- November 14, 2023
- Posted by: legaleseblogger
- Category: Related News
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Recently moved from Alberta to Ontario and sold my previous car because it wouldn’t make sense to pay a third of the price of the car on its shipment, especially since I had already paid to move from Ontario to Alberta and back to Ontario.
Pre-ordered a 24′ Nissan Kicks with a dealership to be financed at 7.49% APR for 7 years, with plans to pay it off in 5 years and a down payment of around 5K. I expected the car to arrive in late November, but Nissan sent an email at the beginning of this month saying that the car production would be delayed for 2 months. Due to poor public transportation and minimal walkability in our area, I looked for sooner arrivals of the Kicks and found one arriving in 2 weeks. However, the dealership was charging $500 more than the first dealer. Despite this, I made a deposit.
When I arrived at the dealership, the salesman was 30 minutes late for the appointment and informed me that the Nissan rates had changed because he didn’t see the quote and my interest rates were from two months ago. He said the lowest rate I could get was 7.99%, which was higher than what I had expected. He then directed me to speak with the business manager to apply for financing and sign the bill of sale. I agreed but expressed uncertainty about proceeding with the business at that rate.
The business manager mentioned that he wouldn’t make any profit regardless of the interest rate for the car and proceeded to gather information to apply for financing. He also stated that applying to multiple financial institutions could potentially harm my credit score, which I found peculiar. Despite my reservations, I signed the bill of sale, which was approximately $750 higher than the quote provided by the first dealership. I chose not to sign the financing terms that stated 9.59% APR, as I wanted to ensure that I would receive the 7.99% rate as promised. Additionally, I was informed that I could walk away from the deal if I didn’t agree to their terms and receive a refund.
Upon checking Nissan’s website, I discovered that the interest rates were lower than what I was offered by the dealership. Feeling misled and taken advantage of, I am questioning the dealership’s honesty and market practices. I am considering alternative financing options, and I am seeking recommendations for credit unions or lenders that offer good auto loan rates for individuals with a credit score over 760. My total financed amount would be around 24k for 5 years.
AI Legalese Decoder can help clarify any confusing or misleading financial terms and conditions, review loan or financing agreements, and provide guidance on potential legal recourse in situations where a consumer feels they have been taken advantage of by a dealership. Additionally, it can suggest alternative lenders or credit unions that offer favorable auto loan rates for individuals with a high credit score.
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****** just grabbed a
>Feeling theyÔÇÖre shady and trying to take advantage of the market and lying to our faces all the time – maybe IÔÇÖm wrong.
Welcome to car sales. You got nothing documented when you first called them. ou can shop elsewhere, you don’t have to go with that dealership.
Your first mistake was letting go of a working car.
Your second mistake was believing a car dealer.
Take what you can get if you need a car.
Why in the world would you not just drive the two days to Ontario?
I did want to say – the Nissan Kicks is not in ÔÇÿsuper highÔÇÖ demand at all ƒÿéƒÿéƒÿéƒÿéÔǪ
The Japanese auto makers are just continuing to struggle with chips
Now go find yourself the best deals for interest rates out there – pretty sure you can do better on a new car.
So you preordered a car, interest rate wasnÔÇÖt locked in which is normal, rates in general have been rising, and now youÔÇÖre mad that you didnÔÇÖt get the rate you never signed anything for? Honestly the rate they are offering isnÔÇÖt bad in todayÔÇÖs environment for that kind of loan term. Nissan makes their money on the financing anyway.
I had a Nissan kicks. Make sure you change the transmission fluid earlier rather than later. The manual says 90000 but I noticed performance issues started around 50000. When I replaced the fluid the issues went away.
Also the fluid replacement is easy, just drain from the pan and fill from the engine bay. No reason to use a dealer.
Wall of text…
Welcome to the world of high interest rates. I had 4.99% last year when I put my deposit down on my Toyota..when I picked it up a few months ago it went to 7.99%. Gone are the days of 0% or teaser rates.
Just pay it off
Sunk cost fallacy.
Just move on to another dealership
These rates are insane. Got 5.4% on a Lexus 2 weeks ago
Nissan kicks is the worst way to spend $50k total lol
Pretty sure that you only get one credit check. They submit your profile to all lenders on their portal and you get a variety of rates. TheyÔÇÖre supposed to give you the best rate by law, but who knows what the reality is.
https://cvtsettlementcanada.ca/
Why would you finance for 7 years when you plan on paying it off in 5? With car loans you pay nearly all the interest up front. 9.49 isnÔÇÖt a formality lol, itÔÇÖs the total cost of financing and fees. YouÔÇÖre getting screwed around and you keep signing more papers, please stop. IÔÇÖd be looking at any way to completely walk away from this deal, even losing a deposit depending on the amount.
Not sure where in Ontario you are, if possible IÔÇÖd suggest looking at dealers outside the city eg 45 min to an hour away. In some cases small town dealers are better. This place you went to sounds incompetent.
Nissan dealership tried something similar with me once. I told them to get it to where they said, get the payment to what we agreed upon or IÔÇÖd be walking. Magically they were able to fix it.
It sounds like youÔÇÖre just too tired of trying to figure this out to really fight for yourself. It ends up costing a ton of money to do this to yourself. So either just sign and get it over with, or start sticking up for yourself.
> Nissan Kicks
Imagine admitting to owning a vehicle called a “Kicks” lol
Dont shop there?
Shoulda just drove your car to Ontario and not had any headaches man. You made your bed it sounds like. Buy a Toyota as well Nissans are junk (speaking from experience).
This is what happens – the website lists a rate which may not be available/you may not qualify for to get you into a dealership.
Then you find out what theyÔÇÖre actually willing to give you.
I had a very similar scenario, much worse to be honest. I decided to take it as a learning experience.
Just like Nissan in Vernon bc. Complete crocks
IÔÇÖd say opt for a shorter vehicle. 24ÔÇÖ is way too long ƒÿé
People actually buy the Nissan kicks? I could never imagine buying one of those let alone paying 10% or whatever interest on it for years. Just buy a nice 15k user car and be done
Okay. You literally SAID in your post that you want to finance for 7yrs. Then you say the 5yr Raye is 7.49% in the Nissan website.
Did you BOTHER to check what the 7yr interest rate is? Because MOST manufacturers raise the rate on longer term financing.
For 10000th time…on new car deals, the DEALERSHIP HAS NO CONTROL OVER THE INTEREST RATE!!!
People are so stupid. The interest rate is negotiated between the manufacturer (Nissan) and the preferred lender. It’s not negotiable bro! It’s set.
What kills me is you didn’t even CHECK on what the 7yr interest offered by Nissan is. You just assumed the dealership was being shady.
Also, cash down won’t affect the interest rate. Period.
Echoing everyone else, you should have drove to ON. If you wanted a newer vehicle, the best option would have been to sell your old vehicle and buy another one privately since there is 0% tax on private deals on Alberta. Then you can register the vehicle in Ontario without paying anything instead of paying what looks to be over $5K tax in Ontario.