Got a new car...kinda on edge

RachB

So, I used to drive an Eclipse Convertible and since I got pg we had been saving up for a down payment on a mommy car. Well, the exciting news is I got one this weekend! A shiny dark blue Nissan Sentra! But, I'm on edge b/c they gave me the car and I signed all the papers but they said the interest rate might go up when they find a bank to finance it I guess the banks didn't give them an answer when we bought the car. And if that's the case, we can't afford the car. Now I'm just waiting to hear back from them. I hate waiting.

AliciaSpring

I hate that! I am saving to get a vue or outlander

whidbeymomma

We just bought a new minivan... We had too. No way to fit an infant seat and two boosters in a car... My friends think I am old and well, compared to them, I am!

heidismith

I have never heard of them having you sign papers and then say well the interest rate may go up.. That is strange to me.

staycee

huh?  so  you signed without being aware of the terms you were agreeing too?   Yikes.

but congrats on the new car.

franciscaz

Hope it all works out for you!  Make sure to shop around, local banks tend to have better rates   GL!!!

I may need a new vehicle.  Right now we have a crossover but I dunno if it will fit three chickens and all the gear back there.

RachB

staycee:

huh?  so  you signed without being aware of the terms you were agreeing too?   Yikes.

but congrats on the new car.

No, no, no....I am not that dumb. They gave me terms and I signed in agreement to those terms. But they are telling me it may go up or down depending on who they go through for financing. Sounds dumb on the dealerships part if you ask me.

staycee

RachB:

 They gave me terms and I signed in agreement to those terms. But they are telling me it may go up or down depending on who they go through for financing.

this is where I'm confused.  

What did they initially put in the paperwork that the interest rate would be?    What if it comes back at an obscene amount?   You've already signed to agree to that?    Or will they re-do the paperwork and give you the option to back out if need be?

brinkly

RachB:

staycee:

huh?  so  you signed without being aware of the terms you were agreeing too?   Yikes.

but congrats on the new car.

No, no, no....I am not that dumb. They gave me terms and I signed in agreement to those terms. But they are telling me it may go up or down depending on who they go through for financing. Sounds dumb on the dealerships part if you ask me.

So you can get out of the deal if the interest rate goes up?  I hope so!

MrsF2007

Perhaps I'm just not understanding your agreement with the dealership, but I know that when I purchased my car, part of that deal breaker was whether or not it was within the range I wanted to spend monthly...and that was based on the interest rate of the financing. I honestly would not have driven away with the car until I knew what the rate was.

Anyway, that said, you may be able to ask your insurance provider if they have any deals. We refinanced through our ins company for a better rate.

RachB

staycee:

RachB:

 They gave me terms and I signed in agreement to those terms. But they are telling me it may go up or down depending on who they go through for financing.

    Or will they re-do the paperwork and give you the option to back out if need be?

This.

mari_gold

Have you already taken possession of the car? I wouldn't have driven it off the lot until I knew for sure what kind of terms I would be getting. If the interest rate is ridiculous, will you be able to return it?

RachB

Oh and they are 90% sure the rate will come back lower and then I can just resign the contract but if it comes back higher they are going to "work with me" (ie discount the car more) to get the payments down to what I want them to be.

Poplin2007

RachB:

Oh and they are 90% sure the rate will come back lower and then I can just resign the contract but if it comes back higher they are going to "work with me" (ie discount the car more) to get the payments down to what I want them to be.

Wow, good luck with this!  They're saying they're willing to discount the car, yet you paid more for it?  And without having financing in place, you took the car home on these terms?  I'm worried you're about to get very screwed... 

efortune

Poplin2007:

RachB:

Oh and they are 90% sure the rate will come back lower and then I can just resign the contract but if it comes back higher they are going to "work with me" (ie discount the car more) to get the payments down to what I want them to be.

Wow, good luck with this!  They're saying they're willing to discount the car, yet you paid more for it?  And without having financing in place, you took the car home on these terms?  I'm worried you're about to get very screwed... 

This is VERY common, and no one gets screwed.  DH just bought a new Hyundai, and the same thing happened (drove off the lot without finacing finalized, since they couldnt reach the bank).  A credit check is done before you take the car, though.  His interest went down twice before the paperwork was truly finished.  Only sucky part is he had to go back twice to resign the paperwork.  If the rate goes up, you can just back out and get your old car back.

mnbride1013

Strange, sounds fishy, but I hope it works out for you. 

RachB

efortune:

Poplin2007:

RachB:

Oh and they are 90% sure the rate will come back lower and then I can just resign the contract but if it comes back higher they are going to "work with me" (ie discount the car more) to get the payments down to what I want them to be.

Wow, good luck with this!  They're saying they're willing to discount the car, yet you paid more for it?  And without having financing in place, you took the car home on these terms?  I'm worried you're about to get very screwed... 

This is VERY common, and no one gets screwed.  DH just bought a new Hyundai, and the same thing happened (drove off the lot without finacing finalized, since they couldnt reach the bank).  A credit check is done before you take the car, though.  His interest went down twice before the paperwork was truly finished.  Only sucky part is he had to go back twice to resign the paperwork.  If the rate goes up, you can just back out and get your old car back.

Thanks! My DH doesn't seem concerned about it at all and he is generally vary wary of fishy situations. Good to know it worked out for someone else.

tryingforbabyL

I had the same situation when I bought my Nissan Sentra!  I have a dark blue one too.  I moved from an Xterra to a Sentra and LOVE IT!  I was heading in for an Altima but ended up with the fully loaded Sentra for less then the mid-range Altima.

My interest rate I signed was like 4.5 at first, at round 2 it was 0%.

Hope it goes as well for you!  If it does not you will still have time to shop for a better rate.  If that happens try ELoan.  I refianced my Xterra that way and it was so easy!