Car Advice Needed ASAP

[HisChildForever]

Hi all, long time no talk, but I'm in a difficult situation right now and my immediate thought was to turn to Phatmass for support.

My husband and I today purchased a new car at a dealership. We haggled the price down so that our monthly payments would amount to 150. However when we got home my husband was reviewing the paperwork in more detail and now we're seeing 182 (and change). I believe it's because of the warranty we agreed to. Instead of making a one time payment they calculated it into our monthly amount.

We made no deposit but did sign the paperwork. However there's one piece of paperwork that's missing my signature; I believe this is the warranty amount but I could be wrong. We have another contract to complete Monday morning (since we didn't give them any money today) and that's when we'll be giving them the bank check of what we're putting down (13000). 

With all that being said, do you think it possible we haggle more to drop the 182 to 150? Or possibly pay off the warranty in one go so it's not included in our monthly amount? We simply can't afford 182/month and my poor husband is beside himself. I'm trying to remain calm and rational. I feel that we have the opportunity to correct this, not because of the missing signature and 0 deposit but because my dad was in the automotive industry for years (not as a sales man but he knows it all). We called him before we spoke with the finance department (before the warranty) and he gave us the go-ahead to buy. So I'm thinking he can come with us on Monday morning to help sort this out.

[Maggyie]

Remain calm. If it is a reputable dealership they don't want to do anything slimy. So they will probably want to work something out.

I'm a little concerned by the numbers, if $30 per month makes or breaks the deal it probably is better not to buy that expensive of a car (13,000 is more than I put down on my house!) but no judgment from me.

Since you are getting financing through the bank (smart) the dealership doesn't make any money off the financing. So I would go with the angle of trying to pay the warranty off at one go. They might go for that.

 

[Maggyie]

Also if they get pushy refuse to sign anything else!!! They do not want to go this far without closing the deal. 

[Tab'le De'Bah-Rye]

Wow you guys saved $13000, that's amesome if your also charitable and worship God with tithe. I can't even save my $20 spare that i have every pay day, since your a fab saver please pray for me that i may be able to save a little while still tithing and being charitable, so as i can get a computer and all the programs and equipment that i need to start recording and producing rap music for Christ. GodblesS.

Edited June 28, 2015 by Tab'le De'Bah-Rye

[Maggyie]

Bump

[Lilllabettt]

it will be OK. Once you and your husband have bought cars a few times you will realize this: Even bad-guy car dealerships are only interested in screwing over customers if the customer is blissfully unaware of it. The coin of the realm is having tons of customers who at least *think* they got a great deal. Vocally unhappy customers are poison.

Not saying your car dealership is bad guys, but my point is even if they are you will be fine.

13,000 down, huh. Are you buying a space shuttle?

 

 

 

 

 

Edited June 28, 2015 by Lilllabettt

[HisChildForever]

We were able to put that much down due to wedding gift money and a recently deceased loved one's will. The goal is to keep monthly payments down as much as possible. They are a reputable dealership, Maggie, so I am hoping they'll be reasonable and correct the bill. My husband just stresses tremendously over money and this isn't helping any. But I firmly believe everything will turn out for the best.

[dUSt]

If you put that much down, it must be a newer model car, so I don't know why you'd need a warranty--the manufacturer would have a built in warranty which would cover anything catastrophic. You may want to tell them you don't want the warranty. Most non-manufacturer warranties are borderline scams.

What year is it? How many miles?

Edited June 29, 2015 by dUSt

[dUSt]

Also, here's my advise that you didn't ask for but I'm giving it anyway... hahaha.

If I had $13,000 cash to buy a car, I would not buy a car that cost more than $13,000. lol

You can get a really nice used car for $13,000 -- and then put aside $150/month for your next one.

[julianneoflongbeach]

I would just say hold your ground. Go in, tell them that the verbal agreement you had was a flat $150, and they aren't getting that check untill it reads $150 in the new paperwork they are going to draw up for you. It may be the warranty, they may try to say it's taxes or some sort of fee that's extra. But it doesn't matter what you signed. You still have the money. Don't let it go until you renegotiate.

[julianneoflongbeach]

Also, if it's from the dealer there should be a warranty included free. Don't buy the extended warranty until the automatic one expires. I mean, if the free warranty is five years and something happens where you have to sell the car or it gets totaled or something, that money on the extended is completely wasted. Just sayin.

[HisChildForever]

So we figured it out. They did give us the car at a price that would result in 150/month, and they incorporated the extended warranty into our monthly payments which is what raised our monthly 30 bucks. That's what I thought but wasn't sure until we scrutinized all the papers. Hubby initially thought that he made a mistake which had him so down in the dumps...he thought they duped us on the 150/month. He actually said he prefers having an extended warranty though. And they technically gave us more for the extended warranty; they added an extra 2 years free so it'll cover us for 8 years not 6.

It's a brand new car btw. We looked into used cars but decided we didn't want to invest if we'd need to put maintenance in it and if it would croutons out within a few years. Esp since our next new car (not any time soon lol) will be for hubby and it will be in the SUV category.

Anyway we both feel better about the situation and decided we will do our best to pay extra per month if we can. It's a gorgeous car and we're very happy with it. I've never had a new car and he hasn't had a new car in like 10 years so it's exciting.

[dUSt]

Extended warranties can be bought anytime before the manufacturer warranty is expired. If it's not too late, I'd tell them you don't want the extended warranty. You'd be better off putting 1/2 of what you'd pay for that extended warranty every month into savings--then, when your manufacturer warranty is about to expire you can use that money to make a better informed decision about what you want to do with it.

I just hate to see you pay that extra money every month for something you will likely never need.

Edited June 30, 2015 by dUSt

[Gabriela]

I agree with dUSt. I just bought a new car (well, used one year with very low mileage), and did a boatload of research beforehand. Plus I bought it with my dad, who's old and incredibly anal (can I say that on Phatmass?) about this kind of thing. Everything I read in my research, and my dad, said that a dealer's warranty—beyond the manufacturer's—is useless. Neither of them will cover normal wear and tear, and if it's a new car with something wrong with it, the manufacturer will cover it under their warranty. The chance of you discovering something seriously wrong with the car after the manufacturer's warranty runs out is slim to nihil. And on the slim chance that you do discover something seriously wrong at that late date, the chance of it being something that the dealership warranty would cover is absolutely nihil. So I'd just nix your buy-in on that altogether and save yourself some cash. Put it towards future maintenance of the car!