You are figuring total cost of the car after the 5 year loan, correct?

$48861
-$3500(interest)
-$2800 (sales tax)
-$3000 (warranties)
-$600 (possible dealer fees)

=$38961 for the car. It's possible depending on your options. Don't just look at the big number, do the math.

 

Are your payments $815?

You CAN cancel extended warranties within 30 days for a full refund. You can also cancel after 30 days but it gets prorated. In either case, I believe the credit gets applied to the remaining principle. You can buy the same warranty online for much cheaper, so I would definitely cancel it.

 

Most counties in CA are ~10% sales tax, this applies to car purchases as well. Even if you trade in a $20,000 vehicle when buying a $50,000 vehicle, you still get taxed on the full $50,000. Some states only charge you on the difference ($30k in this case). Sometimes I hate living in California.

 

That's how we are in Rhode Island - you get taxed on the difference.

 

I believe it is federal law that u have up to 72 hours to back out of any signed agreement.

Not sure what this law is called but u could always call a lawyer. It is a quick simple question and there are plenty of lawyers that will give u a free few minutes of advice over the phone.

Either way, I'm guessing u could afford a new mustang since u went to the dealer to price one out and ultimately got one. If u want a V8 with options and all the extended warranty stuff, then your price really is not that bad. So is the problem that u just dont want the car? Or is it more than u thought it would be?

 

So, I put your #'s into an auto loan calculator to work it backwards, and it appears that you paid about $45,500 for the car before adding tax, license, trade, warranties, etc. You got hosed, my friend! And, as most states don't give you any luxury of returning the car after you sign the contract and drive away, it's yours now. I hope you bought Gap Insurance in case the car gets totalled someday.

 

In California, when a customer purchases or leases a new motor vehicle, there is no “cooling off period” rule. What this means is just because you may think that (after signing and taking delivery) that it’s not the right vehicle for you, your payments are too high, or other various reasons that the sale/lease can be cancelled – it cannot. The moment you complete the sale/lease documents and take physical delivery of the car (drive off the lot), there is no “cooling off” period in which to return the vehicle and rescind the sale. At this point it is yours.

The only exceptions to the “no cooling off period” are dealer fraud, or if the dealer has delivered the vehicle on a “subject to lenders credit approval” conditional sale, and it later turns out that the dealer cannot secure the necessary financing to complete the sale.

When my mom purchased her Toyota Camry the California Toyota dealership had a sign posted on the wall taht said you could return the car within 3 days or 100 miles (whichever comes first) for a full refund. You could also exchange the car for something else on the lot within 7 days or a few hundred miles. This is a pretty cool policy that some dealers will offer but by law they don't have to.

 

V C Section 11709.2 Notice to Public Contract Cancellation Option


Notice to Public: Contract Cancellation Option

11709.2. Every dealer shall conspicuously display a notice, not less than eight inches high and 10 inches wide, in each sales office and sales cubicle of a dealer's established place of business where written terms of specific sale or lease transactions are discussed with prospective purchasers or lessees, and in each room of a dealer's established place of business where sale and lease contracts are regularly executed, which states the following:
“THERE IS NO COOLING-OFF PERIOD UNLESS YOU OBTAIN A CONTRACT CANCELLATION OPTION
California law does not provide for a "cooling-off" or other cancellation period for vehicle lease or purchase contracts. Therefore, you cannot later cancel such a contract simply because you change your mind, decide the vehicle costs too much, or wish you had acquired a different vehicle. After you sign a motor vehicle purchase or lease contract, it may only be canceled with the agreement of the seller or lessor or for legal cause, such as fraud."
However, California law does require a seller to offer a 2-day contract cancellation option on used vehicles with a purchase price of less than $40,000, subject to certain statutory conditions. This contract cancellation option requirement does not apply to the sale of a recreational vehicle, a motorcycle, or an off-highway motor vehicle subject to identification under California law. See the vehicle contract cancellation option agreement for details.”

It does add up...not to forget another $400 in Registration Fees...Dealer dinged you hard on the extended warranty, I would go cancel that immediately. You have 3 years to decide if you want to purchase an extended warranty, trust me, they will be soliciting you again in a couple years. Have to figure that with the extended warranty, sales tax and license fees, that ate up most all of your downpayment monies, and then add in the interest.

I had a similar issue with my local dealer a few years back, I went in with a pre-approved Ford Credit loan, when going over the details with the finance manager, I noticed that they were trying to charge me 12% interest. Immediately I got up, and started to leave. She made a comment my credit score wasn't high enough, so I grabbed my phone and called another dealer in the area to inquire if they had a similar vehicle in stock. Then instantly, she was able to get me 2.9% loan. The next day I was still mad at myself for not walking, I emailed the GM at the stealership and Ford Credit detailing my experience and dissatisfaction with the dealer...of course the dealer backed up their employee, but when the contract came Ford changed the agreement to a 0% loan. You really have to be on your toes when signing those contracts, and the extended warranty is where the finance person makes their bonus'.

I don't know if you have much for options at this point, I would go back talk directly to the GM at the dealer, be calm and at least get the money back for the ext warranty.

Congrats on the new car...try to enjoy it!

 

No u can fight this. This got done to me a few years back and the manager fixed it. We renegotiated and did a new bill of sale and everything. I don't care if you don't believe me. It was done. Just be calm and talk to them. Get it done now.

 

Here is a link with some helpful info that could help you. Its hard to tell what really went down without seeing the contract. The 48k could be the box that tells you when all is said and done and car is paid off, you will have paid 48k (car, taxes, fees, options..........)


But again, there is some helpful info on this link thay MAY help you on this transaction but will definitely help you on future purchases. BTW, where in Cali are you?

http://www.edmunds.com/car-buying/un...ur-rights.html

 

We need a copy of the finance agreement to see what they charged for the car, fees, etc. It's not like they charged +$10,000, but you might have paid MSRP instead of slightly above invoice like others have been getting. That might only be a few grand, which sucks, but it's not the end of the world. Chalk it up as a life lesson.

 

Oh, Dunarze, I forgot the most important thing:


Congratulations on the new GT!!! You'll soon forget about paying too much when you start getting out there ripping through the streets and tracks playing with your new 5.0L.

 

How much are your payments? This thread is full of confusion. No wonder you got into this mess. We need to nail down some hard facts here to see if you really got hosed.

 

Per the OP: "5 year loan on 3.9 interest, and i am ultimately paying 48861 for the car."

So, over the entire 60 month loan he's going to have paid $48,861. Divide that by 60 payments and it's $814 per month. Ouch!

 

yea that a really high amount we definitely need more details here to work with.

Something is not adding up here, OP said he put 4k down and 4.5k from his truck that is 8500 so even if he bought the car at sticker plus extended warranty and some fees that is ALOT of extra markup, from his 48861 take out interest and we are looking at around 45k present value AFTER the down payment + equity. which means somehow the dealer got to 53.5k BEFORE the cash down. I think you would agree even the most unscrupulous dealer would have hard time using tricks to manufacture that high of a price.

if it had the optional axle its not a convertible, so the max you can get a coupe to is about 43k. Unless the car had a bunch of custom modifications the dealer did which would explain the grossly inflated price

 

Yeah I did the math but was hoping that wasn't the case. Hard to believe he would agree to $814 a month. If he ignored everything else in the deal, THAT should have given him pause.

 

You put down $8,500 ($4k cash plus $4500 trade-in) and the loan still totals $48,861 over 5 years? Or the $48,861 is including your down payment and the loan is actually for ~$40,000 (including interest)?

 

Thank you for all the support guys I'm not feeling as remorseful as before. It is a Lava Red gt after all =P.

As for the 48k price tag, it is including the downpayment. I was financed for 35350 and at 4.9% interest( oops my mistake ). Which ultimately brings the cost over five years to 39928.20

Original "price on car" before taxes and fees was set at 37288.84

So to clarify once again the final pricetag after including the 5 yr loan and down payment is 48k

 

So your payments are $665? Still pretty high but not as bad as $814! LOL!

 

Yea >_>. Maybe I'll drop the extended warrantee for now but keep the maintenance contract?