Hello Guys,

Sorry I had to ask this question since this is the only forum I am currently active and I trust.

I went to the Toyota Dealer and bought a 2010 Toyota Corrolla.

They pretty much congratulated me on my new vehicle purchase. Then the

next day I was told that they are having problems financing the vehicle and

that they might have to increase the APR and if the APR I am not ok with it

then I will have to return the car back.

I went to a Chevy Dealer and I was looking at a Chevy Cruze and they told

me that if I buy the car from them since they work for the same owner than

Toyota they will take the Toyota back to the dealer get my trade in and I

can make the purchase with them since Toyota is having a problem financing

me. They where able to finance me right away and at this time the car is

being borrowed to me until they get the money from the bank. Also the

money is comming from my bank so I have some what control if they get paid

or not. I gave them the keys to the Toyota and they told me they will take

care of it from here on out. Does this sound right?

Has anyone heard of this before?

Please help me as I am scared I will end up in a huge mess.

Thanks

John

 

OK, confused here, but I'm trying to work this out. Here's how I understand it.

1. You traded in a vehicle against a new Toyota.

2. After taking delivery of the Toyota they contacted you 24 hours later with an issue on your loan

3. The Toyota dealership and the Chevrolet dealership are owned by the same company.

4. You turned the Toyota in at the Chevy dealer in exchange for a Cruze.

5. You are in possession of the Cruze at the current time.

6. They are arranging another finance agreement with your bank for the Cruze.

7. You have as of this time not signed a new finance agreement.

Now this deal has alarm bells going off in my head, everything sounds hinky. You are right to be concerned, you are driving a vehicle you don't own, your trade is in their possession. I would go back to the Toyota dealer and request a meeting with the finance and general managers, do not go through the salesman and do not deal with anyone but the aforementioned people. You should contact an attorney tomorrow morning and present the facts to him/her, you may need legal representation to get this straightened out. Ascertain the location and status of the vehicle you traded in, you might end up getting it back. Do not sign anything without reading it first, if you have doubts or don't understand what is being presented to you, seek legal counsel. Make sure you gather up any documentation and keep it organized, this will benefit you greatly. Good luck and keep us posted.

 

That sounds like a big mess waiting to happen...when I was looking for a car I looked at a Caliber SRT4, too, and they were going to let us drive it off the lot right then without seeing if I would get approved first. I wasn't comfortable with it...I feel like you should always wait until the money is there and has gone through before taking anything or you're gonna wind up getting the shaft in the deal.
Personally, I would have taken the Toyota back first then went to the Chevy dealer...with a purchase that big I wouldn't trust anybody with it.

 

I had a somewhat similar experience with a Toyota Dealership. We worked out numbers, signed paperwork, and they sent me home in my new Toyota Rav4. I had traded in my 2 year old Dodge Stratus. The next day they call and say they had a problem with financing. Needless to say, I went back in there and told them to either 1). Get the loan set up as agreed to or 2). give me back my trade. I was pretty irate and they did threaten once to call the police. I told them to go ahead and do that It did get resolved at the agreed terms. NEVER, and I mean NEVER take the vehicle without the loan approval.

 

Something sounds fishy with this..... could be I'm just not getting a clear picture from the description. Do you have the Cruze right now?

 

Here is the answer to your questions:


1. You traded in a vehicle against a new Toyota. (YES)

2. After taking delivery of the Toyota they contacted you 24 hours later with an issue on your loan (NO) I went to the dealer to see if they had approved for me the 0.0 APR they offered me or the 6 that I signed the car in. They told me then the bank has rejected both. So far all they can offer me is 18 APR. The general manager is going to have a final decision by Monday. I talked to the general manager the same day and he stated that they are still working on it and worst come worst if I do not like the ARP they are offering me then I can take the car back to them. It already sounds like they are trying to bump up my APR.

3. The Toyota dealership and the Chevrolet dealership are owned by the same company.

This I was told by the Financial Office Director at the Chevy Place,

4. You turned the Toyota in at the Chevy dealer in exchange for a Cruze. (YES)

5. You are in possession of the Cruze at the current time. (YES)

6. They are arranging another finance agreement with your bank for the Cruze. ( The arrangement is being done with my bank. They submitted a purchase order but nothing has been signed yet.

7. You have as of this time not signed a new finance agreement. (Np. Also Toyota was telling me it was going to get finance by them.

Thanks,

John

 

The sales people call it the puppy dog Got my q45 that way drove their car two weeks decided to buy it they changed the deal before closing so I took my trade back and left they called a week later when I was on my way to buy another one and made the original deal drove it 276000 in five years. I'd go talk with some one that speaks for both stores I'm sure they just want to sell you a car I'd pic the Cruse why not an HHR that would throw them a curve They haul more groceries !!

 

Its the newest dealer scam....figure they get you hooked and try to hammer you with a increased interest rate....they make a good amount of money on interest when using their own financing...BEWARE OF THE SMALL PRINT...I believe it was said before that the contracts have a blurp about changing rates

 

If the dealer can get away with it, I wouldn't doubt they will offer you "a deal" of extending the payments over a longer period to provide a lower monthly payment to you. Yeah, they're really doing you a service

 

They told me they are own by Van Tell or something like that.. I do not know who the owner of Toyota and Chevrolet is I would hope is the same company. In either case I told them I want a paper from Toyota saying I am not liable for anything and also I want to see my trade at Van Chevrolet..Once I see all that I can sign the loan papers over..

Does that sound ok?

Thanks

John