I went to my local Kia dealership with my girlfriend and was planning on buying a used Kia Forte for $12,000, went on a test drive, everything was fine. The dealer ask me about pay stubs saying we are required to have 2 each(mind you i have 0 credit) i mention my girlfriend and i don't have them. He then leaves for about 45 minutes, coming back to us and saying that no banks would accept us for a loan.
Not being shocked at all, I was ready to leave. He then tells me that there's one car i could get, that being a used 2017 Ford Fusion SE listed at $17,000. We test drive it, everything goes great, he then comes back with a form showing us how much each payment would be, saying he would take $1000 dollars off since we're young and he wants to help us with building credit. The form was a list of down payments and how much the monthly bill would be based off what we paid. It was said to be $480 a month for 72 months.
My girlfriend and i being overly excited, knowing we make decent money, very obviously made a dumb mistake and without hesitation signed off on it. We didn't think about the math or anything of the sort. I realized later that he never even asked about the pay stubs again.
They read us through all the paperwork with what seemed to be very upfront but come to realize that they didn't mention multiple things. The main importance being that the annual percentage rate is 26.03%. Adding all this together, plus the required Gap payment, the total after 72 months will be $38,637.
They also failed to mention multiple promises i signed for, such as there being a GPS in the car they can track at any time if needed. After doing some research i have also found that they are pulling a thing they call "Spot Delivery". Is there absolutely anything my girlfriend and I can do to get out of this? I would really appreciate any advice given.
EDIT After doing some extensive research, i have realized that the dealership is trying to pull the "yo-yo scam" They had me sign the contract and told me to wait until they call me back to get the tags and registration done.
Alabama Code Title 8. Commercial Law and Consumer Protection § 8-19-5
(17) After receipt of payment for goods or services, failing to ship the goods or furnish such services within the time advertised or otherwise represented or, if no specific time is advertised or represented, failing to ship the goods or furnish such services within 30 days, unless within the applicable time period the seller provides the buyer with the option to either cancel the sales agreement and receive a refund of all previous payments to the seller or to extend the date to a specific date proposed by the seller. Any refund shall be mailed or delivered to the buyer within 10 business days after the seller receives written notification from the buyer of the buyer's option to cancel the sales agreement and receive the refund.
Legally they have to refund me the money for the car, correct?
Submitted November 17, 2021 at 04:29AM by Jlwogan https://ift.tt/30ycloc
