Tips on Buying Cars: post purchase help, finance papers, negative equity

Question
I negotiated a deal with a local dealer on a 04 4runner. In the deal we ageed to them paying off my tradein which I owed 11k on and buying their 4runner for 20400. Done. Agreed. This car is for my wife and I let her do all the dealing with the sales guy, while all I did was sign the papers. Having bought over 25-30 cars previously I have never had a problem with the dealer changing the deal and slipping it in while signing the papers. Well, since it would take me two hours to read all of the sales/finance papers presented to me while signing, I just signed them, picked up the car and went home. Later that evening my wife was reviewing the finance papers and realized the dealer chared us $1500 for negative equity in our old car. Negative equity was NEVER discussed in the deal and if it was the deal would have never happened. We proceeded to call the manager at the dealer that evening explaining the issue which they proceeded to say sorry for your luck. My wife told them they lied about the deal and they hungup on her. Now, I am going to speak with the general manager tomorrow morning to try to get something done but I am doubting that anything will.
What can I do????

Answer
Hello Jeff,

My heart goes out to you and your wife. This is an oldie but a goodie for the dealership and not for you the customer. It also gives the rest of us legitimate dealers a black eye.

What state do you live in? How long ago did this signing take place? Did you give them your title yet? Although there is a lien on your title, its still in your possession and this will give you some leverage.

Anyhow, this is smoking mirrors of the business. They probably sold your wife that they will be paying off the vehicle in the transaction but failed to tell you that they were using your money.

You need to explain to the General Manager that the deal was misrepresented to you and wife. That you were told your trade-in would be paid off and that you were not in a "up-side down" situation.

Dealing with a dealership should not be about your luck. If this is the way they treat their customers at the point of sale, how much trust will you have to bring back your vehicle for future maintenance and repairs?

If the General Manager does not cooperate, ask to see the dealer/owner. Explain to the dealer that you were told your trade was being paid off and you were never told there was negative equity.

Before you go, check out this web-site for some additional ammo. http://www.ftc.gov/bcp/edu/pubs/consumer/autos/aut03.shtm

Take the time to print this out and take it with you when you visit the dealership. What happened to you and your wife is ridiculous and it embarrass the rest of the honest, upfront dealers in this business.

If you're still having problems with the dealership...inform them that you want to "unwind" the deal and you want your trade returned to you in the same shape you sold it to them...if all else fails...let them know they will never get the title to your trade. No title means that they cannot retail or wholesale your trade-in. And, whatever money they have invested will only become frozen capitol.

Good luck Jeff and I hope this helps,

Douglas