Question about second chance financing and returning a lemon.? - Mustang Evolution

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Old 03-26-2010, 06:45 AM   #1
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Question about second chance financing and returning a lemon.?

I purchased a 2001 acura cl with 107,000 miles for $9800 bucks. My apr is 21% (i know it is very high), I put $2000 down and my monthly payments are $377 bucks a month for 33 months. It's a jacked up deal but because my engine in my old car died, i HAD to get another car.
I have a really high debt to income ratio and been behind on a couple credit cards for the last 3 months. So my credit score has dropped quite a bit. I had to do special financing. So the car i bought is garbage. I took it home the first day and it would not start again for about 10 mins. Then it started but did the same thing 2 days later. I had to have the car towed back to the dealership. I asked at that point to return the car because i was having a bad feeling about the future issues with the car. The said i couldnt return the car. The said the issue was i needed a new fuel injector or something. so the replaced it and sent me on my way. The car did the same thing 3 days later. They said it was the battery, so they replaced it and sent me on my way. Then it happened again a couple days later. They put the car in the shop for a week and called me to pick it up. I go to the svc dept to get the paperwork to see what was done and they told me they did nothing to the car because it started for them everytime they tried. So i take the car home and the next day, it did the same thing!

I went back to the dealership today and they said they will sell me a 98 ford mustang with 59000 miles for $8000. The kelly blue book says the asking price should be $6200 from the dealership. i asked the sales manager and he told me that because it's "special financing" the second chance lender tacks on all these fees. Now my question is, if 8000 is the sale price, the lender dont see any of that money. The lender makes their profit from that high interest rate they are charging me, right. I just want to know if the dealership is feed me a load of crap or not. I would think the would bend over backwards for me after selling me a lemon that left me stranded four times.

The car dont fall under the tx lemon law because its a used car and not under the original warranty. I'm told that if i try to give the car back, they will keep my $2000 deposit because they sent most of it to the state for title and taxes. I think they are not being truthful about most of the stuff they told me. I think they are doing everything they can to keep this deal. What should i do?? any advice would help! Thanks!!
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Old 03-26-2010, 07:42 AM   #2
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Question about second chance financing and returning a lemon.?

You bought a car. You did not have it checked out by your own mechanic prior to purchase, You took delivery of the car, and signed the finance contract. You had several problems with the car, which the dealer attempted to fix under warranty for you. They were unable to duplicate the problem that you are complaining about, and unless they can, they can not fix it.

You now want to trade the car for another car. The dealer is willing to do so, but they are charging you a price that you consider to be too high. You have two choices, you can keep the first car, and make your payments, or you can trade it in for the second car, at the price the dealer is charging.

If you just bring the car back and drop it off, it will be considered a repossession. The finance company will sell the car, and the amount of the sale, less all costs of title, towing, storage and sale will be deducted from the sales proceeds. This will be applied to your loan balance, and you will be sued for the difference. The finance company will get a judgment, attach your wages and bank accounts, and ruin your credit for 7 years.

Any money you put down would be gone, and you would have no car, and still owe money.
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Old 03-26-2010, 08:41 AM   #3
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Question about second chance financing and returning a lemon.?

bike or bus
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Old 03-26-2010, 08:49 AM   #4
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Question about second chance financing and returning a lemon.?

If you sign a contract and buy a car, it is your car. Car sales are final, with no returns or refunds. If you borrowed money to buy the car, you are legally obligated to repay the money, no matter what happens to the car. Stolen, totaled, arson, repossession.
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