GMO00777
Los Angeles
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I hope someone on this forums can give some advice. Please read the long winded post.
Let me start by saying that my wife and I have been looking at buying an RV for a few years now. I convinced her to look at old RV's but when I found one it broke down very quickly. I fixed the old RV and decided to go into the RV dealer and see if I could trade it in even if I got less than what it actually cost me. I knew I should be able to trade it in and get approved for a new RV because Ive taken care of my credit and I should be able to pay the monthly payment on a new one.
I went to the dealer last saturday and explained that I wanted to trade in the old one. We worked on a deal and they let me drive the new RV home to see if it would fit in my driveway and I was to bring it back on Monday or Tuesday for the pre-delivery inspections and whatever else they have to do when they sell a new RV.
In the course of Sunday and Monday I started getting too nervous about the purchase as it is a significant amount. I told this to the dealer's sales person and was told that it was my coach already because I had signed the contract and plus the trade in had been sold already. I asked them about the 3 business day law that a new vehicle purchase can be dissolved and was told that it is only for cars and I could not un-do the deal (this was on monday). On wednesday I got a call from the dealer regarding the trade in RV. They had some questions and that I may have to come in again to release the vehicle to them. I asked the person that called me where the trade in was an he said most likely it is still in their lot or had been transferred to another of their lots. I again talked to the dealer about un-doing the deal (this time to the sales manager) and again was told that I could not un-do the deal, that the RV now belongs to me because the coach had already been registered and that the loan had been submitted (this was on Wednesday).
The new RV is still at the dealer as I brought it back on Monday for them to do what they have to do to deliver it to me tomorrow (Saturday 25).
I'm still getting too nervous about the deal and would like to know what my options are. I remembered that the sales person mentioned that if the bank did not finance it I had to return it. Since the dealer did not want to undo the deal I called the bank that is supposed to be funding the purchase and told them that I'm getting very nervous about the purchase. I was told by a bank representative that the dealer is able to un-do the deal and that at my request on Monday they should have help me work things out. The bank said that the loan has not been approved and that it would be submitted for review and that a representative would call me back.
As I said in the beginning, my wife and I had considered buying a new RV for several years now and we should be fine with the monthly payment, but I'm getting too nervous about this deal and I'm looking for some advice as to what my options are.
Should the dealer have help me un-do the deal on Monday as I requested?
When does actual delivery of the new RV takes place? On saturday when they let me drive it home to see if it fits in my driveway, or after they do the inspections and orientation?
What happens if the loan is not funded by the bank?
Thanks alot for reading.
* This post was
edited 07/25/08 01:50pm by GMO00777 *
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RetiredbutWorking
Central Texas
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Joined: 02/10/2006
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Have you signed the contract? If you have it may be to late.
RBW
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bdpreece
Woodburn Oregon
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Your purchase still hinges on whether you can get loan approval or not. Trust me they won't sell anything to anyone if they can't get their money. That being said I suspect you are suffering from the "Oh my Gawd what have we done syndrome". Most of us have been there at least once and some of us several times. If you have been planning a purchase for some time, you can afford the payments and the price is good. Go ahead and buy. You will start to feel better after you have used it a few times and made a payment or two.
Brian & Loretta
Chance (Golden Retriever)
2004 National Tropi-Cal T396
2005 Suzuki XL-7 toad
We moved!! No more nasty neighbors, no more rotten parking. I am saving this picture just to remind myself how bad it was.
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GMO00777
Los Angeles
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I did sign the contract.
I could not have taken the RV to see if it fits in the driveway without signing it.
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GMO00777
Los Angeles
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What happens if the bank decides not to fund the pruchase because I'm too freaked out about the pruchase?
What will the dealer do?
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MAJESTYPOINTERS
MONROE, MI.
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Joined: 04/08/2008
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I don't know the "law" in this matter.
I can tell you that the dealer has already done some prep work for your loan as well as possible work on your old RV to get it ready for resale.
Why don't you tell the dealer you realize the work and expense they have put into your deal and ask what it would cost "you" to back out now. That would be the freindly way to go about this. I understand that you discused the purchase for years but the sale (and payments) were somthing that you were impulsive about. Your impulse buy should not cost the seller. Again I don't know the "law". Its just common curticy JMO
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JFG
TN
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Should the dealer have help me un-do the deal on Monday as I requested? absolutley!
If you really want out of the deal... see a lawyer this afternoon.
Fred
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GMO00777
Los Angeles
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MAJESTYPOINTERS wrote:I don't know the "law" in this matter.
I can tell you that the dealer has already done some prep work for your loan as well as possible work on your old RV to get it ready for resale.
Why don't you tell the dealer you realize the work and expense they have put into your deal and ask what it would cost "you" to back out now. That would be the freindly way to go about this. I understand that you discused the purchase for years but the sale (and payments) were somthing that you were impulsive about. Your impulse buy should not cost the seller. Again I don't know the "law". Its just common curticy JMO
I did try that. The dealer said it would cost me about 25% of the price which I think it is too much to stomach.
I agree that they have invested time and effort in dealing with me and I would agree to work something out with them if they were open to it. I susspect that due to the times they don't want to loose a deal, specially one that is this far in.
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davemittan
North central Arkansas
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Joined: 01/05/2007
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JFG wrote:Should the dealer have help me un-do the deal on Monday as I requested? absolutley!
If you really want out of the deal... see a lawyer this afternoon.
Yes, see a lawyer ASAP.
Dave
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GMO00777
Los Angeles
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Based on the replies form JFG and davemittan, the "3 bussiness day law" applies to RV purchases also and not only to cars as the dealer said. Is this the case?
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