NEED SOME LEGAL HELP ON A CAR LEASE PLEASE....

[phenderson]

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.

 

[AgaBoogaBoo]

Don't take delivery just yet if possible.

 

[FP]

What car did you trade-in? That seems like to huge amount to be upside down on a car...

EDIT: Also, why would you get yourself into more debt?

 

[phenderson]

Unfortunately, I already took delivery of the car....
Drove home in it.

 

[phenderson]

too embarrassing to tell.

 

[phenderson]

As I stated before, the registration has not been paid on the car that I traded in...
The one manager said that I can't even take the car off the lot if that is not paid for....

the financing for the car (the lease) is through the car manufacturer.

 

[Vette73]

How many days has it been since you signed?

The only hope I can really think of is a cool off period type law. Where you can back out of a contract for the first 2-3 days. Check state law for where you are at.

 

[phenderson]

I just got the car yesterday.

 

[boomerang]

Research if your state has a "buyers remorse" law or something similar. You should have X number of days to change your mind and get out of the contract.

You'd better be in there first thing on Monday and you'd better put on a suit of armor first. They're going to throw everything including the kitchen sink at you to get you to stay with this deal.

I need some legal help...

Yes, you do. It will be far cheaper in the long haul for you to get some. Based on your posts, I would seek out legal counsel and utilize same counsel. They are going to walk all over you with steel toed boots.

I have been leasing for 20 years - I am not anti-lease by any means. Having said that, you never, never, never, never lease a vehicle for 60 months. Did I mention NEVER?

24 months to 36 months tops.

I don't know what the laws of your state are but in my state the registration crap they are throwing at you is just that - crap. Regardless, pay the registration fee and that issue is resolved. Please don't tell me they have your registration?

Get a lawyer. You want to leave the dealership with the vehicle you originally drove there in. You need to stay in that vehicle until you pay down that loan balance. If you insist on getting a newer vehicle do business with another dealership.

For today, go to http://www.edmunds.com/. Down in the lower right corner are a series of articles. Confessions of a Car Salesman and Confessions of an Auto Finance Manager. Read these to understand the tricks these predators are going to use on you when you return.

Find out your rights before you set foot in the door.

Edit: If you are leasing through the car manufacturer as you said you were, if they get wind that you are financing your "down payment", they will not approve the lease. The dealer has worked around this by requesting a check from you to cover this. They will be able to show the leasing company your checks. These people are crooks and you need to remember this when dealing with them. I can't stress this enough. You need to be there first thing Monday to kill this deal. The first thing they are going to tell you is that they already sold your trade. Go there today and find it. Be there first thing Monday when they open.

 

[Capt Caveman]

Why lease a new car when you already have one that isn't even paid-off?

And good advice by boomerang.

The dealership isn't open today? I would be there right when they open and get out of it.

 

[g8wayrebel]

Can't help you with the lease but , writing a check , post dated or not , for funds not in your account is a felony.
If they [the intended bank] don't loan you , and post the funds prior to that check being processed , the car could be the least of your worries.
There is no delay in check processing anymore , it is all electronic and same business day if you don't know.

Boomerang is exactly right on all counts.
Take a camera with you when you go and document your car being on the property.
Be there first thing Monday morning with both the picture you took then and a current one to prove the vehicle is still there.

 

[phenderson]

Originally posted by: boomerang
Research if your state has a "buyers remorse" law or something similar. You should have X number of days to change your mind and get out of the contract.

You'd better be in there first thing on Monday and you'd better put on a suit of armor first. They're going to throw everything including the kitchen sink at you to get you to stay with this deal.

I need some legal help...

Yes, you do. It will be far cheaper in the long haul for you to get some. Based on your posts, I would seek out legal counsel and utilize same counsel. They are going to walk all over you with steel toed boots.

I have been leasing for 20 years - I am not anti-lease by any means. Having said that, you never, never, never, never lease a vehicle for 60 months. Did I mention NEVER?

24 months to 36 months tops.

I don't know what the laws of your state are but in my state the registration crap they are throwing at you is just that - crap. Regardless, pay the registration fee and that issue is resolved. Please don't tell me they have your registration?

Get a lawyer. You want to leave the dealership with the vehicle you originally drove there in. You need to stay in that vehicle until you pay down that loan balance. If you insist on getting a newer vehicle do business with another dealership.

For today, go to http://www.edmunds.com/. Down in the lower right corner are a series of articles. Confessions of a Car Salesman and Confessions of an Auto Finance Manager. Read these to understand the tricks these predators are going to use on you when you return.

Find out your rights before you set foot in the door.

Edit: If you are leasing through the car manufacturer as you said you were, if they get wind that you are financing your "down payment", they will not approve the lease. The dealer has worked around this by requesting a check from you to cover this. They will be able to show the leasing company your checks. These people are crooks and you need to remember this when dealing with them. I can't stress this enough. You need to be there first thing Monday to kill this deal. The first thing they are going to tell you is that they already sold your trade. Go there today and find it. Be there first thing Monday when they open.

-Thank you Boomerang, for your advice. As I stated before, I did not give them my registration because I did not have it to give. Hopefully this is the loophole I will be able to give, to get my car back. I live in Kentucky so I do believe that tha will work. Let me know otherwise. I left the dealership at around 4:30pm, and they closed at 7:00, it would be very hard for them to clean up my car and then turn around and sell it... LOL, trust me, it needs some work....at least to the casual eye it does...

-I will also call the manufacturer, in the morning (Monday) and make sure that they are aware of the financing situation.

 

[phenderson]

The weird crazy, unfair thing, is that I could have gotten the car for $10K cheaper, but these guys totally went crazy and did all of this crap. Its sort of frustrating, but we learn from our mistakes. I am very good in regards to car buying, but this is leasing, and its a whole nother ball game.

The Sales Manager (not the F&I guy) actually pointed at the paper and made me an offer and said "You won't need money down, you won't need the $10K". But then, a few minutes later, I stupidly signed the paper...

 

[phenderson]

Now that I think of it, the F & I guy said that I needed to bring the registration in, no matter what, on Monday...

 

[txrandom]

I think you need more than legal help...

 

[phenderson]

OH, I know I need Jesus on this one... and I trust he will come through.

 

[Vette73]

Yep call a lawyer on Monday STAT...



"There are no Kentucky buyers remorse laws that allow you to cancel a contract for an auto or a real estate purchase within 3 days. When you sing a contract for either of these products, you are immediately bound by the contract. While some retailers are generous about allowing consumers to return or exchange products, there is no law requiring them to do so. Car dealerships are notorious examples of retailers who choose not to permit exchanges or refunds."

 

[phenderson]

Originally posted by: Marlin1975
Yep call a lawyer on Monday STAT...



"There are no Kentucky buyers remorse laws that allow you to cancel a contract for an auto or a real estate purchase within 3 days. When you sing a contract for either of these products, you are immediately bound by the contract. While some retailers are generous about allowing consumers to return or exchange products, there is no law requiring them to do so. Car dealerships are notorious examples of retailers who choose not to permit exchanges or refunds."

Yes, I know that also... I read that article.
My younger brother did it a while back though. He basically bought a car that he did not want, even though I advised him against doing so....

SO he took it back, some how some way...

But as I stated before, I don't think, in Ky, you can sell your car without proper registration. I have not paid for my registration, so something good, should come of that.

 

[OdiN]

You signed it, you're screwed.

They will probably take it back, however they will likely charge some sort of fee for doing so.

I don't understand how you could be so upside down on your original car. What car was it? They must have seriously shafted you on the deal for it.

Also you NEVER want to trade in a car that you're THAT upside down on. A few thousand, okay - but $15 grand?????

I wasn't even aware they would roll over loans into leases. You're paying for both cars but only get to drive one. How does this make any good sense?

As someone mentioned there is no buyer remorse laws to help you out - I'm not aware of a state that does.

 

[waffleironhead]

Buy some knee pads!

 

[akshatp]

60 month lease? Who leases a car for 60 months??? The point of leasing is to get a new car every few years. By the time you add up up front money and 60 monthly payments you have bought the car, yet you dont get to keep it.

 

[dirtboy]

Depending on your state's laws, you may be screwed. Read your contract. Contract law is very straightforward. As long as both parties signed in good faith, then it is a valid contract. The terms do NOT have to be favorable to both parties.

 

[mugs]

Jesus Tap-dancing Christ... This is screwed up in so many ways. Whatever you do, don't put a stop payment on the down payment check, and don't willfully fail to put funds in the account to cover the check. That's illegal.

I hope it works out for you

 

[BoomerD]

AFAIK, NO state has a "cooling-off period" for auto sales. You're fucked. Now all you have to do is live up to the terms of the contract you signed. If you don't, it WILL seriously impact your credit.

IMO, leases only make sense for businesses, NOT individuals.

 

[dirtboy]

Scan your contract and I'll look at it. A few of us here are experienced leasers and maybe we can help you figure out the depreciation & amortized amounts.