Signing the paperwork when buying a car...?
(2011-12-02 15:30:12) 1. Says: So I bought a car, signed everything placed in front of me, and got plates placed on it and drove it off the lot. Then I get a phone call saying I have to sign more stuff. I figure it's just the dealership trying to sell me more things I don't need, so I ignore it. Then I'm told if I don't sign this form the bank they'll take the car back, is this possible? This just doesn't make sense how I have to sign more paperwork. Are they trying to sell me more stuff? Can they take back the car?2. Says: Sounds like the dealership did a spot delivery. This means that you signed terms and conditions that they thought a lender would approve based on your credit, income and debt/income ratio.They were not able to find a lender to meet those terms and conditions, so they want you to come back in and sign new paperwork for a higher interest rate and a higher payment.
Since there is currently no contract, your vehicle will be repossessed if you choose to ignore them.
The good news, for you, is that since there is no contract, if you are not happy with the terms and conditions of the new loan agreement, you can choose not to accept it. You drop off the car and walk away.
You can also find your own financing through a bank or credit union if you want the car and are not happy with the terms the dealer is now offering.3. Says: 1. Yes they can take the car. 2. You obviously don't know anything about buying a car. 3. Not only can they take the car back, but if it is a high value car then they can go to the local or state police and have a warrant put out for your arrest if the repo guys can't get the car from you.
You shouldn't have ignored them. For all you know they could've got you a lower apr or a better lender and needed you to sign the paperwork to perhaps LOWER THE COST OF THE CAR.4. Says: Why wouldn't you just go back and see what they wanted?
If they really were just trying to sell you more stuff then just turn around and walk away
No the dealer can't, but the finance company or bank can and will and is most likely the people you were talking to. Tag: Signing the paperwork when buying a car...?