Big Problem....sister was fleeced out of money and into a new car...what can I do to

[01 Trans-Am WS6]

resolved, traded in, thank you guys!

[yellow2000S/R]

She has 3 days from purchase from what I've heard/read. After that, no.

[AWD GS]

typically you can return a car within a certain time period. i know my last car i bought i had 14 days to return if i didnt like it or changed my mind, then again each dealership is different. i would say call the Nissan dealer and talk to them about it.

if shes had it for a month or so i dont think there would be anything they could really do. ultimately she is the one the signed the paperwork correct?

[jpalamar]

It's dealer specific if you can return or not. Basically your sister is SOL.

[Ender81]

It is dealer specific so she MAY be sol. Just call and speak to someone. She may have to take out a loan to cover some negative equity since it's a used car now but that's better than a full car payment.

[TNTramair]

couple things she can do...

1) sell it back to the dealer...they will buy it. she'll take a hit for a couple grand more than likely but it beats not being able to pay the note and getting it repo'd which obviously can affect he for a long time to come. ex. she owes 35 on the car...they give her 33 for it...you guys pay the differance and ya walk away.

2) trade it in for something cheap...there are new cars out there for 12-15k. the dealer may absorb most if not all the negative equity since its a fairly new Nissan and get her into something with a more managable payment. this is what i would do in this situation. it can cut your payment in half or more and she'll still have a car to get around in.

3) try to sell the car outright private party sale. she needs to be reasonable about asking price though...cant expect to get 35k for a car that costs 36k on the dealer lot...no one will go for it.

4) and i dont recommend this..voluntary repo. you simply go to the dealer and tell them you cant make the payments and want to give the car up. this ruins her credit just as a non-vountary repo would and there's absolutely no benefit to it

its a tough situation but its not the end of the world...its a life lesson for sure...hopefully she learns from it. goodluck!

[01 Trans-Am WS6]

.....

[mcperson2k]

Just curious, but why don't you just call the dealership and ask them all these things? And get every correct answer you need in a matter of minutes... Nobody on this forum can speak for the dealership unless maybe they work there... Just seems like that would be common sense, especially in an "emergency".

[SHOdude]

Resort to violence and break his knees, it wont help financially at all, but it might make you feel better.

[Big_Jim]

Just curious, but why don't you just call the dealership and ask them all these things? And get every correct answer you need in a matter of minutes... Nobody on this forum can speak for the dealership unless maybe they work there... Just seems like that would be common sense, especially in an "emergency".

Post was made at 12:03 am. Don't know of any dealerships that operate at that hour, even in an "emergency"

[TNTramair]

Thanks guys for actual helpful answers and non-sarcastic responses.

If we go to trade it in, I assume we must trade it for something on the same lot that she purchased her car from? Or are we able to go to ANY Nissan dealer?

We will call the dealer today and see what they say, I hope for the best but expect the worst so I assume they will not take it back without her being taken for a few more grand. After that, I am veryy interested in trading it in for something cheaper with a payment maybe half as much.

it doesnt need to be a Nissan dealer...you can go to any dealer and get whatever you want...they'll accept it as a trade...just look for the dealer that gives you the right deal that will work best for you. not all of them will be the same...shop around. like i said before, some dealers offer to get you out of a vehicle if your "upside down" in it or can terminate leases early etc. and get you into something else.

[AWD GS]

correct, you can go to any dealer to trade it in. have her trade it in on a car worth much less. the dealer 9 times out of 10 will roll over the balance from what they give you vs what you owe into the new payment of the new car. not the ideal situation but its better than $575/month @ 72 months

[jpalamar]

She is going to have a hard time getting another loan unless she has the $ to pay the negative equity and on top of that getting a 2nd loan that close togther will be a PITA with a likely higher interest rate at the same time.

correct, you can go to any dealer to trade it in. have her trade it in on a car worth much less. the dealer 9 times out of 10 will roll over the balance from what they give you vs what you owe into the new payment of the new car. not the ideal situation but its better than $575/month @ 72 months

Many banks/credit unions will not finance negative equity anymore. Its was a bad practice back then and they are much more cautious since the crash.

[TNTramair]

She is going to have a hard time getting another loan unless she has the $ to pay the negative equity and on top of that getting a 2nd loan that close togther will be a PITA with a likely higher interest rate at the same time.



Many banks/credit unions will not finance negative equity anymore. Its was a bad practice back then and they are much more cautious since the crash.

I work for a dealer and they do it everyday. most people that buy new cars will be in negative equity for the first couple years and some of those people get tired of their cars earlier than that and they trade em in...rolling over any negative equity. that doesnt affect interest rate...just your monthly payment.

[jpalamar]

$575 car payment is like 10% interest over 7 years for a $30k car. I'm assuming maybe not steller credit to begin with?

[russiankid]

It depends on the dealer. Only downfall is that she was completely sane during the whole sale process. She may be gullible, however, she is an adult and she can make her own decisions. So legally, there is nothing you can do.

Like already mentioned, have her trade the car in for something cheaper.

[russiankid]

$575 car payment is like 10% interest over 7 years for a $30k car. I'm assuming maybe not steller credit to begin with?

Given the fact that her ex bf is a douche, and she is gullible, then dealer rode her for as much as possible. If she got a private loan, they could have rode her too.

[jesus_ralliart]

It depends on the dealer. Only downfall is that she was completely sane during the whole sale process. She may be gullible, however, she is an adult and she can make her own decisions. So legally, there is nothing you can do.

Like already mentioned, have her trade the car in for something cheaper.

This. All of it.

[schaffer]

A handful of decent cars out there for 15-20k so it could cut her payment in half almost.

[Scapegoat]

"oh no... my car caught on fire!"

[saxon]

dont take this personally.... but your sister got her self into this situation, unless she is mentally handicapped she knew what she was doing when signing the contract and when she hooked up with this dude

in PA unless the car was delivered to her house and she signed paper work there, the right to recision is waived when signing at a dealership (right to recision is 3 days in PA)

hopefully she learns from this life lesson

[TNTramair]

"oh no... my car caught on fire!"

yeah...thats a good idea...get her into even more trouble. good advice.

[Scapegoat]

yeah...thats a good idea...get her into even more trouble. good advice.

http://www.youtube.com/watch?v=Q27YiPRiewg

[2g Talon]

get into a "freak" accident.. insurance pays the entire thing off :)

Any why not? insurance takes all of us for thousands per year, eff em.

[yellow2000S/R]

get into a "freak" accident.. insurance pays the entire thing off :)

Any why not? insurance takes all of us for thousands per year, eff em.

Judging by the situation she's in, she probably didn't get Gap insurance, therefor she'd still owe a few thousand on it.

[AWD GS]

Judging by the situation she's in, she probably didn't get Gap insurance, therefor she'd still owe a few thousand on it.

ding! no gap insurance = no payoff

[05GT]

http://www.youtube.com/watch?v=Q27YiPRiewg

:rofl:

[Got Insulin?]

get into a "freak" accident.. insurance pays the entire thing off :)

Any why not? insurance takes all of us for thousands per year, eff em.

http://i110.photobucket.com/albums/n116/tjedi1/nye.jpg

[EklipzGSXkid]

If insurance fraud is commited, Or even a freak accident where it may be indicated.....The insurnace SIU, WILL find this thread....Just an FYI incase you never dealt with an SIU during an insurance claim and are planning to do something really dumb. This claim would have red flags all over it.