wanting to ask some advice from the community. I bought my car used at the dealership. I paid part cash and part creditcard for the downpayment. The bank called and asked me how I put my down and I told them. The bank then called the dealership saying that is not allowed and reverse my charge but need 3000 in cash to cover the downpayment that was lost from the credit card.

So I can't pay the difference in cash. Our agreement was on part credit part cash. Dealer is now saying that its on me to make up the money or the bank is going to take legal action and pull it out of my paychecks, which I think is BS. As far as my general understanding (which isnt much) If they cant finance me within a certain amount of days the dealer has the right to cancel the contract and refund all considerations to me. (which I wouldnt mind, rather have a 6speed 2.7T). But he insist that this is my problem and I should come up with the cash some how.

I told him I do not have a answer for him and will get back to him when I decided what I should do. What do you guys think? Anyone have any experience or knowledge for these types of situations? All input will be greatly appreciated.

PS I am located in California UnitedStates if anyone knows the law there. It has been 13days since I picked up the car.

 

my friend just paid for his entire car with his credit card!!! Dude, you can do it. Here's how though: you get a low-rate card and have them give you the form for balance transfer. Than you give them the number for your checking card (which has to be Visa or MC, unless you're in the dark ages) to transfer the balance to. Effectively the balance will go to your checking account and you can then go to your bank and get a certified check for the difference.
Cards and banks that my friend used were American Express Blue (for the balance transfer) and Citibank with citi MC (or Visa - not sure) checking card.

Your dealer should have NO PROBLEMS with a certified check - its as good as cash, as long as they can verify the check during the bank's business hours.

you really should have no problems here, dude.

As far as the dealer refunding you, that's a whole different ballgame. I worked for two different dealerships in the past (one new car and one used luxury) and for a finance broker, who provided the financing for used car dealers in NY area. ALL of the dealers I've ever met or worked for know this: THE LAST THING YOU EVER DO IS REFUND THE MONEY TO A CUSTOMER. When the salesman tells you he's gonna get fired for this, he's not that far from the truth - managers think only weak jerks do this.
Not considering my personal experience, legally, they can charge you some fees and generally you should be able to get most of your money back (which may actually be prefferable to payig all the fees that the dealer and the bank may have (and probably did) charge you when you bought the car.
How to handle it? If you want them to refund you, just come to them and tell them point blank "I cannot get you the money, the deal is off" You will endure a whole lot of harrasment from all kinds of managers and finance managers and stuff, but in the end, if you're insistent and don't give up, you should have most of your money back.

Re-read the first paragraph before you go to another dealer, and better yet, find a private seller. Another piece of advice: if your credit's good, finance the purchase through CapitalOne.com - I don't work for them or anything, but every dealer takes their checks (just make sure you get a "used car loan" - they have two different types of checks: one for franchise dealers and other for everyone else) and their rates are the best in the business!

So either way you have a way out, weigh your options, let us know what happened.

 

Thanks for the feed back! That is a good read, I appreciate the time you spent to type that out. I will keep you guys updated on what I decide. The dealer acutally asked me to get a refund on my credit card (to show the bank that they have worked with them) and they will recharge the card and asked me to tell the bank I paid in cash, which I am totally not comfortable with. When I told him that I would not lie to the bank he mentioned I would have to come up with the money some how. Which is understanable because as a sales person all he is intrested is in his profit but I am pretty sure since he was not able to finance me that he should take the car back and refund me my consideration. This is actually his problem now not mine, or as I would like to think. Just need to get more fact knowledge on the law and rights so I can be firm like you mentioned above.

 

sorry my internet went down, so it took me a while to get back on the thread.
As far as the law is concerned, its definitely on your side. But you may end up spending a lot of money enforcing it if they decide to become real jerks. I would just go there and instead of playing tough, play stupid - you know, tell them that I really don't know what to do and I just want to get my money back, and keep repeating that as many times as it takes. From my experience, luckiest buyers (or refundees in this case) are not the smart ones, but the ones no one wants to deal with anymore.

There is one thing that is making me concerned though. Did you already sign the finance agreement and actually take delivery of the car? If you did, the dealer may not be the problem here. And depending on which bank "bought" your deal, it is next to impossible to reverse the finance agreement - you may end up getting really ripped off. If you have a copy of the finance agreement, take it out and get to reading that instead of my ramblings

If anything, PM or email me - I'll try to help you out with whatever I can.