can BMWFS bumpup my apr after I sign the papers?

machos · 01-14-2010, 02:05 PM

here's what happened...signed papers for 0.99 apr in december last week for a 07 328xi cpo ..did not pick the car yet...its out of state purchase, bought it in MA, could not find the car I need anywhere in VA and MA does not issue temporary plates, so I had to wait 3 weeks for virginia plates..car is ready to be pickedup this weekend..dealer called now and said they are going to bumpup my apr to 2.99 bcoz my credit score is too low. what are my options here...can they just raise my apr now..

HsiangHsu · 01-14-2010, 02:07 PM

umm.. i would say they prob cant because you've already sign the contract...

Ron1n · 01-14-2010, 02:09 PM

Technically, yes. You didn't take delivery of the car, and if the dealership thought they could get you approved at .9% APR and couldn't, that's a bad job on them. I imagine they submitted at that APR to see if they could get you approved, and then found out the best they could do was 2.99% (which is still decent).

You could choose not to get the car, too. You haven't taken delivery, so you're not obligated to the car.

machos · 01-14-2010, 02:13 PM

Quote:

Originally Posted by Ron1n

Technically, yes. You didn't take delivery of the car, and if the dealership thought they could get you approved at .9% APR and couldn't, that's a bad job on them. I imagine they submitted at that APR to see if they could get you approved, and then found out the best they could do was 2.99% (which is still decent).

You could choose not to get the car, too. You haven't taken delivery, so you're not obligated to the car.

I already signed the finance papers for 0.99%....can they refuse to deliver the car if I dont sign the papers with 2.99% apr...what are my options..I already waited 3 weeks for the car..and really want that car.

M5poe · 01-14-2010, 02:16 PM

if i were you i would refuse, for them to go and up the APR after a signed paper is not only unorthodox, its disrespectful on your half. They are at fault. My experience, never rush into a car no matter how horny you are to get it. refuse delivery once it gets to your house. and dont sign anything else. you dont want to drive your car for the rest of the period paying something you never agreed to. fuck that

machos · 01-14-2010, 02:23 PM

Quote:

Originally Posted by M5poe

if i were you i would refuse, for them to go and up the APR after a signed paper is not only unorthodox, its disrespectful on your half. They are at fault. My experience, never rush into a car no matter how horny you are to get it. refuse delivery once it gets to your house. and dont sign anything else. you dont want to drive your car for the rest of the period paying something you never agreed to. fuck that

I am supposed to pick the car on saturday..can I go there and I say I dont want the car at new price...can I take any legal action against the dealer..bcoz I have already signed the finance papers...and the car is also registered with my name...If they refuse to give me the car at the previous agreed apr...can I take legal action?

kgb1637 · 01-14-2010, 02:23 PM

Quote:

Originally Posted by machos

I already signed the finance papers for 0.99%....can they refuse to deliver the car if I dont sign the papers with 2.99% apr...what are my options..I already waited 3 weeks for the car..and really want that car.

If you jump into a bad deal it will cost you a lot more than 3 weeks. There are plenty of cars out there. Although 2.99 isn't bad, its not 0.99, I'd refuse the car and keep searching. Like they said above, don't let your love for the car make you pay more than you should for it.

machos · 01-14-2010, 02:29 PM

Quote:

Originally Posted by machos

I am supposed to pick the car on saturday..can I go there and I say I dont want the car at new price...can I take any legal action against the dealer..bcoz I have already signed the finance papers...and the car is also registered with my name...If they refuse to give me the car at the previous agreed apr...can I take legal action?

can I refuse to take the car and take any legal action against the dealer..bcoz I have already paid more than $1200 towards registration cost from my pocket..and also nearly $400 for flight tickets to MA..

kgb1637 · 01-14-2010, 02:36 PM

So you paid before you took delivery? I wrote my check right before I got the keys.

machos · 01-14-2010, 02:38 PM

Quote:

Originally Posted by kgb1637

So you paid before you took delivery? I wrote my check right before I got the keys.

MA does not issue temporary plates. so, I could not take the car before its registered to VA.

cotmfk · 01-14-2010, 02:38 PM

Ouch. I am no lawyer, so I can't comment on legal action. I would read through the paperwork you have very carefully to see what your options are. You might be on the hook for the $1200. I don't really see any way to get back the $400. Good luck.

kgb1637 · 01-14-2010, 02:40 PM

I'm unsure with the laws but still I wouldn't have paid a dime until I knew I was driving it home and had all the paperwork in line.

Kroy · 01-14-2010, 02:41 PM

not sure what legal action you can take, but i wouldn't hastily take the car. maybe one of the lawyers here will chime in.

335fourdoor · 01-14-2010, 02:47 PM

Quote:

Originally Posted by machos

here's what happened...signed papers for 0.99 apr in december last week for a 07 328xi cpo ..did not pick the car yet...its out of state purchase, bought it in MA, could not find the car I need anywhere in VA and MA does not issue temporary plates, so I had to wait 3 weeks for virginia plates..car is ready to be pickedup this weekend..dealer called now and said they are going to bumpup my apr to 2.99 bcoz my credit score is too low. what are my options here...can they just raise my apr now..

if you like the car and the purchase price,then get the car.like the ron1in said,they submitted you to bmw fin svs for .99% and you didn't qualify because of your lower fico score. 2.99% is an excellent rate that you wouldn't be able to get on the open market,because its a subviened rate thats payed down by the bank to offer to their cpo customers. good luck
to a successful payment history with bmwfs.
p.s. and you don't have a legal leg to stand on.it simply states in the contract that if dealer can't get you a written rate on contract,you walk away from the deal with all monies refunded(downpayment etc....)

noro · 01-14-2010, 02:51 PM

in MA you can walk away from a car purchase up until the very last second before you're handed over the car keys.

lucas.kent · 01-14-2010, 02:52 PM

So let me recap to make sure I know what's going on. They told you that you were approved at .9% APR the last week in December, and you signed the bill of sale, and the financing papers for the car that week. Correct?

Or did they tell you that they could get you .9%, you signed the bill of sale to the car, and then they came back and said they could only get you 2.9%?

So what exactly have you signed?

JerzeySux · 01-14-2010, 02:56 PM

If you got approved for .9 apr and signed for it it means you got APPROVED. How did you get approved once and all of sudden denied? What did you sign that stated you were approved for .9%? Or did they just say you might get approved for .9 or what happened?

Cuz i doubt after BMW financing approves you they wont deny you in a month.

machos · 01-14-2010, 02:57 PM

Quote:

Originally Posted by lkw15

So let me recap to make sure I know what's going on. They told you that you were approved at .9% APR the last week in December, and you signed the bill of sale, and the financing papers for the car that week. Correct? Correct

Or did they tell you that they could get you .9%, you signed the bill of sale to the car, and then they came back and said they could only get you 2.9%?

So what exactly have you signed?

I signed the bill of sale and also signed the financing papers which clearly states that apr is 0.9%. they approved the finance for 0.9%. now when I ask why did they approve then and let me sign the papers..their answer is ..the guy is new and he did it wrong...

noro · 01-14-2010, 02:59 PM

what dealer is this?

335fourdoor · 01-14-2010, 03:00 PM

Quote:

Originally Posted by JerzeySux

If you got approved for .9 apr and signed for it it means you got APPROVED. How did you get approved once and all of sudden denied? What did you sign that stated you were approved for .9%? Or did they just say you might get approved for .9 or what happened?

Cuz i doubt after BMW financing approves you they wont deny you in a month.

OP never got approved with bmw.sales manager let him believe he got approved so he'll sign the contract.happens all the time.thats why you can always walk away from the deal if they can't resign you at higher rate.cheers

Jlomb436 · 01-14-2010, 03:02 PM

Very lame, wish the OP best of luck. I think that's just bad business for them to do that. If they wanted a happy customer, they could have fought for you to receive the correct APR regardless of your score. Good luck to you, keep us posted.

machos · 01-14-2010, 03:03 PM

Quote:

Originally Posted by noro

what dealer is this?

HerbChambers BMW Boston MA

01-14-2010, 02:05 PM	#1
machos New Member 2 Rep 28 Posts Drives: 2007 328 XI Join Date: Jan 2010 Location: Richmond VA iTrader: (0)	can BMWFS bumpup my apr after I sign the papers? here's what happened...signed papers for 0.99 apr in december last week for a 07 328xi cpo ..did not pick the car yet...its out of state purchase, bought it in MA, could not find the car I need anywhere in VA and MA does not issue temporary plates, so I had to wait 3 weeks for virginia plates..car is ready to be pickedup this weekend..dealer called now and said they are going to bumpup my apr to 2.99 bcoz my credit score is too low. what are my options here...can they just raise my apr now..
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01-14-2010, 02:07 PM	#2
HsiangHsu Taiwanese Baller 7 Rep 213 Posts Drives: 335i / M3 Join Date: Jan 2010 Location: Artesia iTrader: (4)	umm.. i would say they prob cant because you've already sign the contract...
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01-14-2010, 02:09 PM	#3
Ron1n Speed Demon 205 Rep 3,690 Posts Drives: 2021 M5C Join Date: Oct 2009 Location: Irvine iTrader: (6) Garage List 2021 M5 Competition [0.00] 2016 BMW 550i [0.00] 2011 335is [0.00] 2009 E93 M3 [10.00] 2010 335d [9.50]	Technically, yes. You didn't take delivery of the car, and if the dealership thought they could get you approved at .9% APR and couldn't, that's a bad job on them. I imagine they submitted at that APR to see if they could get you approved, and then found out the best they could do was 2.99% (which is still decent). You could choose not to get the car, too. You haven't taken delivery, so you're not obligated to the car. __________________ Current: '21 M5C, '15 X6 50i Previous: '18 M550i, '16 550i, '11 335is, '09 E93 M3 DCT, '10 E90 335d, '07 E90 328i
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01-14-2010, 02:16 PM	#5
M5poe Private First Class 23 Rep 166 Posts Drives: BMW M5 V10 All Black Join Date: Sep 2009 Location: Brooklyn, NY iTrader: (0)	if i were you i would refuse, for them to go and up the APR after a signed paper is not only unorthodox, its disrespectful on your half. They are at fault. My experience, never rush into a car no matter how horny you are to get it. refuse delivery once it gets to your house. and dont sign anything else. you dont want to drive your car for the rest of the period paying something you never agreed to. fuck that
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01-14-2010, 02:36 PM	#9
kgb1637 Lieutenant Colonel 21 Rep 1,519 Posts Drives: RS5 Join Date: Sep 2008 Location: Baltimore, MD iTrader: (0)	So you paid before you took delivery? I wrote my check right before I got the keys. __________________ Retired - '08 E90 335i Sparkling Graphite/Gray Dakota Leather, ZSP, ZCW, ZPP, Navi, ipod, Sat
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01-14-2010, 02:38 PM	#11
cotmfk Major General 2050 Rep 6,110 Posts Drives: M3 Join Date: Mar 2009 Location: Somewhere between DC and FL iTrader: (12)	Ouch. I am no lawyer, so I can't comment on legal action. I would read through the paperwork you have very carefully to see what your options are. You might be on the hook for the $1200. I don't really see any way to get back the $400. Good luck. __________________ When you say impact instead of affect/effect, you are communicating that you don't understand the difference between the two words, and are too lazy to learn.
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01-14-2010, 02:40 PM	#12
kgb1637 Lieutenant Colonel 21 Rep 1,519 Posts Drives: RS5 Join Date: Sep 2008 Location: Baltimore, MD iTrader: (0)	I'm unsure with the laws but still I wouldn't have paid a dime until I knew I was driving it home and had all the paperwork in line. __________________ Retired - '08 E90 335i Sparkling Graphite/Gray Dakota Leather, ZSP, ZCW, ZPP, Navi, ipod, Sat
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01-14-2010, 02:41 PM	#13
Kroy Brigadier General 173 Rep 3,032 Posts Drives: E90 Join Date: Jul 2009 Location: Los Angeles, CA iTrader: (1)	not sure what legal action you can take, but i wouldn't hastily take the car. maybe one of the lawyers here will chime in.
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01-14-2010, 02:51 PM	#15
noro Colonel 90 Rep 2,707 Posts Drives: '91 M3, '04 E46 ZHP, '72 2002 Join Date: Aug 2006 Location: Boston iTrader: (0)	in MA you can walk away from a car purchase up until the very last second before you're handed over the car keys. __________________ zhpregistry.net - ZHP stats and free classifieds.
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01-14-2010, 02:52 PM	#16
lucas.kent Major 143 Rep 1,173 Posts Drives: M3 Join Date: Aug 2005 Location: AZ iTrader: (2) Garage List 2016 BMW M3 [0.00]	So let me recap to make sure I know what's going on. They told you that you were approved at .9% APR the last week in December, and you signed the bill of sale, and the financing papers for the car that week. Correct? Or did they tell you that they could get you .9%, you signed the bill of sale to the car, and then they came back and said they could only get you 2.9%? So what exactly have you signed?
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01-14-2010, 02:56 PM	#17
JerzeySux UrMother 37 Rep 639 Posts Drives: 335xiE92 Join Date: Aug 2009 Location: NJ iTrader: (7)	If you got approved for .9 apr and signed for it it means you got APPROVED. How did you get approved once and all of sudden denied? What did you sign that stated you were approved for .9%? Or did they just say you might get approved for .9 or what happened? Cuz i doubt after BMW financing approves you they wont deny you in a month. __________________ My Car drives on Sour Diesel and Haze. Dutch and Green Palma's for Octane Boost Poor Man's BMW Owner.
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01-14-2010, 02:59 PM	#19
noro Colonel 90 Rep 2,707 Posts Drives: '91 M3, '04 E46 ZHP, '72 2002 Join Date: Aug 2006 Location: Boston iTrader: (0)	what dealer is this? __________________ zhpregistry.net - ZHP stats and free classifieds.
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01-14-2010, 03:02 PM	#21
Jlomb436 Lieutenant 55 Rep 465 Posts Drives: 09 E90 Space Gray 335i Join Date: Dec 2009 Location: California iTrader: (0)	Very lame, wish the OP best of luck. I think that's just bad business for them to do that. If they wanted a happy customer, they could have fought for you to receive the correct APR regardless of your score. Good luck to you, keep us posted.
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