My God I had a dealer try to pull this on me.....we looked at a mini van at a dealer on a Saturday we had a crap Subaru to trade..... Also had 3000$ for down payment.... At the end of negotiations they told me that the bank wasn't open and I would need to come back Monday to sign the final paperwork but don't worry we've already transferred the car seats from your Subaru to the minivan and you can drive it home right now just make the check out to ex dealership..... I said no way am I driveing a van I don't have final paper work on. Where my car we will be back Monday to finish the deal....they said they could not give me my car because they all ready prosses it as a trade in.....I said if it not out in front in 30sec I'm calling to police to report it stolen.....needless to say they brought back my car. And then they asked for the 3000$ check..... I said he'll no not with out a final contract will I wright out a check for more then a dollar.....They told me they might sell the minivan before I come back Monday to do the final paperwork.....I told them no problem I see at least 50 other minivans on the lot if you sell that one will just negotiate on another one Monday when the banks are open..... When I came back Monday. The price jumped 5000$ and interest rate went from 2.9 to 20%. I told them no deal... At that point the sales manager told me that my 3000$ down payment was none refundable.....I told then I gave them a dollar on Saturdays and they could keep it.....then the sales manager said they could sue me for breach of contract....I told them to check their paperwork as I didn't sing anything. I could hear the sales manager screaming at the sales people as I walked out....... I'm proud of the fact that I have been throw out of car dealerships on more then one occasion because of my aggressive negotiations
This yo-yo sale scam is used by Supercargyus in Wichita, Ks all the time. Just read the online reviews of that dealership. I had considered looking for a car there, but after reading the reviews I smartened up! What low-lifes. I suppose if some little old lady fell down crossing the street, they'd just kick her out of their way.
I am glad that you stood up for your rights. A person should never never NEVER NEVER drive a car home from the dealership until the financing arrangements are totally locked in place. Be aware that the terms of the agreement can always change at the last minute especially ESPECIALLY the financing terms.
This happened to me in Salt Lake City, UT. I traded in my 2009 Saturn XR (paid for) for a new Acura. The year was 2013. So my car wasn’t terribly old and only had 38k miles. I was “approved” and my Apr was 5.9 (I was young so I was still building my credit so my apt seemed high). Signed the papers, got insurance transferred and off I went in A new Acura. Enjoyed the car for two weeks. Got a call, you’re not approved with the terms we signed on. Need to come back and do the papers over at a higher rate. My down payment was my Saturn XR, they gave me around 9k for my car. So I had a healthy down payment. Luckily I knew what they were doing. And I was prepared. I showed up at the dealer. I washed the car before I went to make sure they couldn’t say I abused the car. I presented myself and they took me into the finance office. They asked me to sign papers they had ready when I got there. I asked one question, where’s my Saturn? They said it was transferred to a used satellite lot. I told them I don’t agree to these new terms. (Thing is, I actually as buyers remorse). This worked out in my favor. They said I can’t keep the car unless I sign. I stood up, threw the keys on the desk, and demanded my Saturn. They started to back pedal. Said things like, well... maybe we can keep this deal. I said no, bring my Saturn now. Then they went nuts trying to get me to keep the car and they won’t change the loan. Thing was, I didn’t want the car anymore. I felt like I was biting off more than I could chew. Anyway, by their own words, telling me the loan wasn’t valid, I did what they never expected a young kid to do that just got a fast new Acura, call their bluff. I did get my Saturn back. Left the dealership. Two of the workers stood by watching me in what seemed like pain, as I drive off in my paid for Saturn. They called me a few times. Managers. Asking for a reconsider. But I just ignored it all. Their new car wasn’t so new anymore. It was the Honda/Acura dealer on State Street near the hospital in Murray, a suburb of Salt Lake City. I later purchased a sensible brand new hybrid for 0% APR. 😁
Damn. I've seen the "Remember Milo & Wolfy" in your newer videos, but hearing the pain in your voice from when it actually happened is heartbreaking. 💔
I don't live in Michigan any more, but most of my family still does. I'll pass this on to them. Steve, you truly are doing humanity a service!!! Wonderful video.
i had this happen to me in the late 1980's, but they didn't repo the car they reported it stolen. I was pulled over and arrested for a stolen car. Fortunately I hired a lawyer he got the charges dropped, the car dealer paid my lawyer fees and I ended up with a free car.
It happened it to me I bought a car for 14,000$ got a great deal and interest rate, I was financed by some crooked bank, called my bank and refinanced for a lower interest rate. The dealership and crooked bank wanted me to return the car because 1) the appraised the car at 13500+500 for gab and my bank appraised the car at 18,000$ the dealership and crooked bank was upset that I not only refinanced the next day with my bank but that I got a car with an additional 4000$ value because it was under 30,000 miles, rims, moon roof and all the bells and whistles. If they ever ask you to come bank and return the car, put more money down or increase the apr, run, find your own bank, refianace and get an attorney
You are amazing, I am going through this right now and I had my questions. Thank you so much for this valuable information. Much respect. Will proceed accordingly
I think it’s awesome that you dedicated this to your dog ❤️. I once dedicated a full marathon race to my cat of nine years which had feline leukemia. Glad other people do this as well
This happened to me In New Jersey in 1986 with a new pickup I had bought. They told me I had to return the pickup three days after I took delivery and I refused. I went into the dealership the next day and they said they had found me financing but at a higher rate. I refused that and was walking out about to seek advice from an attorney when they called me back in and agreed to reduce the price of the pickup to equal the price of the lower fianancing i had originally agreed to. Car dealerships in my opinion are some very shady places. I'm very sorry about your dog. Truly man's best friend. Another great video!
I love the treble damages point it makes people at least question what their doing. I had a Realestate issue in MI with my property and a home builder that bought the 40 acres next to me and was going to divide it up and build homes. To do so they had to put in a road that ran the length of my land. They never talked to me about anything. Well in the course of building the road they screwed up the survey. I knew exactly where it was because I had it surveyed and marked a few years earlier. I noticed one day they had crossed over my property by about 6’ and removed a bunch of trees. I called a lawyer and he told me I could go a couple ways. Forget about it. That’s not going to happen. Ask them for compensation or move the road and replace the trees or go to court. Lawyer said I was entitled to treble damages. So I told them to pay up or I would have their construction halted and all those big machines could sit not making money. This was not just some little dirt road but 2 lanes with drainage and all the other crap MI makes you do. I just made up this crazy figure I thought they would reject and we would negotiate from there. They took it. I guess I should have gone higher. Next day I had a check and a contract from them to sign giving them a slice of my land 6’ wide and 500’ long. That was the most expensive piece of property I ever sold plus the trees cost them like 5K each for 6 of them. I think I paid about $150 each when I planted them. Of course they were 4’ tall when I planted them but had grown to over 20’.
Outstanding video. That happened to my son a few years ago. I forwarded him a link to this video. Very sorry to hear about your pooch. I have pets myself and they are like family members.
dealers are crooked! You negotiate a payment with the salesman and the finance guy screws you. My ex girlfriend wanted to buy a used Saturn from a dealer. The deal was set. They called her at work and told her they needed more money down. I went there and gave them a check for almost $4,000. She picked up her car after work. Eleven days later it wouldn't start. She called the dealer (she got a warranty). A salesperson came to her house. Still wouldn't start, so they towed it back to the dealer. Next day the dealer calls, tells her they went out in the lot, couldn't find the car, it was stolen! I went up there to talk to the mgr, he called the cops, I said fine, I'd like to talk to them, after 10 minutes he said "you're trespassing", the cop agreed so I left. Wish we got an attorney!
Best lesson from this, walk into the Dealer with a bank draft from your own bank, or Credit Union.Or, have financing approved from your bank, go in during Business Hours, and your bank will then give drafting instructions to the Dealer.Plus, the interest rate from your own financing could save you money over the interest rate the Dealer source might have.
That's what you SHOULD do, but keep all of that information to yourself until you get the price haggled out and have the purchase agreement in writing. They'll sell the car to you cheaper if they think they're going to get the commission on financing it too.
Jon Smith My mother walked into a Toyota dealer with pre-approved financing from her bank. The dealership got her financed through Toyota Motor Credit at a lower interest rate than her bank. But having the pre-approval from the bank was a good backup to protect her from any shenanigans from the dealer claiming they couldn’t get her financed.
This is the most valuable RUclips subscription. He’s describing what the banks were doing to mortgage holders consumers in 2008 2009. I don’t understand intentionally screwing over a complete stranger.
It's money. You and me know right from wrong. But for some people, when they find out that their personal income can go from $3,500 a month to $55,000 a month by screwing others, they are corrupted by the dark side. I've known many such people personally.
Hey Steve. I’m a new viewer and subscriber and I have recently been going back and viewing all of your previous videos. I just want to say, the introduction and dedication of the video to Milo touched me. I just recently lost my 9 year old goldendoodle, Mo, of an unexpected heart attack. It’s been about 3 weeks now since he passed and I just thought I’d let you know that your introduction reminded me of him in a good, positive way. Keep up the good work, Steve. I look forward to your videos everyday.
I have watched almost all of your videos and it's such great wisdom and information and I really appreciate you took the time to post this kind of stuff on RUclips. You deserve so many more subs. I live in Florida so I don't know what laws apply to me for most of this stuff but you have made me not afraid to ask a local attorney. I have been scared off by the Legal System because it cost so much money and most of the time it's not worth it. Thanks
Reminds me of the old House Scam. Rent to own. The deal is , you pay 1000 for rent then you also pay 500 extra per month, to be used as a down payment, or a reduction on the cost of the house. After 5 years, and 30,000 dollars in extra . The seller now says you have 30 days to get a loan to buy the house or you must leave. The person finds their credit still is not good enough to get a loan. As stated in the paperwork, this money is for either for a down payment on said house, or reduction of house price, to help get a loan. and is non refundable otherwise. Due to the fact he kept it off the market for so long, costing the seller money. Now pack up your stuff and get out.
That's not a scam if it's what both parties agreed to in good faith, it's actually a fairly common way to sell a house to someone who doesn't have good credit. A 30k down payment will go a long way towards making up for bad credit. As long as the seller makes the terms clear to the buyer, there's no scam.
It's very common as well as legal in many states to deliver a car without financing. They agree to find financing between specific terms and if the dealer cannot you are required to bring it back.
There is something called Bailment agreement where customer agrees to provide the info required by that bank. Problem is, as there are bsd customers as bad dealers. Customers sometimes like in income and so on. Even in those cases, is customer returns the car, commuting with Bailment agreement they are entitled to a refund on form payment. Those customers keep pushing from weeks or months. I am GM at a used car dealer, and we don't spot delivery, but occasionally customers cannot prove the income, lie on income or time on the job, and refuse to bring the car back after seeing videos like this. You should also tell them no to lie on credit app, because that If also s crime.
Financial manager called me today saying I need to resign the contract because the Ally Bank lost the papers. And I called the bank and they said it's unusual but they take up to 30-45 calendar days to get the information. I signed the papers on the 8th of August. So who do i believe? I think the dealership just gave me a bullshit rate to get a contract and $4k down
yea this happened to my cousin...so sad and embarrassing. I do my research now and have even decided to NEVER finance a vehicle because the only thing I should be financially tied into is keeping my newly bought car running. Thank you for this video becuase people have to start learning their shit before jumping into something that can potentially lose them alot of cash.
I worked at a non-prime indirect auto lender that would buy these loans. The dealerships were our customer and they new what we would accept and what rate. They would make money on selling the loans to us and usually didn't want to make a deal with a car buyer that they were unsure would meet our (or some other lender's) criteria because they would not make that money selling the loan and unwinding a deal is a pain and a cost. Even if they could keep the down payment, it's easier to make money actually selling the car, the loan and maybe extended warranty. And by the way, if the car buyer is that iffy, they sometimes tell them to come back the next day to pick up the car (most lenders are staffed seven days a week and on holidays except Christmas).
I went to a popular dealership in Farmington Hills MI 9/28 2014 With a check for the total amount of the vehicle that I had seen online prior to getting there. When purchasing time came to sign and close out any more dealings with the dealership. I saw 1 other guy besides my salesman whom I sign my USAA bank draft over to, and my roommate whom also was a cosigner wrote a personal chk to cover tax license. 2 months go by we notice nothing from USAA asking for payment towards the loan. I contacted them asking about the loan. They said they had not received the chk to be cashed from the dealership so therefore they cannot charge me for a loan. I called salesman to inquire and left a message, but never got a return call. My roommate informed me that the personal chk had not been cashed eighter. Called my bank back to get advice. They said I would just have to wait on chk being turned into them before my payments start. And the Bank draft chk was good for 90 days 12/28/14. On 1/3/15. Dealership calls me saying that my chk was no good. And wanted me to get another loan. long story short they had their lawyer tie me up in court for an entire yr. They harassed me the 1st week each day by having a different salesman call me, Saying I better bring back car, Or they're sending someone to get it. I had a low-income attorney take the case, she was a rookie but she had discussed the case with her peers and they called it a novelty case. When I went to the dealerships deposition they had 1 person (salesman) that I did my paperwork signing with. And had someone from processing there whom when asked about the procedure as to verifying my bank USAA bank draft did she use there normal procedure she admitted no. My attorney would not follow up with the more incriminating question as to why they waited for chk to expire then later ask me to get another loan from my bank, or they would finance me. I said no and we went to court for 9 months an Arbitrary court in which of course I would lose because I was not allowed to speak and ask the money questions. But yet I had a title and car in my name. But to this day no one asks why am I in court, with my character being slandered for a car that I have receipts, Title, and keys for. And did everything right. So how did get it off the lot. I wish I would have heard of you back then Mr. Lehto. It was a nightmare I eventually had to file bankruptcy long story short. And I"m still trying to recover. I was not protected by my attorney towards the end. And it was all the Suburban dealership of Farmington Hills fault. Really wish I knew what they intended to do but obviously failed.
I worked in sales/ finance for 20 yrs in the auto industry........... and your absolutely accurate! Great videos & very informative info/ topics. Iv'e been binge watching all your material since i just stumbled upon it!
this happened to my brother several years ago, but in his case it was a good thing. we both worked for a small trucking company based in arkansas. when he got in from a run to california he decided to go buy a car before he turned in his paperwork for the week. it all seemed to go well at the dealership and he showed up at the office in his brand new car. when he went in the office to get his check they informed him that the company was on its way to bankruptcy. they would be lucky to stay open for 3 more months. 2 days later the dealership called to tell him that the financing didnt get approved and wanted him to come in and try at a higher interest rate . he told them he would just return the car. he got all of his money accept for the $100 he paid for an extra key and had a new car for a total of 4 days and nearly 800 miles. so cheaper than a rental and i count it a win.
I had a similar issue about 25-30 years ago. I bought a van from a used car dealer. I thought everything was fine but, I learned afterward that for some reason the title and the VIN # on the car didn't match. The dealer kept telling me he was working with the bank to get it straightened out. In Missouri you have 30 days to license the vehicle, I couldn't even get insurance. The 30 days were almost up and I had nothing. The dealer told me to get an extension from the license bureau. I went to the license bureau in my town and they said they'd never heard of an extension and I needed to call Jefferson City and talk to someone there. The guy in Jefferson City said that was so illegal he would just drive to my town and arrest the dealer that afternoon. During this time, the dealer went to Haiti to do his missionary work. His parents were full-time missionaries there and he went several times a year to help them. When I told the guy in Jefferson City that he was out of the country he said he would add that to the charges against him. I'm not sure what happened after that, but the dealership closed. I did eventually got the correct title and the rest of the paperwork that I needed to license my van and get insurance. I had to pay a fine for licensing the car past the 30-day limit. Of course, I couldn't drive the vehicle because the temporary tags had expired and I didn't have insurance. I had forgotten about that nightmare until I watched this episode.
I had a very end of this happened to a close friend of ours. She goes and buys a new car they take her trade and 3 months later she gets a letter that says that her previous car is in repost status. When they finally unraveled what had happened to her car is a local bank had done quote unquote bridge financing on the car but had not paid off the old car. Apparently what was going on at the time is the bank that provided the dealership with floor plan funds was doing short-term financing on cars in other words letting a buyer pay the cost of the floor plan on the car in the interim while they look for financing with the belief they finally would. But the finance company that held the note to the other car was getting pretty impatient. They were sorted through the the sale and financing and everything else on the new car. It finally got fixed including no late payments on the credit report for the other car but it took about 5 months to actually get it fixed from the time of the new sale
I know its years later but sorry for your loss. My mother has shelties and they are an amazing breed. Very smart and devoted. She recently lost her oldest his name is Xander. He was the best dog ever.
I added a roof rack to the contract because I was suspicious. After a month I called the manager, told him he hadn't fulfilled the contract and I was returning the car for a refund. I had the only roof rack in Canada, off of a showroom car at head office, delivered to me within two days. They really don't want cars back, they just want your money.
IANAL, but if you send a valid payment instrument, and the creditor doesn't accept it, your debt still considered satisfied. Exactly to prevent this kind of shenanigans.
My former boss used to work as a finance manager. It was shady as well. The standard practice was to get ie a 5% rate ad upsell to a 7% rate. The commission on the difference is the finance manager's. This is one more reason they like to finance through the dealership. One thing they hate is early payoffs. that means a commission recall
OMG this kinda happened to me in the early 2000's! I had purchased a Dodge Durango they let on like I was approved and all that of course, so away I went....About a week later they called me and said that they could not get me approved and I needed to bring the car back!! I ended up taking the car back to them and I had traded in a truck when I got the Durango so they did give me back my old truck that I had traded in for it back to me...I'm not sure if I had a case or not because it wasn't exactly like the one your client went through, but it was similar!! If it ever happens again I won't be so quick to hand it back to them....at least not without talking to a lawyer first!!!
Another great video. I have been a car salesman at used and new car dealerships. I've seen this from used car dealerships but never a new car dealership. The stakes are too high.
I wish I watched this video 3 years ago! But still, I didn’t let them fully scam me. The financial manager even yelled at me “is the car here? Give me the keys! Sign the new contract or give me the keys!” 😂😂
Happened to my aunt 4 times with the same dealership and the same car. She was current in all payments and they would come 3 days early to her house and block her in with a tow truck threatening to ruin her credit and have her arrested for grand theft auto. She finally got lucky one day and I was with her when they pulled up. The guy said something off the wall rude and I "corrected" him. So my aunt calls 911 after I asked her to. The tow truck driver was arrested and the dealer is still open.
Happening to me this very moment over a MONTH LATER!!!! Supposed to go in Monday and sign new terms higher interest and GPS on vehicle!!! Problem? I live in S.C. where there are NO LAWS AT ALL protecting the consumer!!! As such attorneys won’t touch it because there are no laws on the books as a basis to sue them over!!!! SUCKS BIG TIME!!!
Back in 2013, I lived in the state of Louisiana. I purchased a car from Clay Cooley in Dallas, TX. For weeks at a time after the car was "sold" to me, they did this to me! They kept asking me to come in and sign paperwork for the car. The last time, they said they could not determine my income. Then they told me the interest rate was dropping. So I drove 4 hours back to Dallas to sign the paperwork, but my salesperson informed me that they were trying to refinance the car and put me in something else. However, I felt the practices they were using were so unprofessional. I decided to just get a refund on my down payment and walk away from the car and the dealership.
I live in TX (Dallas) Clay Cooley is within 20 min of me, and this is illegal in TX. It is in the Texas Motor Vehicle Law. I will look it up. Is there a means to private message a person on youtube?
Jon Smith Financial manager called me today saying I need to resign the contract because the Ally Bank lost the papers. And I called the bank and they said it's unusual but they take up to 30-45 calendar days to get the information. I signed the papers on the 8th of August. So who do i believe? I think the dealership just gave me a bullshit rate to get a contract and $4k down. Why would they want me to sign again? The bank doesn't have my info and seems fraudulent that they want me to sign again. The financial manager said everything would be the same (terms, interest rate). What should I do?
This is a by product of an old practice called "Curbing Cars" (similar to "Puppy Dogging")... Usually occurs on a Saturday or End of Month , as The Dealership has a HIGHER interest in recording/ hitting a QUOTA, rather than the profit margin of the individual sale where they are willing to risk milage/damage/renegotiations since the Monthly Bonus will outweigh the possible loss. It's been a while since I've worked the retail end of this, but I think legislation re: Protection of Predatory Lending Practices has ended these practices
Here's what I don't understand about repossessions. What if the car is not available? Tow truck driver comes along, knows nothing about handling tricky situations, car is in garage or some such situation. Nowadays it's common to have alarms, video surveillance, and so on. Owner is alerted, confronts tow truck driver, possibly with a firearm. Maybe even managed to block the tow truck. Lots of ugly things could happen. . I would think that, if the tow truck driver encounters any resistance, he should contact legal authorities, who would come out and enforce the repo. And the car owner should consider carefully whether to take that course of action, because he could then be liable for lots of other costs and possible legal liability down the line, if the legality of the situation doesn't support him. But what really happens in most cases?
Exactly.....never finance thru dealership Or finance thru them to get incentives and refi next day.......as the buyer the ball is our court much more so than it is in theirs.....if you know how to work it
Isn't this done with real estate sometimes too? A purchase money loan. If you miss a payment, you lose everything -land and all the funds you already had paid.
Most of the "buy here, pay here" lots are at least as bad. Sell you a car at 3x it's book value, knowing you can't afford the payments then repossess after 2 missed payments. Had a friend in the Navy whose father worked at one of these lots, he said on average, they sold each of their cars 5x before someone finally paid it off!
99% of the time a buy here pay here place has you make a down payment for what they paid for the car in the first place as well. They never lose anything on the deal.
Here's a good one for you Steve - I leased a VW GTI in 2008, it was the end of the model year and they were desperate to unload the car so I got a good deal on the final price - should I decide to purcahse it in 2012 at the end of the lease. I sign the paperwork and as you know, there is an overage charge for miles - over 12,000, 15,000 a year whatever is agreeed upon. I can't recall the exact numbers, but my limit was 12000 miles a year or 48,000 when I turn it in --- well the finance person, bungbled the contract, and put in that my overage miles would be charged at .05 / mile and they meant to put .0.15 a mile -- the dealer calls me up and says you have to come in and sign new paperwork - I said "go pound sand" and of course they put the fear of God in me and offered me some freebies and I went in and signed new paperwork - let me guess - I was in the right- in the state of Michigan? I can't imagine that I have any legal obligation to sign a new contract if they botched it. That's not my fault. If I don't read the contract and disagree with the finance rate 2 days later, I can't say "oh cmon let's sign new paperwork for a lower rate" --- I'd imagine the dealer would tell me to get lost, "you signed a contract".
One of the problems here is they are taking advantage of customers who are stuck in what is known in the business world as the "sunk-cost bias." Also known in other circles as the "point of no return," the buyer will have invested so much money on the down payment that they do not want to risk that kind of financial loss, so they will come in and sign the new papers, costing them much more in the end if they [unknowingly] allow these dealers to get away with this.
I had to come back to watch this video a second time because of your new video that you mentioned this one. by the finance officer stating it was common practice and he tap danced around your questions during dispo, did he just admit to purgery? other than losing job at that dealership why would he not blow the whistle on this practice the dealership was engaged in during the dispo?
one of the smartest things you can do is find a good attorney and negotiate a retainer with simple services that allows you to throw a lil weight around when needed that works for the both of you. and keep a good relationship with them.
It is very hard to believe that these kinds of things are happening in America. WTF? And thanks Steve for putting this up and making us aware of the dealership scams.
PS I'm really sorry to hear about your buddy. This won't make you stop missing him, but It might help the healing. Go to the shelter and get yourself another little pup. It will do you both a lifetime of good.
Not quite the same but similar. I rented a room for two months (Paid in full and in advance) from a woman. After a week she demanded that I leave and demanded the keys back. I took her to court for damages and the cost of the belongings that I could not retrieve. I had to leave to go look at some property. Judge sided with her that I had abandoned the premises and was not entitled to the rent money I had paid and only for a portion of the property I was denied. I was awarded a partial judgement but still lost.
A dealership told me to take a new car home and try it out to see if I liked it . I left my trade in and keys at the dealership. I came back the next day and told them I didn’t want to buy the new car and told them to give me my car keys and asked where it was parked . The salesman told me that they has already sold my car . The salesman and I were standing in front if a very large window. I told him that he had 30 seconds to give me my keys or I was going to throw him through the window and I would have dine it but didn’t need to because he very quickly gave me my keys and I left .
Maybe if the laws had some teeth such as a extremely high fine and serious prison time these dealerships would stop. I talked to a sales manager here in Texas about an issue of a salesman lying to me and I asked him if it was a standard practice and he very smugly said yes. I took it up to the owner of the dealership that proudly makes it clear to the community what a sacrificing Christian he is also said it was standard procedure. As a Christian I was highly offended by his cavalier attitude. I do not trust dealerships at all. Anytime I do buy from one I am nice, but very firm and use my training as a salesman against them. Sorry about your dog, we are putting one down soon and it is very hard to make the call. God bless and keep up the good work.
I had this happen in California 15 yrs ago. I called and they kept telling me to wait for loan playbook, after I made 2 payments to dealer they then asked for car back.
The dealership pulled one on me with a Chrysler Pacifica mini van. I went in there to purchase a touring L model which I found on true car. Com. I was looking for the features and could not find them. They stock number bamboozled me and I payed for the touring L model and got the normal touring. They put N/A across all the make and model lines on the contract so I wouldn’t snap. I even specifically asked the salesperson if it was the touring L model and they agreed. Stay woke!! I’m taking this to court to try to at least retrieve the few extra thousand they overcharged me for the car.
Sorry to hear about your dog. Our dogs are part of our family and I know how you feel. In fact, this note is about that. Would love to see you do a video on neighbors or anyone stealing your dog. I have a neighbor who runs an illegal dog and Animal Sanctuary on her property. Any animals that she sees that she thinks she should take she simply takes it and locks it up in her sanctuary. If the dog wasn't on a leash or chained up or cage on someone else's property she'll consider this tray and take the dog. Then if the owner finds out that she in fact has the dogs this woman will try to extort money from the owner for care and feeding and perhaps even medical care for the animal while she had it at her so-called Sanctuary. I've been warned about her a couple of times through the years. Well, she finally did it with my dog, my Border Collie. Dog disappeared couldn't find it I sent messages to the most of the neighbors but didn't hear back from her so I sent another message and she denied having seen the dog. In fact she'd had the dog the whole time. During that time she even took the dog to a vet and had a chip installed in her name. That's like stealing a car and then registering a car in your name. So what should I do? I finally got the dog back by just going down there and calling his name and he ran out and jumped in my arms but she had had the dog for a couple of months and lied about it and also register the dog in her name. My attorney friends tell me that if I file a police complaint and take her to court the judge might even give her some short jail time. They say that if it was a child that did that The judge would scold a child,, if it was an adult, the judge would scold the adult and probably impose a fine. But since this crazy woman claims to be an animal expert and business person the judge might even give her a large fine and some short jail time. In any case now she's trying to extort money from me for care and feeding of the animal. I cannot believe it. What legal steps should I take. My understanding is that while she has a website and claims to have a sanctuary for animals that she has no licensed to do so on the property where she lives because this is all zoned agriculture, not zone for dog pounds. She generally has 20 or 30 animals on 1 acre there all the time. It's my understanding that's a law requires a person to do due diligence and trying to find the owner of an animal a wallet full of money or somebody's prized anything. You cannot just pick something off of someone else's property and take it home and claim it as your own. She did nothing to find the owner. And when I asked her about it and she denied it. I talked to a policeman about this and he suggested I try and keep peace in the neighborhood but that they would file a complaint if I come in to do so. Dog napping has become a national pastime and a major crime. Would be great if you could do a video
Happened to me and my now Ex from a dealership in Maryland. We were young and at the time and thought it was an honest mistake. We just gave the car back and moved on.
Everyone "CAN" get pre-qualified from a financial institution B-4 you go to a dealership! Do not let them finance you, if they won't take your check go some where else! You can shop online and let them fight for your business!!!
If that is common practice and they typically tell the person they have to bring their car back and use it to change the terms, why did this dealer actually repo the car before doing that?
My God I had a dealer try to pull this on me.....we looked at a mini van at a dealer on a Saturday we had a crap Subaru to trade..... Also had 3000$ for down payment.... At the end of negotiations they told me that the bank wasn't open and I would need to come back Monday to sign the final paperwork but don't worry we've already transferred the car seats from your Subaru to the minivan and you can drive it home right now just make the check out to ex dealership..... I said no way am I driveing a van I don't have final paper work on. Where my car we will be back Monday to finish the deal....they said they could not give me my car because they all ready prosses it as a trade in.....I said if it not out in front in 30sec I'm calling to police to report it stolen.....needless to say they brought back my car. And then they asked for the 3000$ check..... I said he'll no not with out a final contract will I wright out a check for more then a dollar.....They told me they might sell the minivan before I come back Monday to do the final paperwork.....I told them no problem I see at least 50 other minivans on the lot if you sell that one will just negotiate on another one Monday when the banks are open..... When I came back Monday. The price jumped 5000$ and interest rate went from 2.9 to 20%. I told them no deal... At that point the sales manager told me that my 3000$ down payment was none refundable.....I told then I gave them a dollar on Saturdays and they could keep it.....then the sales manager said they could sue me for breach of contract....I told them to check their paperwork as I didn't sing anything. I could hear the sales manager screaming at the sales people as I walked out.......
I'm proud of the fact that I have been throw out of car dealerships on more then one occasion because of my aggressive negotiations
This yo-yo sale scam is used by Supercargyus in Wichita, Ks all the time. Just read the online reviews of that dealership. I had considered looking for a car there, but after reading the reviews I smartened up! What low-lifes. I suppose if some little old lady fell down crossing the street, they'd just kick her out of their way.
I am glad that you stood up for your rights. A person should never never NEVER NEVER drive a car home from the dealership until the financing arrangements are totally locked in place. Be aware that the terms of the agreement can always change at the last minute especially ESPECIALLY the financing terms.
This happened to me in Salt Lake City, UT. I traded in my 2009 Saturn XR (paid for) for a new Acura. The year was 2013. So my car wasn’t terribly old and only had 38k miles.
I was “approved” and my Apr was 5.9 (I was young so I was still building my credit so my apt seemed high). Signed the papers, got insurance transferred and off I went in A new Acura. Enjoyed the car for two weeks. Got a call, you’re not approved with the terms we signed on. Need to come back and do the papers over at a higher rate. My down payment was my Saturn XR, they gave me around 9k for my car. So I had a healthy down payment.
Luckily I knew what they were doing. And I was prepared. I showed up at the dealer. I washed the car before I went to make sure they couldn’t say I abused the car. I presented myself and they took me into the finance office. They asked me to sign papers they had ready when I got there.
I asked one question, where’s my Saturn? They said it was transferred to a used satellite lot. I told them I don’t agree to these new terms. (Thing is, I actually as buyers remorse). This worked out in my favor. They said I can’t keep the car unless I sign. I stood up, threw the keys on the desk, and demanded my Saturn. They started to back pedal. Said things like, well... maybe we can keep this deal. I said no, bring my Saturn now. Then they went nuts trying to get me to keep the car and they won’t change the loan. Thing was, I didn’t want the car anymore. I felt like I was biting off more than I could chew.
Anyway, by their own words, telling me the loan wasn’t valid, I did what they never expected a young kid to do that just got a fast new Acura, call their bluff. I did get my Saturn back. Left the dealership. Two of the workers stood by watching me in what seemed like pain, as I drive off in my paid for Saturn. They called me a few times. Managers. Asking for a reconsider. But I just ignored it all. Their new car wasn’t so new anymore.
It was the Honda/Acura dealer on State Street near the hospital in Murray, a suburb of Salt Lake City.
I later purchased a sensible brand new hybrid for 0% APR. 😁
Damn. I've seen the "Remember Milo & Wolfy" in your newer videos, but hearing the pain in your voice from when it actually happened is heartbreaking. 💔
The cash only works if you don't get pulled over on the way to the dealer and the cop confiscates your cash under civil forfeiture!
@dannie curlett or bank transfer, bank wire, or cashiers/ bank check!!!!
RIP, MILO. My heart goes out, Steve. I know it has been years, but I know love never dies. You were, I am positive, a fantastic 'parent'. TgT
I don't live in Michigan any more, but most of my family still does. I'll pass this on to them.
Steve, you truly are doing humanity a service!!! Wonderful video.
They are called Stealerships for many reasons.
Sales Dept
Parts Dept
Service Dept
I saved the best for last , Finance Department .
Steve, if YO-YO sales are illegal and dealers keep doing these illegal sales over and over, why are they not prosecuted?
i had this happen to me in the late 1980's, but they didn't repo the car they reported it stolen. I was pulled over and arrested for a stolen car. Fortunately I hired a lawyer he got the charges dropped, the car dealer paid my lawyer fees and I ended up with a free car.
Woww
WOW!!!
It happened it to me I bought a car for 14,000$ got a great deal and interest rate, I was financed by some crooked bank, called my bank and refinanced for a lower interest rate. The dealership and crooked bank wanted me to return the car because 1) the appraised the car at 13500+500 for gab and my bank appraised the car at 18,000$ the dealership and crooked bank was upset that I not only refinanced the next day with my bank but that I got a car with an additional 4000$ value because it was under 30,000 miles, rims, moon roof and all the bells and whistles. If they ever ask you to come bank and return the car, put more money down or increase the apr, run, find your own bank, refianace and get an attorney
I always bring my own Financing, which means they get paid in full when I purchase a vehicle. I then deal with my own bank for the term of the loan
You are amazing, I am going through this right now and I had my questions. Thank you so much for this valuable information. Much respect. Will proceed accordingly
Brandy DeJesus same with me and I’m getting my lawyer and suing for distress also because I’m pregnant
I think it’s awesome that you dedicated this to your dog ❤️. I once dedicated a full marathon race to my cat of nine years which had feline leukemia. Glad other people do this as well
I'm so sorry about Milo :(
Thank you.
Steve Lehto
Yeah man so sorry!....lost mine at 15 yrs old last august
Tough deal man as they are the best
Rip
This happened to me In New Jersey in 1986 with a new pickup I had bought. They told me I had to return the pickup three days after I took delivery and I refused. I went into the dealership the next day and they said they had found me financing but at a higher rate. I refused that and was walking out about to seek advice from an attorney when they called me back in and agreed to reduce the price of the pickup to equal the price of the lower fianancing i had originally agreed to. Car dealerships in my opinion are some very shady places. I'm very sorry about your dog. Truly man's best friend. Another great video!
I love the treble damages point it makes people at least question what their doing. I had a Realestate issue in MI with my property and a home builder that bought the 40 acres next to me and was going to divide it up and build homes. To do so they had to put in a road that ran the length of my land. They never talked to me about anything. Well in the course of building the road they screwed up the survey. I knew exactly where it was because I had it surveyed and marked a few years earlier. I noticed one day they had crossed over my property by about 6’ and removed a bunch of trees. I called a lawyer and he told me I could go a couple ways. Forget about it. That’s not going to happen. Ask them for compensation or move the road and replace the trees or go to court. Lawyer said I was entitled to treble damages. So I told them to pay up or I would have their construction halted and all those big machines could sit not making money. This was not just some little dirt road but 2 lanes with drainage and all the other crap MI makes you do. I just made up this crazy figure I thought they would reject and we would negotiate from there. They took it. I guess I should have gone higher. Next day I had a check and a contract from them to sign giving them a slice of my land 6’ wide and 500’ long. That was the most expensive piece of property I ever sold plus the trees cost them like 5K each for 6 of them. I think I paid about $150 each when I planted them. Of course they were 4’ tall when I planted them but had grown to over 20’.
Outstanding video. That happened to my son a few years ago. I forwarded him a link to this video. Very sorry to hear about your pooch. I have pets myself and they are like family members.
dealers are crooked! You negotiate a payment with the salesman and the finance guy screws you.
My ex girlfriend wanted to buy a used Saturn from a dealer. The deal was set. They called her at work and told her they needed more money down. I went there and gave them a check for almost $4,000. She picked up her car after work. Eleven days later it wouldn't start. She called the dealer (she got a warranty). A salesperson came to her house. Still wouldn't start, so they towed it back to the dealer. Next day the dealer calls, tells her they went out in the lot, couldn't find the car, it was stolen!
I went up there to talk to the mgr, he called the cops, I said fine, I'd like to talk to them, after 10 minutes he said "you're trespassing", the cop agreed so I left. Wish we got an attorney!
Best lesson from this, walk into the Dealer with a bank draft from your own bank, or Credit Union.Or, have financing approved from your bank, go in during Business Hours, and your bank will then give drafting instructions to the Dealer.Plus, the interest rate from your own financing could save you money over the interest rate the Dealer source might have.
That's what you SHOULD do, but keep all of that information to yourself until you get the price haggled out and have the purchase agreement in writing. They'll sell the car to you cheaper if they think they're going to get the commission on financing it too.
Jon Smith My mother walked into a Toyota dealer with pre-approved financing from her bank. The dealership got her financed through Toyota Motor Credit at a lower interest rate than her bank. But having the pre-approval from the bank was a good backup to protect her from any shenanigans from the dealer claiming they couldn’t get her financed.
Great advice. I think a simple rule is not to accept possession of the car until the dealer has financing.
This is the most valuable RUclips subscription. He’s describing what the banks were doing to mortgage holders consumers in 2008 2009. I don’t understand intentionally screwing over a complete stranger.
It's money. You and me know right from wrong. But for some people, when they find out that their personal income can go from $3,500 a month to $55,000 a month by screwing others, they are corrupted by the dark side. I've known many such people personally.
Hey Steve. I’m a new viewer and subscriber and I have recently been going back and viewing all of your previous videos. I just want to say, the introduction and dedication of the video to Milo touched me. I just recently lost my 9 year old goldendoodle, Mo, of an unexpected heart attack. It’s been about 3 weeks now since he passed and I just thought I’d let you know that your introduction reminded me of him in a good, positive way. Keep up the good work, Steve. I look forward to your videos everyday.
Thank you for the note. I appreciate the kind words.
I have watched almost all of your videos and it's such great wisdom and information and I really appreciate you took the time to post this kind of stuff on RUclips. You deserve so many more subs. I live in Florida so I don't know what laws apply to me for most of this stuff but you have made me not afraid to ask a local attorney. I have been scared off by the Legal System because it cost so much money and most of the time it's not worth it. Thanks
+Dillon Harper the numbers are increasing. Tell your friends!
Reminds me of the old House Scam.
Rent to own.
The deal is , you pay 1000 for rent then you also pay 500 extra per month, to be used as a down payment, or a reduction on the cost of the house. After 5 years, and 30,000 dollars in extra . The seller now says you have 30 days to get a loan to buy the house or you must leave. The person finds their credit still is not good enough to get a loan. As stated in the paperwork, this money is for either for a down payment on said house, or reduction of house price, to help get a loan. and is non refundable otherwise. Due to the fact he kept it off the market for so long, costing the seller money. Now pack up your stuff and get out.
That's not a scam if it's what both parties agreed to in good faith, it's actually a fairly common way to sell a house to someone who doesn't have good credit. A 30k down payment will go a long way towards making up for bad credit. As long as the seller makes the terms clear to the buyer, there's no scam.
Rest in Peace Milo. They are truly the best friend.
It's very common as well as legal in many states to deliver a car without financing. They agree to find financing between specific terms and if the dealer cannot you are required to bring it back.
There is something called Bailment agreement where customer agrees to provide the info required by that bank. Problem is, as there are bsd customers as bad dealers. Customers sometimes like in income and so on. Even in those cases, is customer returns the car, commuting with Bailment agreement they are entitled to a refund on form payment. Those customers keep pushing from weeks or months. I am GM at a used car dealer, and we don't spot delivery, but occasionally customers cannot prove the income, lie on income or time on the job, and refuse to bring the car back after seeing videos like this. You should also tell them no to lie on credit app, because that If also s crime.
Financial manager called me today saying I need to resign the contract because the Ally Bank lost the papers. And I called the bank and they said it's unusual but they take up to 30-45 calendar days to get the information. I signed the papers on the 8th of August. So who do i believe? I think the dealership just gave me a bullshit rate to get a contract and $4k down
A classic "good guys win" scenario. Thanks Steve!
They do this in Missouri. I've heard they even keep your down payment if you can't get financed.
yea this happened to my cousin...so sad and embarrassing. I do my research now and have even decided to NEVER finance a vehicle because the only thing I should be financially tied into is keeping my newly bought car running. Thank you for this video becuase people have to start learning their shit before jumping into something that can potentially lose them alot of cash.
I worked at a non-prime indirect auto lender that would buy these loans. The dealerships were our customer and they new what we would accept and what rate. They would make money on selling the loans to us and usually didn't want to make a deal with a car buyer that they were unsure would meet our (or some other lender's) criteria because they would not make that money selling the loan and unwinding a deal is a pain and a cost. Even if they could keep the down payment, it's easier to make money actually selling the car, the loan and maybe extended warranty. And by the way, if the car buyer is that iffy, they sometimes tell them to come back the next day to pick up the car (most lenders are staffed seven days a week and on holidays except Christmas).
R. I. P. Milo, may you always find bunnies to chase and cats to annoy.
I went to a popular dealership in Farmington Hills MI 9/28 2014 With a check for the total amount of the vehicle that I had seen online prior to getting there. When purchasing time came to sign and close out any more dealings with the dealership. I saw 1 other guy besides my salesman whom I sign my USAA bank draft over to, and my roommate whom also was a cosigner wrote a personal chk to cover tax license. 2 months go by we notice nothing from USAA asking for payment towards the loan. I contacted them asking about the loan. They said they had not received the chk to be cashed from the dealership so therefore they cannot charge me for a loan. I called salesman to inquire and left a message, but never got a return call. My roommate informed me that the personal chk had not been cashed eighter. Called my bank back to get advice. They said I would just have to wait on chk being turned into them before my payments start. And the Bank draft chk was good for 90 days 12/28/14. On 1/3/15. Dealership calls me saying that my chk was no good. And wanted me to get another loan. long story short they had their lawyer tie me up in court for an entire yr. They harassed me the 1st week each day by having a different salesman call me, Saying I better bring back car, Or they're sending someone to get it. I had a low-income attorney take the case, she was a rookie but she had discussed the case with her peers and they called it a novelty case. When I went to the dealerships deposition they had 1 person (salesman) that I did my paperwork signing with. And had someone from processing there whom when asked about the procedure as to verifying my bank USAA bank draft did she use there normal procedure she admitted no. My attorney would not follow up with the more incriminating question as to why they waited for chk to expire then later ask me to get another loan from my bank, or they would finance me. I said no and we went to court for 9 months an Arbitrary court in which of course I would lose because I was not allowed to speak and ask the money questions. But yet I had a title and car in my name. But to this day no one asks why am I in court, with my character being slandered for a car that I have receipts, Title, and keys for. And did everything right. So how did get it off the lot. I wish I would have heard of you back then Mr. Lehto. It was a nightmare I eventually had to file bankruptcy long story short. And I"m still trying to recover. I was not protected by my attorney towards the end. And it was all the Suburban dealership of Farmington Hills fault. Really wish I knew what they intended to do but obviously failed.
I worked in sales/ finance for 20 yrs in the auto industry........... and your absolutely accurate! Great videos & very informative info/ topics. Iv'e been binge watching all your material since i just stumbled upon it!
this happened to my brother several years ago, but in his case it was a good thing. we both worked for a small trucking company based in arkansas. when he got in from a run to california he decided to go buy a car before he turned in his paperwork for the week. it all seemed to go well at the dealership and he showed up at the office in his brand new car. when he went in the office to get his check they informed him that the company was on its way to bankruptcy. they would be lucky to stay open for 3 more months. 2 days later the dealership called to tell him that the financing didnt get approved and wanted him to come in and try at a higher interest rate . he told them he would just return the car. he got all of his money accept for the $100 he paid for an extra key and had a new car for a total of 4 days and nearly 800 miles. so cheaper than a rental and i count it a win.
Best rule of all........pay cash for your car/van/truck out of your savings. Can't pay cash.........buy something you can afford.
I had a similar issue about 25-30 years ago. I bought a van from a used car dealer. I thought everything was fine but, I learned afterward that for some reason the title and the VIN # on the car didn't match. The dealer kept telling me he was working with the bank to get it straightened out. In Missouri you have 30 days to license the vehicle, I couldn't even get insurance. The 30 days were almost up and I had nothing. The dealer told me to get an extension from the license bureau. I went to the license bureau in my town and they said they'd never heard of an extension and I needed to call Jefferson City and talk to someone there. The guy in Jefferson City said that was so illegal he would just drive to my town and arrest the dealer that afternoon. During this time, the dealer went to Haiti to do his missionary work. His parents were full-time missionaries there and he went several times a year to help them. When I told the guy in Jefferson City that he was out of the country he said he would add that to the charges against him. I'm not sure what happened after that, but the dealership closed. I did eventually got the correct title and the rest of the paperwork that I needed to license my van and get insurance. I had to pay a fine for licensing the car past the 30-day limit. Of course, I couldn't drive the vehicle because the temporary tags had expired and I didn't have insurance. I had forgotten about that nightmare until I watched this episode.
I had a very end of this happened to a close friend of ours. She goes and buys a new car they take her trade and 3 months later she gets a letter that says that her previous car is in repost status.
When they finally unraveled what had happened to her car is a local bank had done quote unquote bridge financing on the car but had not paid off the old car. Apparently what was going on at the time is the bank that provided the dealership with floor plan funds was doing short-term financing on cars in other words letting a buyer pay the cost of the floor plan on the car in the interim while they look for financing with the belief they finally would. But the finance company that held the note to the other car was getting pretty impatient. They were sorted through the the sale and financing and everything else on the new car. It finally got fixed including no late payments on the credit report for the other car but it took about 5 months to actually get it fixed from the time of the new sale
I know its years later but sorry for your loss. My mother has shelties and they are an amazing breed. Very smart and devoted. She recently lost her oldest his name is Xander. He was the best dog ever.
I added a roof rack to the contract because I was suspicious. After a month I called the manager, told him he hadn't fulfilled the contract and I was returning the car for a refund. I had the only roof rack in Canada, off of a showroom car at head office, delivered to me within two days.
They really don't want cars back, they just want your money.
Sorry for your loss, enjoying your channel.
So very sorry for your loss.
in Ca. Finance companies are not required to accept your payments and can repo at any time, once they don't cash 3 months worth of payments!
IANAL, but if you send a valid payment instrument, and the creditor doesn't accept it, your debt still considered satisfied. Exactly to prevent this kind of shenanigans.
My former boss used to work as a finance manager. It was shady as well. The standard practice was to get ie a 5% rate ad upsell to a 7% rate. The commission on the difference is the finance manager's. This is one more reason they like to finance through the dealership. One thing they hate is early payoffs. that means a commission recall
The legend says in Michigan there used to be a dealer called Pointe Dodge that was lovingly referred to as *Gun Pointe Dodge*
God bless you Milo have fun in heaven!
OMG this kinda happened to me in the early 2000's! I had purchased a Dodge Durango they let on like I was approved and all that of course, so away I went....About a week later they called me and said that they could not get me approved and I needed to bring the car back!! I ended up taking the car back to them and I had traded in a truck when I got the Durango so they did give me back my old truck that I had traded in for it back to me...I'm not sure if I had a case or not because it wasn't exactly like the one your client went through, but it was similar!! If it ever happens again I won't be so quick to hand it back to them....at least not without talking to a lawyer first!!!
Another great video. I have been a car salesman at used and new car dealerships. I've seen this from used car dealerships but never a new car dealership. The stakes are too high.
I wish I watched this video 3 years ago! But still, I didn’t let them fully scam me. The financial manager even yelled at me “is the car here? Give me the keys! Sign the new contract or give me the keys!” 😂😂
Happened to my aunt 4 times with the same dealership and the same car. She was current in all payments and they would come 3 days early to her house and block her in with a tow truck threatening to ruin her credit and have her arrested for grand theft auto. She finally got lucky one day and I was with her when they pulled up. The guy said something off the wall rude and I "corrected" him. So my aunt calls 911 after I asked her to. The tow truck driver was arrested and the dealer is still open.
Rest in peace, Milo.
i believe I avoided a bait and switch deal with CBS Auto Sales in Durham NC last Friday...
I think about three months after they stole my car --- they would have a 100 car bawn fire
Hank Hill style!
Sorry about your dog I had one pass about the same time. I love your show very educational keep it up
+Kevin Hardesty Thanks for the note. I appreciate it.
Happening to me this very moment over a MONTH LATER!!!! Supposed to go in Monday and sign new terms higher interest and GPS on vehicle!!! Problem? I live in S.C. where there are NO LAWS AT ALL protecting the consumer!!! As such attorneys won’t touch it because there are no laws on the books as a basis to sue them over!!!! SUCKS BIG TIME!!!
Back in 2013, I lived in the state of Louisiana. I purchased a car from Clay Cooley in Dallas, TX. For weeks at a time after the car was "sold" to me, they did this to me! They kept asking me to come in and sign paperwork for the car. The last time, they said they could not determine my income. Then they told me the interest rate was dropping. So I drove 4 hours back to Dallas to sign the paperwork, but my salesperson informed me that they were trying to refinance the car and put me in something else. However, I felt the practices they were using were so unprofessional. I decided to just get a refund on my down payment and walk away from the car and the dealership.
I live in TX (Dallas) Clay Cooley is within 20 min of me, and this is illegal in TX. It is in the Texas Motor Vehicle Law. I will look it up. Is there a means to private message a person on youtube?
Jon Smith Financial manager called me today saying I need to resign the contract because the Ally Bank lost the papers. And I called the bank and they said it's unusual but they take up to 30-45 calendar days to get the information. I signed the papers on the 8th of August. So who do i believe? I think the dealership just gave me a bullshit rate to get a contract and $4k down. Why would they want me to sign again? The bank doesn't have my info and seems fraudulent that they want me to sign again. The financial manager said everything would be the same (terms, interest rate). What should I do?
call a attorney and google your states laws.I'm 99% they are up to something and I hope it all works out for you.
Rip milo 🙏🏼
This is a by product of an old practice called "Curbing Cars" (similar to "Puppy Dogging")... Usually occurs on a Saturday or End of Month , as The Dealership has a HIGHER interest in recording/ hitting a QUOTA, rather than the profit margin of the individual sale where they are willing to risk milage/damage/renegotiations since the Monthly Bonus will outweigh the possible loss. It's been a while since I've worked the retail end of this, but I think legislation re: Protection of Predatory Lending Practices has ended these practices
A dog does become part of your life. I remember the sadness, as does anyone who ever loved a dog.
Dear Mr. Lehto (hmm.spell check says you spell your name wrong. LOL) Just wanted to thank you for the posts you do. Very helpful. TY
Damn that is straight up COLD to do that to someone.
I'm sorry about your dog Milo. We had a Golden for 17 years. My wife got him as a pup.
We had many fond memories with him, I'm sure you will also.
"It's only illegal if we get caught" - typical american company.
Typical company. American is irrelevant.
Here's what I don't understand about repossessions. What if the car is not available? Tow truck driver comes along, knows nothing about handling tricky situations, car is in garage or some such situation. Nowadays it's common to have alarms, video surveillance, and so on. Owner is alerted, confronts tow truck driver, possibly with a firearm. Maybe even managed to block the tow truck. Lots of ugly things could happen.
.
I would think that, if the tow truck driver encounters any resistance, he should contact legal authorities, who would come out and enforce the repo. And the car owner should consider carefully whether to take that course of action, because he could then be liable for lots of other costs and possible legal liability down the line, if the legality of the situation doesn't support him. But what really happens in most cases?
This has been interesting and very enlightening. Thank you for sharing this information.
This is such an outrage-, right-on! For exposing these crooked practices.
My compassion for your loss. Also great legal advice.
Thanks for the great heads up! Godspeed Milo!
My Credit Union does my vehicle financing and that's it.👍
Exactly.....never finance thru dealership
Or finance thru them to get incentives and refi next day.......as the buyer the ball is our court much more so than it is in theirs.....if you know how to work it
Isn't this done with real estate sometimes too? A purchase money loan. If you miss a payment, you lose everything -land and all the funds you already had paid.
Most of the "buy here, pay here" lots are at least as bad. Sell you a car at 3x it's book value, knowing you can't afford the payments then repossess after 2 missed payments. Had a friend in the Navy whose father worked at one of these lots, he said on average, they sold each of their cars 5x before someone finally paid it off!
99% of the time a buy here pay here place has you make a down payment for what they paid for the car in the first place as well. They never lose anything on the deal.
Here's a good one for you Steve - I leased a VW GTI in 2008, it was the end of the model year and they were desperate to unload the car so I got a good deal on the final price - should I decide to purcahse it in 2012 at the end of the lease. I sign the paperwork and as you know, there is an overage charge for miles - over 12,000, 15,000 a year whatever is agreeed upon. I can't recall the exact numbers, but my limit was 12000 miles a year or 48,000 when I turn it in --- well the finance person, bungbled the contract, and put in that my overage miles would be charged at .05 / mile and they meant to put .0.15 a mile -- the dealer calls me up and says you have to come in and sign new paperwork - I said "go pound sand" and of course they put the fear of God in me and offered me some freebies and I went in and signed new paperwork - let me guess - I was in the right- in the state of Michigan? I can't imagine that I have any legal obligation to sign a new contract if they botched it. That's not my fault. If I don't read the contract and disagree with the finance rate 2 days later, I can't say "oh cmon let's sign new paperwork for a lower rate" --- I'd imagine the dealer would tell me to get lost, "you signed a contract".
This is happening to me at this very moment. But I'm doing my homework and this video really help me.
What was the final outcome?
One of the problems here is they are taking advantage of customers who are stuck in what is known in the business world as the "sunk-cost bias." Also known in other circles as the "point of no return," the buyer will have invested so much money on the down payment that they do not want to risk that kind of financial loss, so they will come in and sign the new papers, costing them much more in the end if they [unknowingly] allow these dealers to get away with this.
:(, I saw doggie walking in the background a couple times
I had to come back to watch this video a second time because of your new video that you mentioned this one. by the finance officer stating it was common practice and he tap danced around your questions during dispo, did he just admit to purgery? other than losing job at that dealership why would he not blow the whistle on this practice the dealership was engaged in during the dispo?
one of the smartest things you can do is find a good attorney and negotiate a retainer with simple services that allows you to throw a lil weight around when needed that works for the both of you. and keep a good relationship with them.
This is so true so buyers BEWARE Im going through this now I have a Lawyer will let you know more soon
Outcome yet?
Moral of the channel: avoid dealerships.
It is very hard to believe that these kinds of things are happening in America. WTF?
And thanks Steve for putting this up and making us aware of the dealership scams.
Rest in Peace Milo
PS I'm really sorry to hear about your buddy. This won't make you stop missing him, but It might help the healing. Go to the shelter and get yourself another little pup. It will do you both a lifetime of good.
You just made the argument aginst tort reform. Calculated risk where risk is worth the penality. That's a law that needs changing end that practice.
Not quite the same but similar. I rented a room for two months (Paid in full and in advance) from a woman. After a week she demanded that I leave and demanded the keys back. I took her to court for damages and the cost of the belongings that I could not retrieve. I had to leave to go look at some property. Judge sided with her that I had abandoned the premises and was not entitled to the rent money I had paid and only for a portion of the property I was denied. I was awarded a partial judgement but still lost.
A dealership told me to take a new car home and try it out to see if I liked it . I left my trade in and keys at the dealership. I came back the next day and told them I didn’t want to buy the new car and told them to give me my car keys and asked where it was parked . The salesman told me that they has already sold my car . The salesman and I were standing in front if a very large window. I told him that he had 30 seconds to give me my keys or I was going to throw him through the window and I would have dine it but didn’t need to because he very quickly gave me my keys and I left .
Maybe if the laws had some teeth such as a extremely high fine and serious prison time these dealerships would stop. I talked to a sales manager here in Texas about an issue of a salesman lying to me and I asked him if it was a standard practice and he very smugly said yes. I took it up to the owner of the dealership that proudly makes it clear to the community what a sacrificing Christian he is also said it was standard procedure. As a Christian I was highly offended by his cavalier attitude. I do not trust dealerships at all. Anytime I do buy from one I am nice, but very firm and use my training as a salesman against them.
Sorry about your dog, we are putting one down soon and it is very hard to make the call. God bless and keep up the good work.
RaptureMeSoon o
i have to press the like button many times before it will work. mostly just on your channel
RIP Milo... :(
@johnny5finger Did you watch the video?
I had this happen in California 15 yrs ago. I called and they kept telling me to wait for loan playbook, after I made 2 payments to dealer they then asked for car back.
Haha we used to have to do this at a dealership, so we had to start waiting till deals funded till we delivered.
The dealership pulled one on me with a Chrysler Pacifica mini van. I went in there to purchase a touring L model which I found on true car. Com. I was looking for the features and could not find them. They stock number bamboozled me and I payed for the touring L model and got the normal touring. They put N/A across all the make and model lines on the contract so I wouldn’t snap. I even specifically asked the salesperson if it was the touring L model and they agreed. Stay woke!! I’m taking this to court to try to at least retrieve the few extra thousand they overcharged me for the car.
Sorry to hear about your dog. Our dogs are part of our family and I know how you feel. In fact, this note is about that. Would love to see you do a video on neighbors or anyone stealing your dog. I have a neighbor who runs an illegal dog and Animal Sanctuary on her property. Any animals that she sees that she thinks she should take she simply takes it and locks it up in her sanctuary. If the dog wasn't on a leash or chained up or cage on someone else's property she'll consider this tray and take the dog. Then if the owner finds out that she in fact has the dogs this woman will try to extort money from the owner for care and feeding and perhaps even medical care for the animal while she had it at her so-called Sanctuary. I've been warned about her a couple of times through the years. Well, she finally did it with my dog, my Border Collie. Dog disappeared couldn't find it I sent messages to the most of the neighbors but didn't hear back from her so I sent another message and she denied having seen the dog. In fact she'd had the dog the whole time. During that time she even took the dog to a vet and had a chip installed in her name. That's like stealing a car and then registering a car in your name. So what should I do? I finally got the dog back by just going down there and calling his name and he ran out and jumped in my arms but she had had the dog for a couple of months and lied about it and also register the dog in her name. My attorney friends tell me that if I file a police complaint and take her to court the judge might even give her some short jail time. They say that if it was a child that did that The judge would scold a child,, if it was an adult, the judge would scold the adult and probably impose a fine. But since this crazy woman claims to be an animal expert and business person the judge might even give her a large fine and some short jail time. In any case now she's trying to extort money from me for care and feeding of the animal. I cannot believe it. What legal steps should I take. My understanding is that while she has a website and claims to have a sanctuary for animals that she has no licensed to do so on the property where she lives because this is all zoned agriculture, not zone for dog pounds. She generally has 20 or 30 animals on 1 acre there all the time. It's my understanding that's a law requires a person to do due diligence and trying to find the owner of an animal a wallet full of money or somebody's prized anything. You cannot just pick something off of someone else's property and take it home and claim it as your own. She did nothing to find the owner. And when I asked her about it and she denied it. I talked to a policeman about this and he suggested I try and keep peace in the neighborhood but that they would file a complaint if I come in to do so. Dog napping has become a national pastime and a major crime. Would be great if you could do a video
Happened to me and my now Ex from a dealership in Maryland. We were young and at the time and thought it was an honest mistake. We just gave the car back and moved on.
this is happening to me RIGHT NOW from Waco KIA dealership in Waco Texas, I don't know what to do and I don't have much money for an attorney
6:56 You have spirit orbs flying around the room (top right of screen)... ghost problems? lol
Awesome video. Fantastic information
Everyone "CAN" get pre-qualified from a financial institution B-4 you go to a dealership! Do not let them finance you, if they won't take your check go some where else! You can shop online and let them fight for your business!!!
If that is common practice and they typically tell the person they have to bring their car back and use it to change the terms, why did this dealer actually repo the car before doing that?
Happened to me. Way back in the day, they called it "spot burned".