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Old 08-09-2013, 10:13 PM   #1
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Breach of contract?

Well I was very excited when I walked off the lot, we had signed tons of papers/contract. We left a check for the down payment and assumed it was a done deal, pending arrival of our trailer. Well one week goes by and I don't get any calls or anything, I call and the finance guy tells me that the bank is still waiting to approve the loan.

They call me back and ask for recent pay stubs and proof of address, which I faxed. I asked for them to confirm that the fax sent. Again no calls, I finally say [ Moderator Edit ] and call but get no answers. I called today and a new finance guy tells me he is handling my loan and hasn't heard from the bank....a few minutes later I get the call "ok the bank approved your loan, but they are requiring $680 more on down payment. I was able to lower the price of the trailer by $800 to even it out and meet the 10% down Payment needed". Now I respond by telling him that I can't and won't give them another dime, if you want to lower the total well go ahead but I stand by the original contract agreement of $1000 down.

Now I feel I shouldn't have to give more out of pocket. We had settled on a price and now they want more? I called them back and left a message explaining. And didn't hear back, now do I have a right to back out if they won't accept the original agreement? I might report this to the BBB.

Any advice appreciated thanks
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Old 08-09-2013, 10:26 PM   #2
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[moderator edit]

I can't see where the RV dealer has done anything wrong. The problem seems to be your credit rating.
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Old 08-09-2013, 10:29 PM   #3
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[ moderator edit[

I can't see where the RV dealer has done anything wrong. The problem seems to be your credit rating.
But if I can't come up w the additional $? Then what?

And it wasn't lousy it was above 660 so I'm sure it's average to above average
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Old 08-09-2013, 10:41 PM   #4
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But if I can't come up w the additional $? Then what?

And it wasn't lousy it was above 660 so I'm sure it's average to above average
most national bank's will need a minimum of a 700 to 720 score plus at-least 10% down is the norm,

On a side note if you come up with the extra down payment your loan will be less and payment will be cheaper

good luck
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Old 08-09-2013, 10:43 PM   #5
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most national bank's will need a minimum of a 700 to 720 score plus at-least 10% down is the norm,

On a side note if you come up with the extra down payment your loan will be less and payment will be cheaper

good luck
Thank you for the advise, but w the "new" But it would only lower it $8 a month. So $690 for $8 a month? I can't do $690 additional. I'm sure if they want the sale they can work it out somehow.

What is a possible scenario if I can't come up w what they want?
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Old 08-09-2013, 10:48 PM   #6
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Most finance contracts are subject to finance approval. If you can't meet the banks terms, the dealer should cancel the deal and refund your down payment. New finance terms should require a new contract.
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Old 08-09-2013, 10:50 PM   #7
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Most finance contracts are subject to finance approval. If you can't meet the banks terms, the dealer should cancel the deal and refund your down payment. New finance terms should require a new contract.
Just as I thought, I'm still sure the dealer can work out a better deal if they want. I can probably give $300 instead of $690. The only thing that I really like about the "new term" was they knocked off 24 months off the length of the contract
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Old 08-09-2013, 10:52 PM   #8
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But if I can't come up w the additional $? Then what?
Perhaps someone else can provide you with advice in this area. I really don't have any experience with credit. Other than obtaining a mortgage to purchase a house, I haven't financed anything since 1965.
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Old 08-09-2013, 10:55 PM   #9
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the thing that would bother me more then the substandard credit is the lack of willingness to communicate by the dealer. I would ask for my money back and start over.
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Old 08-09-2013, 10:55 PM   #10
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If the dealer wants the sale, maybe you can take out a 2nd "dealer loan" for the extra down payment. Some dealers offer that service.
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Old 08-09-2013, 10:57 PM   #11
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People who won't return phone calls don't deserve mine or yours business.
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Old 08-09-2013, 11:05 PM   #12
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660 isn't that good a rating. When we bought our present Dutch Star we both had 820 and still had to pony up an add'l $28,000 cash (actually a check) at closing even though we put $5,000 down to place the order.
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Old 08-09-2013, 11:08 PM   #13
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Could be a dealer tactic or kickback and they are trying to squeeze a bit more money out of you. Most buyers will go for it, because they are already mentally invested, and told friends and family about their new purchase, etc. Happens with auto sales often.

I bought a car once on a weekend, and took the car home. On Monday the dealer called and said the financing wanted a higher rate and thus more money. Reading the fine print they did have into the next business week to finalize the financing terms. It was about $20/month. I said no. They held to it. Wanted me to return the car. I made them send somebody to come get the car (two guys and a 3 hour round trip)...
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Old 08-09-2013, 11:12 PM   #14
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Could be a dealer tactic or kickback and they are trying to squeeze a bit more money out of you. Most buyers will go for it, because they are already mentally invested, and told friends and family about their new purchase, etc. Happens with auto sales often.

I bought a car once on a weekend, and took the car home. On Monday the dealer called and said the financing wanted a higher rate and thus more money. Reading the fine print they did have into the next business week to finalize the financing terms. It was about $20/month. I said no. They held to it. I made them send somebody to come get the car (two guys and a 3 hour round trip)...
That's what me and my wife were talking about, it's commission for them. Like I told them "I could careless if I take the trailer he, it's a luxury for us and it would save me $200 a month if I don't buy. I don't mind tent camping"

If it doesn't happen I might sabe the $200 for a year and buy used maybe match what u can save up
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