Breach of contract?

[njs42]

Random thoughts:


The bank is requiring the addition dollars not the dealer.

I am sure somewhere in the paper work qualifying for the loan is part of the "contract" if you cannot the dealer has an out it would seem to me.

Not returning phone calls is bad business anywhere.

If you cannot come up with another six hundred bucks are you sure it is the right time for you to buy the trailer?

Perhaps this is a good time to think things over?

[Joeymozzer]

Originally Posted by njs42

Random thoughts:

The bank is requiring the addition dollars not the dealer.

I am sure somewhere in the paper work qualifying for the loan is part of the "contract" if you cannot the dealer has an out it would seem to me.

Not returning phone calls is bad business anywhere.

If you cannot come up with another six hundred bucks are you sure it is the right time for you to buy the trailer?

Perhaps this is a good time to think things over?

I can come up w $600 I just felt that the deal was done when I walked off the lot. I don't believe I should have to pay more if the original contract stated one dollar amount. Maybe I can squeeze out a better term if I stand my ground?

[UFO Pilot]

If I understand correctly they aren't asking you to pay more for the unit, they just want more down and less financed? Nobody makes any more money on the deal, the bank just has less exposure?

[Joeymozzer]

Originally Posted by UFO Pilot

If I understand correctly they aren't asking you to pay more for the unit, they just want more down and less financed? Nobody makes any more money on the deal, the bank just has less exposure?

Exactly, they actually lowered the price on the unit almost $800. I understand every bit of advise given here and I appreciate it. But honestly I would prefer not to give more out of pocket. Or if it comes down to it maybe half of what they want

[Toyduck]

Originally Posted by Joeymozzer

Exactly, they actually lowered the price on the unit almost $800. I understand every bit of advise given here and I appreciate it. But honestly I would prefer not to give more out of pocket. Or if it comes down to it maybe half of what they want

Depends on how bad you want your unit and how bad the dealer wants to make the sale. We took our deposit back and walked on our last purchase. The dealer (salesman) showed up at our move with the rig we wanted and a better deal (longer term, same down, lower payments). He had the finance manager with him with all the paperwork. We signed and gave them a ride back to the dealer...

least we could do.

On the other hand, on a car my wife wanted...no deal.

[Joeymozzer]

Originally Posted by Toyduck

Depends on how bad you want your unit and how bad the dealer wants to make the sale. We took our deposit back and walked on our last purchase. The dealer (salesman) showed up at our move with the rig we wanted and a better deal (longer term, same down, lower payments). He had the finance manager with him with all the paperwork. We signed and gave them a ride back to the dealer...

least we could do.

On the other hand, on a car my wife wanted...no deal.

Want it badly, need it ehhh. It would be nice to have especially since tent camping gets old after a few days. If they work on half the down and maybe another $200 off the price, ill jump on it.. I asked about price comparison since I found online the same unit for $2000 off what we "paid". Bug they said they don't match :(

[flaggship1]

Originally Posted by UFO Pilot

If I understand correctly they aren't asking you to pay more for the unit, they just want more down and less financed? Nobody makes any more money on the deal, the bank just has less exposure?

X2 - and while anything is possible most "dealer / bank shenanigans" if you choose to look at it that way are in rate, not money down. In this case, the bank wants your money "skin in the game" and the dealer won't get their hands on it. Actually I'm surprised you have a competitive rate under the circumstances, and that 20% down wasn't asked. Like you said - you can take or leave it now, and the bank wants to make sure you don't feel that way after the deal closes. They sure as heck don't want to own it and if you don't either, why should they advance the money.

As far as a financed sale is concerned - until the bank is satisfied, there is no deal. If it weren't that way, the dealer could tell you - hey we have a deal here and I can't get you the financing you want so you better go get it or I'll sue you for breach of contract. Smell the coffee brewing --there are three parties in the transaction and the bank is the one that counts. If ya want it, pony up or arrange your own financing with your bank or credit union. Otherwise, the deal's gone south. Just my 2 cents. I do wish you luck, but luck has very little to do with it.
Steve

[Grimesy]

I would make direct contact with the bank and get the strait poop, it is not an uncommon ploy by dealers to try and squeeze a little more and with todays electronics your credit check can be made in seconds. As far as the BBB don't bother if you suspect fraud go to the law.

Don G.

[Kathryn]

Originally Posted by Joeymozzer

...The dealer said "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" ... I'm still sure the dealer can work out a better deal if they want...The only thing that I really like about the "new term" was they knocked off 24 months off the length of the contract

You are missing a couple of key points here.

The dealer has very little control over the requirements of the bank. He appears to be trying, knocking off $800 without you asking in order to get a more acceptable number for the bank so you will only have to put in the extra $680.

In todays credit market, a credit score of 660 may be "normal", but the banks consider it "marginal". They want you to have that full amount in the deal to help assure you won't walk away. It is very possible that even if the dealer agreed to take another $680 off the price, that the lender would be hesitant to go forward.

A BIG indicator is the fact that the "new plan" knocks 24 months off the length of the contract ... that is TWO FULL YEARS! That is NOT a favor or a compliment! The shorter loan term means the bank does not consider you credit worthy for more favorable terms.

The good news is, yes, the terms have changed and you have the right to refuse the changes and get a full refund. If you belong to a credit union, check with them, sometimes they offer members better terms than a regular lender would. If you don't belong to one, join one and make some deposits for the next few months, then get preapproved before you shop.

Disappointing, I know - but credit is TOUGH nowadays unless you are at the top of the scores.

Just proves the old adage ...

"The only way to get a loan is to prove you don't need one!!!"

Good luck!

Kathryn

~~~

[Joeymozzer]

Originally Posted by Kathryn

You are missing a couple of key points here.

The dealer has very little control over the requirements of the bank. He appears to be trying, knocking off $800 without you asking in order to get a more acceptable number for the bank so you will only have to put in the extra $680.

In todays credit market, a credit score of 660 may be "normal", but the banks consider it "marginal". They want you to have that full amount in the deal to help assure you won't walk away. It is very possible that even if the dealer agreed to take another $680 off the price, that the lender would be hesitant to go forward.

A BIG indicator is the fact that the "new plan" knocks 24 months off the length of the contract ... that is TWO FULL YEARS! That is NOT a favor or a compliment! The shorter loan term means the bank does not consider you credit worthy for more favorable terms.

The good news is, yes, the terms have changed and you have the right to refuse the changes and get a full refund. If you belong to a credit union, check with them, sometimes they offer members better terms than a regular lender would. If you don't belong to one, join one and make some deposits for the next few months, then get preapproved before you shop.

Disappointing, I know - but credit is TOUGH nowadays unless you are at the top of the scores.

Just proves the old adage ...

"The only way to get a loan is to prove you don't need one!!!"

Good luck!

Kathryn

~~~

The loan they offered was from their CU, I do belong to one as well. This really stinks, in 2008 my score was in the low to mid 700s but the housing boom collapsed and ummmm ya :(

[Kathryn]

Originally Posted by Joeymozzer

The loan they offered was from their CU, I do belong to one as well. This really stinks, in 2008 my score was in the low to mid 700s but the housing boom collapsed and ummmm ya :(

So sorry. Been there done that. Bought three investment homes on the crest of the market here in Florida in 2005. Boom! 3 months later couldn't sell them for 75% purchase price. Credit repair mode teaches you the value of going cash! Good lessons learned, but painful.

Kathryn

~~~

[Superslif]

Knocking 2 years off the payments is huge...When you are at the mercy of the banker...you have to ask yourself...do I really need this item?

That is why I deal in cash only...Only buy what you can afford.

I know a fellow RVer who after giving a deposit and waiting a few months for his coach to be built without a loan. The RV dealer said when you come in for your walk-thru and finalizing what he owed. He said it will be cash. The RV dealer assumed he was bringing a check, when he brought a suitcase of cash they didn't know what to do with it. He said it was like they wouldn't except it???

The dealer your dealing with in my opinion is still on your side. It just comes down to you deciding if you want the adjusted terms. Plain and simple...walk or except...

[Joeymozzer]

I appreciate all the replies and advice. It is about want and need. Both sides of the coin land on yes and no, can I afford the monthly payment and the extra deposit? Yes. Do I want to for out $690 more? No. I guess I'll wait for their call and go from there. But I know how they handle communication so it looks like ill be calling them. Hope to join theRV world soon

[Jchet]

Not to be insensitive here but $680 more down payment is really causing this much grief? Maybe an RV isn't the wisest choice!