- Jan 10, 2003
- 3,469
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- 76
UPDATE IS AT THE END
To make a long story short,
I walk into a local dealership, and do my best to pay attention to what I was doing. I have leased a car, in the past, but it was over 4 years ago...
So I decided to lease one... and did not pay attention to what I was signing. They got me over a BARREL... seriously. They took my trade in, which was appraised at $15,500.00 but I owed $30700.00 on it. Somehow, someway, I ended up leasing a $28,000.00 car that will cost me $54,000.00 in payments...
They obtained from me, two post dated checks, that totalled close to $10,000.00 with the assumption that I would obtain a loan from the bank to cover one of them (I am hoping gthat the bank denies me).
As I was sitting at my computer, I decided to look at the contract that I idiotically signed...
Only a $10,000.00 residual... close to $800.00 in payments for 60 months. But something is not adding up.
With the $10,000.00 worth of money that I added to the deal, should not my total capitalized cost not be the Value of the Car + ($30700.00 - $15,500.00 - $10,000 = $5200.00)? So shouldn't my TCC be about $33000.00... instead of the $45000.00 I see on the contract. The crazy thing is that the Depreciation and Amoritzed Amounts stand at $28091.000 which is basically the value of the car...
It is hillarious to some, crazy to others, and of course I am seriously embarrased...
But there are a couple of loopholes, I just want to know if I can use them,
1) The lease was signed on Saturday evening. I can try to call the dealership early monday morning and ask them not to process the loan or ask them to restructure the loan correctly.
2) The salesman had spoken to my bank, last week, and he had said that he could loan me an extra $6000.00. What happens if he can't loan me the money?
3) I wrote two post dated checks, if I cancel those, especially the one that was supposed to receive funds from the bank for loan, will that null the loan...
4) BIG ONE... I did not know, and they did not know that the registration had not been paid on my car. Only the taxes. When I told them this, the manager firmly stated that I would have to bring the car back if I did not have a signed copy of the registration. He also explained to me that they were not supposed to do that, or even let me drive off the lot without the registration for my car....
Can I get out ofthe lease with either of the above mentioned scenario's?
I need some legal help...
The car will be sitting in my garage, tommorrow, and I will just ride around with my wife.
To make a long story short,
I walk into a local dealership, and do my best to pay attention to what I was doing. I have leased a car, in the past, but it was over 4 years ago...
So I decided to lease one... and did not pay attention to what I was signing. They got me over a BARREL... seriously. They took my trade in, which was appraised at $15,500.00 but I owed $30700.00 on it. Somehow, someway, I ended up leasing a $28,000.00 car that will cost me $54,000.00 in payments...
They obtained from me, two post dated checks, that totalled close to $10,000.00 with the assumption that I would obtain a loan from the bank to cover one of them (I am hoping gthat the bank denies me).
As I was sitting at my computer, I decided to look at the contract that I idiotically signed...
Only a $10,000.00 residual... close to $800.00 in payments for 60 months. But something is not adding up.
With the $10,000.00 worth of money that I added to the deal, should not my total capitalized cost not be the Value of the Car + ($30700.00 - $15,500.00 - $10,000 = $5200.00)? So shouldn't my TCC be about $33000.00... instead of the $45000.00 I see on the contract. The crazy thing is that the Depreciation and Amoritzed Amounts stand at $28091.000 which is basically the value of the car...
It is hillarious to some, crazy to others, and of course I am seriously embarrased...
But there are a couple of loopholes, I just want to know if I can use them,
1) The lease was signed on Saturday evening. I can try to call the dealership early monday morning and ask them not to process the loan or ask them to restructure the loan correctly.
2) The salesman had spoken to my bank, last week, and he had said that he could loan me an extra $6000.00. What happens if he can't loan me the money?
3) I wrote two post dated checks, if I cancel those, especially the one that was supposed to receive funds from the bank for loan, will that null the loan...
4) BIG ONE... I did not know, and they did not know that the registration had not been paid on my car. Only the taxes. When I told them this, the manager firmly stated that I would have to bring the car back if I did not have a signed copy of the registration. He also explained to me that they were not supposed to do that, or even let me drive off the lot without the registration for my car....
Can I get out ofthe lease with either of the above mentioned scenario's?
I need some legal help...
The car will be sitting in my garage, tommorrow, and I will just ride around with my wife.