Please help!!! Has anyone had any issues getting the crazy Chevy lease “financed” through the bank?
Here’s my situation. Last month was able to get an equinox with all the stackable discounts (Asian conquest, bonus tag, etc.)
Paid 1024 down and my payments came out to 29 a month. Now I got a call yesterday saying that the bank cannot accept the finance ageement cause there is a negative number on the lease paperwork which is supposedly unacceptable. They are now saying that I need to resign the paperwork and that they would issue me a check for 3000. Also they said It would bring my payment up to 167 and that I could apply the 3k back to the balance or just keep the 3k…
If I spread the 3k over 24 months it’s 125/month. So adding 125 + 29 should be 154. How are they at 167? I don’t understand what they are talking about?
Has anyone else had this problem? Any assistance would be greatly appreciated.
First, if the bank does not have a cashable contract (i.e. the bank will not accept a contract with a negative depreciation - that is, a residual that is higher than the cap cost) then the dealer certainly CAN unwind your deal and ask you to bring the car back. Alternatively (and usually the dealers first choice), they can ask you to sign a new contract, which they did. However, post a copy of your contract on here so we can see, because I doubt your deal would have resulted in a cap cost that was $3,000 than the residual.
Here are your options:
Tell them you will resign but you will not do it in any way that will cost you more money. That is, if your payment is going up they need to write you a check for the exact difference (i.e. 138 * 23 because your first payment is already included in your drive off fee). Make sure to get in writing that they owe you a check for $3,XXX dollars when you sign the new contract (usually on a due bill - make sure they and you sign it).
Try to play hardball (as I am sure many on here would suggest and I probably would not agree with - if they made a mistake and they are trying to make it right and it does’t cost you a penny, no harm no foul). Tell them that you will only sign a contract if they give you $XXX more money on top of the difference in payments.
Give them the car back and they will give you all of your money back. This will probably be messy and likely not a good choice because you will losing what may have been the best deal on an Equinox for a while - maybe not, we are all hoping!
I would suggest option #1 and do the math for them. If they try to talk you into paying more, give them back their keys.
One other thing to note. I am not a lawyer but I am pretty sure that by law (at least in California - read your contract, the details are on there) they have to notify you about cancellations within 10 days. If they do not do so then you do not have to give the car back (it becomes their problem). But good luck fighting that in court though without spending alot of effort, time, etc.
Check the Hellcat $500/mo thread, lots of options there.
Worst case scenario is you give them the keys back & they give you your money back.
They have a used car that has depreciated already. You got a free car for a couple of days.
it happened to me and i think one other person. They did the contract wrong in my case and I believe they redid it but with incentives applied to cap cost instead of applied as a discount on the vehicle.
it sounds like you lost the asian incentive and the dealer is eating $3k. so they are nice enough to give you the option of getting it back in cash. WOW they are nice.
I would have thought that the registration is enough. If the dealer threatens to cancel any of the rebates, just tell them you are going to return the Cruze (albeit with a bunch of miles on it already).
Curious, how did your mom lease a car without a drivers license? Who drives this car?
