealership when they were filling it out? Didn't you sign the documents?

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Sorry, to clarify , email me the signed copies.

And now that I've posted this , tax and title probably is the culprit. I just expected to see some documentation on the down.

I have an inherent distrust of car dealerships after working at one for a couple of the worst weeks of my life.

I'll get them to re-send the paperwork tomorrow. If everything checks out I'll admit I'm a dumbass but I still think they've forgotten to apply my down.

tax (whatever the rate is) 1700-1800 and maybe 1200 gap? that might be the added cost?

Semi said:

Sorry, to clarify , email me the signed copies.

And now that I've posted this , tax and title probably is the culprit. I just expected to see some documentation on the down.

I have an inherent distrust of car dealerships after working at one for a couple of the worst weeks of my life.

I'll get them to re-send the paperwork tomorrow.

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My point is that you should see all the documents with all the details before you sign anything. If you are signing off on the purchase and it doesn't have all the information price/downpayment/trade in/TTL/ you are as much as fault as the dealership. You should also always have a copy of anything you sign, you should be always be able to get that at the time, shouldn't be any need to have to wait until later.

+1 I've always gotten a copy of all the paperwork while at the dealership and taken it with me. Last time I got GAP insurance was thru my credit union where I got my financing done before I went to the dealership. It's was less than half of what the dealership wanted to charge me.

Ecoboosted said:

+1 I've always gotten a copy of all the paperwork while at the dealership and taken it with me. Last time I got GAP insurance was thru my credit union where I got my financing done before I went to the dealership. It's was less than half of what the dealership wanted to charge me.

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And you didn't finance it. Wasn't too bright on my end, I just haven't had a car payment for so long I didn't think it through.

Semi said:

And you didn't finance it. Wasn't too bright on my end, I just haven't had a car payment for so long I didn't think it through.

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When I had my Ecoboost I financed it thru my credit union instead of the dealership. Got a better rate than what the dealership could of gotten me plus cheaper GAP insurance.

I traded that car for my GT but got financed from Ford when they had 0% financing. The EB trade and money down I wasn't upside down on the loan so no need for GAP insurance on the GT.

With every car deal you learn more and make less mistakes. (or should)

ive always went to the credit union for my financing, i tried the dealership but they had higher rates and on top of that they went through the motions before letting me know the car got to the dealer. I only knew because when i went to go look at rates they said i already had inquiries (with the wrong info btw) and on top of that i had mail regarding rejections from places i never heard of. Not to mention this affected my credit score as well.

In the end i received 1.5% instead of the 4-6% the dealership was spouting.

$29,495 * 1.065 (Utah Sales Tax) = $31,412 - $2000 (Down payment) = $29,412 + your interest assuming its under 3% = $31,572

Seems about right

Soundd about right, you are just going by the the MSRP and negotiated price. You didn't calculate the tax, dealer fees, financed interest and gap coverage.

Next time, always discuss OTD pricing and have your financing lined up. If you only focus on the discounted price off MSRP or asking price, you are leaving yourself open to get gauged on dealer fees and finance.