I am not scared to walk away. Like I stated before, if the terms are changed in anyway, I will walk away and will not re-sign a new contract deal. I am just waiting for them to get back to me today and see what they say.

 

MoparMan, I am sure you are a fantastic car salesman, but showing proof of income that he knows is not going to be there during the duration of the loan is a fraudulent representation of income, and is a felony... He knew he would be starting school andquitting the second jobwhen he went in to buy the truck.

And, if a sales manager thinks they have a deal, and can't get it finalized immediately, YOU BETTER BELIEVE that they WILL let the car off the lot (as long as the driver has proof of insurance....which WE call and verify before they leave....i know this to be a fact because we had a con-artist come in and steal a car via those means...long story) What I am saying is, just because HE signed the paper, does not mean that the deal is done. Once again, if false information is provided, the contract is null/void. HOw many deals have you had roll back 2 weeks later because of misinformation provided by the customer that affects the terms of the loans. If this has never happened to you, then either you are REALLY LUCKY or have not done a lot of deals.

To Espo... get ready to say goodbye to your truck...I hate it for you...Not trying to be a dick, but you brought this on yourself. The terms ARE GOING TO CHANGE....This is not a scam, it is what the finance companies are doing now that we are in a credit crunch. Loan delinquency rates have been on a steady rise over the course of the last year, because people were buying more than they could afford via means similar to this and banks were loaning money very liberally. Now that the underwriting standards have changed, more documentation and verification is required forMOST LOANS.If they required both incomes to finance the deal, then job 1 is not providing enough income.

Don't HIDE the truck. That is a BAD idea. Like tupac said, I would say take the truck back, finish with school and get a real job that will provide enough income that you can comfortably afford the truck. Buy something that you can comfortably afford and BUILD YOUR CREDIT so when you do want the truck, you will have solid credit and be able to get aspecial GRADUATE FINCANCE RATE AND SALE PRICE... (finance company will call the school to make sure you are a recent graduate...normally within 6-12 months depending on the company...these loans are usually pretty favorable especially if you have some established credit)

BTW...your "Co-signer" will actually be the owner of the truck and you will be the co-signer. Your uncle will actually end up on the front of the deal... Just a heads up! (will not benefit your credit nearly as much as if you are on the front of the deal)

 

Sir Hardin Thicke , If you fall behind on your house and the bank takes your house are you going to live in your truck... or would you sell it to get the cash to get back on your feet. SobomasterIf you are going to pay it off in one year then why not pay cash? 1 years worth of tax deductions on $40000 is almost nothing.

Like I said in the first place Finish school ,get a good job ,buy a house, buy a car. Do not live above your means. eltupacand mfs212has nailed everything right on.

 

do what i did..... dont pay the ****ers....just tell me ull kick their *** it always works lmao but yeah that sucks man...dont know what id do without my truck

 

If I had the money for that purchase in cash, I clearly wouldn't finance, but at the low home equity rates of today, I'd rather finance like that, than through just a regular loan. Some deduction is better than no deduction... it sure helps on my taxes.

 

Dodge has been offering a 0% loan for 36 mo for a couple of years now with no penalty for early payments. Why pay 6-7% when you can get 0% and pay it off in a year? This is clearly the cheapest way... If you pay it off in one year why not save your money for 1 year and pay cash. Getting back or saving from paying the $5 from your taxes is not worth it considering you will pay over $2000 in intrest to finance. Something smells funny. Let's just say so far I have done very well and I am trying to give good adviseso others do not have to learn the hard way.

EspoManI wish you all the luck on whatever you decide, just trying to inform you on what you could be getting into.

 

By the way, EspoMan, thanks for posting this, I think a lot of people on here that have never bought a new car will learn a lot from what has happenedto you. Now they canknow what to expect now when they go to the dealer.

 

B/c if you take the loan, then you didn't get all of the rebates and discounts. I got over 12k off the sticker price on my truck. I rather take that.

 

12000 off the truck was notall rebate, you got them to come down on the price of thetruck. dodge offers 1500 - 4000 in rebates on average. You will pay that in intrest the first year. No more arguements from me... good luck

 

When I bought my truck, it was 6,000 rebate from Dodge or 0% here in Central Texas. I clearly chose the rebate. That was late September of 2007. The other 6k+ i negotiated off, correct. At 6.5% of 26,000 over 1 year, that's only about 1,000 in interest. You have to figure that as the truck is paid off, you only pay interest on the remaining balance. So, after about 7 months, I should be half way paid off, paying interest on 13k at that point. The total is somewhere around 1,000. Your math was way off.

Additionally, considering I have a home equity line of credit, it's much easier to write a check and tap into that line of credit, than to have to deal with being approved for a loan, having the dealer run my credit, etc. Not only is the rate then about the same, but the little interest I do pay is tax deductible. Plus, as I pay it off, I have that equity back again. After I write the check, I can lock in the rate at that point in time, or keep it variable.

If one is responsible financially, it makes sense to do that. Not to mention it was much easier. I couldn't afford to pay cash up front and I didn't want to wait a year b/c I needed a bigger Ram right now.