Last month, I signed a lease for a loaner bmw. About 10 days later, the dealer sent me a new contract asking me to sign it. My initial and monthly payments didn’t change but I can see the selling price, residual, MF are different. The contract is also backdated to my original sign date. Then due to a personal situation I couldn’t respond to it for about 2 weeks. The dealer called me, I told him I don’t normally sign a contract that is backdated. He starts to yell at me, threaten me that I’m illegally possessing the vehicle, told me he would pick up the car, and hung up on me. I thought about signing the paper before talking to him, now I really don’t feel like to. What do you think?
Sign the contract or give the car back. Your choice.
8 Likes
You should do whatever you feel comfortable with. It may be difficult, but you may want to consult an attorney. I probably would have signed if the dealer was reasonable to avoid any hassles.
You are legally binded by law to sign the contract at that point.
You got the car you wanted for the payment you wanted, and ignored them for 2 weeks. It’s backdated because you’re burning gas in their car and it needs to be on your insurance since you took delivery.
Sign it (!!!) or return it. Your choice. The dealer is doing nothing wrong or shady.
4 Likes
I am legally binded to sign a new contract? It doesn’t make sense. Why then isn’t the original contract legally binding?
you can return the car since they can’t get it funded.
or sign the new one?
did the payment stay the same? selling price and everything went up or down?
1 Like
Please quantify this
A majority if not all of these contracts have a paragraph stating what you are obligated to do in this circumstance which more than likely says that you need to either a) re-sign or b) return vehicle. More than likely it was a minor change however w/o that change BMWFS will not fund the deal at which point it is now a problem.
What were you doing for 14 days that you couldn’t be bothered to send an email or text and ask what was up? Hoping it would go away?
Because they can actually sue you for waiting too long.
3 Likes
If the monthly payments are the same, who gives a crap. They are probably making sure finance is getting some bread (at no additional expense to you).
As for backdating, I don’t sign backdated papers usually but what jeisensc said, It’s probably a because of a miles and insurance issue.
Sign it or return the car.
1 Like
they probably did a mistake on the original contract like applying an incentive that BMWFS denied so they adjusted the selling price and ate the cost , so review and unless there is something fishy , then sign it and return
2 Likes
I thought once someone signs a binding contract its a done deal. I didn’t know it can be changed and resigned even though its backdated. 100% of the responses are saying to sign it? I’m surprised. Are all of you finance managers or bankers?
I’m guessing you either a) never signed a lease or b) read the paper work that you signed when you did make the lease?
standard leasing agrements state that if unforseen things happen with the financing of the lease on the backend, they can take back the car (and you get your money back) and you sign your agreement to it. by not responding to their contacts, iposter was arguably the one breaking the contract.
this comes up often enough, one has to wonder how many people actually read all the paper work they are signing?
1 Like
When I leased my last car in California, the agreement specifically provided:
“Lessee agrees that if this cannot be assigned by Lessor to a financial institution with whom it regularly does business on terms acceptable to Lessor, and Lessor gives notice to Lessee within 10 days, this Lease will be rescinded. Lessee must then return the vehicle to Lessor in good condition and Lessor will then return all consideration paid.”
Dealers shouldn’t play lawyers on the internet.
8 Likes
Okay. Sorry.
As most guys recommended, please sign it and return it. It was probably some mistake on the contract that they made. On the new contract, did the sale price, MF and Residual go up or down?
Also, they backdated it because the insurance, and reg has to match. If not, contract cannot be valid and they will not be able to register the car in most states.
If the car is not registered, then when the temp runs out, you can get tickets or have the car impounded
Your contract is between you and the bank. Without the new contract, bank has not finalized your loan. So that means that you are driving dealer’s property. Dealer has not changed anything from the agreed upon total cost of the deal. So they can probably claim that it was a mistake even if you decide to go after them.
1 Like