or ask @chevysalesgirl (See post above)
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I’ve backed out of a signed deal before. Like everyone else is saying - it’s not yours til you drive away. I’m in CA, I don’t know how other states work
This should be prefaced as CA only. I don’t know of another state that utilizes this rule.
Correct - I’m in CA
The point being, and while I know this is thread is also referencing a CA dealer, someone may come along at some point and see that, be from Idaho, and think they have the same protection, when in fact, they do not.
Yes, the money is signed and in writing.
I never drove the car off the dealer after signing the paperwork
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We’re all talking about the OP cancelling his contract, but why?
- Mustangs lease very poorly due to low RV. Nothing anyone can do.
- It’s a 24mo lease.
- We have no idea what the original MSRP was. We need to know MSRP
- We have no idea if the APR was marked up. We need to know APR
- OP is cancelling the only add that he had, the Wear Care. Nothing else in the contract looks nefarious. No huge DP, no money rolled in, no shenanigans that I can tell.
What is the OP going to do differently next time to get ‘less f*cked’? We can’t possibly understand since many pertinent details have not been provided. This just seems like a case of knee jerk buyer’s remorse.
With the $4k coming to him and the money DAS, the the effective monthly is $513/mo. It’s a Mustang on a 24mo lease…it’s not like he’s paying that plus $9000 down for an Accord Hybrid.
I have never heard of a manufacturer rebate going direct to the consumer (to be fair I’m not familiar with Ford), but it seems like it should be pretty close to a ‘six of one half a dozen of another’ scenario. Sure he would save some interest if he applied it to the cap cost, but he’d also be paying state tax on it. His payment would be lower but he wouldn’t have $4k in his pocket.
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• MSRP: $33205
• Supposed net cap cost with rebates and dealer discounts if they were applied to the MSRP: $28000
• RV: 59%
• APR: 0.4%
• Money Factor: 0.00016667
• Acquisition Fee: $645
• First month’s payment + DMV Fees + Doc Fees + Upfront Taxes + Transfer Charge: $1183.96
• Total of Payments: $16087.36
That is correct. Only dealer/finance company can walk away due to funding issues. Should have been more clear.
then you never took possession.
Focus on selling price (‘Agreed Upon Value’), it’s way easier to understand and cap cost is just going to be a resultant of a bunch of variables that you can’t change assuming that you don’t fall for add-ons or BS.
Selling price was $32044.99…not a great discount. But it’s still a discount. We’ve seen much much worse. I still don’t see this as a bad deal.
What are you going to do differently next time if you cancel?
Can I renegotiate the deal and ask the dealer what happened with the $1455 dealer discount I was supposed to get? The net cap reductions show as N/A and the Rebates and non-cash credits show as N/A.
I’m going to try to renegotiate the deal so it’s clear that the net cap cost is $28645 with dealer discount plus rebates plus acquisition fee added.
yes, i’d assume most dealers would want to hang onto the deal. so reach out to them or go in asap.
If I were that dealer, I wouldn’t do business with you. You signed a deal.
If all you want to do is apply the rebate to the cap cost, again I really don’t think it will make much of a difference in terms of total lease cost. With the high CA tax rate he probably was saving you money by doing it this way and paying it direct to you. I don’t understand why that wouldn’t be taxable for you personally, but I’m not a CPA.
Yes the finance manager said I would be saving $200 and starting the lease at a lower out the door cost if I pocketed the money. All I’m going to ask for is to make sure the $1455 is applied as was promised for the net cost to be $28645 ($33205 - $1455 dealer discount - $3750 rebates + $645 acquisition fee)
Even the guy who did my DMV paperwork said “Youre in a unique position to review your contract”
The dealer discount seems very slim for a Mustang but I also have little experience with them. Look at a Mustang specific forum (there must be myriad) to see if they have a prices paid topic
I’d check the local legalities if I was you to get out of that one if you haven’t taken possession.
Saw a 2019 $60k 440 M Sport for $286 on this forum - maybe get two of those in different colors instead of the one Mustang.
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This is very strange… not saying they are doing anything shady or illegal, but definitely not the norm. Paying out the manufacturer rebates 4-6 weeks later is something I have never seen especially since they are applied to the lease contract once validated and money never paid to the dealer.
Maybe there is some dealer incentive they are passing along. Are you 100% sure it’s new/never titled too? Only 24 miles but maybe it’s not eligible for incentive bc it was returned or something. Contract says new though.
Deal is not terrible but personally would prefer everything in the contract and upfront.
Do what’s best for you and what your gut says. If you have a legal out, don’t feel bad taking it as I’m sure the dealer would do the same if the roles were reversed.
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