Here's a story for you folks; probably rather unique. Yesterday, I took possession of a new 2014 JCW Paceman All4. Signed all the papers, had it financed through MINI Financial at 1.9% for six years. All the I's dotted, T's crossed, and I drive off with the car. I get about 45 minutes away, halfway home, and the finance girl calls me up. Says she's made a big mistake by giving me the 1.9%, and it should have been 4.1%. She says that she's been on the phone with MINI Financial, trying to work something out, and she's wondering whether I'm still in the area. I tell her no, I'm halfway home, and not about to turn around and come back right now. But she should call me later and let me know what's going with "working something out". When I got home, a quick check of the MINIUSA website does indeed show a special offer on a new Paceman of 1.9%, but only on 2013 models; no mention of anything special on 2014's. The question is, since I have a signed contract in my hands with the 1.9% deal on it, am I holding ALL the cards here? I welcome opinions! Anyone ever been in this situation before? Thanks!
A contract is a contract. Unless it says that MINI has to approve it, if not your good to go. The dealer is on the hook.
Congrats on the new Paceman. Was it a "spot delivery"? Does the contract have terms such as "subject to financing" or "subject to approval".
Nathan, Guess I'll put on my reading glasses, grab a cup of coffee, get comfortable, and have a closer look....
Congratz on the new Paceman... Doug.... You shrewd buyer you.... Offer them one of your "Whalen" shift knobs as a sort of good will gesture, and call it even....
Already gave one to the salesman yesterday, for his car. The finance girl is going to order herself a Paceman, but with auto transmission. :frown2:
Nathan, Here is what I see on the back of the contract: NOTICE TO CONSUMER REGARDING INELIGIBALITY FOR FINANCING If this contract is contingent upon the dealer providing financing as disclosed to you on a separate form (box A of the financing section) the dealer has 14 days to notify you if they are unable to obtain the financing. If you are not notified that financing is unavailable within 14 days, or if the vehicle is delivered at the disclosed finance terms, the dealer must finance the vehicle according to the disclosed finance terms. If the contract is contingent upon the dealer providing financing acceptable to you (box B of the financing section) the dealer may at any time prior to delivery provide you with the required financing disclosures. If you accept delivery of the vehicle or accept the proposed financing the contract is enforceable as written. If you fail to respond or reject the disclosures, the contract is rescinded.
Looks like you are good. Last sentence of 1st paragraph. Car was delivered. I could see them having 14 days if you didn't take delivery of the car, and be able to change the deal but you'd also be able to get out of it then.
I think you'll find that you've bought yourself a new car, and if you don't finance it thru them at 4.1%, your options will be to finance it yourself or return it. Not 100% sure as I haven't read your contract, but the clauses you've reported seem to me to only be for people who are not approved (not credit worthy enough) for the program. The program does not apply to this car, so those clauses aren't applicable - that's my understanding. If the dealer were to accept the contract (which I don't think is possible) they'd have to pay the difference between the 1.9 and 4.1, whatever that amount is - which is impossible to figure since no one knows if the contract will go full term or not. Bottom line, the contract will be void as it's written, IMHO.
Good point! I feel sorry for; she's a young girl, and has only been at the job for two weeks. She was having a bit of trouble with the paperwork, even besides screwing up the interest rate.
Interesting take! I guess I'll find out later, what' the deal is gonna be. This legalese stuff always give me a headache; no wonder I never went to law school...:confused5:
I think you should get some professional advice from someone in your jurisdiction. Regardless of the legalese, the dealership should stand behind the 1.9% as a gesture of goodwill since: 1. The mistake's their fault. B. They let the transaction go so far that you already accepted delivery. Thirdly. Upping the interest rate after the transaction has been completed is an age old tactic of car dealerships. (Not saying that is the case in this instance, but it is pretty common.)
So, the FA just called, though it's her regular day off. Told me that she simply told MINI Financial that the dealership would go and get that same 1.9% rate from some other bank if MINI wouldn't give it, and they caved. It turns out that they do offer 1.9% for five years, but not for six. Seems kind of silly to me that they cut it off at five, but that's what they normally do. Anyway, I've got my car, and a good rate, and I'm a happy camper.
Here's how I see it.... You got a great deal.... MINI moved another MINI... The dealer made a sale.... I hope the young girl keeps her job. I'm sure she is now an expert with at least a certain part of the contract.... I always thought there was a manager somewhere in the background that proofread the contract before it was offered... so to speak...
Woo Hoo... Now you can get back to enjoying the MINI and dreaming up great turned metal parts to grace it with.