cpages2

So I have had my Corvette for a week now (3LT - 7 Speed) and yesterday I got a call (went to VM) from the dealer saying that there was an issue with the residual amount of tire/wheel protection and I need to come back in and sign new papers so they can remove the protection.

I was re-assured "Your payment wont change". To me this sounds like some kinda of scam for them to remove the protection I have but keep me paying the same amount.

Anyone have any experience on this? I did some google searches and lots of people saying its a common scam but the re-course is I have to get a lawyer and will likely have the car repossessed if I don't comply. Certainly dont want a repossession on my credit, not to mention loosing my car over a small amount of money.


Anyone out there have any insight before I call back?

Glen e

Relax, dealers do make mistakes, go see what's up.....

6spdg37s

check it out they can't hold a gun to your head and make you sign it... if its shady then call your lawyer ASAP

Big Dan 427

Tire and wheel protection should have nothing to do with the residual value %.

As Glen said don't sweat it until you hear what they have to say, you are not obligated to signing anything at this point so only do so if you are comfortable with their explanation and no numbers change.

01VETTECOP

I just leased a new Subaru Crosstrek (1 week ago) and I had agreed to 10k miles, but I signed the paperwork for 12k miles (there mistake). They caught it like 2 days later. I thought about saying "no, too bad" but then I didn't feel honest so I went and signed a new one for 10k miles. Just read everything.

HolyRoller

Yeah, READ THE WHOLE THING CAREFULLY. If possible, bring your present lease agreement so you can compare them word for word. Your state may have specific laws that cover leases. If you have the slightest queasiness about it, take it to a consumer lawyer who knows the subject.

I've been running a case for over two years involving a yo-yo sale (not lease) where the customers left with the vehicle after the dealer told them their credit had been approved for $343/month, only to get a call a month later saying it didn't get approved after all, so sign this new contract, which is really the same as the old one, but the rather large salesman leaned over and covered up the top half of it as the customers were signing. Why thank you! uh, can we have a copy? I'll mail you one. He never did. Sure enough, their new payment turned out to be $614/month.

There's more to this story than that, and I doubt any dealer would try something so blatant on a Corvette customer, but always ALWAYS read EVERY document, front and back, every word, and keep a copy of everything. And ask why the original contract couldn't be done as agreed.

mjw930

Wow, it only took 5 posts before the "L" word was mentioned.... Might be a new record.

Residual is calculated off MSRP, it sounds like they added the wheel / tire coverage to the MSRP and miss calculated the residual. Dealer addons add to the cap cost which means it only makes your payment higher, it shouldn't effect your residual.

However, if you remove the coverage and the new residual goes down then it's entire possible the net payment would be the same.

Like Glen said, give them a chance to explain and if they take away the coverage but the payment stays the same push back and make sure they explain exactly why that's true.

Dave@Ciocca

As long as your payment is the same and you still have the SAME protection, no worries!

Dave

87C4_4spd

I have refused to resign papers in the past and they did not take the car back.

They don't want to have to sell your car as used. This is if they have turned the paperwork in.

One time I made them give me upgraded wheels to resign papers.

DWG

Just to ensure you have time to consider their offer, don't drive the corvette to the dealer!

HolyRoller

Then why would we need a new/different contract?

Now I'm not saying it's necessarily a ripoff attempt. When I got my S2000 CR, it took them most of the afternoon to find financing, but in the end they turned me loose with it. Then I got about 14 credit rejection letters in the mail! A couple weeks later, they called to say I needed to sign new papers for a tad lower payment. They couldn't get anybody to take the principal amount at the original APR, so they reduced the selling price a couple grand to make up for higher interest. I went back to the dealer, read over it carefully, and they were telling the truth, so I signed.

Technically, it was illegal for them to even ask, because NC law requires a separate conditional delivery agreement if the dealer wants to let you leave with it before they've found a lender, and the dealer's insurance must cover the vehicle until final approval of financing. But lower payment, lower principal, no harm, no foul, I was cool with it. I'm just saying that when a dealer wants to change the deal or sign new papers, your spider sense should tingle until you've carefully read everything, maybe even asked a lawyer who owes you a favor to read over it too. After signing, it's mighty hard to put the toothpaste back in the tube.

Art-2008

NOW THAT is some GOOD advice.

Dave@Ciocca

Well, if the dealer made an error that causes the bank not to accept the contract then they need a new contract. If it's their fault then they need to make adjustments to their prices to keep the terms the same which is why I made my statement. If they try to make the payment higher or the terms of the wheel and tire protection less favorable then he should no sign. They need him to sign and they should make the adjustments.

6spdg37s

good advice dave !

gkwpnut

Agreed and from a man who would know.