Emergency situation here guys...

Titan316 · 09-01-2008, 09:29 AM

Listen to this shit... I really need your guys' help...

I bought my DCT M# coupe exactly a week ago today. I got a 0.9% APR interest rate on it, and I use a broker. My broker called me today about 3 minutes ago and says to me: "Hey Matt, we gotta problem. The dealer gave you the wrong interest rate, so we have one of two choices. 1) you can go back in and sign a new contract with a (much) higher interest rate, or 2) you can give the car back."

WTF!? Is this possible? Because I am sure as shit not giving it back and I am sure as SHIT not paying more than what we all sat there talked about for 3 hours and agreed upon. I feel like thats stealing. They purposely tricked me to be in this situation, because now I have no other car. My Benz went back in, so I am either without a car, or paying way more. It's BMW's fault, IF it was a mistake. If they did it purposely they did it knowing I would have no choice but to re-sign. I need help, I have never heard of this type of bullshit before.

OPINIONS!!

Matt

J08M3 · 09-01-2008, 09:39 AM

Keep the car. They screwed up not you. Tell them to see you in court if they want to try and take it back. They signed a contract with you for 0.9%.

jaiman · 09-01-2008, 09:46 AM

What was the rate on the contract that you signed? if its higher than 0.9%, you're pretty much screwed.

Hotan Braskey · 09-01-2008, 09:50 AM

Quote:

Originally Posted by J08M3

Keep the car. They screwed up not you. Tell them to see you in court if they want to try and take it back. They signed a contract with you for 0.9%.

I would not want to end up in court facing the legal team of such a wealthy company. Hopefully you can work something out before it comes to that. It does sound shady, though...

mkoesel · 09-01-2008, 09:54 AM

Talk to a lawyer. Any advice you get from this forum will be basically pointless. Take a copy of the contract you signed to a lawyer and they will be able to help. Good luck.

Titan316 · 09-01-2008, 09:57 AM

Im just nervous that they can come after me, I dont see how its possible... But for them to have the audacity to even CALL and say that makes me wonder... Serious bullshit.

mkoesel · 09-01-2008, 10:00 AM

Quote:

Originally Posted by Titan316

Im just nervous that they can come after me, I dont see how its possible... But for them to have the audacity to even CALL and say that makes me wonder... Serious bullshit.

Did you broker a deal with the mob?

No, but seriously, its a holiday, so just relax. Call a lawyer tomorrow morning and you'll be able to get it figured out.

mac_the_knife · 09-01-2008, 10:02 AM

I have some knowledge of contract law, albeit under the UK legal system. You've presumably signed a bunch of paperwork already which sets out the terms upon which you purchased the car, including a finance agreement ? If so and someone signed it on behalf of BMW (usually the business manager but not always) then it should be a legally binding contract. I would expect it to set out the car cost, finance cost, method of funding, monthly payments, residual if a PCP etc. If its simply a calculation error and the headline figures are all correct (including the interest rate), I suspect you will struggle to win. But if its simply BMW putting the wrong interest rate on the form and then calculating everything based on that, I would say you've got strong grounds that all parties openly entered into a bona fide contract and that's it, end of story.

Some contracts have a "cooling period" during which they are not binding, will depend on the terms and as someone already posted, go see your lawyer.

Good luck. I've had one unfortunate situation involving purchase of a car (not BMW) a good few years ago and my family lawyer sorted it out no problem.

Titan316 · 09-01-2008, 10:05 AM

I am going to talk to my lawyer tomorrow. I appreciate all the help guys! I'll keep you updated on how this all pans out. The car is unbelievable on a side note...

Captain Scott · 09-01-2008, 10:06 AM

A broker for what? the loan?
Who quoted you the interest rate ?
Was it in the contract?
Sounds like whoever signed a legal contract on the other end is responsible
not you.

IMHO First thing tomorrow call an attorney and get a legal opinion.
If there is an attorney who lives in your state on the forum please chime in.
That's the only way you will know for sure what your options are!

My 2 cent's, Not worth much

Also I would not discuss anything on the forum if it goes to court.

TLud · 09-01-2008, 10:31 AM

As an attorney, I'll recommend two things here:

First, find a good consumer protection/rights attorney in your area. I'm not licensed to practice in Florida, and even if I were, there's no way to fully and properly advise someone over the internet. Do NOT speak to the broker, the dealer, or anyone else until you have an attorney. Let your attorney speak to them.

Second, don't post up a bunch of details here on the internet until this thing is resolved. Regardless of any potential trial-related ramifications, it's just good practice.

Good luck.

Dascamel · 09-01-2008, 11:45 AM

Quote:

Originally Posted by Hotan Braskey

I would not want to end up in court facing the legal team of such a wealthy company. Hopefully you can work something out before it comes to that. It does sound shady, though...

If he has the contract, BMW could have 50 lawyers and still lose quickly.... Anyway, get real legal advice.

bmstyle71 · 09-01-2008, 11:52 AM

AGREED. 1) bmw speaks to you. Say " I have no statements as of right now, However My attorney and I will gladly get to you soon"
2) get that contract in your hand and take it to an attorney and you are golden my friend.

Good luck

Davinhci · 09-01-2008, 11:56 AM

damn that sux, they messed up pretty bad. The .9% interest is for all the cars except the M3.

TheBry · 09-01-2008, 12:16 PM

Quote:

Originally Posted by TLud

Second, don't post up a bunch of details here on the internet until this thing is resolved. Regardless of any potential trial-related ramifications, it's just good practice.

Bingo! And... next time just pay cash for the car.

King Tut · 09-01-2008, 01:12 PM

Did your broker or dealership not realize it is an M3 not a 335? I can't believe they would get the financing wrong on the deal. If you have some paper signed that shows the 0.9% interest rate I would say you are good.

Technic · 09-01-2008, 01:50 PM

Quote:

Originally Posted by Titan316

Listen to this shit... I really need your guys' help...

I bought my DCT M# coupe exactly a week ago today. I got a 0.9% APR interest rate on it, and I use a broker. My broker called me today about 3 minutes ago and says to me: "Hey Matt, we gotta problem. The dealer gave you the wrong interest rate, so we have one of two choices. 1) you can go back in and sign a new contract with a (much) higher interest rate, or 2) you can give the car back."

WTF!? Is this possible? Because I am sure as shit not giving it back and I am sure as SHIT not paying more than what we all sat there talked about for 3 hours and agreed upon. I feel like thats stealing. They purposely tricked me to be in this situation, because now I have no other car. My Benz went back in, so I am either without a car, or paying way more. It's BMW's fault, IF it was a mistake. If they did it purposely they did it knowing I would have no choice but to re-sign. I need help, I have never heard of this type of bullshit before.

OPINIONS!!

Matt

This exact situation was a very known dealer scam some years ago in South Florida; so much that it was reported in the newspaper that several dealers were investigated and accused by the Miami-Dade/Broward/Palm Beach consumer protection agencies. It looks that it is still practiced...

The scam worked like that, and sometimes they added the trade-in if any: they get your trade-in at a nice amount, you signed the papers of the new car at a very nice interest rate and a week or two later the nice interest rate suddenly disappeared... with your trade as well as it was quickly sold at auction as soon as the customer left the dealership. Thus the dealer forced the customer to a new "deal" under their own rules, with no trade in to get back in case of not wanting to "renegotiate", and with hefty fees for "usage" of the new car to pay if ther customer still wanted to walk away...

This is no joke, no mistake, no misunderstanding: dealers in this area have been doing this simple scam for years. Get a lawyer and let him/her talk to your dealer. There's nothing that you can say to them that can help you, they will find a way of making you pay over the initial agreement. That's the way it works... they fooled a "broker", doesn't it?

ArtPE · 09-01-2008, 01:54 PM

Quote:

Originally Posted by TheBry

Bingo! And... next time just pay cash for the car.

paying cash with 0 or 0.9% financing is stupid

get a lawyer
drive the car
make your payments
make them take action

e46e92love · 09-01-2008, 01:57 PM

Quote:

Originally Posted by Titan316

Listen to this shit... I really need your guys' help...

I bought my DCT M# coupe exactly a week ago today. I got a 0.9% APR interest rate on it, and I use a broker. My broker called me today about 3 minutes ago and says to me: "Hey Matt, we gotta problem. The dealer gave you the wrong interest rate, so we have one of two choices. 1) you can go back in and sign a new contract with a (much) higher interest rate, or 2) you can give the car back."

WTF!? Is this possible? Because I am sure as shit not giving it back and I am sure as SHIT not paying more than what we all sat there talked about for 3 hours and agreed upon. I feel like thats stealing. They purposely tricked me to be in this situation, because now I have no other car. My Benz went back in, so I am either without a car, or paying way more. It's BMW's fault, IF it was a mistake. If they did it purposely they did it knowing I would have no choice but to re-sign. I need help, I have never heard of this type of bullshit before.

OPINIONS!!

Matt

If you signed a legally binding contract, this is a problem, but not yours. Its the CA's and dealer's problem and someone just lost their ass.

King Tut · 09-01-2008, 02:04 PM

Quote:

Originally Posted by ArtPE

paying cash with 0 or 0.9% financing is stupid

troof. If you can afford the payment then why not make interest on your money instead of just giving it to the dealer.

positiveions · 09-01-2008, 02:08 PM

Quote:

Originally Posted by TLud

As an attorney, I'll recommend two things here:

First, find a good consumer protection/rights attorney in your area. I'm not licensed to practice in Florida, and even if I were, there's no way to fully and properly advise someone over the internet. Do NOT speak to the broker, the dealer, or anyone else until you have an attorney. Let your attorney speak to them.

Second, don't post up a bunch of details here on the internet until this thing is resolved. Regardless of any potential trial-related ramifications, it's just good practice.

Good luck.

TLud, can I hire you to sue Gateway Computers.

nusevad · 09-01-2008, 02:09 PM

Quote:

Originally Posted by Davinhci

damn that sux, they messed up pretty bad. The .9% interest is for all the cars except the M3.

True, looks like they fucked up and you got lucky.

09-01-2008, 09:29 AM	#1
Titan316 Second Lieutenant 33 Rep 204 Posts Drives: 2008 E92 M3 DCT Join Date: Sep 2007 Location: Coral Springs, FL iTrader: (0)	Emergency situation here guys... Listen to this shit... I really need your guys' help... I bought my DCT M# coupe exactly a week ago today. I got a 0.9% APR interest rate on it, and I use a broker. My broker called me today about 3 minutes ago and says to me: "Hey Matt, we gotta problem. The dealer gave you the wrong interest rate, so we have one of two choices. 1) you can go back in and sign a new contract with a (much) higher interest rate, or 2) you can give the car back." WTF!? Is this possible? Because I am sure as shit not giving it back and I am sure as SHIT not paying more than what we all sat there talked about for 3 hours and agreed upon. I feel like thats stealing. They purposely tricked me to be in this situation, because now I have no other car. My Benz went back in, so I am either without a car, or paying way more. It's BMW's fault, IF it was a mistake. If they did it purposely they did it knowing I would have no choice but to re-sign. I need help, I have never heard of this type of bullshit before. OPINIONS!! Matt
	Appreciate 0 Tweet Quote

09-01-2008, 09:39 AM	#2
J08M3 Major General 286 Rep 6,007 Posts Drives: 2011 M3 COUPE Join Date: May 2008 Location: NEW YORK iTrader: (8)	Keep the car. They screwed up not you. Tell them to see you in court if they want to try and take it back. They signed a contract with you for 0.9%. __________________
	Appreciate 0 Quote

09-01-2008, 09:46 AM	#3
jaiman Captain 20 Rep 658 Posts Drives: very fast Join Date: Jul 2007 Location: Toronto iTrader: (0)	What was the rate on the contract that you signed? if its higher than 0.9%, you're pretty much screwed.
	Appreciate 0 Quote

09-01-2008, 09:54 AM	#5
mkoesel Moderator 7515 Rep 19,368 Posts Drives: No BMW for now Join Date: Jun 2006 Location: Canton, MI iTrader: (1)	Talk to a lawyer. Any advice you get from this forum will be basically pointless. Take a copy of the contract you signed to a lawyer and they will be able to help. Good luck.
	Appreciate 0 Quote

09-01-2008, 09:57 AM	#6
Titan316 Second Lieutenant 33 Rep 204 Posts Drives: 2008 E92 M3 DCT Join Date: Sep 2007 Location: Coral Springs, FL iTrader: (0)	Im just nervous that they can come after me, I dont see how its possible... But for them to have the audacity to even CALL and say that makes me wonder... Serious bullshit.
	Appreciate 0 Quote

09-01-2008, 10:02 AM	#8
mac_the_knife Registered 0 Rep 3 Posts Drives: BMW M3 Join Date: Aug 2008 Location: Scotland iTrader: (0)	I have some knowledge of contract law, albeit under the UK legal system. You've presumably signed a bunch of paperwork already which sets out the terms upon which you purchased the car, including a finance agreement ? If so and someone signed it on behalf of BMW (usually the business manager but not always) then it should be a legally binding contract. I would expect it to set out the car cost, finance cost, method of funding, monthly payments, residual if a PCP etc. If its simply a calculation error and the headline figures are all correct (including the interest rate), I suspect you will struggle to win. But if its simply BMW putting the wrong interest rate on the form and then calculating everything based on that, I would say you've got strong grounds that all parties openly entered into a bona fide contract and that's it, end of story. Some contracts have a "cooling period" during which they are not binding, will depend on the terms and as someone already posted, go see your lawyer. Good luck. I've had one unfortunate situation involving purchase of a car (not BMW) a good few years ago and my family lawyer sorted it out no problem.
	Appreciate 0 Quote

09-01-2008, 10:05 AM	#9
Titan316 Second Lieutenant 33 Rep 204 Posts Drives: 2008 E92 M3 DCT Join Date: Sep 2007 Location: Coral Springs, FL iTrader: (0)	I am going to talk to my lawyer tomorrow. I appreciate all the help guys! I'll keep you updated on how this all pans out. The car is unbelievable on a side note...
	Appreciate 0 Quote

09-01-2008, 10:06 AM	#10
Captain Scott Second Lieutenant 4 Rep 251 Posts Drives: 09 E92 Join Date: Jul 2008 Location: St Paul MN iTrader: (0)	A broker for what? the loan? Who quoted you the interest rate ? Was it in the contract? Sounds like whoever signed a legal contract on the other end is responsible not you. IMHO First thing tomorrow call an attorney and get a legal opinion. If there is an attorney who lives in your state on the forum please chime in. That's the only way you will know for sure what your options are! My 2 cent's, Not worth much Also I would not discuss anything on the forum if it goes to court.
	Appreciate 0 Quote

09-01-2008, 10:31 AM	#11
TLud Colonel 108 Rep 2,279 Posts Drives: '12 Golf R Join Date: Jun 2008 Location: Texas iTrader: (3)	As an attorney, I'll recommend two things here: First, find a good consumer protection/rights attorney in your area. I'm not licensed to practice in Florida, and even if I were, there's no way to fully and properly advise someone over the internet. Do NOT speak to the broker, the dealer, or anyone else until you have an attorney. Let your attorney speak to them. Second, don't post up a bunch of details here on the internet until this thing is resolved. Regardless of any potential trial-related ramifications, it's just good practice. Good luck.
	Appreciate 0 Quote

09-01-2008, 11:52 AM	#13
bmstyle71 Captain 115 Rep 635 Posts Drives: jet black e92 m3 Join Date: May 2008 Location: tampa florida iTrader: (0)	AGREED. 1) bmw speaks to you. Say " I have no statements as of right now, However My attorney and I will gladly get to you soon" 2) get that contract in your hand and take it to an attorney and you are golden my friend. Good luck
	Appreciate 0 Quote

09-01-2008, 11:56 AM	#14
Davinhci Colonel 55 Rep 2,484 Posts Drives: 08 M3 E92 & 08 E70 X5 4.8 Join Date: Mar 2008 Location: Austin, TX iTrader: (6) Garage List 2008 M3 [0.00]	damn that sux, they messed up pretty bad. The .9% interest is for all the cars except the M3. __________________ 08 E92 AW M3 \| HRE P40 19" \| APE Air Filter \| BMW Performance Grills \| White Side Gills \| CF Mirror Covers \| BMW Performance Pedals \| F1 Pinnacle Tint \| V1 Hardwire \| Dinan Performance Software \| Gintani Exhaust \| H&R Sports Springs \| RPI Scoops \| BMW CF Spoiler \| Challenge Diffuser \| Lux H8 V3 \| LCI Tail Lights \|
	Appreciate 0 Quote

09-01-2008, 01:12 PM	#16
King Tut NASA SpecE30 Racer 82 Rep 1,307 Posts Drives: 2006 Honda S2000 TT3 Join Date: Jul 2008 Location: Gulf Breeze, FL iTrader: (2)	Did your broker or dealership not realize it is an M3 not a 335? I can't believe they would get the financing wrong on the deal. If you have some paper signed that shows the 0.9% interest rate I would say you are good. __________________ King Tut 2012 BMW M3 Individual: Sold lsb.ridedomain.com 1987 BMW 325is SpecE30: spece30.ridedomain.com 2009 BMW M3 Coupe: Sold e92.ridedomain.com
	Appreciate 0 Quote