On a car purchase!! They let this person drive the car home, with a cash deposit, but he can do better than this!! Is there a law that says he can change his mind on financing. Its pending "Job Verification". he has a amex gold, citi platinum, and $8000 LOC at his local bank. I told him to get off his ass and go to the bank tomorrow morning and see his personal banker!! Any suggestions to tell this person!!
At worst, hopefully there are no prepayment penalties. If not, he can try and get a loan at his bank or somewhere better and then just have the new lender "payoff" the loan. That might turn into a "it's not new anymore" discussion with the lender though. If anything is "pending", he should have never signed the loan papers yet. Tell him to call the dealership first thing in the morning and retract the offer pending other financing opportunities.
i told him, to have his boss "delay" verification of employment till he talks to his banker. If he doesn't verify employment, they can not loan him the $$ at 19% right?? With amex gold,citi plat, and $8000 LOC at his bank, he should be able to pull off like 10% or less i think!!!
It is not right...but if he asks his boss to LIE and say he was FIRED...DEAL DEAD!!! RENT MAY STILL HAVE TO PAID FOR THE DAY(s)...
If the loan is pending job verification, they will not validate the agreement until they verify his employment. Let him shop around for a while to find a better lender. This APR is crazy.....Tell him to do everything possible to delay the verification.
Is there a law that says he can change his mind on financing What about the 3 day cooling off period? for both the car purchase and the finance deal?
WAS IT A DOOR TO DOOR SALE OR A "HOME" PARTY LIKE TUPPERWARE OR "OFF SITE" CAR SALE LIKE AT THE MALL...IF NOT 3 DAYS DOES NOT EXIST...
http://www.troubleshooter.com/data/columns/1_lm_stupid_consumer_tricks.html 2. What about the popular myth of the 3-day right to rescind? We've received countless calls from people who have gone into a car dealership, signed a million papers, and then got angry because they couldn't get out of the deal within 72 hours because they thought they had the right to rescind any contract in that time period. The 3-day right to rescind a contract only applies in certain, very limited cases. THERE IS NO 3-DAY RIGHT TO RESCIND A CAR DEAL. Here are some of the instances where you can: (a) a contract exected in the home, such as a vaccuum cleaner sale or life insurance deal; (b) time share contracts; (c) health club contracts. Other than that, once you sign a contract, you're obligated to hold up your end of the agreement.
