I think I just got F@#K over

[nautica918]

I just found out that I got ripped off on my X deal!!! I don’t know exactly what happened I just got the bill for the monthly payment for my X, but the total doesn’t add up right. I thought I am getting X for 38.5K but after I add up everything I am getting it for 42K. I called the bank they told me “we are not responsible for the transaction; I need to talk to the dealer that sold me the car.” I contacted the seller but I guess they were pushing me around try to run away from my question. To make matters worse that car dealer dude is my friend’s relative (I found out they were related after I got the car), so I am like…………………. What should I do??? Forget about the friendship and get my money back? What if I screw the friendship and still can’t get the money back? Damn, just when I thought I was getting a good deal.

 

[gheba_nsx]

Friendship or not... if they are trying to rip you I would try to get the things right.

And what kind of friend wants to rip another friend?

 

[LeftLane]

I'm shocked - SHOCKED!! - that you were ripped off. After all, you didn't know anything about the car, didn't know how to drive a manual, didn't know how to check air pressure in the tires, and now apparently didn't know how to read a sales contract.

I feel for you if you did get ripped off, but I bet there's a lesson to learn here....

 

[nkb]

I just found out that I got ripped off on my X deal!!! I don’t know exactly what happened I just got the bill for the monthly payment for my X, but the total doesn’t add up right. I thought I am getting X for 38.5K but after I add up everything I am getting it for 42K. I called the bank they told me “we are not responsible for the transaction; I need to talk to the dealer that sold me the car.” I contacted the seller but I guess they were pushing me around try to run away from my question. To make matters worse that car dealer dude is my friend’s relative (I found out they were related after I got the car), so I am like…………………. What should I do??? Forget about the friendship and get my money back? What if I screw the friendship and still can’t get the money back? Damn, just when I thought I was getting a good deal.

I'm confused. Why are you adding monthly payments up to figure out what your loan amount is? Don't you know what amount you borrowed? And what kind of an incompetent bank can't tell you exactly what the amount of your loan is?

Please explain.

 

[fastcat99]

It's a simple financial principle. You borrow $38.5K. The lender charges interest. You end up paying more than the purchase price because you have the gained the benefit of owning the car using someone else's money. The lender takes risk and you pay him for that.

Lesson learned - read contracts before signing, and understand all terms before putting your signature on the dotted line.

 

[DocL]

I don't understand what you are saying either. Was the purchase price $38.5k or $42K on the bill of sale? Did the dealership add on fees such as marketing, delivery, title, and of course taxes. What deal did you agree to when you were with the salesperson for five hours?

It sounds like you do not understand the process of buying a car using a bank to fund the purchase. Or, you used the dealerships finance department and they got you good. But don't be angry, you are probably not the first person to get ripped off when buying a car through a dealer.

Also, how do expect to get your money back when you didn't pay anything for the car. The bank won't do anything for you as you entered into a legal contract with them, and the dealership already deposited the money. Furthermore, I don't think that California has the same laws like Florida where you have 72 hours to get out of a purchase agreement. Your only choices are to pay the monthly payment or to sell the car.

-Good Luck and always remember "buyer beware".

 

[mlambert890]

Yeah, I'm confused on this. Are you really unaware that totaling the monthly payment is going to come out to more than the cost of the item you purchased?

You can't be serious that you've never heard of interest on a loan can you? Or are you talking about something else here?

If your final price with tax and all fees was $38,500 and you financed the entire amount for 3-5 years and you're adding up you payments and are only getting $42,000, you got a great interest rate! Nobody screwed you!

 

[nkb]

There are a lot of inconsistencies in this story.

nautica918, please answer these questions, and maybe somebody can help:

1. What is the amount listed on the bill of sale?
2. What is the amount of the loan financed by the bank?
3. What are the loan terms (years, interest rate)?
4. Are you already in possession of the NSX?
and finally, but this is just out of curiosity
5. What does the seller's relation to your friend have to do with this business transaction?

 

[nsxchi-town]

[B I thought I am getting X for 38.5K but after I add up everything I am getting it for 42K. Forget about the friendship and get my money back? What if I screw the friendship and still can’t get the money back? Damn, just when I thought I was getting a good deal. [/B]

Originally posted by leftlane
I feel for you if you did get ripped off, but I bet there's a lesson to learn here....[/B]

I agree......
I say who cares, its all a learning experiance. Some dealers do this, take advantage of people who don't know or don't care. I not saying it right but its your own fault. It happens all the time.
Look at it this way you have a nice 96 nsx that's a rare color.

I think you still got a fare deal. so just go out and learn to drive that thing....

 

[Bob1374]

This makes absolutely no sense as stated. Add me to the list of those who are confused.

 

[nautica918]

ok for example on the loan contract that i sign it says I am borrowing 20K and monthly payment is 400. but when I got the bill the monthly payment is 450 and I call the bank they said my loan contract is for 24K total plus interest. got it

 

[nsxchi-town]

ok for example on the loan contract that i sign it says I am borrowing 20K and monthly payment is 400. but when I got the bill the monthly payment is 450 and I call the bank they said my loan contract is for 24K total plus interest. got it

now i understand
How many months? what's your rate?
If you need help you must give more info,


But from what you have told us, I would just take the contract
back to the dealer and get the whole thing settled. Should be easy if what you said is true. If that dosn't work call a lawyer,
it should be easy money for someone.

 

[ak]

Ok, here's the fact I gathered from what you are saying.

The final price of the car was $38.5K.
Your loan amount was(supposed to be) 20k
You paid $18.5K.

Here's my question.

1. Did the bank cut a check for 20k for you to take to the dealer or did they give to the directly? If the bank cut a check then you should have a receipt for it.

2. Do you have the receipt for the 18.5k that you paid?

3. Do you have a bill of sale or copy of title showing the sales price?

I find it hard to believe that the bank would pay more to the dealer when you sign a loan for 20k. But if you have the above 3 items, it'll be clear who made the mistake.

 

[nkb]

ok for example on the loan contract that i sign it says I am borrowing 20K and monthly payment is 400. but when I got the bill the monthly payment is 450 and I call the bank they said my loan contract is for 24K total plus interest. got it

No, I did not get it. Answer my questions above, and it will make more sense.

If you sign a loan agreement to borrow $20K, the bank can not just change the loan amount. What does your paperwork say?

This is a black-and-white kind of thing.
If the loan papers say $20K, with a monthly payment of $400, then that is your agreement with the bank. If they are asking you to pay more than is legally recorded, then they need to correct it. Very simple really.

So, how does this involve the seller then?

 

[nkb]

As for the dealer being your family. Real families do not screw each other out of money.

He mentioned that the seller is a relative of a friend, not his own relative. But, I still don't get the connection.

 

[ak]

He mentioned that the seller is a relative of a friend, not his own relative. But, I still don't get the connection.

woops. *edit*

 

[nautica918]

That¡¦s where the problem is. The bank told me the contract I got says I am borrowing 24K, but the copy I have stated 20K. The bank said that's the amount I requested through the dealer. I just contact the dealer they told me they made a typo.............. But the copy I have is 20K!!!! I ask them how can there be a typo? Unless they write up another contract and fake my signature, I ask them to fax me the contract copy they have, they were like um... I'll try to find it today, but anyway they told me they will contact the bank and get everything sort out. I also contacted my friend and told him the whole issue about this, fortunately he understand and told me to check everything that his uncle wrote up for me, I guess his uncle is famous for being dishonest even in the family.

 

[RSO 34]

You must have signed a sales contract and a loan agreement prior to the purchase. I would trust that you actually understood that there would be sales tax and licensing fees associated with the transaction. I also assume that your price of $38.5 was the actual cost of the vehicle and did not include the foregoing tax and fees.

How much was your down payment? If only 18,500, the difference will be taxes, etc. all wrapped up into your loan.

How was the financing arranged:

1. Did you use dealer arranged financing or did you got to your own bank?

2. If dealer financing, you must have signed the loan agreement at the dealer and you would have a signed contract indicating the principal of the loan. Presumably, you looked at it and saw that amount.
3. If you went to the bank yourself and signed out a 20K loan but got financing for 24K, then it is possibly a bank error but I highly doubt it. Once again, I presume you read the agreement before signing it and you would be in a position to know how much you asked for in a loan.

It sounds to me like you did not calculate taxes/licensing/miscellaneous fees as part of the purchase and merely put down $18,500 and let the dealer arrange for financing of the balance.


EDIT: I was typing this post while the response above was being posted but I am still curious as to whether you factored in sales tax.

 

[nkb]

That¡¦s where the problem is. The bank told me the contract I got says I am borrowing 24K, but the copy I have stated 20K. The bank said that's the amount I requested through the dealer. I just contact the dealer they told me they made a typo.............. But the copy I have is 20K!!!! I ask them how can there be a typo? Unless they write up another contract and fake my signature, I ask them to fax me the contract copy they have, they were like um... I'll try to find it today, but anyway they told me they will contact the bank and get everything sort out. I also contacted my friend and told him the whole issue about this, fortunately he understand and told me to check everything that his uncle wrote up for me, I guess his uncle is famous for being dishonest even in the family.

This is really very straightforward:

1. What does your bill of sale say? $38.5K, including TTL, or $38.5K PLUS TTL, or $42K, including TTL?

2. What does your signed loan agreement with the bank say? $20K or $24K?

Whatever was signed by both parties in each case (the first one between you and the seller, the second one between you and the bank) is what is legally binding.

 

[nautica918]

38.5 should be the total cost for me; of course I understand there is interest rate. I don¡¦t have the contract with me, but I know there is a part that tells me how much I¡¦ll pay for interest and tax and everything else after 4 years. And a part that tells me the original loan amount, this is where the problem is. On the copy I have it tells me my monthly payment, but when I got the bill is different than what the contract say. So I call in the bank and we did the break down on the loan and it turns out that my original loan amount requested was for 24K. Like I said I am suspecting that the dealer wrote up another contract for the bank.

 

[Bob1374]

If the dealership somehow forged a contract and you can prove it, you will really have them by the balls. I'd be shocked if they were that stupid, but I've seen/heard dumber things in my time.

 

[matteni]

1 of 3 things has happened:

1) The dealer forged your name and/or otherwise created a bogus contract. You call the police, the dealer gets arrested and you clean up in a lawsuit that even a bad law student would win. You now own the dealership and the dealer does 3-5 hard time (and gets a new boyfriend) over a couple thousand bucks they know was obviously wrong then they would most likely get caught.

2) You buy an NSX not knowing how to drive a stick or even start the car. You also don't know enough about reading a contract to fully understand the small print and add ons that many people later find were tacked on - and you will soon realize why it is so important to understand everything you are signing.

3) You are a troll and are in need of a hobby / life the way a crack addict needs a hit.

Regardless - good luck on getting this resolved...

 

[nautica918]

that's what I am trying to do, I ask him to fax me the copy they have, so far no reply on that part yet.........

 

[DocL]

Whatever the case is, it is obvious that the stealership was trying to defraud you and the bank. I'd contact the loan officer again and fax him your copy and let them handle the situation. The bank probably has an attorney that can handle this for you as it is their money that was stolen. Another venue that you can take is by calling the local tv station and having the news crew do a little story about this type of scam. I'm sure that the stealership will do everything possible to avoid the negative publicity.

In the meantime, have you learned how to drive the car yet?

 

[nautica918]

Thanks for the info I am going to call the bank and the dealer to solve the problem, and as for the TV I¡¦ll look into it if they can¡¦t fix the problem for me.
I actually kind of know how to drive the car now, the only problem I have is 1st gear, I can¡¦t seems to find the perfect timing on clutch and gas. I had a chance to practice with my friend for one night, I understand the concept and everything I guess its up to me to get familiar with it. Thanks for asking.