Kerry G

After trading my LMB 06 for a VR 06 and being told I was approved for 72mos @ 1.9% 3 weeks ago, I get a letter from GMAC saying they are not agreeable to handling the proposed transaction as submitted. However they are agreeable to handling the transaction under modified terms relayed to the dealer. What are my legal rights if they try to give me a higher rate and payment after telling me I was approved for the other?

havesleep

Have you signed an agreement?

Kerry G

Yeah.

gilly6993

if you signed something that's probably going to be a legal contract....if not you'll probably be SOL....

VET4LES

fleetc

I'll bet this is some fine print in there that covers their @ss

mvcrash

Tell them forget it, you want your old car back. See what they do. Now they have 2 used cars on their hands.

Corvette SSX

This has scam written all over it. Not long ago this was a popular tactic that dealers would pull to sell the car and then up their profit. Make sure that the letter is legit by calling GMAC before you do anything. Then, if it is, stick to your guns with the dealer to get the financing you agreed to.

Kerry G

They will have to do something cause I'm not paying a higher interest rate or payment. They can make it right or they can be stuck with 2 06's. I already had a decent rate with my CU but they paid it off and I dont think my CU would do another one.

Called the number on the letter and a recording answers sayig it's the GMAC St Louis acquisition center. It's sunday so they are closed.

mls27

what are the new terms? I think thats the question. Maybe its 60 mos or some other slight change? Either way I'd be upset because an agreement at the dealer should be the end of the story.

EuroRod

Who is the dealer? Sounds like the ol' bait and switch to me.

Kerry G

I dont want to say yet till i get more information. I just got the letter yesterday after they had closed so i havent talked to them yet.

I dont know. The dealer hasnt told me anything about it. Unless it's a lower payment or interest rate then they can forget it.

Cruncher

Something like "subject to financing".

GMAC is not some rinky dink company that is going to leave themselves open for lawsuits of this nature.

Kerry G

They can bring me my LMB back and take this VR one with them then. And give me my downpayment back.

pizza man

Look in your paper work you signed, there is probaly a form called a bailment agreement. What this form states is that if the financing does not get approved as stated, they can get their car back. In Georgia a lot of dealers do what is called a spot delivery. They deliver the car to you on what they think the bank will approve. At least call the dealer and see what changed, if it changes to much just unwind the deal. Hope it works out.

rakuhn

Please keep us posted as to what occurs. This is rather intersting.

Thanks!

not08crmanymore

I bet the dealer put you out in the car before actually having an approval from GMAC.Any idea what your credit score is?1.9 apr anywhere is subject to qualification.Also,it is possible that they denied you then the dealer called and got a rate reduction or an approval on the 1.9 apr.Talk to your selling dealer and ask to see the approval sheet.

VettinFan

Kerry,
Did the dealer and GM say you were pre-apporved? Did the dealer write up the contract correctly, ie, terms, rate, year of cars? Perhaps it was unacceptable from the get go and should have never been processed and sent to GM. Many of these type contracts have an 'escape' clause for the lender. However, there should be some accountability.

Hopefully, when they open on Monday, you will be able to gather more information and avert going the legal route. Good Luck.

AL

runutzzzzz

It happens all the time. I would take the car back and get your old one back. Then wait for the 07's to have 0%

Kerry G

I'm considering it.