City Chevrolet Rescinding Installment Contract Charlotte, North Carolina
I am very unpleased with the actions of City Chevrolet. Me and my husband went in on March 9 to consider purchasing my leased Suburban or possibly getting something new. I went through the necessary paperwork, signed all the contracts. Provided my check stubs, even copy of my W2's (they were already in my purse - figured just added documentation). I was told that we did qualify for my 2012 Chevy Silverado but it would require 6800 down. Cool, we paid the down payment, drove home with the truck. I have had the truck for 28 days. The finance dept contacted me 4/1/2012 to say Americredit decided not to finance the loan. I started asking questions why? They gave me the run around saying because I owned a business that is not filed under a 1040 Schedule C they have no way of verifying my info! I informed them that my business files an 1120C because it's a corporation. I pay myself a salary, I provided the W2 which was already submitted to the SSA for income within my business. I also have a primary 8-5 job also, which I also provided check stubs and W2.
Now they are wanting me to return the truck after I have already filed my old tag with the NCDMV, transferring the registration. Obtained insurance which I have already made my first payment. This can't be right! Every piece of documentation that I provided has been accurate but now I have to return the truck! How is this possible?
2 Updates & Rebuttals
MovingForward
Palm Beach Gardens,Florida,
USA
Sounds like the old Spot Delivery Scam...
#3Consumer Comment
Wed, April 04, 2012
You can google "Spot Delivery" to see exactly how it works. The dealer sells you a vehicle subject to financing and then after a couple of days or weeks tells you to bring the vehicle back because the financing did not go through. Most of the time the dealer then puts heavy pressure on you to either pay more money down or accept a higher interest rate in order to keep the car.
You can use this to your advantage. One, bring the vehicle back and make sure you get a proper cancelation of the sale in writing. You will want to see paperwork that unwinds the deal and releases you entirely. Make sure you get a copy right then that releases you. Also, naturally, you will want your deposit returned. The dealer may have language in the original contract to deduct for milage or even a 'rental' amount. That would be normal. Some very unethical dealers attempt to keep the entire deposit.
If you still want the same type of vehicle, go to your credit union (CU) with your documentation and get your financing there. It is probably a good idea to even go to the CU right away if you want to buy that specific vehicle. They have got to have better financing available than Americredit. From what I have read about Americredit, the dealer may have accidently done you a favor. Good luck with your new financing. (BTW, I assume that the dealer's F&I guy didn't understand your income so you were denied because s/he didn't provide the appropriate paperwork. There may be other reasons, find out from the dealer exactly why Americredit said no.)
Diogenes
Averill Park,New York,
USA
Rick Hendrick Rip Off
#3Consumer Comment
Wed, April 04, 2012
Gather up all of your paperwork and take it to your attorney. What they are doing to you is illegal in my state, and probably in NC as well. Don't allow Rick "Rip Off" Hendrick and his City Chevrolet Thugs get away with this, as he did with the "ToyotaScam" that he sleezed he way out of a few years ago.