Can a dealer do this? Interesting read...

[modthispny]

so i leased an evo x last night from a local dealership. called around and spoke with sales manager until i found the best deal(did seem a little too good to be true) drove to the dealer, signed paperwork, walked out...was the most painless and pleasant dealer experience ever...until.

i was taking a few pics of the car while still on the lot and saw my salesman flag me down that the manager needed to talk to me...so i left the keys in the car(smart key), and went in while the car was still running to see what the issue was. I noticed they were hush hush and had a very serious look on there face..i asked the other sales manager and he said that there was an error in the residual value...and that they could not sell me the car at the price we had agreed on. the residual was off by 8%..i began fuming and could not believe what was going on...i have a signed contract..the deal is over, i thought to myself. I tell the sales manager that and he says that mitsubishi won't accept these terms and that i would have to return the car if i drove off with it. so i walk outside to the car to grab the keys in case things get funny...grab the keys and see my sales guy walking right behind me asking for the keys..i walk away from him to go inside and realize i forgot the signed contract in the car. he obviously takes it out of the car and proceeds to hide it...

so we go back and forth, and the price i was quoted w the lease results in a net loss of 3.5k on the car..i talk with the other sales manager(the guy who did the financing, very nice guy, he's the one that made the process initially so pleasant and smooth)..so after going back and forth, i agree to put another 1k down to bring the payment down to pretty much what i was originally quoted as, except, a 3k dp instead of 2k...the dealer also lowered the price of the car to accommodate this.

the deal itself is still VERY GOOD and pretty unattainable, they sold the car at a 2k under invoice(real invoice)..so i didn't really care since it was still in my budget.

my question is, if i had driven off with the car, was the dealer out of luck?

i did some research and learned that if the bank cant finance the car, the contract is void...but my credit is fine and the bank would have no issue financing the car...just want some opinions.

thanks

 

[SNCBOOM]

I don't know but I sure as hell wouldn't have gone back inside and gave them more money for a leased evo lol. You should have walked away.

 

[astrodudepsu]

As soon as you gave them the extra money you screwed yourself.

 

[modthispny]

I don't know but I sure as hell wouldn't have gone back inside and gave them more money for a leased evo lol. You should have walked away.

i didn't walk away because even with the additional dp, it's a deal you can't really get elsewhere.

 

[thomas91169]

if you still feel you got a good deal, does it matter?

id imagine if you got home, youd have a dealership calling telling you to come fill out additional missed paperwork, and then would have ambushed you once you reached the dealership.

i had the same thing happen when i bought my 02 GT. Signed and left on a friday with only putting $600 down (they had a 0$ down special if you qualified, i qualified and even put money down on top), that monday got a call from the GM saying they needed an additional $1400 down or the bank would cancel the loan. After trying to get them to negotiate down the price of the car $1400 to cover, i finally threw the keys back and told them to keep the damn car. When i got home i got a call telling me to come back and that they would cover the $1400 and honor the original agreement. Nice try.

then again, i also overpaid for that GT at the time ($17k OTD!), so they had enough markup in there to cover their mistake and then some.

 

[SNCBOOM]

i didn't walk away because even with the additional dp, it's a deal you can't really get elsewhere.

Well I surely wouldn't want to deal with a business that operates like that.

 

[pixlix]

That's bs that the guy went and took the contract from the car u signed a contract for x amount and they should of honored the price on contract because if u would of signed it and found out it was more than you agreed on I'm sure they would of said sorry but you already signed the contract ya know should work both ways

 

[modthispny]

Well I surely wouldn't want to deal with a business that operates like that.

i agree.

i'm most likely going to give them very poor ratings when i get a survey call the next few days...still have to think it through.

they did sell the car at a loss though, so it wasn't a situation where they didn't want to honor the deal while making a profit.

 

[pixlix]

Well u got a deal that you wouldn't of gotten anywere else so that's a win for you too bad for them just shows that someone wasn't doing their job correctly I still don't think it was right of the guy to take contract but o well

 

[lowflyn]

I don't care how good of a deal, I would have walked away. I don't play those games with dealerships, there's plenty others around that would love to have my money instead.

 

[Ironhand]

I would've got a copy of the lease and kept it at home and taken the car home. Then I wouldve left it at that. See what happens when you put them in a tight bind. They would've been screwed no matter and if the cops get called show them the contract and it wouldve been game over...

Funny what happens when dealerships dont get their way. Maybe why so many go out of buisness....?

 

[txyaloo]

i agree.

i'm most likely going to give them very poor ratings when i get a survey call the next few days...still have to think it through.

they did sell the car at a loss though, so it wasn't a situation where they didn't want to honor the deal while making a profit.

You said it was a lease in the OP. How exactly did they sell the car?

 

[divided]

Funny this is not the first time I've heard this exact story. There is shady stuff going on at some dealers.

 

[stangposse]

You said it was a lease in the OP. How exactly did they sell the car?

When a car is leased, the dealer sells it to a leasing company. I'm assuming that he didn't mean they were selling it to him.